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Interinsurance Exchange of the Automobile Club What You Need to Know About Your Auto Policy Renewal N RATE REVISION � While we maintain ongoing efforts to keep insurance costs as low as possible, inflation has been rising N faster than usual impacting all of us with higher prices. This trend has also affected the insurance industry, making it necessary to increase our rates, on an overall basis, to keep pace with inflation. Today, many insurance companies are having to adjust their rates to keep up with increased costs. We are confident that even with this increase, our prices coupled with the opportunity to receive money back through a Policyholder Savings Dividend, continue to make our auto insurance among the most competitive to meet your insurance needs. Premium adjustments as a result of this rate revision will vary by policy depending on individual policy rating factors such as the number of vehicles insured, years of driving experience, total annual miles driven for each vehicle, driving record, qualifying discounts, and other rating factors. Your premium may also be impacted by any changes that have been made to your policy since last year. Please refer to the enclosed declarations page to see how these changes affect your policy premium. ANNUAL MILEAGE INFORMATION If the annual mileage of a vehicle has changed or if it significantly changes during the next policy period, you may request an adjustment to the annual mileage of that vehicle. If you are requesting a change to the annual mileage of a vehicle receiving the Verified Mileage Discount, the adjustment to the policy will be effective after the verification of odometer readings provided by you. We may also require an inspection of the vehicle odometer or use third party sources to verify, update, or determine the annual mileage. MONTHLY(12-PAY) PAYMENT PLAN OPTION We are pleased to offer a Monthly Payment Plan that allows you to pay your annual renewal premium in twelve (12) monthly installments. The initial installment of 10% of the total renewal premium will be due on the renewal effective date and no finance charge will apply to this initial installment. The balance of your total renewal premium will be spread into eleven (11) equal monthly installments beginning approximately 30 days after the renewal effective date. Each of these installments will Include a finance charge. To qualify for this Monthly Payment Plan, you must be enrolled in our AAA Auto Pay plan. This convenient plan allows your monthly premium payments to be withdrawn automatically from your bank account. An installment schedule displaying your payments for the policy period will be sent to you. Please contact us if you are interested in switching to this new payment plan. PREMIUM PAYMENT OPTIONS AND FEES Qualifying insureds may pay the annual premium in full or in installments. After the initial renewal installment, each subsequent installment will include a finance charge. The periodic rate is 1% per month (12% ANNUAL PERCENTAGE RATE) on that portion of the balance exceeding $1,000 and 1.5% per month (18% ANNUAL PERCENTAGE RATE) on that portion of the balance that is $1,000 or less. There is no prepayment penalty. The total amount of the finance charge is included in the information mailed with the initial renewal installment billing. Each late payment is subject to a $7 fee and each returned payment is subject to a $15 fee. Installment payment plans and all fees are subject to change without notice. An adverse payment record (such as a late payment, a returned payment, or a nonpayment) may reduce the number of remaining installments and increase the minimum due or result in a request to pay the entire balance of the policy bill in full. In certain situations we may not offer the installment plan. 40416 CA Auto 6-1-24