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Can I start an insurance policy without a deposit?
I missed my last insurance payment and now I have a lapse in coverage. Is there a way to start a new insurance policy without having to pay a high deposit?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Missed payments can happen to the best of us from time to time, and thankfully several companies offer low first payments to get you back on the road.
How do you feel about setting up your future
car insurance
payments on an automatic payment plan? If you can set up autopay with a debit card or bank account, most insurance companies will divide your premium into six even installments so you will only have one month’s payment required to get started. Most down payments are a result of either having a negative payment track record or deciding on the payment plan. To allow for a billing grace period, insurance plans are billed a month ahead of time, which means there is a downpayment and a monthly payment at the start of a policy.
If autopay is not for you, look at your policy and pair down unneeded coverages until you can afford to put them back on. Options like towing and rental reimbursement are nice, but it is more important to get your policy started.
Now is also the perfect time to shop for a new policy and Jerry can help! You can get the lowest quotes from over 50 insurance providers delivered to your phone for free by downloading the
Jerry
app.Have fun getting back on the road knowing you’re properly insured!”
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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