Contents > Understanding Contents Insurance > Insurance Premium

Premium

A premium is the cost of your insurance policy. Usually, insurance companies give you a monthly price, such as starting from £4/month. 

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Insurance premium is a fancy term for the cost of your insurance policy. Usually, insurance companies give you a monthly price, such as starting from £4/month. 

Get a Quote

What is an insurance premium?

To come to the conclusion of how much your insurance will ultimately cost (aka your insurance premium), you’ll need to get a quote, which generally entails: filling out your info online, talking to a customer service rep or an underwriter on the phone, or, in Lemonade’s case, chatting with our AI assistant Maya, on our app or on the web.

Keep in mind that you might need to pay tax and service fees in addition to your premium (that’s always exciting), depending on your area and insurance company. Any charges above and beyond the cost of your policy are not the premium. 

Insurance premium + tax + service fees = insurance payment

But, since we’re cool, Lemonade never charges extra tax or service fees – your premium will always be the final amount you’ll pay for your insurance policy.

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Please note: Lemonade articles and other editorial content are meant for educational purposes only, and should not be relied upon instead of professional legal, insurance or financial advice. The content of these educational articles does not alter the terms, conditions, exclusions, or limitations of policies issued by Lemonade, which differ according to your state of residence. While we regularly review previously published content to ensure it is accurate and up-to-date, there may be instances in which legal conditions or policy details have changed since publication. Any hypothetical examples used in Lemonade editorial content are purely expositional. Hypothetical examples do not alter or bind Lemonade to any application of your insurance policy to the particular facts and circumstances of any actual claim.