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.
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.