Here are a few tips on how to ensure you pay your insurance premiums on time, in order to save you having to research the topic.
If you make a budget and plan for the expense, you will be more likely to pay it on time. You will also be more likely to be able to afford the expense, so that you do not miss it because you did not have the money.
If you do not want to miss payments, you should make sure you save up the money in advance. If you leave it to chance that you will have the money, then you will be in for an inevitably rude shock, whereupon you will miss the payment.
Mark it down on your calendar so that it helps you remember to pay it, and gives you a little bit of advance warning every month.
Insurance premiums Phone calendar:
Enter it on your phone’s calendar and make it issue you with an alert a few days prior to when it is due. That way you can pay it in advance every month.
Set up a direct debit from your bank account and you will have no need to remember to pay it. Just so long as there is money in your account every month, you will no longer have to think about your insurance until the term period is over.
Full amount upfront
Instead of paying for your insurance on a regular basis, why not pay the whole amount upfront? That way you will not even have to think about paying it each month. Plus your insurance quote will probably come out lower if you pay it all in advance.
Have your accountant take care of your bills. That way your insurance premium will be paid from your account via your accountant, and you will not have to think about it each month.
Have either you or your partner pay the bills each month. You can contribute your fair share of money, but have your partner do the paying. That way you will not have to think about paying your insurance because it will be up to your partner.
Pay your bills in sync
Pay all your bills on the same date, so that you know they are all out of the way for another 30 days. If you pay them all at once, it will be very unlikely that you would forget to pay your insurance.
Pay it on payday
Every time you are paid you should pay your insurance before it’s due. That way you have no excuse for forgetting to pay, nor do you have the excuse that you did not have the money.
Don’t buy it
If you are frequently missing insurance payments because you do not have the money in your account then you should stop buying insurance. Cancel any policies you have and take a serious look at your finances. Missing payments will only make your financial problems worse. If your insurance is for a car so that you can get to work, you should consider taking the bus or cutting money from other things to be sure you have the money to pay your insurance.
If you have insurance for a car or a home, and you are missing payments because you do not have the money you should downgrade your policy. You may even have to cancel the policy and start a new one. You could lower your coverage so that you are required to pay a smaller premium.
If you are frequently missing payments through not having the money in your account you are going to have to cut back on something else. You need to find an expense that you pay every month and stop it. It can be anything from magazine subscriptions to extra channels on your TV. Cut it from your expenses and reassign the money to pay for your insurance. You may now have a bit extra in your account each month as a result, but that can only be a good thing.