Payment Plan Options
Patrons Oxford offers a payment plan option for all customers.
Payment Plan Options
A. One Payment
This option is typically used for Mortgage billed policies. Payment in full, due on inception date with no service charge.
B. Two Payments
Fifty percent (50%) due on inception date or with application. Second installment due in five (5) months.
C. Four Payments
Includes four (4) installments of twenty-five percent (25%) each. First installment is due on inception date or with application. Second installment is due in 80 days. Third installment is due in 156 days. Fourth installment is due in 247 days. A service charge is included in the second, third and fourth installment.
D. Nine Payments
Twenty percent (20%) due on inception date or with application. Eight additional equal installments of (10%) billed at 30 day intervals.
E. EFT Payment Plans
These plans below are available to policies enrolled in Electronic Funds Transfer (EFT)
Twelve Payments - For policies effective prior to 9/1/19
Installments will be spread evenly for the first year at 30 day intervals (this typically means 10 or 11 equal installments in the first year depending on the date the policy is issued). The minimum due is automatically deducted from your bank account on the due date or the first business day following the due date. Policies will renew to the EFT-12 Month Installment Plan.
EFT - 10 Pay Pick a Day – For policies effective 9/1/2019 and later
Ten installments of ten percent (10%) will be automatically deducted from your bank account. A down payment of ten percent (10%) is due on the effective day or with the insurance policy application. Select a due day for EFT withdrawals (1-28). If the first installment is missed due to the policy issue date, we will maintain ten installments of ten percent (10%). If the first and the second installments are missed, the first invoice will be for twenty percent (20%), with the final installment due in the 11th month. This option is not currently available for Commercial Auto, Commercial Fire, Commercial Package policies.
EFT-12 Month Installment Plan - Beginning with policies effective 9/1/2019
Twelve installments automatically deducted from your bank account on the effective day or next business day of approximately 8.3%. If new business is entered late or held for underwriting approval, it will include any missed installments in the first invoice. Renewal policies will be billed in 12 equal installments. This option is available for all lines of business.
Payment Plan Charges
|Are you signed up for E-Bill?||Are you signed up for EFT?||Your Installment Charge is:|
|Our best option! You pay $0.00 per installment fee. Congrats!|
|You pay $2.00 per installment charge. Reduce this to $0.00 by signing up for EFT.|
|You pay $2.00 per installment charge. Reduce this to $0.00 by signing up for E-Bill.|
|You pay $5.00 per installment charge. Reduce this to $0.00 by signing up for EFT and E-Bill.|
Insufficient Funds and Late Payments
Insufficient Funds Processing (Bounced Checks)
There will be an insufficient fund fee charge. Checks and electronic payments not honored by a financial institution maybe subject to a notice of cancellation. Future payments may require a Cashier's or Certified Check. When a payment that reinstated a policy is not honored, we will rescind the notice of reinstatement and cancel the policy on the original date of cancellation. Please contact your Agent for additional information.
Late Payment Fee
A late fee will be applied to the second and any subsequent Cancellation Notice for each policy term.