How To Get No Money Down Auto Insurance
If you need auto insurance right away, but you don\'t want to make a large down payment, you may be wondering what options are available to you. You may be looking for no money down car insurance, hoping that you can get your insurance policy started without having to make an initial payment.
Unfortunately, auto insurance with no down payment is very difficult to find. An insurance policy is considered a contract, and a contract cannot typically be valid unless some “consideration” (a payment) is made.
There are a few companies and agencies that advertise “no money down” auto insurance. What they are really talking about, though, is issuing a “binder.” A binder is an agent\'s oral or written approval of coverage before the insurance contract is actually issued. You will still need to make the initial payment within a short amount of time, usually a week or less. If the payment is not made, the policy simply never existed.
Although it is unlikely that you will find no money down car insurance, you still have options. You can find companies that will provide low down payment insurance, so you can get the coverage you need without paying high up front costs.
One way to reduce your down payment is to opt for monthly installments, instead of paying for the full policy term at once. Most states allow insurance companies to charge only the first month\'s premium, although there are a few states where insurance companies have to charge at least two months. Still, this is substantially less expensive than paying for a six or twelve month policy up front.
Another way to find low down payment insurance is to find out if a company charges a “policy initiation” or “application” fee. In some cases, this fee could be $40 or more, which can dramatically increase your down payment. Look for a company that does not charge such a fee, or that charges only a minimal fee.
Although no money down car insurance is a rare thing, you don\'t have to pay a fortune to get auto insurance coverage. With a bit of patience and research, you can get the low down payment insurance you need.
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