Premium
Insurance Glossary
The amount charged for an insurance policy, billed monthly, every six months or annually depending on the insurer and the policy term. It is calculated from the coverages and limits selected, the deductibles chosen, and rating factors such as location, claims history and the vehicle or property being insured. Paying it keeps the policy in force, and missing it can lead to a lapse in coverage.
This content is for general informational purposes only and is not insurance, legal, or financial advice. Coverage, exclusions, eligibility, and pricing vary by insurer, by policy, and by state, and only the policy documents control what is covered. Always confirm the details of any coverage with a licensed insurance agent or the issuing carrier before you buy.