If you have State Farm insurance coverage then you have to pay the premium every month. The Insurance Payment Plans of State Farm will make your insurance bill paying much more convenient. You will be able to make the payment paperless.
- With the State Farm Payment Plans, you will be able to combine multiple State Farm policies on a single bill
- The State Farm Payment Plan allows you to select your own due date from the 1st to the 28th of the month
- Some important features of State Farm Payment Plans are Automatic Payments, Bill Reminders, Paperless Billing, etc.
- If you have State Farm Payment Plans then you can also sign up for email reminders
- If you set up automated payments then it will make your bill-paying process much easier
What are State Farm Payment Plans?
The State Farm Payment Plans will help you pay all the insurance premiums easily so that you can concentrate on other important things in your life. The State Farm Payment Plans will allow you to set automated payments for your insurance premiums so that you will never miss a payment. With the State Farm Payment Plans, you will be able to combine multiple State Farm policies on a single bill. Moreover, you will be able to select your own due date from the 1st to the 28th of the month. Other key features of State Farm Payment Plans are Automatic Payments, Bill Reminders, Paperless Billing, etc.
Features of State Farm Payment Plans
1. Go Paperless
State Farm allows its insurance holders to make payments paperless. If you have a monthly State Farm Payment Plan then paperless billing can make your life much easier. According to this feature, you will receive an email message every month instead of paper statements. Every month when your bill will be ready you will receive a mail containing all the billing information. So, you don’t have to maintain any paperwork.
2. Email Reminders
If you have State Farm Payment Plans then you can also sign up for email reminders. Email reminders will let you know when a payment is coming up and if you have any missed payments. Moreover, if there is any problem with your automatic payment then you will also receive an email notification.
3. Automated Payments
You can also set automated payments and your premium payment will automatically be deducted from your bank account or your credit or debit card. If you select automated payments then you won’t miss any premium payments. At the due date, your premium amount will be automatically deducted from the account. So, you don’t have to worry about checks or stamps.
Pros and Cons of State Farm Payment Plans
Pros of State Farm Payment Plans
- With State Farm Payment Plans you will have a steady monthly bill. Here, your insurance bills will get averaged into equal monthly, quarterly, or half-yearly payments.
- You will get additional float time to make the full payment.
- If you set up automated payments then it will make your bill-paying process much easier. Here, you give State Farm permission to automatically deduct the bill amount from your checking account or credit card. So, you don’t have to make the payment by yourself.
- Paper bills contain personal and various financial sensitive information so there are some security concerns about paper bills. If someone gets a hand on your paper bill then you could be at higher risk for identity fraud. So, if you choose automated payments then you could eliminate the potential risk of paper bills.
- You can choose a credit card to make the payments for your insurance plan which is very convenient.
- You will be able to avoid paying late fees. If you set automated payments then your bills will automatically get paid on time and help you avoid paying late fee charges that could hart your credit score.
- If you pay the paper of the bill less then you might get some discount. Moreover, you will be able to save money on postage.
Cons of State Farm Payment Plans
- The State Farm Payment Plans will cost you $1 per month for a monthly payment plan.
- You have to sign-up for automatic payments. So, if you keep complete control when paying bills then you might find it very irritable.
- Sometimes mixing 2/3 payments can create some problems while you are trying to cancel one policy and keep others.
FAQs about State Farm Payment Plans
Can you skip a payment with State Farm?
It is not wiser to skip a payment with State Farm. If you miss or skip a payment then you have to pay late fees and it can badly affect your credit score.
How do I set up automatic payments on State Farm?
There are two ways you can set up automatic payments on State Farm. You can set it up from the website or you can also call the State Farm bill pay number 800-440-0998 (24/7) to set up automatic payments on State Farm.
What is State Farm SFPP?
In State Farm, SFPP stands for State Farm Payment Plans. The SFPP of State Farm offers flexible billing and payment options for its policyholders.
Why would State Farm drop you?
There are many reasons State Farm would drop you. One key reason is if you fail to pay the premium for three to six months then State Farm might drop you. Moreover, if you provide wrong information to your application form then State Farm would drop you.
How many claims can you file with State Farm before they drop you?
You can file as few as two claims in a year before State Farm can drop you.
How do I stop automatic payments on State Farm?
If you want to stop automatic payments on State Farm then you have to contact State Farm and submit a writing request to stop automatic payments. It might take up to 10 days to process your request.
Last Updated on November 7, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.