A deductible is the amount of a covered claim that is your responsibility. It can vary, and may be either a dollar amount or a percentage. Some policies even have multiple deductibles. So, if you have a deductible of $500, then you will pay the first $500 of a covered claim
Your premium is how much you pay for coverage. Typically, if you have a higher deductible, you may pay a lower premium, and vice versa. A lower premium may be nice for your wallet, but remember to choose a deductible you can actually afford in the event of a loss. Your insurance representative can help you with this.