Money acredited to my insurance policy

[Sillylion]

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I keep getting these letters from statefarm saying that they appreciate my business and acredit x$ to my account. This sounds too good to be true, ive never heard of insurance giving back on their own accord. I've gotten two letters like this already each with a different sum. If i add them up, its over 200 bucks!

I use to pay monthly but half way through, it got annoying so i payed the rest of it off. Anyone have experience with this?
Should i be expecting this money to be knocked off my total premium at renewal?

 

[ViperZ]

Is that for your life insurance? I have life insurance with StateFarm like that.

 

[Sillylion]

Its for my motorcycle insurance. I only have the one policy with them.

 

[LoneRonin]

if its legit why you complaining?? Did you check to see if the money actually came through?

 

[AF4iK]

My guess is the annual cost is lower as a lump sum vs being amortized over a year. Whether or not they tell you this when you sign up, it's obviously better for SF to receive the entire year's premium in one shot as opposed to installments. They might be giving you a break to encourage you to pay for the whole year in the future?

 

[Sillylion]

its odd no one has experienced this before

 

[TwistedKestrel]

How long have you been insured with them? I've never gotten this from them before, just about to start my third year.

 

[TwistedKestrel]

My guess is the annual cost is lower as a lump sum vs being amortized over a year. Whether or not they tell you this when you sign up, it's obviously better for SF to receive the entire year's premium in one shot as opposed to installments. They might be giving you a break to encourage you to pay for the whole year in the future?

They do tell you this when you sign up, paying annually gets you a small discount.

 

[Sillylion]

from my experience with cars, its not so much of a discount, but instead they dont charge you as much in administration fees if you're paying all at once. The savings are peanuts. This would be my third year with them, im putting these letters in safe keeping until renewal comes and ill bust it out to see.

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