Guess what? you are ready to get a final rate at Loyola Insurance. In most cases, if you are using the internet, Loyola insurance will order your record reports while you are quoting. You may have been given a preliminary price quote, but before you make payment, and accept the policy, all reports will have been ordered and the price finalized. You may be asked to provide your Driver’s License numbers and VIN’s if you haven’t already. If you are quoting over the phone, you should have a price.
Now that you’ve determined the appropriate coverages and have gotten your quotes, it’s time to buy the Loyola Insurance policy. You still have some decisions to make, such as whether to make payments or to pay in full and how to make your payments.
Making Payments or Paying-in-Full at Loyola Auto Insurance?
Making payments to Loyola insurance is a good choice if you are budget conscious and do not have the money to pay the premium in full. Typically, you will be asked to pay about 25% of the policy premium up-front, as a down payment. You will then be offered a couple payment plan options.
Choose the one that best fits your budget
If you have the money to Pay-in-full to Loyola Insurance Company or can put the full premium on your credit card, you may save money in two ways:
- You will not have to pay installment or billing fees. Typically, a fee will be charged for each payment. The fees can range from $3 to $10 per payment. If you make 5
payments (on a monthly plan) over a 6-month policy term, you will pay $30 to $100 more per year.
- Some other companies will offer a discount if you pay the premium in full. This discount can vary, but may be as much as 10%. This savings could be $100 or more.
If you are looking for ways to save additional money at Loyola Insurance, paying-in-full may be a good option, if you have the money. If you choose to put the premium on your credit card, you get the added benefit of reward points/miles if your card has this feature.
How to Make Payments to Loyola Insurance?
Loya insurance and many other companies accept credit cards or allow money to be drafted from your bank account. Usually, you can make single payments or set-up regular drafts from either the credit card or bank account. A few companies may offer you a discount or lower billing fees if you authorize automatic, regular withdrawals. If you can’t pay the premium in full, look at the EFT (electronic funds transfer) options to save money.
Last Step – Cancel Your Current Policy(s) at Loyola Ins.
Once you have decided on Loyola insurance for your auto (and maybe your home) insurance you’ll need to cancel your old policies. This is relatively simple, but you’ll want to make sure you do not have a lapse or gap in coverage.
Auto: Once you have made your payment on your new policy, and selected a policy effective (start) date, you can either call your current company or send them a letter. You want to inform them that you have taken out other coverage and you would like the policy cancelled. For example, your new policy is effective on 6/01/19, and you’ve made the down payment (initial payment) to get it started. Call your old company and tell them that you want your old policy cancelled on 6/01/19. Don’t tell them 5/31/19, because you would have a one-day lapse in coverage. Insurance policies typically begin and end at 12:01 am. The old company may require written notification with your signature, so you can either mail them a letter, or they may send a form for you to sign. In either case, you may not get your refund until this written notice is received and processed.
Home: If you replace your home insurance at the same time, the same effective date/cancellation date process applies. In addition, you have the extra step of dealing with your mortgage company if your insurance payments are escrowed. If this is the case, you will need to notify your mortgage company that you will be changing insurance companies. This will take one extra phone call. In most cases, the new homeowner’s insurance company will be able to get the premium from the escrow in your loan, saving you any out-of-pocket. Ask about this option when buying the policy.
That’s it. You now know how to shop for Loyola auto insurance and you will save some money. In addition, I hope you have learned something along the way.