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Autoplan payment plans

You can spread out the cost of your insurance by arranging an easy payment plan.

Find out how to pay your Autoplan insurance premium in monthly or quarterly instalments, what interest you will pay, and what happens if you miss a payment.

Eligibility

To be on payment plan, you must

be the registered owner of the insured vehicle (or named lessee), and
have a Canadian chequing or savings account that allows pre-authorized automatic withdrawals.

Note: If you are under 19, you will need your parent or guardian to co-sign the payment plan.

How to sign up

You can sign up for payment plan at any Autoplan broker.

When you visit the broker, bring

your insurance renewal reminder, and
a void cheque if you have a chequing account, or
a bank statement if you have a savings account.

The first payment will be withdrawn from your account on the start date of your policy.

Fees

For a payment plan, you pay

a $15 enrolment fee every time you begin a monthly payment plan, and
an $18 fee if you miss a monthly payment, but
no enrolment fee again as long as you choose to keep your plan and renew it within 12 months of your policy's expiry.

You have no other fees, and you can pay your full balance at any time.

What if I miss a payment?

If . . .	Then . . .
there is not enough money in your account when your monthly payment is due	you’ll be charged $18 for a missed payment. After three to five days, we’ll try to withdraw the money again.
our second withdrawal attempt is not successful	we will contact you to let you know.
there is again not enough money in the account when your next monthly payment is due	we will close your monthly payment account and charge another $18 missed-payment fee. All payments, charges and fees are due in full. You won't be able to go back on a payment plan for two years. Note: If debt isn't settled, the policyholder’s optional insurance coverage may be cancelled or licence plates seized.

Note: If you miss a quarterly payment, we will make a second attempt to withdraw your fee 30 days after it was originally due.

Six-month payment plan

You can sign up for six months in the same way you would for a 12-month plan if you

are a new resident to B.C.
have previously missed a number of payments in the 12-month plan, or
do not have a B.C. driver's licence.

Once you have successfully completed a six-month payment plan, you can apply for the 12-month plan.

Cancelling your insurance

Important: If you're on a payment plan, try to cancel your insurance at least one day before your payment is due so you don't get hit with an unexpected withdrawal.

Learn more about cancelling your insurance »

Facts & Tips

Do I pay interest?

Yes. The interest you pay is the greater of these two amounts:

a rate called “prime minus 1,” which means one per cent less than the prime rate of interest on the day you sign, or
2.5 per cent per year.

The interest rate is fixed from the day you sign, so will be the same each month.