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Can I really buy car insurance with no deposit?

Many people are looking for car insurance, without having to pay a deposit upfront. Despite the claims of certain websites, truly 'no deposit' policies simply don't exist, they are not legal under UK law. However, you can still pay for your car insurance over 12 months without having to pay out a large sum in advance. You can also compare quotes; more than 100 insurers can be asked to compete for your business.Many of these insurers will be happy for you to pay monthly, and they will mostly accept very small deposits. These can be paid for by credit card, which leaves you with more time before you have to actually put your hand in your pocket.

How little can I pay?

The initial premium is usually as little as one twelth of the total premium, including any credit charges. There are then, often, eleven further equal monthly payments, so you can usually spread the cost over a whole year.There is almost invariably a charge for credit payments, and it is cheaper if you can pay the whole premium in advance. However, by comparing prices you can not only search for the cheapest policy overall, but you can look for the ones with the lowest charges for monthly repayments, too. it is, therefore, quite possible for you to end up paying less than your current insurer is charging you, even allowing for any extras.

If I want to stop the monthly payments, can I cancel the policy?
Most car insurance policies can be cancelled, subject to the insurer's terms and conditions. However, there is only a partial refund (if any at all) of the premium in most cases.Since every insurer set's it's own terms, you would be well advised to check them carefully before buying a policy. They are easily accessible when you get your quotation. Some insurers make very high charges in the event of cancellations, but others are far more generous.

It is important to remember, though, that you are contracting to buy a year's insurance. If you think you may need less than that, perhaps you should consider a short-term policy instead.

Are these type of policies popular?

Yes. With rising premiums, more and more motorists are finding it difficult to justify paying out large sums in advance for their motor policies. As a result insurers have recognised that there is a large potential market that they can tap into. Some of them even offer generous introductory discounts to car owners who leave their existing insurers to take out one of their policies, so you may find some very attractive offers indeed. Get a quote to see for yourself.

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