Drivers in Virginia 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 Virginia without paying something upfront. But you can minimize the cost of coverage in Virginia, which ranks 26 for the cheapest car insurance rates in the country. The average monthly premium in Virginia is about $138 per month for full coverage and around $50 per month for state minimum coverage. Drivers in Virginia 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 Virginia 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.
Yes, a car insurance down payment is required when you purchase a policy. You have two options when buying a policy from a major auto insurer. You can pay in full upfront, or you can make an initial payment and pay off the full premium over time.
The initial down payment is generally between 8% and 33% of the full premium. But whichever payment plan you choose, your first payment must be made right...
Common reasons for high car insurance costs include your driving record, age, coverage options, where you live, the car you drive, your credit history or not taking advantage of discounts. The average car insurance premium has also become more expensive as it increased by more than 50% in the past 10 years.
You should pay your car insurance bill once or twice a year in most cases. How often you pay car insurance premiums depends on the company and your preferences, but annual or semi-annual payments are best. That’s because most car insurance policies last six or 12 months, and most car insurance companies give a discount – as much as 20% – for paying your premium in full upfront.
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