One effective way to save money on your car insurance payments is to get no deposit coverage. This means not having to pay a deposit fee which is usually 10% of the total amount of the insurance.
Who Should Get this Policy?
This type of policy is designed for those on a tight budget who prefer to pay month to month. So, if you are just starting out and have a good credit score, this may be the right policy for you. This means that you should seek out no deposit car insurance companies who offer this type of coverage.
Read – Financial Benefits of No Deposit Auto Insurance
Note that, this kind of insurance is really for anyone who prefers to pay on a monthly basis, so it covers teens up to seniors. If you prefer paying your premiums each month, then this is the policy for you.
However, this is not a suitable policy for everyone. If you prefer to pay the total amount of the insurance upfront in a single payment, then you will not have to pay a deposit. So, you do not have to seek out an exclusive no deposit policy.
Can I Get Car Insurance without Deposit?
Bad Credit Score: People with bad credit ratings most often will not qualify for no deposit insurance because they do not have the good track record of payments. This is particularly true for those who have not established a positive track record of payments on their insurance coverage.
Poor Driving Record: If you have a lot of points on your driver’s license or are considered a dangerous driver you may not qualify for this type of coverage. You will need to check with your insurance company first to see if your driving record may be an impediment to receiving this type of coverage.
There may be other conditions as well depending on the rules and regulations of the insurance company. When you sign up for a free quote with us, you will be informed about what rules apply to your situation.
Which Companies Offer No Deposit Policy?
There are a few that offer no upfront payment for car insurance like Geico and Progressive, which are arguably the two most prominent. There may also be smaller insurance agencies that provide the policy, so you might want to check with your current insurer.
If you are looking to obtain no deposit insurance coverage, then get a free quote from us to compare the different rates that are available. This is a free service designed to help you make the best-informed decision about which company is right for you. It only takes a few moments to fill out the form, and soon you will see which insurer offers the best prices for their no deposit policies, so try it today!