Our insurance carriers currently include installment fees that range from $4 to $6 with each bill issued. Late fees and intent to cancel fees are also charged if payments are not received when due.
Electronic Fund Transfer (EFT)
If customers wish to avoid the monthly installment fees, they may opt for an EFT, Electronic Fund Transfer) billing plan. Basically the companies will automatically withdraw the monthly payment from a customer’s checking account. A full payment of the annual premium will also eliminate the fees. Keep track of your bill and be sure to stay on top of payments.
Are there any other charges to be aware of?
Some carriers may charge a finance charge on balances owed rather than a set installment fee based on the customer’s driving step.
How can I benefit?
It is always recommended that customers pay their premiums on a timely basis as many carriers now track payment history in their underwriting procedures when renewing policies.