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Car insurance with no deposit?


Can you insure a car without putting down a deposit?  Can you get car insurance with a small deposit and monthly repayments? 

Buying any insurance policy without at least paying something towards it isn't legal. A policy involves a contract between you and the insurer, and for that to be effective, there needs to be a 'consideration'; in other words you need to lay some money down. This can be paid by a credit card, however, so the cash won't actually leave your bank account for some time. There are a number of price comparison sites which allow you to compare deposits and monthly premium charges too, so you may save some money by comparing quotes.

How much deposit would I have to put down?

We've carried out some research by making 100 price comparisons for different motorists, using several different price comparison engines, and as you can see the required deposits varied considerably.

Click here to see the results

So, the deposit you will need to pay is likely to vary considerably from one insurer to the next, and they are all likely to consider how much of a risk they think there is of you (a) being involved in an accident before the premium is fully paid for or (b) failing to complete the payments, which means even more uncertainty. You'll only find out when you get the quotes, so you really have to shop around to get the best offers.

Up until fairly recently it was possible to pay a twelth of the yearly premium, plus a little more to cover finance charges. The insurers have hardened their attitudes lately and now a number of well-known companies don't offer easy payments at all.

Does it cost more to pay monthly?

You are likely to face finance charges, but, apart from that, the cheapest priced insurer is rarely the one that offers the lowest deposit. If you want to put down as little as possible initially, you will probably have to accept a policy that costs more than you would have to pay, if you paid for a year upfront. Also, a number of insurers who don't now offer monthly repayments are amongst the most competitively priced companies, so you may not be able to accept the best offers.

Where do I find the cheapest prices?

We didn't find any price comparison site which offered substantially terms than the rest, so to get the best possible offer you may wish to compare prices, and deposits, from several of the better known services. It shouldn't take too long, most applications can be completed within 5-10 minutes at the most.


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