Flexible Payment Plans
The Choice is Yours
The Dominion offers several payment plan options and lets you choose to pay your premium in either one, three or twelve monthly payments. Below you will find a description of each payment plan followed by payment method options and other important information about your insurance premiums. Please note that credit card or online/telephone banking are the only payment methods available for the Chieftain product.
Ideal Monthly Payment Plan
With the Ideal Monthly Payment Plan ("IMPP"), payments are withdrawn automatically from your chequing account with a bank, trust company or credit union. To participate in our Ideal Monthly Payment Plan we require a down payment equal to two months of premium plus applicable taxes and fees, a void cheque and completed authorization form. Subsequent premium payments are due one month in advance. The monthly payment withdrawal date will coincide with the date your policy becomes effective or the withdrawal date that you have selected. If you would like to change your withdrawal date at renewal, please contact your broker. For policy renewals, your first payment will be withdrawn in advance of your renewal date based on the schedule of payments included in your renewal offer. If your bank account information changes, please advise us two weeks prior to the due date of your next scheduled withdrawal date. This plan is subject to a 3% finance fee on the total premium amount. If you have a six month policy term, a 1% finance fee is applied to the total premium amount.
This convenient plan allows you to pay your premium in three instalments (based on a 12 month policy term). The first instalment, 40% of your annual premium plus applicable taxes, is due when you receive your policy. The second and third instalments, for 30% each plus applicable taxes and fees, are due three months and six months from the start of the policy. We will send you a bill approximately three weeks before the due date of each instalment so you are informed in advance of the payment due date. The second and third instalments for the Three Pay payment plan are subject to a 3% finance fee.
Pay your premium and applicable taxes in one lump sum at the beginning of your policy and then don¿t think about it again.
Payment methods for One Pay and Three Pay
Online, telephone and banking payments
You can select to pay your premium in person at your bank, through online banking or by telephone-banking. When paying online simply add The Dominion policy to your bill payment selections. The policy number and three letter prefix is your account reference number. It is necessary to add each of your policies as a separate selection under your billing list options. When you pay in person, please provide the payment stub to the bank teller, which is found at the bottom of your policy billing. The payment stub includes special coding to ensure that your payment is applied to your policy.
If you prefer, you may also make your payment by cheque. Please be sure to enclose the payment stub.
Use your Visa or MasterCard to pay your premium. Simply fill out the payment stub with your credit card information, sign it and send it back to us for processing. You may also contact your broker who can assist you in processing your credit card payment.
Please note; all refunds issued by The Dominion are by cheque regardless of how the payment was made.
Other important information about your insurance premiums
The table below illustrates the credit terms of the different payment options that we offer based on a sample insurance policy with a premium of $1,000.00.
|PREMIUM COSTS ||INSTALMENTS AND CREDIT TERM |
|Premium ||Finance |
|Instalment Amount ** ||Number of |
|Amount of |
|Number of |
|Credit Term*** |
|Annual IMPP ||$1,000.00 ||$30.00 ||$1,030.00 ||$85.83 ||2 ||$85.83 ||10 ||12 ||11 Months |
|Three Pay ||$1,000.00 ||$18.00 ||$1,018.00 ||$400.00 ||1 ||$309.00 ||2 ||3 ||6 Months |
|One Pay ||$1,000.00 ||$0.00 ||$1,000.00 ||$1,000.00 ||1 ||$0.00 ||0 ||1 ||N/A |
* Total Cost excludes applicable taxes. ** Due on or before your policy effective date. *** Credit term commences on your policy effective date.
You are entitled to make an early payment against your outstanding balance at any time. There is no charge or penalty for early payment(s).
Items returned due to insufficient funds may be subject to a $30 administration fee.
Annual percentage rates for the Ideal Monthly Payment Plan and Three Pay
For the purpose of calculating the equivalent annual percentage rates for the finance fee charged on the Ideal Monthly Payment Plan and Three Pay policies, please note the following:
- The annual percentage rates are based on a credit term that starts on the effective date of your policy.
- The annual percentage rates disclosed in this letter are based on the assumptions that there are no changes to your premium amount, payment dates or payment amounts during the credit term and there are no large down payment(s) at the start of the credit term. The annual percentage rate may vary from the rate disclosed in this letter if a change is made to your policy or to the amount and timing of your initial schedule of premium payments.
Ideal Monthly Payment Plan annual percentage rates
A finance fee of 3% of the total premium amount is charged for annual policies. The finance fee is the equivalent of an annual percentage rate of 8% charged on the outstanding premium balance at the end of each monthly instalment period.
If you have a six month policy term, a finance fee of 1% of the total premium amount is charged. The finance fee is the equivalent of an annual percentage rate of 7.2% charged on the outstanding premium balance at the end of each monthly instalment period.
If you have a selected debit date, and it is before the policy effective date, in certain circumstances, three instalments may be due in the first month of your policy. In these circumstances, the finance fee is equivalent to an annual percentage rate of 9.5% for annual policies or 12% for six month policies. Nine instalments will follow after the first month for a total of twelve instalments for annual policies. Three instalments will follow after the first month for a total of six instalments for six month policies.
Three Pay annual percentage rates
A finance fee of 3% is charged on the second and third instalment premium amounts for the Three Pay payment option. The finance fee is the equivalent of an annual percentage rate of 8% charged on the outstanding premium balance at the end of each three month instalment period.