Your premium will be the cost of your insurance policy and will either be paid up front or in 12 monthly payments.
The excess is a small payment you make when you need to claim. Excess is made up of two parts compulsory and voluntary. Compulsory is set by your insurer and the voluntary is set by you.
It may be tempting to set your voluntary excess low or even at zero, however, the higher your voluntary excess the cheaper your premium will be.