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Payment Options

Townsend Mutual Insurance offers the following payment options:

In Person

We accept the following payment methods:

  • Cash
  • Cheque
  • Interac Direct Payment
  • VISA
  • MasterCard

We can also process VISA or MasterCard payments over the telephone.

Online Banking

Payments can be made through most major financial institution’s Internet/Telephone Banking systems. You will need to use your 5-digit holder number (as shown on your invoice) as the account number, not your policy number. This option is for single payments only, for multiple payments please refer to our Three-Pay or Pre-Authorized Payment Plan below.

Three-Pay Plan

Three post-dated cheques or a Credit Card Authorization form must be received on or before the effective date of the policy.

  • 1st payment on the effective date of the policy.
  • 2nd payment is dated 30 days after the effective date of the policy.
  • 3rd payment is dated 60 days after the effective date of the policy.

There is no fee for this option.

Pre-Authorized Payment Plan

This easy and trouble-free plan allows the payments to be spread over the term of the policy through monthly withdrawals from a bank account.

  • Two withdrawal dates – the 1st or 15th of each month.
  • To start this plan we need a VOID cheque or bank printout of the account information and a signed authorization form.
  • A down payment is not required to start this plan. The first payment will be twice the amount of the regular monthly payments.

A Service Fee of 3% of the premium will be added for this payment option.

Pay As You Ride

For motorcycles and snow vehicles, this plan involves 6 payments instead of 12 payments. Talk to your agent for details.

Returned Payment Procedures

In the event that a payment has been declined, we will automatically re-try in 3 business days. Townsend Mutual will NOT charge any additional fees for this second withdrawal attempt. If this second attempt is also declined, the policy will be cancelled by registered mail for non-payment and a $50 Non-Payment processing fee will be added.

Postpone a Payment

A regular monthly payment can be postponed with a minimum notice of 5 business days. There is no fee for this service. For example, if the payment is coming up on the 15th of the month and you know that the money will not be in your account for that day, you can call us on or before the 10th of the month and ask us to postpone your payment until the 1st of the next month.