Do your clients pay their annual property, auto and liability insurance policy premiums in one annual amount? Probably not. Most commercial insurance policyholders seek to manage their cash flows by spreading premiums over several monthly installments. While many of our policyholders take advantage of our premium installment options, we find it surprising that some continue to use premium finance companies.
Why does that surprise us? Insurance premium finance company contracts require sizable down payments, offer amortization periods that are relatively short compared to the financed policy terms and contain an interest charge.
We invite you to consider introducing your clients to our best premium installment plan, Electronic Funds Transfer (EFT). With EFT, your client agrees to let our bank debit their bank account once per month for their premium installment. In turn, they enjoy these benefits:
- No down payment
- No interest
- No service fees
- No checks to write
- Up to nine monthly payments on annual polices and 18 monthly payments on two-year policies
If your clients aren’t interested in our EFT program, we also offer installment plans wherein they will receive regular statements of the amount to be paid by a future date. There is a small service fee for each installment, which is waived if they pay us by e-check via our website rather than mailing in a paper check. We do not charge interest. For more information on EFT, please contact our Customer Service Department at 800-752-1895.