CURE AUTO INSURANCE Billing guide 

Billing

At New Business:

• Guidewire offers a full-pay option, direct monthly installments, or autopay.

• New Business policies will begin as a 5 month payment plan. This includes a down payment and 4 monthly installments.

• If short payment is made (more than 80% of base premium) and accepted the rest will be billed to the insured as an immediate bill. If this balance is not paid it will roll to the next bill.

• If a short payment is made (less than 80% of base premium) and accepted the remainder will be billed to the insured as an immediate bill. If this is not paid a lapse notice will be sent. 

Direct monthly Pay Plan with NO fixed due date

• The first installment is mailed within 30 days of the start date of the policy and payment is due 20 days later. For example, a new policy started on 7/2/2021, their first installment is mailed on 8/1/2021, and is payment due on 8/21/2021. 

• Remaining installments will then be on a 30-day billing cycle. For example, the last installment was due 8/21/2021. Within 10 days another bill will be issued on 8/31/2021 and the insured will have 20 days to make the payment on the due date of 9/20/2021.

Midterm Billing Guidelines

• If a larger payment is made the difference will be deducted from the following installment amount.

• If a short payment is made (more than 80% of the base premium) on an installment notice the reaming balance will roll into the next monthly installments.

• If a short payment is made (less than 80% of the base premium) on an installment notice the next action will be a legal notice billing for the outstanding balance.

• Payments made on a lapse notice must be processed as a reinstatement and commented as  Cancel Notice Payment. * If payment is made with ACH you must wait till the payment has been posted to the policy before processing the reinstatement transaction.

• If the insured begins to run out of equity Guidewire will eventually skip issuing the installment and issue a legal notice instead. This will most likely be seen during endorsements when the premium increases.

• If the policy is near the end of the policy term and there is still a balance owed, the balance will roll to the renewal bill. The exception to this rule is if the balance was already billed as a legal notice, the customer must pay the balance owed before a renewal offer can be issued.