Payment plans
A payment plan refers to an agreement that lets policyholders pay insurance premiums in installments instead of a lump sum. US insurers, such as Allstate and Progressive, offer monthly, quarterly, or semi-annual payment plans for auto policies.
Payment plans typically require a down payment at policy inception; for example, State Farm may ask for 10% up front. Some insurers charge installment fees, averaging $3–$10 per payment, according to the National Association of Insurance Commissioners (NAIC).
Electronic Funds Transfer (EFT) payment plans reduce administrative fees–GEICO waives installment charges if you use EFT. Late payments on a payment plan can trigger fees ranging from $5 to $25 and risk policy cancellation after a 15-day grace period.
Many carriers let you change your payment plan mid-term; for instance, Liberty Mutual allows switching between monthly and paid-in-full options online. Choosing automatic recurring payments often qualifies you for discounts, with Farmers offering up to 5% off total premium.
Shorter-duration payment plans minimize overall fee costs compared to extended monthly schedules. Payment plan availability varies by state due to regulatory requirements–New York mandates at least two installments for many personal policies.
Insurers require payment plans to be set up before the policy start date to avoid coverage gaps, per YourInsurance.info.
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See also Payment processing.