Did you know that you can get car insurance without a down payment? Why did no-one ever tell me this? I hate renewing or changing car insurance because I always forget that I need to put down a deposit, and next thing I know my savings are depleted and I feel like I’ve taken a huge step back. It sucks.
Well, no more! This year, after a dear friend pointed out that this isn’t necessarily how it has to work, I limited my search to no down payment auto insurance. Being able to avoid spending that lump sum at the begin of the contract has been absolutely amazing – I’m less stressed and worried about running short in my savings account. It also means I’m less concerned about there being a deductible, because I know I have money saved up now.
It does mean my monthly payments are higher, but I switched companies so managed to take advantage of a ‘new customer’ offer that puts them lower than last year’s anyway. Besides, I’d rather pay a little bit more each month and be able to maintain my savings steady growth than have to pay out a lump of it in one go. I just feel more stable – and safer, in case of catastrophe! – that way.
I really wish renewing and changing policies was a bit clearer, because I just didn’t realise this was an option at all. Luckily, dear friend was very helpful and went through the search with me to make sure I knew what I was looking for. It is such a relief to know that I have coverage for next year and still have that couple of hundred sitting in my bank. It also didn’t make as much of a difference as I expected – I was worried it’d mean that your deductible was automatically much higher, but you could play around with things to reduce that as well, as long as your monthly payment was high enough. I definitely feel like I’ve found the policy that suits me and my worries about money, because I had a lot more control over it this time. Seriously, I need to read more about this – there’s a ton of stuff I just didn’t know! If you’re looking for no down payment auto insurance I recommend: http://www.insurancecaffe.com/no-down-payment-car-insurance/