MAPFRE FINANCING FAQ

1. What is a Premium Finance Company?
A Premium Finance Company is engaged in the business of making loans to the insured in order to satisfy payment obligation with the Insurance Companies.

2. What happens after the insured signs a Premium Finance Contract?
Once an insured signs the premium finance contract, it creates a liability with the Premium Finance Company, and gives the legal rights to cancel the financed insurance coverage if the loan’s payments are not satisfied in the scheduled dates.

3. How can an insured make the scheduled payments to the finance company?
Personal check or money order payable to “MAPFRE FINANCE”. The check must be sent to the company prior to the due dates.

4. What would happen if an insured misses the scheduled due payment?
By law, the Premium Finance Company must give a fifteen day grace waiting period at not extra charge. After the fifteen day waiting period an intent of cancellation will be mailed out to the insured and a late fee will be applied to the contract. Finally, if payment is not received ten days after the intent of cancellation, the finance contract will be cancelled.

5. How could an insured or an insurance agent find information about a financed contract?
  a. Information is available online 24/7 at www.mapfrefinance.com. For an insured, the contract number and the zip code will give access to the website.
  b. Personalized customer service is available by phone at 787-250-5214 or 1-888-835-3634 weekdays from 8:00am to 5:00pm (Eastern Time).

For more information, please call the Marketing Department at 1 (888) 835-3634.