Agency bill is when some companies have the agent or broker invoice the client and remit the net premium to the insurance company.
Your adviser can offer many types of payment options some of which include three payments, monthly payments or credit card. You then deal directly with the broker or agent whenever you need to discuss changing your payments.
If you have a problem, it is not always known to the insurer. This can be to your benefit when you have an issue such as a non-sufficient funds (NSF) refusal at your bank. Your broker or agent should be consulted as to which payment option is best for your needs.
It is rare when an agent or broker cannot give monthly plans without a service charge. Sometimes the insurance company will provide this service for free. It is best to check your options as this could save 3% or more of the total premium.
Agency Bill