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Money Saving Tips: Auto Insurance Payment Plan Selection

By January 18, 2022Insurance

If you’re looking for an easy way to save money on your auto insurance, then consider your payment plan.

Most carriers offer a paid in full discount (up to 24% with some carriers!). By paying your policy in full for six months or one year, you “lock-in” the rate and get the advantage of your policy renewing once a year. Paying your auto insurance in full offers you the lowest rate.

If paying in full is not a option, typically the next best option is EFT (Electronic Funds Transfer) or sometimes called an Automated Monthly Checking. For this plan you’ll need to provide your checking account and routing #. Each month your policy with automatically be deducted from your account. Depending on the available plans, you may be able choose the draft day for a convenient time each month.

You can also pay automatically each month through a debit or credit card, but these plans tend to add a few dollars in monthly installment charges when compared to EFT.

Typically the most expensive payment plan is monthly with a bill sent through the postal mail each month (paperless options are available with a discount). However, this payment plan does provide the most flexible monthly payment options. Our Family of Independent Agents can take your payment in our office or over the phone, and you always have the option to call your carrier directly.

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