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Does it Save Me Money to Pay My Car Insurance in Full Rather than Monthly?
Feb 14, 2020
Always ask your agent about money saving discounts
More and more insurance companies are offering significant discounts on auto insurance premiums if the policy is paid in full (annually or semi-annually).
So, yes. If your company does not offer the discount, there is likely a parade of companies that will provide a “paid-in-full” discount.
Our office represents companies that offer as much as 15% for a policy paid in full in advance of the renewal date.
Here is an actual example of how big this discount can be for a real customer. The annual payment is $1,194 if paid in full. $1,405 if billed in installments by mail. If my math is any good, that is a 15% discount:
By the way… If one chooses to cancel a “paid-in-full” policy mid-term or at any point before the renewal, a client in New York would receive a full pro-rata refund of the unearned premium. In other words, there would be no penalty if one chose to terminate the policy early.
Interested in payment option discounts? Ask your carrier to outline all of the payment options available and compare the savings. What additional assistance with all the discounts you are eligible for? Give us a call at 607-324-7500, we LOVE to help!
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
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