Comparison of Motor Vehicle Installment Plans by Number of Installments and Down Payment

Motor Vehicle Insurance Plans by Insurer

 

Insurer * No. of Installments1 EFT Plan3
Yes  or No 
Down Payment
Allstate Insurance Company
 
11 (new),10 (renewal and multi-car)    
 
Yes 30% for New Business, 10% for Renewal Business and 15 % for multi-car   
 
American Automobile Insurance Company 2, 4, 5, 6, 9, 11, 12 Yes 2 pay 50%, 4 pay 25%, 5 pay 33.30%, 6 pay 16.70%, 9 pay 30%, 11 pay 16.70%, 12 pay 8.30 (Options vary depending on length of policy and whether it is new or renewal business.)
American Modern Home Insurance Company - Motorcycle 2, 4, 8, 10, 12 Yes 2 pay 50%, 4 pay 25%, 8 pay 25%, 10 pay 16.30%, 12 pay 8.30%
Amica Mutual Insurance Company 4, 10 renewal business and existing auto relationship, monthly, 20 (payroll deduction), 10, 12 (pension deduction) Yes 4 pay 25% (new business), monthly 1/12th or 1/6th (renewal business)
Arbella Mutual Insurance Company 11 Yes 10% New Business, 10% Renewal Business
 
Bankers Standard Insurance Company 2, 4, 10
 
Yes
 
N/A
 
The Cincinnati Insurance Company 2,4 monthly Yes N/A
Citizens Insurance Company of America
 
4, 10 and monthly (EFT available under all payment options)
 
Yes
 
10 pay or monthly 20%, 4 pay 25%  (EFT monthly - one month)
 
Commerce Insurance Company 11, 12 (EFT up to 12) Yes New Business 20% (EFT New Business 8%), New Group Business 20%, and Renewal Business/Book Transfer 10% (EFT Renewal Business 8.33%)
 
Electric Insurance Company 3, 5, 8 & 12(EFT 12) Yes 3 pay 30%, 5 pay 20%, 8 pay 25%, 12 pay 12.5% or 25% (EFT 12 pay 8.3%), semi-annual 50%, quarterly 25%, payroll deduct - 0%
Encompass Insurance Company of MA 10 (EFT 10 6) Yes 20% New Business/20% Renewal Business (EFT 10%)
Esurance Insurance Company 5 New Business or 6 Renewal Business (6 month policies), 11 New Business, 12 Renewal Business Yes 20% or 30% for New Business / 20% for Renewal Business 16.666% (6 month policies), 16.7% for New Business / 8.33% for Renewal Business (12 month policies)
Farm Family Casualty Insurance Company 2, 4, (EFT 12) Yes 2 pay  25% or 50%, 4 pay 25% EFT 12 pay 8.34%
Government Employees Insurance Company (GEICO)/ GEICO General Insurance Company
 
2, 3, 4, 5, 6, 9, monthly or semi monthly (EFT only)
 
Yes 2 pay 50% (6 month policies), 3 pay 40% ( 6 month policies), 4 pay 25%, 5 pay New Business 25% or 33.3%, 6 pay Renewal Business or Autopay Business 16.66%, 25% (12 month policies), 9 pay 17.6% (12 month policies), monthly pay 12.5% New Business (11 pay) or 8.33% Renewal Business (12 pay), semi monthly 1/12th
 
GEICO Indemnity Insurance Company - Motorcycle 4, 6, 9, 11, 12 (EFT only) Yes 4, 6 pay 25%, 9 pay 17.6%, 11 12.5%, 12 pay 8.33%
Green Mountain Insurance Company, Inc. 2, 4, 9 or 12 Yes N/A
Harleysville Mutual Insurance Company 9
 
2, 4, 9 (EFT 2, 4, 9, 12)
 
Yes 2 Pay 50%, 4 Pay 25%, 9 Pay 15%, (EFT - 12 Pay 1/12th)
 
Hanover Insurance Company - motorcycle
 
4, 10 and monthly (EFT available under all payment options)
 
Yes
 
10 pay or monthly 20%, 4 pay 25% (EFT monthly - one month)
 
IDS Property Casualty Insurance Company
 
2, 11 (EFT 11)
 
Yes Initial payment of 11th of premum
 
Integon National Insurance Company 10 (EFT 12) Yes New Business 10 pay 25% or 15% Renewal Business 10 pay 10% or 20%
Liberty Mutual Insurance Company 4, 5, 11 (EFT 12) Yes 11 pay New Business Non Group 20% or 12% New Group Business/Renewal Business, 5 pay New Business 30% or 20% New Group Business/Renewal Business, 4 pay 25% New Group Business/Renewal Business (EFT Non Group New Business 30%, New Group Business 8%, Renewal Business 8.33%)
 
LM General Insurance Company 4, 5, 11 (EFT 12) Yes 11 pay New Business Non Group 20% or 12% New Group Business/Renewal Business, 5 pay New Business 30% or 20% New Group Business/Renewal Business, 4 pay 25% New Group Business/Renewal Business (EFT Non Group New Business 30%, New Group Business 8%, Renewal Business 8.33%)
Massachusetts Homeland Insurance Company 4 10 (EFT 12) Yes New Business 10 pay 30% Renewal Business 10 pay 20%
Metropolitan Property and Casualty Insurance Company 9, flexible monthly payments 4-11 monthly payments, 12 (EFT 12) Yes 9 pay 25%, Flexible pay 20% for new business remainder over 3-10 months
Middlesex Insurance Company, Sentry Select Insurance Company - Motorcycle 3, 6 and 12 Yes 3 pay or monthly 40%, 6 pay 25%, 12 pay 8.33%
NGM Insurance Company/Main St America Assurance Company 10 Yes New Business 9 pay 20% Renewal Business 12 pay 1/12th of Annual Premium
Norfolk & Dedham Mutual Fire Insurance Company 4 &10 Yes 4 pay 25%, 10 pay 20% or 10% EFT
Occidental Fire & Casualty Company of North Carolina
 
Annual Policies 11, 12, Semiannual Policies 5, 6
 
N/A
 
Annual Policies 12 pay 9.0% downpayment,11 pay 10.5% downpayment, Semiannual Policies 5 pay 20.0% downpayment, 6 pay 17.0 % downpayment

 
Peerless Insurance Company 4 & 10
 
Yes
 
4 pay 25%, 10 pay 15% (EFT 4 pay 25%, 12 pay 8.33%)
 
Plymouth Rock Assurance Corporation 2, 4, 10 (EFT 12) Yes 4 pay 25%, 8 pay 25%, 10 pay 20% New Business, 10% Renewal Business or PRAC company agent quote/book of business (excludes MAIP business), (EFT New Business 20%, Renewal Business 10%), 12 pay 15% or 8.33% Renewal Business or company agent
 
Preferred Mutual Insurance Company 2, 3, 4, 6, 7, 8, 9, 10
 
Yes 2 pay 50%, 3 pay 30%, 6 pay 15%, 8 pay 10% or equal installments of 12.5%, 9 pay 9.375% or 20% 10 pay 10%
 
Privilege Underwriters Reciprocal Exchange 4 No  
Progressive Casualty Insurance Company 2 pay, 5 pay, 6 pay (includes EFT) Yes 2 pay 60%, 5 pay 20.0%, 25.0%, 27.5%, 30.0%, 6 pay 16.7% (includes EFT)
Progressive Direct Insurance Company 5 pay, 6 pay (includes EFT) Yes 5 pay 20.0%, 25.0%, 27.5%, 30.0%, 6 pay 16.7% (includes EFT)
Progressive Casualty Insurance Company / Progressive Direct Insurance Company - motorcycle 
 
2 pay, 4 pay, 6 pay (includes EFT)
 
Yes 2 pay 20%, 4 pay 25%, 6 pay 20%, 12 pay 10.1% (out of state mover) (EFT 2,4,6 and 12 )
 
The Premier Insurance Company of Massachusetts 9 (EFT monthly)
 
Yes 20% (EFT 0%)
 
Quincy Mutual Fire Insurance Company 2, 4, 9 (12 EFT ) Yes 2 pay 50%, 4 pay 25% or 9 pay 20% (EFT 1/12th of the premium on renewals)
Safeco Insurance Company of America 2, 4, monthly (EFT 2, 4, monthly) Yes 2 pay 50%, 4, pay 25%, (EFT none, 1 or 2 months, 10%, 20%, 25% depending on circumstances)
Safety Insurance Company/Safety Indemnity Insurance Company 10 (EFT 9) Yes 20% New Business / 10% Renewals (EFT 20% New Business/0% Renewal Business)
 
The Standard Fire Insurance Company Monthly Yes 2 -3 months premium (16.67% or 25%)
State Farm Mutual Automobile Insurance Company 3 No 30%
United General Indemnity/Garrison Property and Casualty Insurance Company8 9, 11 Yes up to 30%
United Services Automobile Association/USAA Casualty Insurance Company 8 New Business 10, 12 or Renewal Business 9, 12
 
Yes 30 days of premium for New Business
Vermont Mutual Insurance Company
 
2, 4 or 9 5 (EFT 12)
 
Yes (EFT 15%)

1The number of installments/payments includes downpayment.

3 Schedule includes payment by EFT (electronic funds transfer program).


4Massachusetts Homeland Insurance Company has a four payment plan with a 25% downpayment filed. The company indicates the four payment plan is not currently used.


5 For two or more policies 20% downpayment is required.


6 EFT bill plan is available to customers for which we write both auto and property insurance.


8 USAA coverage is only available to those who belong to USAA due to an affiliation with the armed services.


9 Available to monoline policies with an annual premium of at least $100 or account policies with a minimum of two     personal line accounts


11 Offered to policyholders who insure both their home and mobile home or auto policy with Preferred Mutual Insurance Company.


*The Massachusetts Automobile Insurance Plan (MAIP) on or after April 1, 2009 has 10 payments with 25% downpayment for new business and 20% downpayment for renewal business.


Please note that you have the option to pay your bill in full in one payment to avoid paying any of the applicable installment fees. Reasonable efforts have been made to ensure that this information is accurate, it may not apply to your specific circumstances. You are urged to contact your producer (agent, broker) or insurer with specific questions concerning installment plans.

 

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