Billing
How and when to pay, and what to do if you miss a payment
Payment dates & methods
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You can pick your billing date depending on your carrier, so that will be the first payment date.
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You can, but it's generally a one-time change.
Your policy offers coverage for a term of 12 months. Since you’ve paid for the annual term, at the next renewal you can change your payment method to monthly. Simply login to your account and make the change.
If you have cancellation for non-payment, some carriers will not allow you to switch to monthly.
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If your bill is paid by credit card, they'll be processed on your usual selected payment date.
If your payment method is EFT (bank transfer) and your payment date falls on a weekend or public holiday, your payment will be withdrawn the next business day.
Either way, please make sure the funds are available 1-2 business days before your payment date.
Invoices
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Your first payment generally will include your first and last month's payment, so it will be higher than your regular payment.
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You can view your bills in the Billing section of your account.
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You can view your bill in the Billing section of your account. New bills become usually available on or around the 1st of every month.
Missed payments
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You'll receive a notification letting you know that you've missed a payment and the details on how to settle your invoice.
This depends on your carrier, so check with your broker or carrier directly.
If you miss payments and are cancelled for non-payment, it can effect your ability to get insurance in the future.
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Your payment will be automatically withdrawn on the date you chose. It may take a few days to show up on your account, depending on your bank.
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The payment status in your billing overview can take a few days to update. Check back soon, and if you don't see a change, give us a call at 1 844-472-7905.
Down payment
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Our brokers will try their best to place you with the insurance company that best suits your needs. How often you pay (ie. monthly or annually) along with whether a first and last is needed depends on insurer you are placed with.
Once your policy is issued, you'll receive your payment schedule.
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If you're adding a new product of the same type to your existing policy (like adding a second car), we don't take another down payment. If you're adding another product entirely, like a house when you already have a vehicle policy, then yes, you will.
Refunds
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If you're expecting a refund, this could be handled in one of two ways:
If you pay monthly, your future payments will be reduced to reflect the amount owing.
If you pay annually, your carrier will credit you within 30 days of the change.
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If you cancel your policy and are owed, you'll generally receive your refund within 10 days,
If your carrier is Verassure, you'll receive your refund on the 10th of the next month.