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No Deposit Car Insurance
Looking for very cheap car insurance no deposit?
We can help you find car insurance, but unfortunately we can’t help you find cheap no deposit car insurance. Want to know why? Read on below.
First off, if you’re looking for car insurance quotes you can use our quotes tool above to find and compare local and national insurance companies near you. Comparing multiple companies is the easiest way to save money, so we highly recommend it.
What is no deposit car insurance?
There is no such thing as “no deposit car insurance”, and anyone trying to sell you no deposit car insurance is either lying or very misinformed. What people generally consider no deposit insurance is when you get insurance without having to pay anything upfront.
ZERO of the companies we’ve researched from small to large offer insurance like this. You must pay for insurance before coverage can begin.
Car insurance without a deposit is not offered by any company, because it doesn’t make financial sense for the insurer. If an insurance company let you buy insurance without any down-payment they would be taking the full financial risk of the policy. If a company was to offer no deposit car insurance; they would lose more or go bankrupt very quickly!
No down payment car insurance
You might be thinking what is no down payment car insurance? Good question. It’s the same thing as no deposit car insurance. Basically the only difference is in the name! Just like no deposit auto insurance; car insurance with no down payment isn’t something that’s offered by insurance companies. So if you’re looking for car insurance with no down payment needed you’re out of luck.
Cheap car insurance with no deposit doesn’t exist, now what?
Although no deposit car insurance doesn’t exist there are ways to get cheaper car insurance, so we’ll focus on that. Here’s a few tips:
Get the most quotes you possibly can! Insurance is a numbers game. There’s so many insurance companies out there, and fortunately for you their in competition to get your dollars. Comparing 2-3 companies like most people do is a sure-fire way to pay more than you need. We recommend comparing at least 5 companies. The more companies you compare the more likely you are to save on car insurance.
Pay for 12 months. Paying upfront for 12 months of car insurance is probably the exact opposite of getting auto insurance with no deposit; but it’s actually possible. Most insurance companies love when you pay upfront, they love it so much that they’ll give you a nice discount for it! Car insurance is one of those things you know for certain you’ll need to pay monthly, and for years unfortunately. Paying upfront is an easy way to save 10-20%. So if you’re spending $3,000 a year on car insurance you can expect to save $300-600, not bad!
Safety driving course discounts! I know you’re a safe driver, you know you’re a safe driver, but your insurance company doesn’t, even with your clean driving record! So the best way to let them know you’re a safe driver is to take a safety driving course and prove it. While taking a safety driving course on your weekend may not seem fun, it’s a great way to save on car insurance. You can easily get a 5-10% on your monthly insurance premiums for completing a safety driving course. How much you save will depend on your insurer, so we recommend talking with an insurance agent.
Check your mileage. Most insurance companies will give you a discount for driving less. A lot of people are eligible for mileage discounts, but don’t know it. We recommend having a chat with your insurance company and seeing if your eligible.
Buy less coverage. While having a lot of coverage can be a good thing, it’s not always necessary. A lot of people don’t have enough coverage, but by the same token some people just have way too much coverage. Like before we recommend talking with an insurance agent to see what insurance you could drop. We usually recommend at decreasing collision coverage. We recommend reading our guide on full coverage car insurance to learn how much coverage you actually need.
Get anti theft features. If you live in an area with crime, or drive a car model that is often stolen ( You can call you insurance company and ask) you should consider anti theft features for you car. Getting anti theft features may cost a few hundred dollars up to a few thousand dollars. Depending on your car model and area it might be worth looking into. If and how much you save will depend on your insurance company, so we recommend talking with an agent before you go out and buy a bunch of anti theft features!
Looking for more ways to save on car insurance? We wrote an entire guide on it: Who has the cheapest auto insurance & how to save on car insurance.
Low deposit car insurance
While no deposit car insurance may not exist, low deposit car insurance certainly does. The problem with low deposit auto insurance is that it ends up costing you more. While your first month may be cheaper, the cost is simply moved and increased to month 2, 3 and so on. The only reason to buy low deposit car insurance is if you have trouble making the minimum payment upfront. We recommend doing whatever you can not to be stuck with low deposit car insurance, since it’ll only end up costing you more on the long run! Follow the tips above, and you should be able to save enough money to buy regular insurance.
Finding low deposit car insurance companies
Most insurance companies will offer low deposit car insurance plans, so finding it is not hard. If you use our quotes tool above you should have zero issues finding a great insurance company near you. But before you buy low deposit insurance, remember that you should only get it as a LAST RESORT; it’s just not worth it in the long run.
Don’t buy insurance just because it’s cheap
This may seem like unexpected advice, but it’s something that needs to be said. A lot of people use our quotes tool, find the cheapest insurance they can then buy it. Then 3 months down the line when they have to deal with the customer service of the “cheapest insurance company” they realize paying a little more for better service would have been worth it. Also it’s not just service that matters, your level of coverage does as well. Not everyone needs full coverage insurance, but you sometimes having more than the bare minimum is a good thing.
That’s why we always recommend getting reviews of the car insurance company. Getting reviews of the customer service is not hard. We have some data from NJ you can look at. We’re currently working on collecting data for all the states, but in the meantime if you do a Google search for “state name + car insurance reviews” you should get a bunch of results. The majority of states collect reviews and statistics on insurance companies operating in their state. By visiting the official state website you can get the best and most honest reviews.
Car insurance first month free
First thing’s first the majority of people can not get car insurance free for the first month. Why? Since most companies do not offer this. In general getting first month free for car insurance is done as a promotion by insurance companies. The usual requirements are paying for 11 months of car insurance on your Second month. So it’s not as a great deal as you may have imagined.
We don’t recommend taking this promotion unless you spare cash. Paying for insurance a year ahead does have some benefits, like cheaper insurance, but there is also negatives. For example you have much less leverage when dealing with your insurer when you’ve paid them nearly one year ahead.
So before taking this offer we highly recommend thinking it over.
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