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“No-Deposit” Car Insurance and How to Get Very Cheap Coverage
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Lead Writer | Auto insurance
Assistant Assigning Editor | Auto insurance
Key insights 💡
There is no such thing as no-deposit car insurance. All insurers require payment before activating coverage.
You can lower your initial payment by taking advantage of discounts, only purchasing coverage you need and comparing rates to find the cheapest insurance company for you.
Your first car insurance payment can be as low as $29, according to NerdWallet’s October 2024 analysis of minimum coverage rates from the country’s largest insurers.
A car insurance “deposit” counts toward your total premium. It’s not an additional fee.
Car insurance with no deposit doesn’t exist. Legitimate insurers require some money down before they’ll provide coverage. The good news is that an auto policy’s initial “deposit” isn’t a separate fee, but the first payment you’ll make towards buying and maintaining your coverage.
Most auto insurers will let you either pay in monthly increments or in full for the entire policy period, which is typically six months or a year. If you’re looking for the lowest possible payment to start your auto insurance coverage, the cheapest option will likely be to pay only your first month’s premium payment.
Even though you’ll have to put some money down to get car insurance, your initial payment doesn’t have to be astronomical. Read more to learn how to find cheap car insurance with a low initial payment.
