Two different moments
A premium is the amount paid to keep a policy in force. A deductible is usually paid after a covered loss, before the insurer contributes. Looking at only one can make a policy seem cheaper or more expensive than it is for your situation.
Compare an annual picture
Multiply the premium by the number of payments in a year, then consider the deductible and any limits, exclusions, copays, or coinsurance that may apply. The exact math differs by policy and type of coverage.
Match the risk to the household
Some people value a predictable monthly cost; others prefer a lower premium and can keep a larger reserve. Neither choice is universal. The useful question is which cost your budget can handle more comfortably.