Payment Plans

Wawanesa Insurance currently offers policyholders two payment plan options: Payment by Installment and The MAC Plan (Monthly Automatic Chequing). Both are only applicable to 12-month policies.

Payment by Installment

We currently offer three Payment by Installment plans. Your insurance documents and invoice statement are sent directly to you prior to the due dates.

Full Pay Plan
Pay your premium in full by the Policy Effective Date

Two Pay Plan
Pay your premium in two installments (50% by Policy Effective Date and 50% in 90 days)

Three Pay Plan
Pay your premium in three installments (40% by Policy Effective Date, 30% in 90 days, 30% in 180 days)

Example (based on $1,000 annual premium):

Full Pay Plan Two Pay Plan Three Pay Plan
1st Installment
Effective date of policy
$1,000 $500 $400
2nd Installment
90 days from effective date
$500 plus s/c* $300 plus s/c*
3rd Installment
180 days from effective date
$300 plus s/c*

Five Pay Plan *Available in Quebec only
Pay your premium in five installments (30% by Effective Date, 17.5% in 60 days, 17.5% in 120 days, 17.5% in 180 days, 17.5% in 240 days)

Example (based on $1,000 annual premium):

Five Pay Plan
1st Installment
Effective date of policy
$300
2nd Installment
60 days from effective date
$175
3rd Installment
120 days from effective date
$175
4th Installment
180 days from effective date
$175
5th Installment
240 days from effective date
$175

* $5.00 service charge (s/c) applied per installment (Excludes Quebec)

The MAC Plan (Monthly Automatic Chequing)

The MAC Plan is our pre-authorized monthly automatic withdrawal plan. You can authorize Wawanesa to withdraw your monthly payment from your chequing or savings account.

All monthly withdrawals are equal to 1/12 of the annual premium, plus any service charges where applicable.

A $25.00 fee will be assessed for payments returned due to insufficient funds.

For information on enrolling in the MAC plan upon renewal, please contact your Insurance Broker.

NOTE: If your chequing or savings account information changes, please advise your Insurance Broker as soon as possible. Wawanesa requires this information ten days prior to the due date of your next scheduled withdrawal.



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