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Do car insurance companies charge you interest?

I'm budgeting for new car insurance. I've gotten some quotes online, but do insurance companies charge interest? Is it an additional fee on payment plans?

Emily Maracle · Updated on Aug 30, 2023

Reviewed by Shannon Martin, Licensed Insurance Agent.

“Budgeting is an important tool when looking for new car insurance. When looking at

payment plans, some options include interest.

Monthly payments plans are the most expensive and will include fees and interest. Every carrier is different, but most offer a lower amount of interest on EFT or bank account payments, which save you money over paying with a credit card.

If you choose to pay your policy premium in full every six months or annually, you won’t be charged interest. This means you can save a significant amount of money by choosing to pay your premium in full. On average, it’s at least $100 every term.

Since you’re already looking, use the

app to compare quotes from top insurance companies in just a matter of minutes.

If you can’t pay your premium in full initially, you can always start saving for the future.”

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