How do I pay for my car insurance with electronic funds transfer?
I've heard EFT is fast, so it's my preferred payment method. How does it work when it comes to car insurance?
Answer provided by
Answered on May 06, 2021
“If you are not able to pay for the total amount of your auto insurance policy upfront, most carriers prefer for you to be enrolled in automatic payments. With autopay, you can set up EFT payments directly with your bank or use a credit or debit card.
Onc secret way to get cheap car insurance is to use EFT! Banks charge very little or nothing at all to enroll your checking account in autopay. Many insurance carriers pass these savings on to you by waiving the service fee.
Debit and credit card companies charge insurance carriers a percentage of every amount processed on the card. This can result in a fee of up to $10 per payment, which can add up.”
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