No Down Payment Car Insurance Companies

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No Down Payment Car Insurance Companies

For those that need to get their vehicle covered but are low on funds, there are no down payment car insurance companies that can help. It’s important to understand, that even when choosing car insurance companies that offer “no money down” coverage, you will still have to pay the full premium in the remaining months. A policy with no deposit upfront simply refers to the fact that you’ll be covered, usually for the first month, totally for free. That’s a huge plus for those who need to get cheap instant car insurance, but simply don’t have enough money for the first months premium.

When you decide to use auto insurance providers that don’t require a deposit, the terms of your policy will go into effect if you are approved and covered. Then, you can choose between two options for paying your car insurance premium. They are:

  • Making smaller monthly payments
  • Making larger quarterly, semi-annual, or annual payments

Monthly Payments vs. Other Payment Options

While your budget may only allow for monthly payments, you should know that this is the costlier option. If you can pay more money upfront, you’ll receive a small discount that lowers your total policy price. For the largest savings, you’ll need to pay for your entire policy in a single payment. However, for many people, they don’t have the savings to pay the entire six or twelve-month premium all at once.

The good news is most insurance companies offer numerous payment plan options. If they do not offer an installment plan that meets your needs, ask your agent if one exists. If not, check around online for carriers that have more flexible payment plans.

The Benefits of No Down Payment Car Insurance Companies

When you qualify for auto insurance with no deposit, you’ll get plenty of benefits. These include:

  • Quick coverage: Typically, this process is much shorter, allowing you to get your coverage much faster.
  • Affordable coverage: When you aren’t required to pay any money down, you keep more money in your pocket.
  • Legal driving: Even if you don’t have the money to make a down payment, you’ll still be legally covered when driving.

    No Down Payment Car Insurance Companies

Will You Qualify for Zero Deposit Upfront Car Insurance?

Not everyone qualifies for auto insurance with no deposit. For instance, your opportunity for securing coverage will decrease if you:

  • Have previous speeding tickets on your record
  • Are considered a high-risk driver due to multiple tickets or accidents
  • Own a newer, more expensive vehicle
  • Have a poor credit history
  • bad credit car insurance monthly
  • Are required to file an SR-22

If you fall into any of the categories listed above, you may be required to pay more of your total premium up front. Until you get quotes from an insurance company like Nationwide, Progressive, or State Farm, you won’t know for sure if you qualify. These companies can also tell you how much your car insurance may increase after a speeding ticket.

Keep in mind that companies take on the risk of insuring your car the minute your policy begins. This is why being in any of the above situations could affect your ability to find no down payment car insurance companies.

You are more likely to find auto insurance with lower upfront payments if you:

  • Own an older, less expensive car
  • Have a stellar driving history
  • Have good credit

Consider Changing Insurance Companies

You should know that switching companies could affect your rate. One of the main factors insurers consider when determining your rate is how long you have been with them. Your agent can tell you how much you are saving by being a loyal customer and explain the potential options to you.

You can also save a lot by switching carriers. Direct insurers often have the same coverage for 20% less. To get you to switch, they often have incentives like the first month of coverage for free, which is hard to resist.

Some companies that offer first month free auto insurance include:

  • Esurance
  • Farmers
  • Geico
  • Liberty Mutual
  • Nationwide
  • Progressive
  • State Farm
  • Travelers

It’s also worth noting that auto insurance with nothing down isn’t available in every state. You can still get a good deal in each state, with deposits as low as $20 down. States that do allow car insurance first month free no deposit include:

  • Arizona
  • California
  • Oklahoma
  • Washington
  • Georgia
  • Florida

Tips on Getting Better Insurance Deals

If you’re interested in switching providers and are looking for an insurer that has no deposit required policies, here are a few things that may help you choose the right one.

  • Compare companies. Just as you would any other big purchase, you’ll want to shop around car insurance carriers. You can get free quotes over the internet, but make sure you compare at least ten rates. Also, talk with an agent to narrow down which companies are currently offering the best rates.
  • Talk to your employer. It’s a good idea to talk with your company’s HR department to learn if the insurance company they use offers discounted rates to employees.
  • Set up auto pay. Some companies provide drivers that make automatic monthly payments a lower down payment and other discounts. This simply means having your premium automatically taken out of your bank account when it’s due.
  • Opt for annual payments. As mentioned above, companies do offer discounted rates, when you pay more of your premium at one time. If you can fit this into your budget, it is definitely worth looking into.
  • Be sure to check your options before buying a new car. If you are looking at buying a new automobile, take the time to learn what type of coverage you’ll need before making your purchase. Also, look into how much your monthly premium may be and whether or not the vehicle will qualify for no money down coverage. Take time researching several providers and buy as much coverage as you can afford.

Getting Cheap Auto Insurance with No Money Down Online

Now that you know there are no down payment car insurance companies that have great deals, it’s time to lower your insurance costs. Comparing direct insurance quotes online is a quick and easy way to get cheaper rates with the first month free. You can even use a smartphone to compare multiple quotes from leading national carriers. It’s never been so simple finding affordable car insurance that meets your needs, with a deposit you can afford. Get started now by entering your zip code. Find quality coverage online and lower your premiums.