No Down Payment Car Insurance Companies

For those who need to get their vehicle covered but are low on funds, no down payment car insurance companies 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 upfront deposit refers to the fact that you’ll be covered, usually for the first month, for free. That’s a huge plus for those who need cheap instant car insurance but 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 this is the costlier option. If you can pay more upfront, you’ll receive a small discount that lowers your total policy price. You’ll need to pay for your entire policy in a single payment for the largest savings. However, many people 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

You’ll get plenty of benefits when you qualify for auto insurance with no deposit. 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.
  

  

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

• inadequate credit car insurance monthly

• Are required to file an SR-22

If you fall into any of the above categories, you may be required to pay more of your total premium upfront. You won’t know if you qualify until you get quotes from an insurance company like Nationwide, Progressive, or State Farm. 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 looking for an insurer with no deposit-required policies, here are a few things that may help you choose the right one.

• Compare companies. Like 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 currently offer 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 means having your premium automatically taken out of your bank account when it’s due.

• Opt for annual payments. As mentioned above, companies offer discounted rates when you pay more of your premium at one time. If you can fit this into your budget, it is worth looking into.

• Be sure to check your options before buying a new car. If you want to buy a new automobile, take the time to learn what 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. Research 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. Find quality coverage online and lower your premiums. 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. You are finding affordable car insurance that meets your needs with a deposit you can afford has never been so simple. Get started now by entering your zip code.