A year or so ago Bitcoin was something that a few people had. They heard all about it from the internet, from friends, and even from the websites themselves. It was claimed that the entire world would eventually buy and sell everything from products to services, such as car insurance, using some kind of cryptocurrency. Skeptics argued that it would be similar to the last time when eCash attempted to link a series of ledgers together.
In fact, it may be a surprise to you, but Bitcoin started back in 2009, and if you had bought $1000 worth of the online currency at that time, you would now be a millionaire. Too bad for most of us that missed out on the opportunity, but until 2010 when two pizzas were bought with Bitcoins, nobody ever thought that it would actually be a form of payment accepted by companies. Since then, online cash has made huge strides, with everyone wanting to get involved.
It is a process, though, so only a few car insurance carriers are set up to accept it as payment. Honestly, it is thought that very soon it will be the one way companies from across the globe connect with their consumers, new and old.
So let’s go through the process that you will need to follow to pay for your car insurance with Bitcoin, that way, you will be ready to complete the transaction without any problems when you are ready to do so.
Step One
Before even attempting to pay your car insurance bills with cryptocurrency, you will want to find out if the carrier you are using will accept it. If they are not set up to take your Bitcoin as payment, it will be worthless to them.
If you are dead set on using this form of payment, you need to step back and take the time to find an insurance carrier that does accept it. Use an online comparison site that does all the work for you, leaving you with the simple task of comparing the offers and choosing the best.
Step Two
Next, you will need to find a crypto bill pay service that will work for you. This is a company that takes your Bitcoin and turns it into a monetary amount that can then be paid to your insurance company. Be careful here because you cannot go back once you convert the Bitcoins.
Knowing the differences between the policies is imperative before deciding to pay for them. For example, ask yourself, “what is comprehensive car insurance?” If you cannot answer that question, do some research and find out because you will only have one chance to get it right.
Step Three
Once you have found a crypto bill service that you feel comfortable using, it will be time to input your information. You should only have to do this step once unless you plan to add more companies to pay to.
Regardless, you will need to put in your personal information, the insurance company’s information, and anything else the platform asks you for. You may need the actual URL of the insurance carrier’s site, so have it written down and accessible just in case.
Step Four
As with every other online payment, you will want to review the transaction to ensure it is all correct. Double-check the payment information to ensure that you are paying for what you want to pay for. You do not want to accidentally pay for a collision insurance policy when you were actually needed a comprehensive one.
Slow down, take your time, and make sure everything is correct before you hit that submit button. This is not like Amazon. Once you have submitted the payment, there is no going back, so be sure you are doing what you need to do and that you are paying for the right insurance policy.
Conclusion
The world of Bitcoin and other cryptocurrency companies is becoming more prominent in the insurance markets. Before long, it will be a viable option to make payments for most of the major car insurance carriers. Not only car insurance companies, either.
Some other businesses are getting set up to take Bitcoin as a payment, which means they will be able to reach people anywhere in the world to offer what they have to sell, including the insurance companies that are ahead of the game. But to be fair, companies do not like significant changes unless other companies have shown that it is an excellent move to make.
Until the time when it has been shown as a viable payment method, it is never an excellent idea to assume that your insurance agent will take payment in this way. If it is the only way you want to pay for your insurance, you will be limited to a few companies until the rest of the insurance companies catch up with the future that is already here.