No deposit car insurance

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Learn how to save money on your car insurance with our special guide...

What is no deposit car insurance?

These days a lot of people are faced with expensive car insurance, particularly young and new drivers.

One way to try and reduce the cost of insurance premiums is to look for insurance companies that offer no deposit car insurance. However, strictly speaking, no deposit car insurance doesn’t actually exist – what people are really looking for is a deal to pay monthly for car insurance without paying a lump sum up front.

Nearly all car insurers offer drivers the chance to either pay for their 12-month policy up front, or to spread the total cost over 12 separate monthly payments. Paying the premium upfront usually comes with a discount, but if you don’t have access to such a lump sum you would have to pay more in monthly payments.

When you pay for your car insurance on a monthly basis, you also tend to have to pay more for the first month – so “no deposit car insurance” is simply a deal that removes this extra first payment from your first premium cost.

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Monthly car insurance premiums

No deposit car insurance is mostly aimed at young and new drivers, as these drivers can be faced with car insurance quotes in excess of £2,000.

Young drivers don’t tend to have that kind of money available to pay the policy in full from the start, so are forced to take up a pay monthly option which usually costs extra.

The way monthly car insurance premium payments are structured is that you pay more at the start of the policy – sometimes a ‘lump sum’ and then 10 smaller payments each month. However, some car insurance companies are prepared to remove the ‘lump sum’ aspect and just charge you 12 smaller monthly payments.

These are the “no deposit” policies you may read about online, but technically you are still paying an amount upfront to begin your policy – it just isn’t the larger amount that traditional policies require.

Find out more about car insurance for young and new drivers:

Other ways to reduce the cost of car insurance

Although so-called “no deposit car insurance” policies are available, they can be difficult to find and even then the savings they offer are minimal at best.

Thankfully there are several other steps you can do to keep down the cost of car insurance.

For example; opting for a higher voluntary policy excess, choosing a car in a low car insurance group, being accurate with the mileage, adding a more experienced named driver on your policy, parking your car in a garage overnight, fitting an alarm and anti-theft devices and so on.


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