Lately we have had several clients call with questions about their policies pending cancellation even though their policies are set up on automatic bill pay through their bank. Online bill pay is a feature almost all banks offer to their clients and has it’s own benefits. However, we recommend setting your policies up on automatic payments directly through your insurance company.
Setting up an EFT draft direct with your company has many benefits, including guarantee that your payments are received on time and are the right amount. The cancellation notices we’ve seen go out are mostly due to clients making changes to their insurance policies, which change their premium, and not updating their bill amount online through their bill pay portal. Below are a few more benefits of a direct EFT draft.
On time payments help you avoid late fees and cancellation notices
Your payments are always the right amount
Most companies offer lower service fees for EFT drafts or completely waive them
Some companies offer a premium discount when you sign up for an EFT payment
No worries about updating credit/debit card numbers when your cards expire because EFT drafts use account and routing numbers
If you haven’t already done so, you can set up EFT draft payments online through your customer account portal. Long Insurance clients can find the link to their company’s website by visiting our Important Links page here.