this is something that needs to checked on an insurance company by insurance company basis-the company we have charges a minimum of $5 per month for monthly payments (our previous charged $15
) which doesn't add up to allot BUT by virtue of paying in full every 6 months we also get another discount on our policies which does add up over time.
it can take some doing, but we pay monthly-just to ourselves. we took a hit to our savings one year and opted to pay all our policies in full all at once (homeowners, cars, atv). starting that month I began paying 1/12th of our yearly premiums to a savings account at our credit union (each January 1st I up the amount a bit even though I won't know the new premiums until June). it's not like we make anything off interest, but between the $5 a month and what I think is about a 5% discount the paying in full provides-it adds up to a bit of a savings each year.