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Paying Auto Insurance with Bitcoin

Written by Todd Clay. Posted in Research Last Updated: 01/16/2018

The best auto insurance providers would ideally offer Bitcoin as a method of payment, improving the service by expanding its potential user base. The first to do so will likely see their profiles improving as a result of improving the user experience, with great customer reviews from the high-tech Bitcoin community.

More generally, since insurance companies offer savings to those who appear low-risk, electronic payment saves users an average of $28 annually. While EFTs are a fairly common option for this, others would prefer to use Bitcoin.

So why the slow adoption? First, with Bitcoin, there’s a lack of available info about clients’ credit history for companies to assess them. Second, the insurance industry tends to be more conservative, and this is just one example of that. Nevertheless, it’s reasonable to believe that if Bitcoin continues to increase in popularity, insurance companies will offer it as a payment option. 

Bitcoin and Sport Car

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Todd Clay

Todd Clay is a former insurance agent with the largest insurance company in the United States. He earned his Bachelor’s from the University of Texas. He's worked in several fields but has specialized in insurance, financial-related information, and technology. He blogs at Car Insurance Guidebook. Connect with Tood on Google+

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