Due to COVID-19, many people are experiencing financial hardships. Unemployment is the highest it’s been in recent memory and many have been laid off or had their hours cut. So how are you supposed to still afford all of your bills? Roadway Insurance offers MAIF payment plans so that you can spread out the cost of your car insurance. Read on to learn more.
How Do Payment Plans Work?
With our payment plans, you pay your premium in installments based on how much your annual premium is. You do have to put down a deposit of 20-25% of your premium at the start. If you do choose to pay in full, you receive a 5% discount. You also have the option of getting your own financing for your premiums with a Premium Finance Company.
Our Payment Plan Options
If your premium is less than $3,000, a 25% down payment is required. After this, you can choose between two different options. First, your payment can be spread out through six monthly installments. Your first payment will be due 60 days after this policy is established. The other option is in three monthly installments, with the first payment due 60 days after the policy is established. The other two payments are due every 60 days instead of every 30.
If your premium is more than $3,000, the down payment will be 20%. Your first option spreads payments out in eight monthly installments. Your first payment will be due 45 days after this policy is established. Your other choice is a plan that’s paid in four installments. Your first payment is still due 45 days after the policy is established, with the last three payments coming every 45 days.
How Much Insurance am I Required to Have?
Under Maryland law, you must meet certain minimum insurance requirements for your automobile. It’s necessary to have $30,000 worth of coverage for bodily injury per person, $60,000 for bodily injury for two or more people, and $15,000 for property damage. This is the absolute minimum coverage you have to have. But should you have more coverage for your safety?
Our insurance agents can help you get the right amount of coverage for your car. While Maryland doesn’t require you to have comprehensive coverage, it may benefit you substantially. This protects you from incidents that aren’t related to collisions. If you live in an area where your car is exposed outside, this protects you from vandalism, theft, and weather problems like hail or fire damage. Depending on where you keep your car, this can be important for you to get.
Full collision coverage is another option to look into. This completely covers your car if you’re in an accident where you’re at fault. Insurance can pay to repair vehicle damage to your car. If the car is completely destroyed, they pay the cash value of the car, minus your deductible.