Auto Insruance Payment

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raamakoti
Posts: 81
Joined: Mon Jul 31, 2017 10:20 am

Auto Insruance Payment

Post by raamakoti » Tue Nov 07, 2017 8:30 pm

How do people here pay auto insurance? One full payment or 12 equal payments with $2 extra installment service charge each month.
Not a big deal but I don't like paying additional $24 a year.
Just out of curiosity checking if people mind such small amount?

sport
Posts: 6122
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: Auto Insruance Payment

Post by sport » Tue Nov 07, 2017 8:37 pm

My insurance is with State Farm. The bill comes semi-annually. There is no obvious option for credit card payment. I call my agent, and I can pay with my credit card through the agent. So, I get my credit card rebate. I pay the entire 6-month premium.

Marylander1
Posts: 100
Joined: Sat Jan 04, 2014 3:18 pm
Location: Baltimore & DC

Re: Auto Insurance Payment

Post by Marylander1 » Tue Nov 07, 2017 8:38 pm

I've always paid in full. My insurer charges $1 per payment if you don't pay in full. But far more important, they also give a discount on the whole bill if you do. As I understand it, people who pay in full are actually correlated with having an actuarially lower risk of claims.

Traveler's claims up to 7.5% discount:
https://www.travelers.com/car-insurance/discounts

-Marylander1
Last edited by Marylander1 on Tue Nov 07, 2017 8:49 pm, edited 2 times in total.

Jack FFR1846
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Joined: Tue Dec 31, 2013 7:05 am

Re: Auto Insruance Payment

Post by Jack FFR1846 » Tue Nov 07, 2017 8:42 pm

I pay in one payment with a 2% credit card and overpay. They send a check back for the overpayment.
Bogle: Smart Beta is stupid

raamakoti
Posts: 81
Joined: Mon Jul 31, 2017 10:20 am

Re: Auto Insruance Payment

Post by raamakoti » Tue Nov 07, 2017 8:48 pm

Jack FFR1846 wrote:
Tue Nov 07, 2017 8:42 pm
I pay in one payment with a 2% credit card and overpay. They send a check back for the overpayment.
my insurance claims they can charge unto 6% for paying with credit card. But I will call them and check if they give any discount for paying in full

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Kenkat
Posts: 3829
Joined: Thu Mar 01, 2007 11:18 am
Location: Cincinnati, OH

Re: Auto Insruance Payment

Post by Kenkat » Tue Nov 07, 2017 8:58 pm

I pay quarterly.

euroswiss
Posts: 107
Joined: Sun Oct 25, 2015 4:40 pm

Re: Auto Insruance Payment

Post by euroswiss » Tue Nov 07, 2017 9:41 pm

sport wrote:
Tue Nov 07, 2017 8:37 pm
My insurance is with State Farm. The bill comes semi-annually. There is no obvious option for credit card payment. I call my agent, and I can pay with my credit card through the agent. So, I get my credit card rebate. I pay the entire 6-month premium.
That’s odd - I always pay with credit card through the State Farm website. I pay auto every 6 months and home / umbrella once a year

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BogleMelon
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Re: Auto Insruance Payment

Post by BogleMelon » Tue Nov 07, 2017 9:56 pm

I set aside X/6 every month in my budget, and pay semi annually to save money (Where X is the full insurance premium over 6 month). Ask your self, would you borrow $600 and pay them back $105/mo?
Excuse my English, it is my second language! | | "One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

MikeG62
Posts: 524
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: Auto Insruance Payment

Post by MikeG62 » Tue Nov 07, 2017 10:16 pm

My former auto insurer (Travelers) offered a discount for prepaying in full, so I did that, even though it was a rather large ($4,000) payment.

My current insurer (NJ Manufacturers) charges me monthly. There is no fee and they allow me to pay by CC (on which I get 2% cash back). So I do that.

Will your insurer let you pay by CC and not assess a fee? If so, that could more than offset the $2 monthly installment fee.
Last edited by MikeG62 on Wed Nov 08, 2017 8:41 am, edited 1 time in total.

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Jimbo9911
Posts: 25
Joined: Tue May 17, 2016 3:20 pm
Location: Mississippi

Re: Auto Insruance Payment

Post by Jimbo9911 » Tue Nov 07, 2017 10:42 pm

I pay not only my auto insurance bill semi-annually but also any bill recurring like that semi-annually or annually to save the slight extra charge to pay monthly.
I also pick up a penny if I can find one on the sidewalk or street. A nickle would make my day but after many years of working for money I will take the "free" money whenever possible.
Jim

Edited to correct grammar.
Jim

samtex
Posts: 216
Joined: Thu Feb 04, 2010 1:07 am

Re: Auto Insruance Payment

Post by samtex » Tue Nov 07, 2017 10:48 pm

My auto insurer, Progressive issues 6 month policies and gives multiple choices for payment. I always elect to pay in full because they give me a sizable discount.

Samtex

3dream3
Posts: 43
Joined: Wed Jul 26, 2017 2:53 pm

Re: Auto Insruance Payment

Post by 3dream3 » Tue Nov 07, 2017 10:59 pm

euroswiss wrote:
Tue Nov 07, 2017 9:41 pm
sport wrote:
Tue Nov 07, 2017 8:37 pm
My insurance is with State Farm. The bill comes semi-annually. There is no obvious option for credit card payment. I call my agent, and I can pay with my credit card through the agent. So, I get my credit card rebate. I pay the entire 6-month premium.
That’s odd - I always pay with credit card through the State Farm website. I pay auto every 6 months and home / umbrella once a year
I am with State Farm too and I always pay using their mobile app with my credit card to get the cashback rewards. I also pay every 6 months.

runner3081
Posts: 822
Joined: Mon Aug 22, 2016 3:22 pm

Re: Auto Insruance Payment

Post by runner3081 » Tue Nov 07, 2017 11:10 pm

We have AAA, paid yearly (with a 2% CB card). There is a monthly payment option, but they charge a couple of dollars per payment that way.

Rupert
Posts: 2712
Joined: Fri Aug 17, 2012 12:01 pm

Re: Auto Insruance Payment

Post by Rupert » Wed Nov 08, 2017 8:01 am

3dream3 wrote:
Tue Nov 07, 2017 10:59 pm
euroswiss wrote:
Tue Nov 07, 2017 9:41 pm
sport wrote:
Tue Nov 07, 2017 8:37 pm
My insurance is with State Farm. The bill comes semi-annually. There is no obvious option for credit card payment. I call my agent, and I can pay with my credit card through the agent. So, I get my credit card rebate. I pay the entire 6-month premium.
That’s odd - I always pay with credit card through the State Farm website. I pay auto every 6 months and home / umbrella once a year
I am with State Farm too and I always pay using their mobile app with my credit card to get the cashback rewards. I also pay every 6 months.
Another State Farmer here. I also pay auto every 6 months. You can pay by credit card on their website.

SimonJester
Posts: 1325
Joined: Tue Aug 16, 2011 12:39 pm

Re: Auto Insruance Payment

Post by SimonJester » Wed Nov 08, 2017 8:56 am

Mine bills me monthly which I have set to auto pay on a rewards credit card. They do not charge any additional fee for monthly billing nor credit card as a payment.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

sport
Posts: 6122
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: Auto Insruance Payment

Post by sport » Wed Nov 08, 2017 9:14 am

euroswiss wrote:
Tue Nov 07, 2017 9:41 pm
sport wrote:
Tue Nov 07, 2017 8:37 pm
My insurance is with State Farm. The bill comes semi-annually. There is no obvious option for credit card payment. I call my agent, and I can pay with my credit card through the agent. So, I get my credit card rebate. I pay the entire 6-month premium.
That’s odd - I always pay with credit card through the State Farm website. I pay auto every 6 months and home / umbrella once a year
I get the premium notices by snail-mail. I never look at their web site. I call my agent, and he is happy to take the credit card payment over the phone and he emails a receipt. It also gives me the opportunity to exchange pleasantries with the agent. We have established a friendly relationship.

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flamesabers
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Joined: Fri Mar 03, 2017 12:05 pm
Location: Rochester, MN

Re: Auto Insruance Payment

Post by flamesabers » Wed Nov 08, 2017 9:20 am

I pay my car insurance semi-annually with a rewards credit card as I don't get hit with a surcharge fee for using a credit card.

Broken Man 1999
Posts: 831
Joined: Wed Apr 08, 2015 11:31 am

Re: Auto Insruance Payment

Post by Broken Man 1999 » Wed Nov 08, 2017 9:30 am

I have nine payments/year. If I go in each time and use a credit card, I pay a couple of bucks fee. OTOH, if there is a credit card on file, they apply it and there is no charge. So I have a card on file and receive my rewards of 2%.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

OnTrack2020
Posts: 116
Joined: Mon Mar 20, 2017 10:24 am

Re: Auto Insruance Payment

Post by OnTrack2020 » Wed Nov 08, 2017 9:41 am

We are full pay every 6 months. Can't remember off the top of my head what the figure is, but we get a discount for paying in full. It was worth it to us to pay in full versus getting hit with the service charge every month--think ours is $5 per month.

cadreamer2015
Posts: 534
Joined: Wed Apr 08, 2015 1:52 pm
Location: North County San Diego

Re: Auto Insruance Payment

Post by cadreamer2015 » Wed Nov 08, 2017 9:47 am

With USAA I pay monthly automatically from my checking account with no extra charge.
De gustibus non est disputandum

badger42
Posts: 178
Joined: Thu Apr 09, 2015 9:01 am

Re: Auto Insruance Payment

Post by badger42 » Wed Nov 08, 2017 10:34 am

I pay annually online with a credit card. No point in stringing things out.

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DaftInvestor
Posts: 3163
Joined: Wed Feb 19, 2014 10:11 am

Re: Auto Insruance Payment

Post by DaftInvestor » Wed Nov 08, 2017 10:43 am

My insurance company charges a "convenience" fee for paying by credit card (higher than the 2% cash-back) so I pay in full each year with a debit from my main bank account.
In general - I avoid monthly payments especially if there is an extra-fee involved (I also pay my Life Insurance yearly - I received a discount for doing that; pay home-owners insurance in one payment as well. With all these larger bills I'm lucky in that they all fall on separate months - and none are the same month that one of my quarter Property Tax payments is due (biggest bill of all)).

paramedic
Posts: 23
Joined: Sun Sep 11, 2016 7:26 pm

Re: Auto Insruance Payment

Post by paramedic » Wed Nov 08, 2017 10:55 am

I use Amica. I pay for one year at a time. I can use a credit card at Amica without paying a fee. I pay off the card every month, and I try to make it one that helps me meet a spend bonus.

DrGoogle2017
Posts: 655
Joined: Mon Aug 14, 2017 12:31 pm

Re: Auto Insruance Payment

Post by DrGoogle2017 » Wed Nov 08, 2017 10:57 am

I have AAA and they don’t let you pay by credit card, so I pay the whole amount. However, my daughter has GEICO and she did pay using credit card.

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midareff
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Location: Biscayne Bay, South Florida

Re: Auto Insruance Payment

Post by midareff » Wed Nov 08, 2017 10:58 am

raamakoti wrote:
Tue Nov 07, 2017 8:30 pm
How do people here pay auto insurance? One full payment or 12 equal payments with $2 extra installment service charge each month.
Not a big deal but I don't like paying additional $24 a year.
Just out of curiosity checking if people mind such small amount?
I pay Geico every 6 months on a 2% cash back credit card.

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Ketawa
Posts: 1883
Joined: Mon Aug 22, 2011 1:11 am
Location: DC

Re: Auto Insruance Payment

Post by Ketawa » Wed Nov 08, 2017 12:37 pm

I have USAA and pay my combined auto, renter's, umbrella, and VPP statement monthly with a credit card. There is no surcharge or discount with other payment options or schedules, so monthly is convenient.

scrabbler1
Posts: 1998
Joined: Fri Nov 20, 2009 2:39 pm

Re: Auto Insruance Payment

Post by scrabbler1 » Wed Nov 08, 2017 12:55 pm

Rupert wrote:
Wed Nov 08, 2017 8:01 am
3dream3 wrote:
Tue Nov 07, 2017 10:59 pm
euroswiss wrote:
Tue Nov 07, 2017 9:41 pm
sport wrote:
Tue Nov 07, 2017 8:37 pm
My insurance is with State Farm. The bill comes semi-annually. There is no obvious option for credit card payment. I call my agent, and I can pay with my credit card through the agent. So, I get my credit card rebate. I pay the entire 6-month premium.
That’s odd - I always pay with credit card through the State Farm website. I pay auto every 6 months and home / umbrella once a year
I am with State Farm too and I always pay using their mobile app with my credit card to get the cashback rewards. I also pay every 6 months.
Another State Farmer here. I also pay auto every 6 months. You can pay by credit card on their website.
Same here. After a check got lost in the mail last year (I wrote out another one but had to keep extra money tied up for 6 more months), I began using my CC to pay it on line at SF's website. No fee, and I get 1% cash back. I still have to mail in my annual homeowner's premium, though.

Hockey10
Posts: 142
Joined: Wed Aug 24, 2016 12:20 pm
Location: Philadelphia suburbs

Re: Auto Insruance Payment

Post by Hockey10 » Wed Nov 08, 2017 4:57 pm

I pay USAA monthly with a credit card. There are no extra charges for using a credit card, and they give you a discount if you are on auto-pay.

sco
Posts: 633
Joined: Thu Sep 24, 2015 2:28 pm

Re: Auto Insruance Payment

Post by sco » Thu Nov 09, 2017 12:29 am

Geico lets you pay 6 months on your card.


And you should shop it every year or two, it changes..

MandyT
Posts: 132
Joined: Sat Feb 13, 2016 2:29 pm

Re: Auto Insruance Payment

Post by MandyT » Thu Nov 09, 2017 10:34 am

Hockey10 wrote:
Wed Nov 08, 2017 4:57 pm
I pay USAA monthly with a credit card. There are no extra charges for using a credit card, and they give you a discount if you are on auto-pay.
This. Though about a year ago I paid my outstanding balance to help make the minimum spend on a new credit card.

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