IFA Payment Plan FAQ
What is the IFA Auto Pay Plan?
Once you enroll in the IFA Auto Pay Plan, your Auto Insurance premium is automatically deducted from your checking account. Your payments are deducted over 10 months. Your first payment is 16.7% of the policy premium and the remaining 9 payments are equal. Anyone who has a policy with IFA can take advantage of the IFA Auto Pay Plan.
Is there a fee for using the Auto Pay plan?
There is a $1 installment fee per payment when you enroll in the IFA Auto Pay Plan. Since our standard payment plan has a $5 installment fee per payment you can save up to $30 per year.
What guarantees do I have with the IFA Auto Pay Plan?
The Auto Pay Plan Guarantee:
- Your payments will be made on time and your coverage will continue uninterrupted as long as the funds are available in your account on the scheduled due dates and you remain eligible for the voluntary market.
- You will experience the convenience of having your premium automatically paid.
- You will be e-mailed notification of all IFA Auto Pay Plan transactions.
- You will always have the option of discontinuing the plan at any time with at least three business days notice prior to the next scheduled payment.
How will I know when a payment is made?
Payments will occur on the scheduled due dates. Soon after you sign up for the IFA Auto Pay Plan you will receive a payment schedule for your entire policy period which will indicate the amount of each payment and the date that it will be deducted from your account. All you need to do is make sure you have the funds available in your account and record each payment in your checkbook. Additionally, IFA will e-mail you when a payment is made.
Do I need to mail any forms or payments to IFA?
When you enroll on-line, there is no need to mail any paperwork to IFA Insurance Company. Once enrolled, your payments will be automatically deducted from your checking account.
Can I pick the date my payment is withdrawn form my checking account?
No. The date your payment is withdrawn is predetermined based on the effective date of your Auto Insurance policy.
What happens if my policy information changes?
Any change to your policy may affect your total premium and therefore your payment amount. These adjustments will be reflected on our secure online Customer Center as well as through your payment notification e-mail.
What do I need to do if I change bank accounts after I enroll?
To inform us of a bank account change please call 1.877.567.8940. We will be happy to update our records for you.
Can I withdraw from the Auto Pay plan?
Yes, if you determine that you need to withdraw from the program, simply contact our customer service department at 1.877.567.8940. You will need to contact us at least three business days prior to a planned withdrawal in order to stop the auto pay process.
How will the Payment appear on my checking account statement?
The item will appear on your bank statement like any other electronic payment you initiate (ATM withdrawal etc.). The item will be reflected as “IFA PYMT”.
What happens when my EFT payment fails because of Insufficient Funds or invalid account information?
IFA reserves the right to remove you from the EFT payment plan if payments fail to complete successfully.
How safe is the Auto Pay Plan Signup?
We are very concerned about protecting the privacy of your records. IFA uses sophisticated data encryption to ensure that your data is secure as it travels between your browser and our server.
