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Regulators Guide Consumers on Monthly Auto Insurance

In states like Texas, the ability to pay for an auto insurance policy in installments is a consumer's right.

2010-10-26
RANCHO CUCAMONGA, CA, October 26, 2010 (Press-News.org) The penalties for driving without proper auto insurance coverage can be harsh in states like Texas, which imposes fees on violators that can add up to nearly $1,000 for a first offense. But, unfortunately for some, having to pay the estimated $800 average cost for coverage in the state up front may be a financial impossibility, and going uninsured for a short period of time may seem like the only feasible course of action. These consumers, though, have far safer options to choose from.

Rather than risking being hit with large fines -- or, worse, getting into an accident that could result in having to pay out-of-pocket for damages -- consumers have the option of shopping around for a low down payment auto insurance policy with monthly installments. By doing this, policyholders lessen the immediate financial impact of getting insured. Although there may be a small extra monthly processing fee tacked onto each bill, the motorist can rest assured that he or she is protected and in compliance with state law. The Texas Department of Insurance (TDI), on its website, provides a few important facts for consumers considering going this route for coverage.

The TDI has developed and made publicly available a consumer bill of rights that includes a provision regarding installment plans. According to the TDI, it is actually a consumer's right to pay for a policy in installments. For an annual policy, consumers are entitled to divide the balance into at least 10 equal monthly installments; for a six-month policy, four equal monthly installments. In addition, "the initial down payment cannot exceed the cost of two months' coverage."

Source: http://www.insurance.tx.gov/rules/bor-auto-english.html

The state regulators also note that consumers may choose to use an installment loan, which is made through a premium finance company that pays for the whole policy in one lump sum. However, the TDI notes, these loans may be high-interest, may come with additional fees and may exceed the cost of an installment plan offered directly though the insurance provider.

To learn more about getting a monthly plan in any state, consumers can go to http://www.onlineautoinsurance.com/pay-monthly/ where they will also be able to shop around for the cheapest rates with the free quote-comparison generator.


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[Press-News.org] Regulators Guide Consumers on Monthly Auto Insurance
In states like Texas, the ability to pay for an auto insurance policy in installments is a consumer's right.