Best No-Deposit Auto Insurance Companies (2024)
If you're looking at price among the best no-deposit auto insurance companies, American Family is the most affordable at $106 a month on average, followed by Travelers at $181 a month. While you will always have to make an initial payment to secure coverage, many top providers offer car insurance with no down payment.
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Daniel Walker
Licensed Auto Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Auto Insurance Agent
UPDATED: Oct 11, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Oct 11, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- You will always have to make a payment to purchase auto insurance
- Most insurance companies offer discounts to lower your rates
- You can shop online to find the best policy for your needs
Drivers everywhere are trying to save money by purchasing cheap auto insurance. If you’ve been desperately conducting internet searches for “car insurance with no money down,” “cheap auto insurance no down payment,” or”very cheap car insurance no deposit” you’ll be happy to know that you can find an auto insurance company that offers very cheap auto insurance with no deposit options right from your smartphone or personal computer.
As long as you have internet access, you can find the best no-deposit auto insurance companies that don’t require you to pay money that would be held in reserve if you were to miss a payment.
Now, please take note that you must always make a payment to activate your insurance coverage. However, you can choose to pay in one lump sum or monthly segments for very cheap auto insurance no deposit policies. You shouldn’t be disappointed that you can’t purchase no money down car insurance, because if you can afford to pay for your entire policy period in full, you could end up saving money.
Keep reading to learn how you can acquire free auto insurance quotes for very cheap auto insurance no deposit policies and get instant auto insurance coverage. If you can’t wait to acquire very cheap auto insurance no deposit, enter your ZIP code to get free quotes.
Which insurance companies offer no-deposit auto insurance?
You can purchase cheap full coverage auto insurance with no down payment from any of these 10 titans of the insurance industry:
- USAA
- Geico
- American Family
- Nationwide
- State Farm
- Progressive
- Travelers
- Farmers
- Allstate
- Liberty Mutual
Of course, each of these companies has its own winning features besides offering very cheap car insurance, so make sure to take a close look at each one to know that you are making the best choice for your insurance needs.
USAA
Even those who have served in the military cannot buy car insurance with no down payment, but this insurance company has a long history of providing great insurance coverage at excellent rates to active-duty servicemembers, veterans, and their families. USAA has been in business since 1922 and has an A++ rating from A.M. Best. Learn more in our USAA auto insurance review.
Geico
If you want affordable or very cheap auto insurance no deposit options, you won’t need to look further than this company. Serving drivers since 1936, Geico too has an A++ rating from A.M. Best. You can even use the Geico mobile app to keep an eye on your claims, review your coverages, and make insurance payments. Learn more in our Geico auto insurance review.
American Family
While it may have opened its doors for business in 1936, American Family has certainly not fallen behind the times. You can request a free quote right from the company website, and you can trust this company to pay out on claims as it has an A rating from A.M. Best. Learn more in our American Family auto insurance review.
Nationwide
Nationwide has been on your side for over 90 years and can boast of an A+ rating from A.M. Best. Not only that but client convenience is taken seriously at this company. If you need to file a claim outside of business hours, you can log into your online account and start the claims process whenever you need to. Learn more in our Nationwide auto insurance review.
State Farm
Founded in 1922, State Farm has earned an A++ rating from A.M. Best, so you can rest assured that this company will be able to get you the funds you would need to fix your car should anything happen to it. State Farm also offers a 24-hour customer service line where you are able to make changes to your policy after your local agent has closed up shop for the day. Learn more in our State Farm auto insurance review.
Progressive
Another financially strong company, Progressive has been helping drivers protect themselves and their vehicles since 1937 and has an A+ rating from A.M. Best. With Progressive’s mobile app, you can access your insurance documents whenever you need to and can even review your policy from home. Learn more in our Progressive auto insurance review.
Travelers
With an A++ rating from A.M. Best, you can trust that your policy is in good hands with Travelers, which is the oldest insurance company on this list. It began doing business in 1864 and has not stopped providing great insurance products. You can even purchase renters insurance from this company to protect all of your property. Learn more in our Travelers auto insurance review.
Farmers
Founded in 1928, Farmers still provides excellent insurance products to this day. You can even add rental car reimbursement to your policy. So if you were in a collision and had to send your primary ride to the mechanic, you could still get to work and run errands without breaking the bank. Farmers also has an A- A.M. Best rating. Learn more in our Farmers auto insurance review.
Allstate
Allstate has been in business since 1931 and has earned an A+ rating from A.M. Best. This illustrious company also offers accident forgiveness to eligible drivers so you won’t have to worry about your rates increasing after an accident. You can learn even more about this company by checking out a free Allstate auto insurance review or two online.
Liberty Mutual
If you want to buy auto insurance, very cheap auto insurance no deposit policies from Liberty Mutual might be of interest to you. In business since 1912, you can even purchase a home insurance policy from this company and save money with an insurance bundle. Liberty Mutual has an A.M. Best rating of A. Learn more in our Liberty Mutual auto insurance review.
When looking at the best no-deposit auto insurance companies to choose which one is right for you, look for providers that offer flexible payment options, competitive rates, and reliable customer service. It’s also a good idea to read reviews and get recommendations from friends or family.Eric Stauffer Licensed Insurance Agent
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How much does no-deposit insurance cost?
You may be shocked at how affordable car insurance can be. Take a look at this data table below to see how much you might pay for insurance coverage from some of the biggest names in the industry:
Full Coverage Average Auto Insurance Rates by Company
| Insurance Company | U.S. Monthly Average Rates |
|---|---|
| Allstate | $407 |
| American Family | $107 |
| Farmers | $212 |
| Geico | $268 |
| Liberty Mutual | $427 |
| Nationwide | $242 |
| Progressive | $317 |
| State Farm | $272 |
| Travelers | $181 |
| USAA | $199 |
You must remember that no two drivers are alike so everyone will secure a different rate. When you apply for free insurance quotes online, you’ll need to provide a lot of details about yourself so an insurance company can examine you as an individual and assign you a risk level. This, in turn, produces a rate that is unique to you.
Read more: The Top 7 Factors That Affect Auto Insurance Rates
Now, if you think that the rate assigned to you by a company is too high, there are ways that you can reduce your rates.
How can insurance rates be reduced?
Most insurance companies offer a wide variety of auto insurance discounts that drivers can utilize to save money on their policies. You can see an extensive summary of the discounts offered by the companies on this list and others here:
Auto Insurance Discounts by Company
| Discounts | AAA | Allstate | Esurance | Farmers | Geico | Liberty Mutual | MetLife | Nationwide | Progressive | Safeco | State Farm | Travelers | USAA |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Adaptive Cruise Control | x | x | x | x | |||||||||
| Adaptive Headlights | x | x | x | x | x | ||||||||
| Anti-lock Brakes | x | x | x | x | x | x | x | x | x | x | x | x | x |
| Anti-Theft | x | x | x | x | x | x | x | x | x | x | x | x | x |
| Claim Free | x | x | x | x | x | x | x | x | x | x | x | x | x |
| Continuous Coverage | x | x | x | x | x | x | x | x | |||||
| Daytime Running Lights | x | x | x | x | x | x | x | x | x | x | x | ||
| Defensive Driver | x | x | x | x | x | x | x | x | x | x | x | x | x |
| Distant Student | x | x | x | x | x | x | x | x | x | x | |||
| Driver's Ed | x | x | x | x | x | x | x | x | x | x | x | x | |
| Driving Device/App | x | x | x | x | x | x | x | x | x | x | x | x | |
| Early Signing | x | x | x | x | x | x | x | x | x | x | |||
| Electronic Stability Control | x | x | x | x | x | x | |||||||
| Emergency Deployment | x | ||||||||||||
| Engaged Couple | |||||||||||||
| Family Legacy | x | x | x | x | |||||||||
| Family Plan | x | x | |||||||||||
| Farm Vehicle | x | x | x | ||||||||||
| Fast 5 | x | ||||||||||||
| Federal Employee | x | x | x | x | |||||||||
| Forward Collision Warning | x | x | x | x | |||||||||
| Full Payment | x | x | x | x | x | x | x | x | x | ||||
| Further Education | x | x | x | x | x | x | |||||||
| Garaging/Storing | x | x | x | ||||||||||
| Good Credit | x | x | x | x | |||||||||
| Good Student | x | x | x | x | x | x | x | x | x | x | x | x | x |
| Green Vehicle | x | x | x | x | x | ||||||||
| Homeowner | x | x | x | x | x | x | x | x | x | x | x | ||
| Lane Departure Warning | x | x | x | x | |||||||||
| Life Insurance | x | x | |||||||||||
| Low Mileage | x | x | x | x | x | x | x | x | x | x | x | x | x |
| Loyalty | x | x | x | x | x | x | |||||||
| Married | x | x | x | x | x | x | x | x | x | ||||
| Membership/Group | x | x | x | x | x | x | x | x | |||||
| Military | x | x | x | x | x | x | x | x | x | ||||
| Military Garaging | x | ||||||||||||
| Multiple Drivers | x | ||||||||||||
| Multiple Policies | x | x | x | x | x | x | x | x | x | x | x | x | x |
| Multiple Vehicles | x | x | x | x | x | x | x | x | x | x | x | x | |
| New Address | x | ||||||||||||
| New Customer/New Plan | x | x | |||||||||||
| New Graduate | x | ||||||||||||
| Newer Vehicle | x | x | x | x | x | x | x | x | x | x | x | x | |
| Newly Licensed | x | ||||||||||||
| Newlyweds | x | ||||||||||||
| Non-Smoker/Non-Drinker | |||||||||||||
| Occasional Operator | x | ||||||||||||
| Occupation | x | x | x | x | x | x | x | x | x | ||||
| On Time Payments | x | x | |||||||||||
| Online Shopper | x | x | |||||||||||
| Paperless Documents | x | x | x | x | x | ||||||||
| Paperless/Auto Billing | x | x | x | x | x | x | x | x | x | x | x | ||
| Passive Restraint | x | x | x | x | x | x | x | x | x | x | x | x | x |
| Recent Retirees | x | ||||||||||||
| Renter | x | x | |||||||||||
| Roadside Assistance | x | ||||||||||||
| Safe Driver | x | x | x | x | x | x | x | x | x | x | x | x | |
| Seat Belt Use | x | ||||||||||||
| Senior Driver | x | x | x | x | x | ||||||||
| Stable Residence | x | x | x | ||||||||||
| Students & Alumni | x | x | x | x | x | ||||||||
| Switching Provider | x | x | x | x | x | ||||||||
| Utility Vehicle | x | x | x | ||||||||||
| Vehicle Recovery | x | x | x | x | x | x | x | x | x | x | x | x | x |
| VIN Etching | x | x | x | x | x | x | x | x | x | ||||
| Volunteer | |||||||||||||
| Young Driver | x | x | x | x |
Remember to review your quotes carefully as you fill them out. Failing to do so could mean you miss adding on a discount that could potentially save you quite a bit of money.
The Bottom Line: Best No-Deposit Auto Insurance Companies
You will always need to make a payment to purchase an insurance policy; however, many companies will not require you to pay a deposit to be held in reserve. When shopping for quotes for no deposit car insurance online, you can find top-of-the-line companies that can get you the coverage you need with no deposit required.
Read more: How to Find Auto Insurance Quotes Fast
Don’t forget to make sure that every discount you are eligible for has been applied to your quotes so you can get the best rate option possible.
Enter your ZIP code to get free, very cheap auto insurance no deposit policy quotes from insurance companies near you today.
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Enter your ZIP code below to view companies that have cheap auto insurance rates.
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Frequently Asked Questions
Are there insurance companies that offer no-deposit auto insurance?
Yes, there are insurance companies that offer no-deposit auto insurance policies. These companies understand that not everyone can afford to pay a lump sum upfront, so they provide options for monthly payment plans without a deposit.
Are no-deposit auto insurance policies more expensive than traditional policies?
No, not necessarily. The cost of a no-deposit auto insurance policy can vary depending on various factors, such as your driving history, the type of vehicle you own, and the coverage options you choose. While some providers may charge slightly higher premiums for no-deposit policies, others may offer competitive rates comparable to traditional policies.
Can I cancel a no-deposit auto insurance policy if I change my mind?
Yes, in most cases, you can cancel a no-deposit auto insurance policy if you change your mind. However, it’s important to review the terms and conditions of the policy and understand any potential cancellation fees or penalties that may apply. Contact your insurance provider directly to discuss the cancellation process and any associated costs.
Are there any drawbacks to choosing a no-deposit auto insurance policy?
While no-deposit auto insurance policies can be convenient for those who prefer to pay monthly, there are a few considerations to keep in mind. Some insurance companies may charge slightly higher premiums for these policies, and there may be administrative fees or interest charges associated with the installment payments.
Additionally, failing to make the monthly payments on time may result in policy cancellation or other penalties.
Can I switch from a no-deposit policy to a traditional auto insurance policy?
Yes, it is typically possible to switch from a no-deposit policy to a traditional auto insurance policy. However, the availability of this option may vary depending on the insurance company. Contact your provider to discuss your options and any necessary steps to transition to a different type of policy.
Do all insurance companies offer no-deposit auto insurance?
No, not all insurance companies offer no-deposit auto insurance. It’s important to research and compare different providers to find those that offer this type of policy. You may also consider reaching out to insurance brokers or agents who can help you find suitable options based on your specific needs and preferences.
Is it necessary to have a good credit score to qualify for a no-deposit auto insurance policy?
While a good credit score can be beneficial when applying for any type of insurance, not all insurance companies require a good credit score to qualify for a no-deposit auto insurance policy. Some providers may consider other factors, such as driving record and previous insurance history, when determining eligibility and premiums.
Can I get cheap car insurance in PA with no down payment?
Yes, Travelers is known for offering the most affordable auto insurance in Pennsylvania.
Who is cheaper, Geico or Progressive?
Geico has the overall lower rates, but high-risk drivers usually get better rates with Progressive.
Who normally has the cheapest car insurance?
Auto-Owners, Geico, Travelers, and USAA are among the providers that have the most affordable auto insurance.
Who has the cheapest full coverage insurance?
State Farm usually has the most affordable auto insurance if you’re seeking full coverage.
Free Auto Insurance Comparison
Enter your ZIP code below to view companies that have cheap auto insurance rates.
Secured with SHA-256 Encryption
Daniel Walker
Licensed Auto Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Auto Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.