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Buy Now, Pay More Later

Paying premiums over time can cost you.

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This story appears in the November 2004 issue of Entrepreneur. Subscribe »

Your premium is due, and your agent asks if you want to pay one lump sum or make payments. You opt to make payments-but what will it cost you?

Making payments on your insurance premium is essentially a financing arrangement with interest involved, says Mark Burton, an attorney with Hersh & Hersh in . Whether the insurer has a financing arm or your agent sets you up with a premium company, the rates can be as high as 15 to 20 percent or more.

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