An insurance premium is that the money charged by insurance corporations for coverage. Insurance premiums for services differ from company to company, thus it's better that people shop around for insurance premiums. However, it's important to note that, sometimes, insurance premiums quoted are slightly totally different from the premiums charged. The difference between the quote and also the actual charge may be attributed to the method the premium is calculated. the amount of insurance premiums charged by the insurance corporations is determined by statistics and mathematical calculations done by the underwriting department of the insurance company.