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Do insurance carriers lower your premium if you pay in full?
My car insurance is set to renew and I'd like to try and save money. Right now my monthly payments are $150. Could I reduce my premium if I pay in full?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When you select a monthly payment plan with insurance companies, this often includes installment fees and interest. On average, you can save at least $100 on your insurance by paying in full.
Insurance carriers offer a discount when paying in full because you are considered lower risk. This is because there is no chance your policy could be canceled due to non-payment, making you a more favorable customer to insure. As a reward, insurance carriers offer you a lower premium.
As rates vary between carriers, it never hurts to comparison shop before your renewal, and the
Jerry
app is a great place to start. Sign up in minutes to compare rates from dozens of insurers to save yourself the most money possible.View full answer
- Gregory R.
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