Electronic Funds Transfer Auto Discount

Electronic Funds Transfer Auto Discount

Insurance Companies Reward Insureds Who Pay Online With An Electronic Funds Transfer Auto Discount

The world is going digital and insurance companies want to take full advantage of the savings that can be reaped by doing business electronically.

One of the major costs of running an insurance company is collecting premiums. The cost of sending out statements and keeping track of manual payments can be exorbitant. That is why insurance companies or so eager to take advantage of Electronic Fund Transfer (EFT) to collect premiums. By agreeing to have your premiums debited directly by the company from your checking, savings, or credit accounts insurance companies can drastically cut their cost.

The savings is so substantial that they are willing to offer you a discount to make it worthwhile for you as a consumer. By agreeing to an EFT payment plan you will not only save yourself the hassle of writing monthly checks, you also eliminate the risk of late payment fees or even worse a cancellation due to non-payment. In addition, you can pocket the savings that could amount to 5-10% of your premium.

If you would like to save money contact your agent about your payment plan and have him “bill your bank”. If the option is not available from your current company, he can check his line-up of insurance companies for one that matches your needs.

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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.

While the majority of people want an agent involved in their purchase of insurance, many people want to see if they can save money by buying direct from the insurance company. Others want to try a direct quote to make sure the premium they’re now paying through their local agent is fair. If you want a quote for your coverage, click on the competitive quote button on the right side of this page.