There are many ways to receive discounts on your insurance. Be it by being a safe driver, bundling your policies, or driving a safer vehicle, discounts can be had. One of my favorite ways to receive a discount is by making my payments through an electronic funds transfer, better known as EFT. It is the transfer of payment from your checking, savings, or credit card account. Insurance companies love EFT’s because there is no mistaking when payments will be received.
Setting up an EFT payment is easy and the benefits are great. No more writing a check out every month, looking for a stamp and making sure it is in the mail on time. On the same day each month your payment is deducted from the account you choose and the bill is paid! Some companies will limit your option to just checking accounts, but most all carriers offer EFT Payments.
Most insurance companies charge a fee when making monthly payments. The fee can be anywhere from $5 to $10. Those charges add up! These fees are often waived when you make EFT payments. That could result in up to $120 savings a year. Not to mention no more late payment fees. Another money saving incentive is a possible discount for signing up for EFT payments. It may not be as big as a paid in full discount, but every little bit helps!
The best way to find out what discounts you can get and what you need to do to get them is to talk to your local independent agent. Your agent will have the knowledge and tools to get you the best rates.