WEDNESDAY, APRIL 18, 2018
Not only do you typically receive a discount for paid in full, but you’ll save on installment fees, late fees, reinstatement fees and avoid non-pay cancellation issues for the policy period. You might not be too surprised to learn most insurance companies charge an administrative/installment fee to break up premium payments into installments, such as paying every six months, every three months or monthly. The more you divvy up your payments, the more these "billing fees" add up, and your once-cheap car insurance can now cost substantially more. Make sure your agent includes these fees as you make your decision. Billing fees alone can run $1-$12 monthly.
Companies may also charge for how you choose to pay, such as debit/credit-by-phone, checks (in part because the Visa/MasterCard/American Express of the world charge them). If you can’t pay in full the next lowest cost way of managing your installment fees is EFT [Electronic Funds Transfer]. Letting them sweep the money from your account/card monthly lets them know you intend to keep your coverage and often includes reduced installment fees. If you don’t like EFT then ask your agent for the lowest cost ways of getting your payment to your carrier. They’ll be happy to help. Some companies charge for the use of credit/debit cards, some don’t. Some charge if their representative processes it for you, instead of using the automated system, most don’t. Each company is different.
You may be able to save some money! Better in your pocket than a big company’s. Let your agent help you with ways to save. It’s what we’ve been doing at Solo Insurance® since 1994.
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Posted 4:00 PM
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