Car insurance companies are going to charge you at least 10-15% deposit as down payment for your policy. But this can bewilder your schedule of half yearly payment for car insurance. The amount of deposit is almost equal to one month premium value. There are many cheap car insurance with no deposit at all. They allow you to get away with that one month premium.
But before you go for any such car insurance you need to be prepared to qualify in the parameters for such policies. To get a no deposit car insurance pay monthly policy, you have to have a strong economic condition to carry on the monthly premiums otherwise your application can get cancelled. No deposit car insurance ever comes with low monthly premium rates. The structure of the premium includes the deposit amount in equal parts. Either you have to pay it this way or you have to go for a six month advanced payments. The deposit is incorporated in the later option. Either way the insurer will make you pay the deposit price.
Here are some ways in which you can manage your no deposit monthly car insurance quotes and on the same time reducing the amount for deposit money.
- You can either call for a direct no deposit insurance policy. In this policy the monthly premiums are quite high than usual as they incorporates the deposit amount in their structure. This is a good option for you if you do not want cash amount for deposit.
- While you’re going for a no deposit car insurance quote, you can exchange your old ride to reduce the deposit amount. This is a good way to do so as you can pay the deposit amount from the current market price of your old ride and reduce it from your premium amount.
- If you opt to pay a initial six month payment in advance then also you can get a no deposit car insurance policy. In this case the insurer will simply incorporate the deposit amount with the advance payment and you do not have to pay addition money.
- You can go for a co-signer. A co-signer with good financial background simply means an added advantage. The insurer will see this as an assurance of deposit payment. Also this will help to clear your application faster.