Decoding Insurance Payment Options! Curious about the best way to pay for your insurance? In our latest video, we’re unraveling the mystery behind insurance payment methods. From EFT to credit card payments and direct billing, each option comes with its own perks. Discover how EFT might save you some serious cash, how credit cards offer flexibility, and why direct billing could be the ultimate convenience – even if it comes at a slightly higher cost.
Plus, we’ll spill the beans on how insurance companies sweeten the deal for automatic payments. Whether you’re into monthly installments or prefer locking in savings with a lump sum, we’ve got you covered. Stay informed and make the smartest payment choice for your policy!
Our owner and founder, Pat Brennan, explains more. Check out the video below!
What Are My Payment Options For Insurance? – Entrust Insurance, St. Clair Shores
Video Transcription
“So, there are three basic payment types that people can select which is EFT, which is a bank draft, you can pay via debit or credit card and then you can do a direct bill. In order of those, the EFT is going to be the most affordable option than the credit card. And then the more expensive option is going to be the direct bill. Because the companies really want to encourage you to set up automatic payments, so they’re going to make it more enticing to do that. And then within those, you can select monthly payments where you’re paying every month. That may vary, too, depending how well you qualify for the policy. It may limit you down to five months or four months. If it looks like you’re a little riskier type of prospect there. And then you can do paid in full, on a six month policy. So you’re paying the whole six months upfront with the discount that goes along with that. And then for the companies that offer 12 month policies, you can either pay the 12 months upfront as well with the discount in some within that will actually offer you a paid in full discount if you make two payments per year so once every six months so you can kind of have your cake and eat it too. Through some companies, SafeCo is one of those companies that offers that. So you get that extra discount but then you can break your payments up twice per year.”
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