Method of Payment - Service Fee | GTAMotorcycle.com

Method of Payment - Service Fee

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xyz999

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Hey guys,

I just received my Cornerstone insurance doc in the mail this week. Had a close look at it I find that there is this $71.52 Service Fee under Method of Payment. I asked for a visa quarterly payment options for my insurance plan. So is the Service Fee a regular charge or something extra for my payment option? Gonna call my broker on Monday to confirm.....
 
Not sure, dunno if I had that. I am at work and can't check my paperwork at the moment.
I am with Cornerstone as well. Who do you deal with there?
 
I don't even see a box called "Service Fee" in the section 10-Method of Payment.
 
If you pay your policy 100% up front, then there is no service fee. If you pay for your policy in monthly/quarterly installments, then your insurer will charge a small interest rate (perhaps 3% or something like that).
 
xyz999 said:
Thanks, much clarify. Did a quick calc and 3% should be about right, and acceptable I guess...
Click to expand...

I don't know the exact percentage, but it won't be terrible. It will probably be close to the prime rate.
 
VifferFun said:
If you pay your policy 100% up front, then there is no service fee. If you pay for your policy in monthly/quarterly installments, then your insurer will charge a small interest rate (perhaps 3% or something like that).
Click to expand...
Wawanesa charges a stated 3% service fee on the total premium if you are on their monthly preauthorized payment plan.
 
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