Auto insurance premiums are among the most predictable bill payments in consumers’ lives. All but one state (New Hampshire) requires car owners to have auto insurance policies that help protect drivers, citizens, cars, and property from the damaging effects of auto accidents. Missed auto insurance payments can have serious consequences that go beyond losing the ability to drive the uninsured vehicle. Law enforcement can write tickets, issue fines, and even suspend car owners’ driver’s licenses. Undoing the damage caused by lapsed car insurance can be a headache, costing both time and money.
Given the disruptive repercussions of lapsed auto insurance, it’s important to make the bill payment process as user-friendly as possible for policyholders. A forward-thinking electronic bill presentment and payment (EBPP) solution empowers auto insurers to deliver a seamless experience that can help avoid the negative consequences of missed payments. Here are three ways EBPP can facilitate a more user-friendly bill payment experience for auto insurance policyholders.
Automate auto insurance payments
Allowing policyholders to automate their bill payments can help ensure that they keep their accounts in good standing. Thirty-nine percent, with continuous growth, of individuals prefer using automatic payments as opposed to manually paying on the day of. With EBPP solutions, Policyholders can sign up for e-bills, enroll in AutoPay, manage funding sources, and take comfort in knowing that their auto insurance premiums will be paid in full and on time.
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