The premium is the amount you pay for your auto insurance coverage. It may be paid once every six months, monthly, or at other regular intervals. A car insurance deductible is the amount of money you’re responsible for paying before your auto insurance starts covering a claim. If you have a $500 deductible and only $400 of damage is done, you cover it all yourself. If you have a $600 claim, you’d cover $500 and receive $100 from your auto insurance company.