What does it mean when a policy is “fully paid up”?

In auto insurance, fully paid up means your policy is up-to-date, and you don't owe any premium payments. When you fully pay up your auto insurance, you process your entire annual payment at once in return for insurance coverage throughout the year. As a result, you will avoid any late fees tacked on to missing payments, and you can earn between 6% and 12% off your auto insurance rates with a paid-in-full discount.

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UPDATED: Jun 6, 2022

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