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. For New Business, full payment must be submitted with the application. For Renewal Business, full payment is due on the effective date of the policy. If a payment plan option is chosen, payment is considered received in full once all post dated payments are submitted.

One Pay Plan

Pay your premium in full by the Policy Effective Date.

Two Pay Plan

Pay your premium (plus 1.3% service fee) in two installments – one on the effective date and one 5 months later

Three Pay Plan

Pay your premium in three installments – one on the effective, one the following month and one the month after that.

Four Pay Plan

Pay your premium (plus 1.3% service fee) in four installments – one on the effective date, another payment two months later, another three months after that and the final payment three months after that.

Example: Annual Premium $1,500 and Effective date of January 1st

Full Pay Two Pay Three Pay Four Pay
1st Installment Effective Date of Policy January
$1,500
January
$750 + Service Fee
January
$500
January
$375 + Service Fee
2nd Installment June
$750 + Service Fee
 Feb
$500
March
$375 + Service Fee
3rd Installment  March
$500
June
$375 + Service Fee
4th Installment September
$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 directly from your chequing account. 

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

NEW! Available withdrawal dates: 

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

Effective October 31, 2019

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 at least 10 days prior to the date of your next scheduled withdrawal. 

SERVICE FEE
A service Fee of 1.3% is applied to Two Pay and Four Pay payment plans only. 

PAYMENT METHODS 

MONTHLY PAYMENT PLAN 

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

  • Each BCM Insurance policy has its own individual monthly withdrawal schedule. Payments from multiple policies can not be combined or withdrawn as one lump sum.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 – ONE PAY ONLY 

Click here to make an Online Payment via our website. Payment can be made using Visa, Visa Debit, MasterCard, MasterCard Debit. 

NEW! PAYMENT THROUGH YOUR FINANCIAL INSTITUTION – ONE PAY ONLY* 

You may be able use your financial institution’s telephone or online banking service to pay your insurance premium directly from your bank account. Check with your financial institution to see if this option is available to you. 

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 your Billing Statement. You may need to contact your financial institution directly to set up a billing profile. 

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 payment plans other than One Pay we require all cheques (post dated) be submitted at the same time. For New Business, payment must be submitted with the application. For Renewal Business, payment is due on the effective date of the policy. 

Please send your cheque(s) for the amount due along with your billing stub to: BCM Insurance 1003 Niagara Street Welland, ON L3C 1M5 

NSF fees will be charged for ALL insufficient funds. 

* Please contact your Agent for further information. Not available at all financial institutions. 

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