I have to renew my auto insurance policy next month, Do I have to repay the down payment ?
Question:
Answer:
Depends on who you are with. Some companies just bill a normal monthly payment that you are used to. Others do require a down payment. Bigger companies just bill a normal payment.
You will have a down payment again. It typically isn't as much as when you take out the initial policy, but you should be billed a few weeks before the renewal goes into effect and they should give you different billing options.
Unless you choose to pay your policy in full, you'll be financing it. When you finance it, you put down a "down payment".
Some companies will allow you to make 12 equal payments if you agree to let them withdraw directly from your checking account.
Yes. The amount of the deposit required will vary from carrier to carrier. There should be different payment options available to you through the carrier itself. If you use a agent or broker, they may be able to change the carrier for savings or offer financing.
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