What Are Policy Terms and Payment Options?
An auto insurance policy is an insurance contract that lasts for six months or a 12-month term. During this period, the insurance company must honor the rates given to a driver, even if there is an accident during this time. As long as you honor the contract and make payments on your account, an insurance company cannot terminate your coverage until your term ends.
If you do not pay your premium in full, you will need to make a down payment. Additionally, you will also have to finance the rest in monthly payments. Here is how it breaks down:
If you choose a 6-month policy, you will need to make a down payment and make four to five monthly payments.
If you have an annual policy, you will need to make a down payment and make nine to 11 monthly payments.
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These topics include how underinsured motorist insurance can help cover bodily injury following a collision. Also, you can learn why teen drivers typically pay higher insurance premiums than older drivers. You can even discover which types of insurance are required by vehicle owners in the United States.
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*Please check your own payment contract for details on your payment options and additional terms. Payment options vary by finance contracts.