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Contributor
Suraj Bhagat
Posts: 25
Registered: ‎28-08-2017

Is it necessary that auto insurance should be paid only from the bank account of the policyholder

Is it necessary that auto insurance should be paid only from the bank account of the policyholder or can anyone pay on the policyholder’s behalf?

1 REPLY 1
Contributor
Shivani Ingle
Posts: 27
Registered: ‎03-06-2017

Re: Is it necessary that auto insurance should be paid only from the bank account of the policyholde

Insurers generally do not accept third-party payments and insist that the insured pay the premium from their own bank accounts. In select cases, an exception could be allowed, provided a direct linkage between the insured and the person paying the premium is established.

 

For example, for a car owned by a company, premium paid by the employee could be allowed. Insurers would generally ask for a declaration about the reason for the deviation and relationship with the insured. If the premium amounts are small, then several insurers will accept cash payment as well.