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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:

6-month policy

If you choose a 6-month policy, you will need to make a down payment and make four to five monthly payments.

Annual policy  

If you have an annual policy, you will need to make a down payment and make nine to 11 monthly payments.

More Information

Have any additional questions regarding term life insurance terms of service, insurance ratings, or health insurance coverage options? Our agents and customer service representatives are here to help with your auto insurance coverage needs. 

Call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. Because we care about your convenience, our offices open from 8 a.m. to 9 p.m. CST, 7 days a week.

Additionally, we can help you find a car insurance quote right on our website. Because we want to help you save money wherever possible, we offer our auto insurance quotes completely free of charge. By navigating our website, you can also inform yourself about many useful topics. 

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.

We also have a strong presence on social media. Like or follow Insurance Navy on your preferred social media platform–Twitter, Facebook, Instagram, or even YouTube. After that, we can keep you updated on helpful renters insurance tips, local news and much more.

Lastly, we also have blogs that may help you with any questions you have. For instance, our blogs cover many different topics. From the different types of liability insurance for business owners, to proper steps to take after Godzilla damages your car.

*Please check your own payment contract for details on your payment options and additional terms. Payment options vary by finance contracts.