Dependent on many factors, the cost of finding the cheapest automobile coverage can be either a walk in the park or an uphill battle. Middle aged female motorists with no tickets or accidents are likely to pay the best rates for vehicle policies than any other type of driver, when solely based on individual characteristics and excluding the type of vehicle to be insured. The fact of the matter is that a high risk driver operating the same exact type of vehicle can pay double or triple the amount of a low risk motorist and the possibility of paying a premium in full can be out of the question and the need to locate a carrier that is willing offer car insurance with no down payment with the remaining balance to be paid in installments may be the only feasible option to maintaining coverage.
For certain motorists, the annual cost of an auto insurance premium can equal thousands of dollars, and some consumers can simply not afford to pay such an amount in one lump sum. For instance, teenagers, especially 16 year olds are charged extremely high rates due to the likelihood of them being involved in a traffic accident, which is more than any other age. The chances are, the average sixteen year old probably does not have a couple of thousand dollars lying around and are probably full time students; therefore, the only option of staying insured is by putting as little money as possible up front and making payment to continue coverage and fortunately, this is a possibility.
Very few consumers pay for policies up front and in full. Whether it is due to the fact that it may be extremely expensive, they cannot afford to or they would just rather keep the money on hand. Whatever the case may be, many companies are willing to provide policies and allow monthly payments to be made until the premium is paid. In order to find carriers that will offer such an option, motorists must shop around and locate a provider that will do so at the lowest rate and allow the smallest start up cost. Many individuals have the misconception that “no down payment” means that no money would have to change hands to begin coverage, but this is not the case. What it does mean is that only the first month’s premium would have to be paid without any other fees being tacked on.
To help ensure that the best deal is found and lowest amount is paid up front is to get as many quotes as possible and select a few of the cheapest available. Prior to making a purchase or payments ask if there are any fees that will be included with the price being paid to begin protection; this may include service or billing fees. If there are fees, see if there would be any way to negotiate these in order to get the lowest price. Companies are in business to obtain as many customers as possible and may be willing to cut costs to get a new policyholder. It may also be a good idea to take advantage of tools such as the New Jersey Auto Insurance Purchasing Planner to help with the shopping process. With some diligence, a consumer may be able to find a policy and only pay the first month’s premium up front.