Anamarie Waite, Car Insurance Writer
Drivers in New Jersey can find cheap car insurance with “no deposit” or “no down payment,” but all that really means is you only have to pay the first month’s premium to get coverage. You cannot get car insurance in New Jersey without paying something upfront. But you can minimize the cost of coverage in New Jersey, which ranks 48 for the cheapest car insurance rates in the country. The average monthly premium in New Jersey is about $245 per month for full coverage and around $107 per month for state minimum coverage. Drivers in New Jersey should expect to pay about that much in advance each month to keep their car insurance policy active.
The biggest drawback of paying for auto insurance monthly is that it’s almost always more expensive than paying in full for six or 12 months of coverage upfront. Some New Jersey insurance companies charge slightly more for month-to-month premiums, and there can also be payment processing fees. Most car insurance companies also discount rates for customers who pay in advance.
You can still find cheap car insurance options if you can’t afford a big deposit, though. The best no-down-payment car insurance keeps rates low and only requires the first month’s payment to start your policy.
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