Your premium is the amount you pay for your pet insurance, usually monthly or annually, to keep the policy active.
The premium is what you pay to keep your policy active. Miss a payment and your cover lapses, meaning any treatment your pet needs during that gap won't be covered.
Premiums vary depending on a number of factors. Your pet's species, breed, age and health history all play a part, as does where you live. Older pets cost more to insure than younger ones, and certain breeds tend to carry higher premiums than others, particularly those more prone to health conditions.
The premium is not the same as what you'll get back if you make a claim. A lower premium usually means a trade-off somewhere else in the policy: a higher excess, a lower cover limit, or a more restricted policy type. It's worth looking at the full picture rather than choosing on price alone.
Premiums typically increase at renewal, sometimes noticeably, particularly as your pet gets older. This is normal, but it's a policy detail to understand before you commit to a policy so you're not caught off guard a year or two down the line.