How often you need to pay your insurance premium depends largely on what insurance company you have a policy with, as well as what type of policy you have. Each insurance company can have different insurance policy periods. For instance, many car insurance companies have six month policy periods, but some might have one year policy periods. Renter’s and homeowner’s insurance policy periods are often one year periods.
Oftentimes, insurance allow auto insurance premiums to be paid in monthly installments. There is usually a small finance charge applied to each monthly payment, so you would save money in the long run if you paid the entire premium in full. Not everyone can afford this, however, especially if the premium is quite large. Premium amounts can be big if there are a large number of vehicles on the policy with full coverage. Full coverage auto insurance typically raises any insurance bill considerably.
