As of October 17, 2022, Maryland Auto Insurance introduced an improved installment plan for payment of annual premiums, allowing My MD Auto Insurance customers to spread out payments after making an initial down payment of 18%.
There is a 8% discount available for customers who choose to pay in full. Customers still have the option of obtaining their own financing for annual premiums with a Premium Finance Company.
Information About Down Payment and Installment Plan Policies
Payment plan options are based on the annual premium amount as follows:
After an 18% down payment for personal auto policies:
-9 monthly installments with the first payment due 45 days after the policy is established.
Questions? Contact a My MD Auto Insurance provider to get a free quote and discuss your payment options.
Do you offer discount MAIF rates?
Yes, there are two ways to acquire a discount with Maryland Auto Insurance. They offer safe driver discounts where the driver has a clean driving record and does not get into any accidents. There is also a continued coverage discount. If you use MAIF insurance for one consecutive year then you will qualify for this discount. Additionally, if you pay in full, you will receive a 8% discount.
What are the MAIF policy fees?
- $2 processing fee per transaction
- $5 late fee
- $15 insufficient funds fee
Ask your MAIF agent about other payment options.