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Deductibles vs. Premiums: A Simple Guide to Insurance Costs

Insurance ExpertsJuly 10, 2024

When shopping for insurance, you'll constantly encounter the terms "deductible" and "premium." They have an inverse relationship that affects your overall cost.

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What is a Premium?

A premium is the fixed amount you pay regularly (usually monthly or annually) to keep your insurance policy active. It's the cost of having coverage.

What is a Deductible?

A deductible is the amount of money you have to pay out-of-pocket for a covered claim before your insurance company starts to pay. Generally, a higher deductible means a lower premium, and vice versa.

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