Can I pay my premium in installments?

ANSWER

There are five options to help make your insurance premiums fit your budget:

  • Option 1: Full pay

One cheque for the full policy term. Full payment is due on the date that the policy starts (called the “Effective Date”).

  • Option 2*: Two pay

Two cheques for two equal installments, with the first cheque dated on the policy Effective Date and the second post-dated 30 days later.

  • Option 3*: Three pay

Three cheques for three equal installments, with the first cheque dated on the policy Effective Date, the second post-dated 30 days later, and the final payment post-dated 60 days after the Effective Date.

  • Option 4*: Four pay

Four cheques for four equal installments, with the first payment due on the policy Effective Date, the second post-dated 30 days later, the third post-dated 60 days after the Effective Date, and the final cheque post-dated 90 days after the Effective Date.

  • Option 5: Pre-Authorized Chequing plan (PAC)**

PAC is an easy way to pay for your insurance through automatic monthly withdrawals from your bank account.

  • It’s convenient – you save time and there are no cheques to write, or envelopes to mail.
  • There’s no pressure to make a large lump sum payment when you apply or renew.
  • You can manage your budget with smaller monthly payments.

*For Options 2, 3 and 4, a $10.00 service charge will be added to the first cheque.
**A 3% finance charge applies to all premiums processed on the PAC plan.

Have more questions? We would love to hear from you.