Car insurance without a deposit

  • Does it exist?
  • Can you buy it?
  • Can you pay monthly?
  • What does it cost?


Car insurance due? Prefer to pay monthly with the lowest possible down payment?


Does 'no deposit' car insurance exist?

No, zero, nil deposit car insurance doesn't exist. A small sum, at least, has to be paid in advance. Otherwise, your cover simply wouldn't be legal.

However, there are ways around this; see the FAQ (frequently asked Questions). There are ways of buying a policy even if you cannot afford the premium, or even the initial deposit.

What about low deposits?

Whilst buying an insurance policy without paying out anything in advance is not possible for most motorists, low upfront payments are common. Car insurers recognise that monthly repayments suit the budgets of many drivers, so plans with repayments spread over up to 12 months, with fairly low deposits, are common. However those looking for the cheapest possible quotes often find that the larger the deposit they pay, the cheaper the quote.

How much would I have to pay upfront?

It is possible to pay as little as 1/12 of the total premium to start with. Regular payments can then be made for up to a full year and upon renewal it is often possible to simply continue with the new periodic instalment. However these really small advance payments are usually only available to over 50s or those with  good driving records. The majority of motorists, particularly young ones, will have to advance at least 20% of the total premium.

What does it cost?

All, or nearly all, car insurance companies charge extra for those who do not pay the full premium in advance. This is generally accepted to be about 11% of the total price, although this can vary considerably.

Also: some of the cheaper insurance companies don't offer month – to – month payments. This means that you may miss out on the best bargains.

How do I find cheaper quotes?

You may be able to save a great deal of money by comparing multiple quotes, from up to 100 or more insurers, most of which offer monthly payments. Some of these will even provide easy terms for drivers with poor credit.

Getting a quote will only take you a few minutes and will place you under no obligation whatsoever, so why not get one now. It could save you a great deal of money!



Frequently asked questions

1) Is there any way I can REALLY get insurance without paying a deposit?

1B) Here's ANOTHER way!

2) Does paying monthly cost more?

3) How much deposit will I have to find?

4) Will I have to enter into a credit agreement?

5) I have poor credit. Does that mean I won't qualify?

6) How long will I have to pay the balance?

7) Will this affect my credit score?

8) Will I still accumulate a no-claims bonus?

9) Could I cancel the policy before the end of the year?

10) can I cancel the policy after an accident?

11) So what's the secret you've kept until last?


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