Car insurance down payments can be quite expensive. Depending on the length of your policy, you may end up needing to pay a significant amount of money up-front. If you cannot afford to pay a down payment when you enroll in auto insurance, you may want to look for policies that do not require a down-payment or those that have a very low down payment.
You may have been hearing about “no down payment car insurance” from TV ads or other types of promotions. While they may seem like an advertising gimmick to you, the truth is that you can get these types of policies – and they aren’t too hard to find!
Most car insurance policies are six months or longer. Most insurance companies that offer these types of policies require at least the first month to be paid up front. In fact, it’s very hard to find a company that will insure you without first receiving a payment.
Major Car Insurance Companies And Their Down-payments
Let’s take a look at some of the major auto insurance companies and see what they have to say in regards to down payments. Refer to the table below to see a summary of the biggest insurance companies and their down insurance payments policies.
The first column shows the insurance company. The second column shows how much of a down payment is required by that company. The final three columns show the processing fee for said payment (depending on the payment method).
(Please note that the data below is subject to change and should always be verified with the insurance companies first.)
|Company||Down Payment||Bank Transfer||Credit Card||Check|
|Allstate||2 months payment||$1.00||$4.00||$4.00|
|Insurance Panda||1st month*||$1.00||$1.00||$3.00|
|Liberty Mutual||1st month||$0.00||$2-3||$2-3|
|American Family||1st month||$0.00||N/A||$2-3|
How To Find Even Lower Down-payments
As you can see from the table above, most of the major auto insurance providers require at least some sort of down payment. This does not mean, however, that no down payment auto insurance is impossible to come by. You simply have to know where to look to find them.
The best way to find low down-payment or zero down-payment auto insurance policies is to shop around. Independent auto insurance brokers, such as forautoinsurancequotes.com, can provide you with quotes from multiple insurance companies at the same time. Enter your zip code in the quote box above to begin getting your quotes. No down payment or low down payment insurance packages will most likely be offered from some of the estimates you will be receiving.