One of the great things about auto insurance in Washington DC is that there are multiple ways for you to pay your bill. You can choose from various payment schedules so that you get the rates that you want and the coverage that you need, all paid for on a schedule that you can afford. No matter which option you choose, you can pay by mailing in a check, by electronically transferring money from your bank account and by paying online with a credit card. The three basic payment schedules that insurance companies tend to use are broken down below in more detail.
1. The Monthly Plan
First of all, you may want to pay each month, just like you do for your utilities, your mortgage and many of your other bills. This is easy to remember, and it means that you only have to come up with a small amount of money each month. That makes it a good plan if you have a limited income or if you are not sure what your monthly income is going to be. However, you should know that this will mean that you pay the most overall, as a net total, so there is something of a trade-off to be considered.
2. The Biannual Plan
One other popular plan is a biannual plan, which, as the name implies, means that you have to make your payments twice each year. Every six months, you get a bill that is significantly larger than one monthly placement. For those without the extra cash on hand, this can be hard to deal with, but the total is going to be less than the total of all of those monthly payments. You pay more at once, but you do save money overall. This is popular because it is better than paying everything at once for those who do not want to put down more than a thousand dollars at one time.
3. The Annual Plan
Finally, you can choose to pay once a year. This saves you the most money overall, but you need to have that full amount, all at once. If you have full coverage on a new car, it can be quite a bit. If you have any way to make this work, though, it is highly recommended, as it is the very best choice, economically speaking, that you can make for your payments.