On October 1, 2013, MAIF introduced an installment plan for payment of annual premiums allowing My MD Auto customers to spread out payments after making an initial down payment of 20-25%, depending on their annual premium amount.
There is a 5% discount available for customers who choose to pay in full. Customers still have the option of obtaining their own financing for annual premiums with a Premium Finance Company.
Payment plan options are based on the annual premium amount as follows:
*Premiums Less than $3,000, Requiring a 25% Downpayment:
-6 monthly installments with the first payment due 60 days after the policy is established.
-3 monthly installments with the first payment due 60 days after the policy is established and the remaining 2 payments due every 60 days.
*Premiums $3000 or More, Requiring a 20% Downpayment:
-8 monthly installments with the first payment due 45 days after the policy is established.
-4 monthly installments with the first payment due 45 days after the policy is established and the remaining 3 payments due every 45 days.