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Can you get car insurance without a down payment?
I don't have enough money for a down payment, but I need car insurance. Are there any companies that offer car insurance without a down payment?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
There is no such thing as a
car insurance
policy without a down payment—all reputable insurers require you to pay at least the first month’s premium to activate your policy.Remember: Your down payment isn’t a separate fee, but rather a percentage of your total annual car insurance premium.
Most insurance companies offer the following ways to pay:
- Monthly payments: While you may pay more in the long run, monthly installments are usually more affordable if you’re tight on cash.
- 6-month or annual payments: This can be cheaper in the long run—especially if your insurance company offers acar insurance discountfor paying in full.
Here are some ways to lower your premium so that you have a lower initial payment or down payment:
- Bundle your home and auto insurancepolicies
- Maintain aclean driving record, good credit, and good payment history—this will make you less of a risk for insurance companies
View full answer
- Gregory R.
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