Automatic Payments: Shrink your Bill

When an insurance company identifies attributes within a segment of it's customers that are easier to service, the sensible response is to reward "good behavior" accordingly, in an effort to encourage customers to identify themselves. One attribute that indicates a customer's aptitude to pay bills on-time, every-time, is enrollment in automatic payments. It goes without saying that customers with automatic payments, or Electronic Funds Transfer (EFT) are never going to miss a payment or be late.

In addition to saving you a postage stamp every time you pay your bill, did you know that you are probably paying for the company to mail you a bill, and then have someone open your payment on the other end.  Typically billing service fees are approximately $5 to $10 per bill. Many insurers waive or significantly lower the billing fees for policyholders who participate in automatic payments.  In addition to savings in your billing fees, see if your company offers a discount against the actual premium portion of your bill for enrolling in EFT.

Because of the legal contracts involved with an insurance policy, many people find that they get a lot of mail mail from the insurance company. Some top insurance carriers are "going green" and giving customers the option to have a paperless relationship. This is innovative because your policy documents and bills come electronically, delivered instantly to your email address.

You might be surprised to find out how much time and money these simple tips can save you. Please give the office a call and we can help you find out what you can save by taking advantage of automatic payment of your insurance premiums or by going paperless.