New Billing options Make Changing Insurance Companies Easier than Ever
In a struggle to gain new auto insurance policies many insurance companies are making
changes to the way that they structure the billing on new auto insurance policies. Historically, if a consumer wanted to change insurance companies they would need to pay a large percentage of the premium associated with the new policy in advance as a down payment. This has cause many consumer that could have some saving by changing companies to opt out of the savings due to the requirement of a down payment.
Many companies now have lowered the percentage of premium required for the initial installment to as low as 10% and 8.35%. This essentially has eliminated the need to save up a down payment in order to get saving from changing auto insurance companies.
With 8.35 percent of the premium being required as down payments for many insurance companies that do not have a policy fee the insured can simply make the first months payment to establish the new policy. Even with companies that require 10 percent of the premium as the initial payment, often times the client would be able to begin the new policy for a lower amount that their current insurance companies regular monthly payment.
Although not all insurance companies have these low initial payments available many of them have recently changed to offer them. Availability will vary between companies. Often insurance companies will offer the lowest down payments to client that request to have their monthly payments taken out of their checking account automatically. These clients typically have a higher retention rate than direct bill policies.
For consumers that have not shopped for insurance recently it's time to shop again.
New Billing options Make Changing Insurance Companies Easier than Ever