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What is an insurance premium?
"What is a premium and how often do I have to pay it? I've never had car insurance before and I'm not familiar with this language."
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A premium is the amount you pay each billing period for your
car insurance
policy so that you’re covered in the event of an accident. Premiums are basically your monthly car insurance payment and change based on the
type of insurance
you have.The premium is calculated using a variety of risk assessment variables, including:
- driver’s age,
- driving history
- claims history
- location
- type of vehicle”
View full answer
- Gregory R.
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