About a year ago Bitcoin was something that a few people had. You’ve heard all about it from the internet, from friends, and even from the sites themselves. It was claimed that the whole world would eventually buy and sell everything from products to services like car insurance using some kind of cryptocurrency. Skeptics argued it would be similar to the last time eCash attempted to link a series of ledgers together.
In fact, it may come as a surprise to you, but Bitcoin started in 2009 and if you had bought $1000 worth of online currency back then, you would be a millionaire by now. Too bad for most of us who missed the opportunity, but until 2010, when two pizzas were bought with bitcoins, no one thought it would actually be a form of payment accepted by businesses. Since then, online cash has come a long way and everyone wants to join in.
It’s a process, however, so few auto insurance carriers are set up to accept it as payment. Honestly, it is believed that very soon this will be the only way for businesses from all over the world to connect with their new and old customers.
So let’s go through the process you need to follow to pay for your car insurance with Bitcoin. This way, you can complete the transaction when you are ready without any hassles.
Before you even attempt to pay your auto insurance bills with cryptocurrency, you should find out if the carrier you are using accepts it. If they aren’t set up to accept your bitcoin as payment, it’s worthless to them.
If you’re determined to use this form of payment, you need to step back and take the time to find an insurance carrier that accepts it. Use an online comparison site that does all the work for you and leaves you with the simple task of comparing offers and choosing the best.
Next, you need to find a crypto bill payment service that works for you. This is a company that takes your bitcoin and turns it into an amount of money that can then be paid to your insurance company. Be careful here as once you convert the bitcoins you cannot go back.
Knowing the differences between policies is imperative before deciding to pay for them. For example, ask yourself “What is fully comprehensive insurance?” If you can’t answer this question, do your research and find out because you only get one chance to get it right.
Once you’ve found a crypto billing service that you’re comfortable with, it’s time to enter your information. You should only have to do this step once unless you plan on adding more businesses to pay to.
Regardless, you will need to fill in your personal information, insurance company information, and anything else the platform asks of you. You may need the actual URL of the insurance carrier’s website, so keep it handy and just in case.
As with any other online payment, you should review the transaction to ensure everything is correct. Double-check the billing information to make sure you’re paying for what you want to pay for. You don’t want to inadvertently pay for comprehensive insurance when you actually need comprehensive insurance.
Slow down, take your time and make sure everything is correct before hitting the submit button. It’s not like Amazon. Once you’ve submitted payment, there’s no turning back. So make sure you do what you have to do and that you are paying for the right insurance policy.
The world of Bitcoin and other cryptocurrency companies is becoming increasingly important in the insurance markets. It will soon be a viable option to make payments for most major auto insurance carriers. Not just car insurance.
A few other companies are preparing to accept bitcoin as payment, which means they can reach out to people around the world to offer what they have for sale, including the insurance companies that are ahead of the game. But to be fair, companies don’t like major changes unless other companies have shown it’s an excellent move.
Until such time as it has proven to be a viable payment method, it is never a good idea to assume that your insurance agent will take payment this way. If this is the only way you’re going to pay for your insurance, you’ll be limited to a few companies until the rest of the insurance companies catch up with the future that’s already there.