I paid my auto policy in full today. I wanted to know when will it ask me to make payments again. Is it annually?

I bought insurance in December of last year & have paid two installments. I pay 180 every month as a new driver, but I decided to pay the remaining balance upfront as 700$. Now I don't know if that is a discount or if paying upfront covers for half the year

12 Answers

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  • car253
    Lv 7
    1 year ago

    Some policies are 6 months and some are for a full year. Auto Club has a full year policy. State Farm and Allstate are 6 months. So, it depends on your insurance company. What company is it ? Was the downpayment a "broker fee"?? You better find out. Don't get ripped off.

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  • 1 year ago

    Call your insurance co and ask them. If you paid a full year, you should receive another bill in the month prior to its expiration date. Same thing if you paid 6 months. I used to pay it by the year, but when I bought my last vehicle, I set it up on monthly payments.

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  • zipper
    Lv 6
    1 year ago

    Some states demand insurance cover for a year, other states only requiter 6 months at a time. So it all depends on what state you live in. Hope this is some kind of help.

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  • 1 year ago

    Read your policy...but you are only paid up for 6 months...

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  • lucy
    Lv 7
    1 year ago

    Normally when you pay the policy in full, then will get a discount. With monthly payments, cost more, plus they add fees for billing you monthly.

    Now when you got the policy, then on the front page is a declarations which will show the (total) cost of the policy for 1 year. My guess with 2 payments of $180 each (x 12 months = $2,160) and you paying the balance of $700 is for (6 months) thus would be billed around May/June for the next 6 months.

    All policies are written for 12 months, but depending how you pay, either annually (1 time), or semi annually (2 times per year) or quarterly, every 3 months or monthly.

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  • B
    Lv 7
    1 year ago

    call the customer service number on your invoice and ask them

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  • 1 year ago

    Look at the last policy, it will say when it ran through. Its probably a yearly policy or 6 months but can't say how far into the period your policy already was.

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  • 1 year ago

    Could be anything. Log into your account and find out.

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  • 1 year ago

    If you have made 2 payments then you have 10 payments left. 10 X 180 is 1800, nowhere near 700. I doubt if paying up front would give that big a discount. Read the paperwork or ask your insurance company.

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  • It should have told you when your next payment will be due. Talk to your insurance agent or look your policy up online to check.

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