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Does it Save Me Money to Pay My Car Insurance in Full Rather than Monthly?
February 14, 2020
Always ask your agent about money saving discounts
More and more insurance companies are offering significant discounts on auto insurance premiums if the policy is paid in full (annually or semi-annually).
So, yes. If your company does not offer the discount, there is likely a parade of companies that will provide a “paid-in-full” discount.
Our office represents companies that offer as much as 15% for a policy paid in full in advance of the renewal date.
Here is an actual example of how big this discount can be for a real customer. The annual payment is $1,194 if paid in full. $1,405 if billed in installments by mail. If my math is any good, that is a 15% discount:
By the way… If one chooses to cancel a “paid-in-full” policy mid-term or at any point before the renewal, a client in New York would receive a full pro-rata refund of the unearned premium. In other words, there would be no penalty if one chose to terminate the policy early.
Interested in payment option discounts? Ask your carrier to outline all of the payment options available and compare the savings. What additional assistance with all the discounts you are eligible for? Give us a call at 607-324-7500, we LOVE to help!
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The year 1962 was marked by historic events—from the Cuban Missile Crisis to the passing of Marilyn Monroe. But while the world focused on these headlines, Lee A. Ryan was working alongside his brothers on my grandparents' farm when an unexpected opportunity arose—an invitation to join the insurance business. With no prior experience, no clients, and limited resources, my dad took a leap of faith and partnered with Nationwide Insurance to start an agency from scratch. Operating out of his home on Karr Valley Road in Almond, NY, he built his business one relationship at a time (some of whom are still clients!), laying the foundation for what would become a lasting legacy.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
