Unfortunately, drivers who are not able to pay a lump sum for insurance coverage are often stuck paying a higher rate. They do not enjoy the benefit of a built-in discount because they can only afford to pay their insurance on a monthly basis. A similar example happens when you buy in bulk. For instance, a shopper can purchase six apples for $6. Each apple costs $1. However, if an apple is purchased individually, the cost of the apple rises to $1.29. The cost of a single apple is cheaper than the cost of six apples, but the cost of the six apples is lower per apple. There is a long-term savings benefit not available to those who can only afford a single apple at a time. The same is true with many car insurance policies. If you are only able to pay a month at a time, you lose out on the long-term savings.
Luckily, this is not always the case. There are options for cheap auto insurance quotes with no down payment. Many drivers on the road pay monthly for their insurance and still enjoy very affordable rates. The trick to getting great auto insurance rates, even if you are not able to make a down payment, is to maintain a safe driving record and make choices that keep your auto insurance rates reasonable. Drive a vehicle known for its safety features and keep it stored somewhere safe when not in use. Keep your driver’s license current and drive as safely as possible. Responsible drivers enjoy much lower rates than those who have flawed driving records or have shown they are unwilling to make responsible choices.
It is always a good idea to take advantage of savings opportunities when they are available, but this can be tough if you are on a tight budget. Even the most responsible and cost-conscious drivers might be unable to make a down payment on auto insurance. low cost auto insurance quotes with no down payment are possible, but you might have to shop around. If you do not have the funds to pay for several months of auto insurance up-front, but you want the most affordable policy available, use our search tool to help you find rates that are right for you.