BCM Payment Plans

BCM Insurance currently offers policyholders various ways to pay for your insurance. Your insurance documents and invoice statements are sent directly to you prior to the due dates.

One Pay Plan

Pay your premium in full by the Policy Effective Date.

Two Pay Plan

Pay your premium in two installments one on the effective date and next one 5 months later.

Three Pay Plan

Pay your premium in three installments on the effective date and two consecutive months in a row.

Four Pay Plan

Pay your premium in four installments on the effective date and another payment two, three and four months later.
Full Pay Two Pay Three Pay Four Pay
First installment Effective date of Policy $1,500 $750 + Service Fee $500 + Service Fee $375 + Service Fee
Second Installment June $750 + Service Fee  Feb $500 + Service Fee Feb $375 + Service Fee
Third Installment  March $500 + Service Fee March $375 + Service Fee
Third Installment April $375 + Service Fee

Monthly Payment Option

The Monthly payment options is a pre-authorized monthly automatic withdrawal plan. You can authorize BCM Insurance to withdraw your monthly payment from your chequing account.

All monthly withdrawals are equal to 1/12 th of the annual premium PLUS a 1.3% service fee.

A $50.00 fee will e assessed for payments returned due to insufficient funds.

Available withdrawal dates:

  • 1 st of the Month
  • 10 th of the Month
  • 15 th of the Month

NOTE: if your chequing account information changes, please advise your Agent as soon as possible to avoid having the payment returned. BCM Insurance requires this information 10 days prior to the due date of your next scheduled withdrawal.

Service Fee

A service Fee of 1.3% is applied to all payment plans except for the ONE pay option.

Payment Methods

Monthly Payment Plan

The Monthly Payment Plan provides the convenience of scheduled monthly withdrawals from your financial institution.

  • Each BCM Insurance policy will have to be set up for separate monthly withdrawals. We cannot combine payments of various policies and withdraw in one lump sum.
  • Ensures continuous insurance coverage; no more worrying about missed payments
  • Allows you to select a monthly withdrawal date from the listed options
  • Saves postage and time
  • Nominal service charge

NOTE: The Monthly Payment Option cannot be used in combination with other payment methods.

Online Payments

Visit payments.bcminsurance.com to make an Online Payment via our website. Payment can be made using Visa, Visa Debit, MasterCard, MasterCard Debit.​

Payment through Your Financial Institution*

You may use your financial institution’s telephone or online banking service to pay your insurance premium directly from your bank account. You may need to contact your financial institution directly to set up a billing profile.

When making your payment, select “BCM Insurance” for the company name. You will then be prompted to enter your 8-digit policy number which can be found on your Policy Declaration page or our Billing Statement.

NOTE: You must make a separate online banking or telephone banking installment payment for each BCM Insurance policy.

Cheque

Note: cheques are only acceptable for One, Two, Three and Four Pay payment options.

For One Pay, if paying by cheque, it can be post dated.

For Two Pay, if paying by cheque, we do require both cheques at the same time and they can be post dated.

For Three Pay, if paying by cheque, we do require all three cheques at the same time and they can be post dated.

For Four Pay, if paying by cheque, we do require all four cheques at the same time and they can be post dated.

Please send your cheque for the amount due and your Billing Stub to:

BCM Insurance Company
1003 Niagara Street
Welland, ON L3C 1M5

NSF fees will be charged for ALL insufficient funds.

* Premium payments received by telephone banking or online banking do not constitute a waiver of our rights with respect to reinstatement.

** Please contact your Agent for further information