Auto Insurance

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What if I need to finance my auto insurance premium?

If necessary, you may finance your premium through a personal bank loan or your credit card. Another option is to obtain financing through a premium finance company - a lending institution that finances insurance premiums for a fee.

If you choose to finance your premium, remember:

You may reach a separate payment agreement with a premium finance company that acts as the lender. (Your insurance company does not lend you the money.)
Finance charges, processing fees and late payment fees dramatically increase your total insurance cost.
Your agent must provide a copy of the premium finance contract you sign.
If your agent provided an incorrect quote, you could have to pay any additional premium to continue your coverage. You will pay this amount in addition to your scheduled premium payment, if you financed your premium.
You must pay the premium finance company charges upon the cancellation of your policy or if the insurance company goes out of business.

DFS regulates premium finance companies.
If you have any questions, call the Consumer
Helpline toll-free at 1-877-MY-FL-CFO
(1-877-693-5236).