To cut a long story short, no, there is no such thing as no deposit car insurance if you are taking out a new policy. It is essential to pay for a car insurance policy, because this payment forms the basis of the contract. The way around this is to pay your insurance with a low deposit followed by monthly instalments. This is known as low deposit car insurance.
Low deposit car insurance explained
Low deposit car insurance gives you the flexibility to pay the cost of car insurance in monthly instalments, making it a much more affordable option than if you were to pay the whole policy in one transaction. The term ‘low deposit’ refers to the first payment you make on your car insurance policy, which is much lower than the full cost of the policy but tends to be higher than the following monthly instalments.
Lower your car insurance deposit even further
However, for those Be Wiser customers who have been with us for 12 months or more and are renewing their policies, we can offer our 10 Payment renewal scheme. With this scheme there is no admin fee and the deposit is the same cost as the other 9 instalments, which makes the scheme the closest thing to no deposit car insurance that there is.