Why Set Your Insurance to Automatic Pay
The holidays are among us and everyone is wanting to know how they can save a little money. An overlooked savings opportunity by many of us is setting our insurance policies up on automatic payment with the insurance carrier!
Setting yourself up on automatic payment ensures your premiums get to your insurance carrier(s) on time, which sets off a chain reaction.
- You control the date the funds are paid from your checking account or credit card.
- This prevents any late pay fees from being assessed. (These fees start at $10 an installment.)
- In turn, this prevents the loss of any billing related discounts, such as a paid-in-full discount. (Most carriers look at the date they receive a payment, not when it was mailed.)
- In turn, a record of timely payments helps to improve your insurance score. When your insurance score is higher, your insurance premiums are lower!
In addition to the savings above, a lot of carriers offer automatic payment from banking accounts AND credit cards, which means more credit card reward points for you to use at your leisure.
Finally, if your policy does get cancelled for a billing issue, carriers are more inclined to work with you to reinstate the policy if they see you have a strong payment history with them.
Contact our agency today to get your policies set up on automatic payment!