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What payment plans does Bamboo Insurance offer
The total premium of any policy is due and payable at the beginning of the policy term unless the policy is issued on an installment plan. For policies issued on an installment plan, the initial premium installment will be due on the effective date of the policy subject to the down payment requirement. Policyholders may pay their remaining balance in two (“3- Pay”), four (“5-Pay”), or 9 (“10-Pay”) additional installments:
|
Payment Plan |
Down Payment |
Installment Payment |
Installment Schedule |
|
Full Pay |
100% |
|
|
|
3-Pay |
40% |
2@ 30% each |
1st @ 60 days 2nd @ 120 days |
|
5-Pay |
25% |
4 @ 18.75% each |
1st @ 60 days 2nd @ 90 days 3rd @ 120 days 4th @ 150 days |
|
10-Pay* |
25% |
8 @ 9% each Final @ 3% |
1st @ 60 days 2nd @ 90 days 3rd @ 120 days 4th @ 150 days 5th @ 180 days 6th @ 210 days 7th @ 240 days 8th @ 270 days 9th @ 300 days |
|
Mortgage Billed |
Based on Mortgagee |
|
|
*The “10-Pay” option requires an automatic payment source such as a credit card, debit card, or ACH account debit.