Whether you prefer to pay your premium in full or enjoy the convenience of an installment plan, we offer several payment options. All you need to do is choose the one that’s most convenient for you (subject to approval).
Payment in full
Online and telephone banking
Online and telephone banking is available through most major banks. Log onto your bank’s Internet banking website, or call your bank for more details. Under your bill payee list, add ‘Elite Insurance Company’. You can find your account number on the upper right-hand corner of your invoice.
By cheque or money order
There are five options to help make your insurance premiums fit your budget:
Option 1: Full pay
One cheque for the full policy term. Full payment is due on the date that the policy starts (called the “Effective Date”).
Option 2*: Two pay
Two cheques for two equal installments, with the first cheque dated on the policy Effective Date and the second post-dated 30 days later.
Option 3*: Three pay
Three cheques for three equal installments, with the first cheque dated on the policy Effective Date, the second post-dated 30 days later, and the final payment post-dated 60 days after the Effective Date.
Option 4*: Four pay
Four cheques for four equal installments, with the first payment due on the policy Effective Date, the second post-dated 30 days later, the third post-dated 60 days after the Effective Date, and the final cheque post-dated 90 days after the Effective Date.
Option 5: Pre-Authorized Chequing plan (PAC)**
PAC is an easy way to pay for your insurance through automatic monthly withdrawals from your bank account.
- It’s convenient – you save time and there are no cheques to write, or envelopes to mail.
- There’s no pressure to make a large lump sum payment when you apply or renew.
- You can manage your budget with smaller monthly payments.
*For Options 2, 3 and 4, a $10.00 service charge will be added to the first cheque.
**A 3% finance charge applies to all premiums processed on the PAC plan.
Contact your Wayfarer Insurance Broker for more details 1-800-461-0318