Assigned Risk Payment Plans
If you are assigned to the New York Automobile Assigned Risk Pool, there are two payment plan options. These plans are established by the New York State Automobile Insurance Plan. Service fees are applied per New York State Plan rules. Your total policy premium must be at least $300.00 to qualify for the six payment plan. Payments may be made directly to NYCM or to your producer.
Two Payments: A down payment of 25% is due on the policy effective date. The balance is due 30 days after the policy effective date.
Six Payments: A down payment of 25% is due on the policy effective date. A payment of 15% is due 60 days after the policy effective date. Another payment of 15% is due 90 days after the policy effective date. The remaining payments of 15% are due four, five and six months from the effective date of the policy.
Important Payment Plan Information
- Installment plans are charged a service fee on each installment; unless otherwise stated.
- If your payment is received after the due date, a fee may be assessed for any non-payment notice issued on your policy based on frequency.
- Endorsements for all policies that are processed during the policy period will be reflected on your next billing statement.
- If your policy is billed to a third party, a copy of the statement will be sent to the named insured as well as the third party.
- A fee will be assessed for checks that are not honored by your banking institution.
- The Motor Vehicle Law Enforcement Fee of $10.00 is collected annually by the state of New York and is applicable to each insured vehicle on an automobile policy.
- Please note payment plan options, associated fees, and availability vary by policy.