Even though insurance is designed to protect us from financial loss, it can be quite expensive. The good news is if you want to save money on roadway insurance in Maryland, then MAIF has a plan that will make it easier for you to pay your premiums. After you have made an initial down payment of 20 to 25 percent of the premium amount, you will be able to make the remaining payments during different times of the year. The payment plan was put in place on October 1, 2013.
The amount you are required to pay is contingent upon your annual premium. If your annual premium is less than $3,000, then you will be required to make a down payment of 25 percent. You also have the option of choosing three or six monthly installment payments. If you choose the six monthly installment plan, then you will be required to make your first payment 60 days after you start your policy. You will also be required to make your first payment 60 days after you start your policy if you choose the three monthly installment plan. Payments will also be due every 60 days.
You will be required to make a down payment of 20 percent if your premium is more than $3,000. You can choose four or eight monthly installment payments. If you choose the eight month installment plan, then you will have to make the first payment 45 days after you start your policy. The first payment will be due after 45 days if you choose the four monthly installment payment plan. You will also have to make payments every 45 days.
Keep in mind that if you choose to pay the policy, then you will still be eligible for a five percent discount.