Car Insurance on the Installment Plan
Department of Insurance rules require all automobile insurance companies to accept premium payments in installments. However, some insurers offer the installment payment plans through their associate finance companies in which case you are generally forced to pay high rates of interest. Clearly, shopping for car insurance smart infers that you shouldn’t just seek and settle for low rates but also do your math on identifying low-cost financing. You can do this by simply asking who is providing your installment plan. There are insurance companies that proudly offer their own equated monthly payment plans. Whatever that be, make sure of things such as the outright down payment, the number of installments, interest charges, service charges, if there are any hidden charges and the final amount of monthly installment. But before you get insurance quotes with installment payment plan from any company, make sure you get everything about the plan in clear writing.
