Premium FAQ

• What are the different ways you can pay your premium
• What happens if you have an NSF Payment

What are the different ways you can pay your premium?

Pay in One Installment

Pay in Three Installments. For your renewal, you may prefer to spread your payment over a 60-day period. There is no financing charge for this option. A down-payment equal to one-third of your premium is due on renewal date and two post-dated cheques can be provided 30 and 60 days after renewal date. Cheques are payable to "H.L. Staebler Company Limited"

Pay directly through your bank. . H.L. Staebler is registered as a payee with most major banks. Simply set up H.L. Staebler as a payee for your telephone or internet banking and make the payment directly online. Use your 6 digit "Account Number" located in the top right hand corner of our invoice. If you need any assistance to set this up, please call your broker.

Switch your policy to Company billing. Many people pay bills directly through their insurance company rather than the broker to take advantage of broader payment options such as:

• Pay Monthly: Many insurance companies will offer a monthly payment plan and allow you to spread your payments out over the term of your policy. A nominal interest charge applies (usually 0-3%). Please give us a call if you are interested in this method of payment. We will obtain a VOID cheque from you along with an authorization form to set you up.
• Pay by credit card: Most insurance companies offer credit card payments. Payments can be made as one lump, three installments and some even by the month
• Pay in three installments: Spread your payment as far as 120 days past renewal date.

Call us for Payment Arrangements. We understand that bills can sometimes be difficult to manage. If you find you need to make a payment arrangement with us, please give us a call. We will do our best to accomodate your payment needs.

What happens if you have an NSF Payment

NSF Payments

When a monthly payment is rejected by your bank, most insurance companies will automatically re-try to withdraw your payment within 3-10 business days. Most companies will add an NSF charge to the payment withdrawn. If the second payment goes NSF, they will initiate cancellation.

Cancellations on your record

Non-payment cancellations stay on your insurance record for three years. Companies may increase premiums based on any gap in insurance due to non-payment of premium. Following a cancellation, a monthly payment plan may not be offered. A $100 administration fee is also applied to a new application written due to an NSF.

Give us a call

If you find you are unable to afford your premium, please give us a call. Given enough time before your next withdrawal, we are often able to provide some options for you to reduce premium/coverage or in some cases re-schedule a withdrawal.