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Pre-pay auto insurance premium?

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  • Pre-pay auto insurance premium?

    I will be filing the middle of this month. I just received my billing statement for my new auto policy year and am wondering if it would be okay for me to go ahead and pay the premium before I file. The new policy year actually starts in September and the payment is actually due then. I usually pay the whole policy year up front.

    Thanks in advance for advice on this :-)
    Non-Consumer Chapter 7
    December 2011

  • #2
    Absolutely, since it's the law and you do have the option to pay in installments or all at once. It won't be seen as a "preferential" payment as it is not a creditor per se.
    Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!

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    • #3
      I was thinking the same thing. Thanks!
      Non-Consumer Chapter 7
      December 2011

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      • #4
        we paid as far in advance on our insurance as we could before filing. it helped us better manage our money.

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        • #5
          Originally posted by angles View Post
          we paid as far in advance on our insurance as we could before filing. it helped us better manage our money.
          Okay that's good to hear. By the way, I'm rooting for your case to be closed asap. Our situations seem to be similar. Thanks!
          Non-Consumer Chapter 7
          December 2011

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          • #6
            Virtually all insurance has an option to pay as much as a full year in advance. I paid auto and life insurances a full year ahead and didn't get any pushback.

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            • #7
              Originally posted by btbeme View Post
              Virtually all insurance has an option to pay as much as a full year in advance. I paid auto and life insurances a full year ahead and didn't get any pushback.
              Stop. . . OP needs to investigate. Bt, you may have been lucky as it relates to the auto insurance. Your Trustee may have fallen asleep or determined that the amount he could recover simply was not worth it.

              I just had a client go through this and he/she had to get the $$ back from the insurance carrier (a substantial sum). He/she paid for 12 months but the policy renewal was for only 6 months. To add insult to injury he/she actually paid the renewal before the current policy lapsed.

              Policies are normally for 6 months (especially in AZ). They typically can be paid monthly, quarterly or semi-annually. You need to see when your policy begins and when it ends. You pay it through the end date so long as the start date is before you file. If you overpay the insurance provider is simply holding your money on deposit to use when the current policy expires. That deposit is an asset of the estate and it goes to the Trustee (unless exempt).

              Better check with your attorney before you do anything.

              Des.

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              • #8
                Originally posted by despritfreya View Post
                Stop. . . OP needs to investigate. Bt, you may have been lucky as it relates to the auto insurance. Your Trustee may have fallen asleep or determined that the amount he could recover simply was not worth it.

                I just had a client go through this and he/she had to get the $$ back from the insurance carrier (a substantial sum). He/she paid for 12 months but the policy renewal was for only 6 months. To add insult to injury he/she actually paid the renewal before the current policy lapsed.

                Policies are normally for 6 months (especially in AZ). They typically can be paid monthly, quarterly or semi-annually. You need to see when your policy begins and when it ends. You pay it through the end date so long as the start date is before you file. If you overpay the insurance provider is simply holding your money on deposit to use when the current policy expires. That deposit is an asset of the estate and it goes to the Trustee (unless exempt).

                Better check with your attorney before you do anything.

                Des.
                Okay Des, I'll chat with him about it first. This new policy period starts AFTER my anticipate filing date. Thanks...
                Non-Consumer Chapter 7
                December 2011

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                • #9
                  Perhaps my timing was just right. I paid my regular renewal on auto insurance about 5 weeks before filing (about two weeks before it was due), then checked online again about five days before filing. There was a bill there with a due date, so I paid it and printed the receipt.

                  Des is right, though - I should always mention that your mileage may be different.

                  I'd also amend my earlier statement to include the disclaimer that one should continue their normal payment habits before filing; i.e, it looks suspicious if you make a large deposit into an IRA account if your normal habit is a little each month, etc. In my case, paying a full year ahead on life insurance was the norm, as was paying as soon as the bill - any bill - showed up. I had a track record of paying my kids' school lunch program for the year, etc - all of this benefitted me because of my particular timing

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                  • #10
                    Insurance policy premium filling in month of start. I have own a car receiving billing statement and ahead my pay the premium policy selected and i pay.!

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