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What Is A Car Insurance Down Payment?

Question by Stephen T | Posted in Insurance

I see these commercials for cheap car insurance with a "low down payment". I've had three car insurance companies in my life and not a single one has required a down payment. Why would anyone choose a company that did?

Answer: You buy your car insurance, it's a policy for a year, or six months. MOST people don't want to, or can't, pay for the policy "up front" when they buy it - they want "payments".

The DOWN payment, is the first payment of your policy, if you're making monthly payments.

We buy our car insurance six months at a time, and just pay the bill, twice a year. No "down payment". But MOST of the world, pays for it from month to month.
 
 

The Allstate Auto Insurance Down Payment Goes Towards Your Monthly Payments Right?

Question by crichards96 | Posted in Insurance & Registration

I am getting insurance on the Allstate website and it says I need a $205 down payment to start my $83 a month coverage. Will that down payment go towards those monthly payments?

Answer: There is a down payment required and then there is a monthly payment that you have to make. The total of the payments is the cost of your insurance.

The payments will start in a month, the $205 is not part of the $83 monthly payments

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Do I Have To Make A Down Payment On My Auto Insurance?

Question by Blake | Posted in Insurance & Registration

I am going to get insurance through State Farm and I was wondering if I will have to make a down payment on the insurance and if I do how much will it be?

Answer: Yes you will have to make a down payment because to make the insurance a legally binding contract, there has to be an exchange of money. With State Farm, it depends on what the quote is and what payment plan you want to go with. They have where you can pay the full 6 months, 3 months, or two separate monthly plans which will cost either 1 month or 2 months down.

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Would I Be Able To Pay An Insurance Down Payment With A Credit Card?

Question by Patty melt | Posted in Insurance & Registration


Answer: It depends on what insurance company you are using. Most major American insurance companies with take Visa and Mastercard at the least.

I've been licensed in 20 states, and I'm not aware of any state regulations that prevent you from making auto insurance payments with a credit card...but I guess they may exist. Some states have some crazy laws.

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Question On Sub-prime Mortgage Down Payment Insurance.?

Question by Mister2-15-2 | Posted in Renting & Real Estate

Have see hundred of stories on sub-prime mortgage defaults, which most if not all had down payment insurance, but not one story on how much this insurance covered or who got it. Has anyone seen story on topic just discussed?

Answer: I have never heard of down payment insurance. Most, if not all, sub-prime loans have no mortgage insurance.

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Mortgage Insurance: Canada Gives You A Choice | Corona House Buyer

by Nancy T. Glover

Better yet, it allows purchasers to purchase a loan with a 5% down payment, but will be able to get an interest rate as if you made a 20% down payment. This reduces risk from the loan for the broker and allows you to purchase a property and never have to front the complete down payment. The Canadian housing finance system renders it possible for you to buy a property in Canada even if you are not able to save enough for the down payment. To get loan insurance, there are requirements to qualify, so some borrowers will be unable to get it. The first requirement is the property needs to be in Canada....

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