On October 1, 2013, MAIF introduced an installment plan for payment of annual premiums. This allows 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 you sign the policy.
- 3 monthly installments with the first payment due 60 days after you sign the policy 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 you sign the policy.
- 4 monthly installments with the first payment due 45 days after you sign the policy and the remaining 3 payments due every 45 days.