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What is an installment fee insurance?

what is an installment fee insurance
An installment payment plan permits you to pay your insurance premium monthly, as opposed to in full. This payment method may involve a charge. In line with M.G.L. Chapter 175, Section 193B, the information shown below pertains to insurers’ auto insurance payment plans that have been authorized by the Division of Insurance.

These plans are authorized and modified during the course of the year. Be sure to frequently visit our website for changes. Additionally, check with your agent or insurer to confirm your eligibility for the auto insurance payment plan in question. Following are links to comparisons of information on auto insurance installment plans.

You may always avoid installment fees by paying your account in full prior to its due date. Using electronic funds transfer to make installment payments might save you the entire or a portion of the installment cost. You are recommended to clarify any potential savings with your agent or insurer.

What does the term installment fee mean?

A minor service fee that covers the expense of processing extra premium payments, often on a quarterly or monthly basis.

Installment Premiums are any premiums that are required to be paid or claimed to be required to be paid to or for the account of the Borrower in respect of Insured Obligations in the Covered Portfolio on a periodic basis rather than in full on the date of the effectiveness of the relevant insurance policy.

What is Geico’s installment fee?

Pay 6 Installments (Only for Renewal Policies) – If you are renewing your insurance, you will be billed 16.66% of the total premium one month prior to the policy’s effective date. Then, for the next five months, five further payments of 16.67% will be payable each month.