If your car insurance policy is set up with an Electronic Fund Transfer (EFT) feature, you must make sure you give the insurance company sufficient time to stop those payments. All insurance companies require prior notice to stop an EFT. The standard time frame for stopping one of these payments is 10 days, although sometimes we can still make it happen with 5 days notice. We will be unable to stop your EFT payment if you call 2 business days before it is due to be withdrawn.
The EFT will not stop at the end of your auto insurance policy unless you stop it. The form you sign when you started the program says you will automatically renew your policy unless you change the form in which you make your payment. Remember, this too requires advance notice.
You may then choose to pay over the internet (via our website), by mailing your payment to the insurance company (mailing it to our office will delay your payment), over the telephone, or in person in your insurance agent's office. If you are starting a new policy, you may be switching insurance companies. Even if you keep the same agent, you must stop EFT's with your existing insurance company before switching to a different one that offers the coverage and price you want.
Please read your application before you sign it, and if you are going to sign up for EFT, make sure you make a mental note of the stated amount of time the insurance company requires to discontinue these payments.
This is a good program, and can save you money in billing fees. But it can also cost you money if there is a problem with your insurance premium payment.
Give us a call at Pulse Insurance - 503-489-3143 or stop by to see us at the Powell Vista Shopping Center - 4239 SE 182nd AVE in Gresham Oregon.