We’ve been listening to our agents, and know that you don’t like dealing with Premium Finance if you can avoid it.
We agree, and we’re thrilled to announce that Texas Elite HOA/HOA+/HOB policies will no longer need Premium Finance.
As of now you are able to offer a Direct Bill option with 16% of premium plus taxes and fees down and the remaining premium spread evenly across 9 monthly payments. An installment fee of $5 will apply to each installment, but you will not need to explain Premium Finance to your clients or complete any special paperwork.
Existing policies originally issued using Premium Finance will automatically be offered the direct bill installment plan on renewal.
We hope you’re as excited as we are about this significant improvement in simplicity and ease of use.
I have not yet written a policy with IMGA, however just thought that Id leave my comment. I can totally agree that going through a finance company can be a headache. I think that it is GREAT that you have done away with that and are now offering direct bill. Quick question, Is the down payment an option to bill as well or should that be collect at pont of sale?
We look forward to working with you!
You’re welcome to collect the down payment, but it’s not required. We will bill the insured or mortgagee (whichever you indicate) for the down payment directly. That bill will also include instructions on how they can make that payment online if they would like.
This is great news!