There are plenty of things you can buy with no money down. You can buy furniture and appliances, for instance, bring them home practically in the same day without having to put any of your money down up front. Even cars can sometimes be purchased without a down payment. But when it comes to car insurance, the situation is a little different. Read on to find out if and how you can get car insurance with no deposit.
Saving Money on Car Insurance
Car insurance is one of the top expenses for most people. Annual or semi-annual premiums cost hundreds or even thousands of dollars, especially if you have a less than perfect driving record or you are a new driver. There are loads of ways you can save money on your car insurance premiums using discounts and adjusting your coverage amounts and deductibles. But these savings apply after you have purchased the policy. If you are cash-strapped now, how can you save money right away?
Consumers usually have a few options when they are purchasing a car insurance policy. Usually, the total premium amount can be paid monthly or in one lump sum payment. Paying monthly incurs an installment fee so, for those who can afford it, paying the total amount at the beginning of the policy term can save some money.
But if you don’t have that kind of cash an installment plan can keep you from having to shell out hundreds of dollars right away. However, you will still have to come up with a chunk of cash to get the policy started. Afterall, nothing is free. Read on to learn about no down payment car insurance.
What is no down payment car insurance?
You may have seen advertisements for inexpensive car insurance that doesn’t require a down payment. But this can be misleading. Car insurers are not in the business of offering coverage for your vehicle without something from you. In the car insurance world, “no down payment” really means that you don’t have to pay more than the first month’s premium in order to secure your policy.
This may not seem like a win for you but there are many situations when you would be required to pay much more than just the first month’s premium. If you are trying to insure a new or expensive luxury car, for instance, you may have a hard time finding a low or no down payment option. This is because of the value of the vehicle and the risk the insurance company is taking on as soon as your policy starts.
Choosing the Right Policy
Today, most car insurer’s offer their customers plenty of options for payment. If your company isn’t providing an option that suits your financial needs, it may be time to start shopping around. It never hurts to compare rates and to spend some time finding ways to save money on your car insurance premiums.
And, you can easily get a quote today using the InsuranceWins online quote form. Just provide a few details and we’ll get you started on the road to car insurance savings!