If you are going to buy a car insurance policy, you usually have two options to pay the premiums. It can be either paying as the lump-sum installments or you can also go for monthly premiums. If you have money to pay the lump sum amount at the initial stage of the policy and you go for this option, it will help in saving some money on the total cost of the car insurance policy.
There are some drivers who go for purchasing cheap car insurance with no down payment. In this situation, they are entitled to launch the coverage instantly at a price which is quite lower. But, when it comes to the life of the policy, they will pay more over the entire period.
No down payment car insurance is a policy in which you have to pay the premium of the first month only and your policys terms will be started immediately. Many drivers may get confused with this term and think that they need not pay any money upfront.
The term No down payment implies that while purchasing this kind of car insurance policy, you will not pay more money than the premium of the first month in order to obtain the insurance. Instead of going with the option i.e. lump sum amount payment (annual, semi-annual or quarterly payments), many drivers choose a monthly payment plan. Though this monthly scheme works great for many of the drivers based on their financial situation, they must also know that this option is more expensive over the life of the policy.
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