Should I Pay My Insurance Through My Bank?

Should I Pay My Insurance Through My Bank?

If you are a smart consumer you are constantly on the lookout for ways to save you hard earned dollars. That is especially true when it comes to paying for car insurance! But . . . should I pay my insurance through my bank?

What many people do not know is that the quickest and easiest way to save money on car insurance is to take advantage of automatic withdrawals from your checking account.

Here are three ways to save money and make paying your insurance bills easier;

  1.      Automatic payments from your checking account eliminate insurance late charges. With today’s hectic schedules it is easy to forget to write or mail the insurance payment. Even if you do remember to pay it on time, there is no guarantee that the post office will deliver it on time. Eliminate the risk by scheduling electronic payments directly from your bank to your insured.
  2.      You can qualify for deep discounts from some insurance companies by guaranteeing their payment by signing up for EFT (electronic funds transfer). Many insurance companies offer discounts up to ten percent (10%) of your entire auto insurance bill, if you elect to use the companies electronic payment plan. This can save you hundreds of dollars a year while making your bill paying easier.
  3.      Some insurance payment plans have fees attached! Unless you read the fine print of your policy you may not know that easy monthly, quarterly or even semi-annual payment plans may have a fee attached to every payment. Insurance companies like full payments, but realize that insured like the convenience of monthly payments. The problem is the paperwork and hassle of handling that extra work. To recoup their expense, companies add transaction fees to some types of payment plans. This fee can be a few dollars on each payment and can go up from there. Even a fee of $5.00 a month adds up to $60.00 out of your pocket you could have used to buy food or other necessities.

Everyone loves to save money. Ask your local insurance agent about money saving payment plans that take advantage of direct payment plans from your bank. You may find that by letting the bank take over your check writing job you can save big dollars and eliminate hassles.

Sometimes it pays to let you bank do your work for you.

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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.

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A college graduate with a firm grip on what he didn’t want to do; Clarence has managed electronic stores, restaurants, and security departments. In 1989, he joined his brother and established one of the first groups of independent insurance agent clusters. From that point on, Clarence has not done anything he considers work.

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