Finance charge

[xyzz]

What is the name of your state? IL


Why is the auto insurance company allowed to hide their finance charge during a quote for auto insurance

 

[quincy]

What is the name of your state? IL


Why is the auto insurance company allowed to hide their finance charge during a quote for auto insurance

They aren’t. Why?

 

[xyzz]

A new company I signed up with recently after I was quoted online $34 for 6 months they sent me a statement showing $39.26. They said a finance charge was added. That was after I paid the down payment then they sent me $34 plus what the charge was was later included

 

[quincy]

A new company I signed up with recently after I was quoted online $34 for 6 months they sent me a statement showing $39.26. They said a finance charge was added. That was after I paid the down payment then they sent me $34 plus what the charge was was later included

If you pay your premium in full, there will be no finance charge. You should have been told what the finance charge (or payment amounts) would be if you chose to pay monthly.

 

[adjusterjack]

A new company I signed up with recently after I was quoted online $34 for 6 months they sent me a statement showing $39.26. They said a finance charge was added. That was after I paid the down payment then they sent me $34 plus what the charge was was later included

I have had many quotes from many insurance companies for many years and don't recall any of them not showing the installment charge for monthly pay.

Did you get the quote directly from an insurance company or from an agent. Some agents will low ball a customer and then say "oops, sorry" and you're stuck.

If it's an insurance company online quoting, name the company and I'll replicate the process to see if you just missed it.

 

[xyzz]

I have had many quotes from many insurance companies for many years and don't recall any of them not showing the installment charge for monthly pay.

Did you get the quote directly from an insurance company or from an agent. Some agents will low ball a customer and then say "oops, sorry" and you're stuck.

If it's an insurance company online quoting, name the company and I'll replicate the process to see if you just missed it.

don't have direct link I used originally

Urban insurance agency.com

 

[PayrollHRGuy]

I went through the process at that sight and the quote I received was...

$14 down and 5 payments of $12.12 which equals $74.60
or a single payment of $53.00.

 

[xyzz]

So is the prices based on driving or they just give whatever the state asks them to give

 

[Zigner]

So is the prices based on driving or they just give whatever the state asks them to give

Huh?

 

[Just Blue]

So is the prices based on driving or they just give whatever the state asks them to give

Huh? ^^^ doesn't make sense. Please rephrase so we can understand what you are asking.

 

[quincy]

So is the prices based on driving or they just give whatever the state asks them to give

The price will be based on the information you provided plus information on your driving record as reported to insurers by your state. Your insurance quote should cover the bare minimum amount of automobile insurance coverage required by your state.

 

[not2cleverRed]

So is the prices based on driving or they just give whatever the state asks them to give

The price is based BOTH on your driving and what the state requires for coverage.

Additionally, what kind of car you drive can affect your rates, and the type of coverage.

For example, basic coverage for a 20+ year old car is going to cost a lot less than full coverage for a late model car.

 

[adjusterjack]

don't have direct link I used originally

Urban insurance agency.com

That's an insurance AGENCY in Chicago, not an insurance COMPANY. Agencies represent many companies. Companies differ in how they handle monthly installments. The norm in the last few years is at least $5 per installment. Some companies offer a monthly premium but when it's multiplied by 6 or 12 the result is discounted if you pay in full.

For example, Progressive offered me $53.08 per month for a total of $702 for 6 months with an option of paying $602 for the 6 months, a discount of $100, meaning that the installment charge was about $16 per month if I took monthly premiums.

There is always an installment charge, one way or another.

I'm obviously unable to replicate the quote process so I can't tell you if it was disclosed to you or not.

 

[xyzz]

Ok