What is an insurance premium?
The insurance premium is the amount to pay to benefit from the cover provided by your policy.
Your premium varies depending on the type of risk insured and your history. It also includes fees and taxes.
The insured risk is the property or the person you insure under your policy.
For example, in the case of auto insurance, the insured risk is the car and, in some cases, the driver and any passengers. The premium varies based on certain risk factors: the make of the car, the model, the age of the car, the age of the owner ...
In the case of life or health insurance, one or more person(s) are insured under your policy.
The premium is calculated on the basis of a full year.
You can choose to pay your premium in one go (annual payment) or at the interval of your choice (monthly, quarterly or half-yearly).
Please note, in rare cases (motorcycle insurance for example), the monthly payment option is not offered.
In non-life insurance, your premium can be reassessed from year to year depending on various factors:
· Evolution of the claims costs that AXA has to bear,
· Taxes and management fees,
· The no claims-bonus system in auto insurance,
· The consumer and construction index in home insurance ...
Please note: a reassessment of the insurance premium without change to the insured risk or cover can only take place at the anniversary date of the policy.
Special feature of Health insurance
When you take out health insurance for a child, his or her premium will have to be reassessed upwards with each age category change:
- 1st tier: when the child turns 15 years old (adjustment on 1st of January)
- 2nd tier: when the child turns 20 years old (adjustment on 1st of January)
Special feature of Life insurance
The taxes included in your insurance premium depend on your country of residence. This means that if you change your country of residence, your premium may be recalculated according to the country's tax system.