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Q

Do I need to pay a deposit when I buy my auto insurance policy?


A

You are required to make a deposit in the form of a minimum down payment when purchasing your auto insurance policy if you do not pay for your policy in full. The down payment is usually calculated as a percentage of the entire term premium.

We offer many payment plans to help you purchase the policy that you need. If you finance your insurance policy or pay it with a direct billing plan then you will owe payments each month plus at the inception of the policy have to pay a down payment amount. Many companies now offer a 10% to 40% discount when you pay in full.

So you typically make a down payment then make payments. Each state has requirements on the minimum down payment, but it is typically 25% of the policy premium. You are required to make a minimum down payment when purchasing your policy with our affiliates and partners. If you need insurance and cannot afford a large down payment we offer many payment plans to help you purchase the policy that you need.

Once you have an auto insurance quote and have decided you want to set up a payment plan the insurance company involved will inform you of the down payment amount that will be due to start up the policy. Remember the down payment is usually calculated as a percentage of the entire term premium. Your specific insurer can inform you if it is the typical 16, 25 or 33 percent or a different percent of your full premium amount.

If you purchase an insurance policy through CarInsurance.com, we accept payment from checking accounts, savings account, prepaid debit card or third party as well as the certain credit cards including Visa and MasterCard.

Get a car insurance quote and find out how much you can save. Save Your Time. Save Your Money.


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2 Responses to "Do I need to pay a deposit when I buy my auto insurance policy?"
  1. Anonymous

    Good job

      Reply»  
  2. Anonymous

    Very easy to use

      Reply»