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May an insurance company request a prepayment when I purchase or renew an auto insurance policy? And, is it possible to pay my premium on a monthly basis?

April 26, 2017auto insurance COMPANY Insurance pay policy possible prepayment purchase request

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May an insurance company request a prepayment when I purchase or renew an auto insurance policy? And, is it possible to pay my premium on a monthly basis?

1 Answer

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The insurance carrier may request up to a 30% down payment of the annual premium prior to the renewal or issuance of your policy. Most companies do offer a monthly payment plan or some other flexible payment arrangement. Check with one of our representatives to see what options are available to you.