Monthly Auto Insurance With Nothing Down

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Monthly Auto Insurance With Nothing Down

For some people shopping for coverage, they need monthly auto insurance with nothing down to make their budget work. Thankfully, most insurers have several payment options. This includes payment in full upfront or installment payments. Most people prefer monthly payments, which are convenient and affordable.

The advantage to getting monthly car insurance with zero down is getting insured without spending any money out of pocket. For some, there are financial situations that occur where there just isn’t any money for insurance. Having a car and getting to and from work is a necessity for most. For people in between jobs or living paycheck to paycheck, getting insured the cheapest possible way is a must.

A No Down Policy Will Cost a Little More

One of the only drawbacks to getting covered with no money upfront is the policy will cost a bit more. You are essentially borrowing the premium cost from the insurer. This means the auto insurance company is essentially giving you a small loan, with an agreed to payment plan.

Most plans are paid in monthly installments of 6 to 12 months. The price difference is negligible. For example, a $1,000 annual policy paid in full, might only cost $1,060 over 12 monthly payments. That comes out to just $6 more per month or $72 per year.

Most people choose to pay their auto insurance each month because they don’t want to tie up a large amount of cash. The installment payments are nearly the same as paying the premium in full, so it doesn’t make much sense to pay for the policy all at once. The carrier will often use the first month’s premium as the down payment towards the policy. Make sure you read all the fine print and know exactly what you are paying for prior to signing any policy agreement.

Who Can Purchase Coverage With Zero Down?

There are several factors that come into play when choosing a policy that has no upfront payment. Not everyone will qualify. Some people are high-risk drivers, that make them bad candidates. Other people have poor credit and are more likely not to pay the premium each month. The higher risk a person is, the less likely he or she will get an auto insurance deal with $0 deposit.

Other drivers have never been insured and have little driving history. Owners of expensive vehicles, such as new luxury sedans or sports cars may find it difficult to get covered with no upfront deposit. Also, for drivers that are required to carry an SR-22, they will be required to make a down payment in almost every case. They pose more of a driving risk and are more likely to get into an accident. To better your chance of getting insured with no deposit, drive an older, cheap automobile.

First Month Free Auto Insurance

Insurance companies are in a non-stop battle to win new customers. They create incentives to persuade customers to switch over. One way of doing this is by offering first month free car insurance. Many direct insurers like Progressive and Geico offer this type of policy. If qualified, a driver can get covered by paying zero down and nothing for the first month of the policy. For those low on cash, it’s a great deal that should be considered.

It’s important to note that the premium still needs to be paid in full, but there’s a delay, only for the first month. For those in a short-term cash crunch that still need to drive, this can be an only option. Several carriers offer this type of program. It’s not much more than other installment policies.

monthly auto insurance with nothing down

States with No down Auto Insurance Plans

Not every state offers coverage with no deposit. Several states, however, do offer these plans. They include:

  • Arizona
  • California 
  • Florida
  • Georgia
  • New York
  • Oklahoma  
  • Washington

Companies that Offer No Deposit Coverage

  • Geico
  • Progressive
  • Nationwide
  • State Farm
  • Safe Auto 
  • Allstate
  • Kemper
  • Farmers

Auto Insurance Payment Options

Paying for car insurance is easier than ever. Nearly every auto insurer has easy payment plans and multiple options to pay. You can even enroll in automatic payment plans that deduct your premium payment directly from your bank account. Some companies even offer discounts to customers who enroll in auto-payments. Popular payment methods include:

  • Debit Card
  • Credit Card
  • Bank Draft
  • Check or Money Order
  • Paypal

Find the Best Low Deposit Deals Online

The best place to search for monthly auto insurance with nothing down is online. You can apply for quotes at Young America Insurance and compare the cheapest plans in just a few minutes. Most people can save hundreds by purchasing coverage direct. The best deals on car insurance are almost always found on the web. With a few minutes of searching, you can find the coverage you need, with a payment plan that fits your budget. Get started and get the cheap car insurance you need.