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UPDATED: Mar 13, 2020
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Flexible car insurance is gaining popularity in the advertising campaigns of car insurance companies. However, the whole concept of flexible car insurance is not anything new.
Car insurance companies have always tried to introduce new products to the marketplace or package what they already have and call it something new.
The term “flexible car insurance” today is not being used to describe custom auto insurance policies.
You have the liberty of customizing policy details but rather spin on the payment options associated with your car insurance premium bill.
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What are my flexible payment options?
The use of the term will depend on which car insurance company you discuss policy coverage with but for the most part flexible car insurance refers to policies with multiple premium payment options.
Paying your car insurance premiums in full can often save you 15 percent or more!
Car insurance is sold in fixed terms of usually six months. While some insurers offer 12-month policies, it’s generally scarce so over 90 percent of drivers purchase or renews a system every six months.
Drivers can save $859/yr* by comparing car insurance
*based on a survey of 1,000 car insurance customers
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Are my payments flexible?
Car insurance companies have no obligation to provide payment plans and can very well demand a policy be paid in full before coverage is considered.
Some of the “flexible car insurance” plans advertised around will include payment options such as:
- Minimum down payment and six even monthly payments
- Biweekly payments
- Pay in full policy discount
- Credit card or automatic ACH debit withdrawal
There are only so many options to pay any bill due in full over a six month period so do not be surprised if these glamorous “flexible car insurance” plans have nothing different to offer than your current one.
What is the best payment option for car insurance?
The best way to pay your car insurance policy is in full at the time its issued since the discount can be substantial, however, if that’s not possible then almost any other option has equal advantages and disadvantages.
What you should pay attention to is any service fees attached to installment plans and make sure you always have money to spend as you certainly don’t want to experience a lapse in car insurance coverage.
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