FAQ

What is Insurance Premium Finance?

Insurance Premium financing provides a short term loan for businesses and individuals to use specifically to pay for property and casualty insurance coverage. The premium finance loan enables the insurance policy holder, often called the insured, to spread payments over the course of the policy instead of paying the entire premium up front.

What is a Premium Finance Company?

A premium finance company is a specialized lender that funds the annual insurance premium to an insurance company, allowing insureds to better afford their insurance premiums. A typical premium finance loan terms will have a 25% down payment and 9 monthly installments.

In what states Got Premiums offer premium finance services?

We offer insurance premium finance services in California, Washington, Oregon, Texas, Arkansas, Louisiana, and Tennessee. (Operating States)

What type of product and services Got Premiums provide?

• No Production Requirements.
  Your agency appointment has no premium finance production requirements.
• Mobile Friendly Access.
  Access your accounts from any mobile device at anytime.
• Real Time Account Information.
  Our system is real-time so you'll always have up-to-the-second account information.
• 24/7 Online Account Details.
  Access all account details, including payment history, policy information and previously mailed notices.
• Multilingual Customer Service.
  We have the ability on supporting Multilingual insureds and agent/brokers. Eliminate communication barriers!
• Cancellation Avoidance.
  Easy-to-understand communications to engage the insured throughout the billing cycle, autopay, and automating collections. Read more about our Cancellation Avoidance program.
• Online Documents.
  All previously printed notices and letters are available online, at any time.
• Cancellation Hold.
  Courtesy holds on past due contracts. Request to place a specific account on hold for up to 5 calendar days via our website to prevent a cancellation from occurring.
• Installment Extension.
  Call us on or before the installment due date and we will hold all assessed late fees and mailing of all notices.
• E-mail Alerts.
  E-mail alerts to your insureds, prior to due date (payment reminders) to cancellation date! This prevents costly cancelations and rewrites.
• SMS Alerts.
  SMS alerts to your insureds, prior to due date (payment reminders) to cancellation date! This prevents costly cancelations and rewrites and at no cost to the agent.
• Reports & Notices.
  We deliver agency reports and insured notices to your inbox, each day.
• E-Submission by Electronic Signature..
  Submit finance agreements to our office for processing electronically, no fax or e-mail is required, at no cost to you.
• Convenient Funding.
  Funding is done via check, e-check, ACH, or credit card and accompanied by a daily e-mails, detailing all transactions.
• Agency Rebates (Revenue sharing)
  Participate in the revenue of each financed account through a variety of options
• Multiple Insurance Policies - One Contract.
  Consolidate up to 10 insurance policies under one premium finance agreement.
• Comprehensive premium finance loan management system.
  We don't just offer 24/7 access to our online quoting and account management, but also a CRM platform as part of our Loan Management System.
  • Tasks.
    Assign tasks for yourself and your fellow agents/brokers.
  • InMail.
    Communicate with your insureds, your staff, and our staff by using InMail services. Eliminate the clutter!
  • Attachments.
    Securely upload and save any documents regarding your insureds loans. No more e-mail or faxing!
  • Notes.
    Add, appends, or archive notes per policy, finance agreement, and insured.
  • Real-time data.
    Get an instant snapshot of your insureds.
  • Reports.
    24/7 access to your agency reports and insured notices.

How does agents/brokers get a quote?

If you are already appointed with us, you can obtain a quote online using your agency credentials or call our Broker Support team for assistance. If you’re new to us, please call our Broker Relationship team and they will assist you with your quoting needs. Our toll free number is (800) 452-8505.

How do agents/brokers submit a finance agreement?

Finance agreements can be submitted to us for processing in a number of ways including email, fax, or electronically (E-Signature).

Do you have a written Underwriting Guide?

Yes we do. We have created an easy to follow Underwriting Guidelines for Premium Financing.

What is your production requirements?

We have NO production requirements!

What type of payment methods do you accept?

We accept a variety of payment options. The following payment methods are available for us:

1. Check by Mail
2. Credit Card (MasterCard, Discover, American Express, and Visa)
3. Debit Card
4. Electronic Check
5. Pay-by-Phone
6. Recurring ACH payments
7. Wire Transfer

What are your interest rates?

We offers competitive base rates for premium financed accounts. Depending on the policy size, our rates typically range from 7.5% to 10.95%.

What are your transaction fees?

We charge the insured for all transaction fees directly, never the agent. We surcharge our merchant fees to the insured as follow:

• 4% per installment amount for Credit Card and Debit Card Payments or a flat $5.00 fee, whichever is higher for one-time or recurring payments.
• $5.00 for one-time Electronic Check and Pay-by-Phone transactions regardless of the installment amount.
• $5.00 for recurring ACH payment instalment.

** We don't charge transaction fee for check by mail.

Do you have a fee-based program?

Yes, we offer fee-based programs. We can customize a fee-based program that works for you. Fee-based programs are available to agencies and general agents.

Do you offer direct bill services?

Yes, we offer direct services. Direct bill services is available by territory, state, or agency level. Direct bill is only available to insurance companies and general agents.

Do you allow setup fees?

Yes, we allow setup fees. We can provide agents/brokers, general agents, and insurance companies with a setup fee programs by territory, state, or agency level.