The cost of paying for auto and home insurance from a paper bill continues to increase as insurance companies focus more on EFT or Electronic Funds Transfer payment plans.
In addition to paying higher installment fees for a paper versus electronic bill, sometimes as much as $8 per installment more, EFT allows premiums to be paid on a timely basis and helps avoid $15 to $25 in costly late fee assessments for payments arriving after the due date. When you calculate the savings for a person on a 10 monthly installment plan, the annual savings can range from $50 to well over well over $300.
EFT Payment Plans are becoming more and more popular and offer a great deal of flexibility. Most insurers offer automatic payments to be drawn from a checking or savings account. Some will even automatically charge a credit or debit card. Most of the time you can choose between monthly, quarterly or semi-annual payment plans with no or greatly reduced installment fees. Some will even let you choose the day the month your payment will be drawn.
Getting setup on EFT is easy and can be started at anytime during a policy term. All that is generally needed is a signature and a voided check.
Lawley Genesee
585-344-0300
http://www.lawleygenesee.com/
Thursday, February 16, 2012
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