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It is quite a stressful time when you have to consider taking out an insurance policy for your car. While it is known legislation that car owners who are driving on UK roads must take out an insurance policy without putting down a deposit, thinking of paying an added amount while you are still putting down the deposit on your car does sound like a nightmare. Most insurance policies require that you pay a deposit on your insurance immediately. Having to fork out such a large amount may have your heart racing. Get a grip on your racing heart; there are some insurance companies that are far more lenient than that.

Car Insurance Policy with No Deposit 

Are you looking to take out an insurance policy without putting down a deposit?

Let’s take a minute to understand what a deposit is. The deposit is usually 20% of your full insurance policy. It sounds simple but alongside paying an excess fee can become hefty. If the thought of a hefty insurance policy scares you, opt for an insurance policy where a deposit is not at all mandatory. So how does a no deposit plan differ from an insurance policy with a deposit? You might be thinking it’s a huge difference that awaits you if you opt for a plan without the deposit. This is not true. There is very little difference between a policy with a deposit and one without a deposit. Everything is the same; just the policy lacks the monthly deposit entirely. So why are these insurance providers offering you the chance to get a policy without the deposit?

Sounds Like a Good Plan

Basically by not paying an initial deposit simply means that your costs are spread in monthly installments over the next few months. Instead of the lump sum that you would initially be paying if you vouch for an insurance policy with a deposit, you can lessen your initial burden. Your heart rate has resumed back to normal. 

Insurance Policy Without a Deposit

So what does opting to take out an insurance policy without putting a deposit mean?

It just means that your first payment will be due soon. The reason why a deposit is calculated in most policies is because of the fact that in the United Kingdom, car insurance companies need to gain their payment before you actually take the wheel. So while the initial deposit burden is lessened, your monthly repayments do sort of take that deposit amount into consideration. Since one large payment is not something within everyone’s budget, you can breathe easy knowing your insurance provider has considered your financial woes.

Where can you find such an insurance policy without a deposit?

It’s as easy as pie! Call on a MoneyExpert. The idea is never to just settle for the first policy that offers no deposit but to shop around until you find a policy that seems as if it was specifically suited for you. A good policy can easily be found once you compare tons of insurance quotes. So if you are looking to rope in expert advice when it comes to sifting through insurance policies, reach for a MoneyExpert who will provide expert advice at no additional fee. 

You need to remember that the minute that you buy your first car you need to set aside some money to keep at your side in case you need to fork out some money when you agree on the best insurance policy for you. It is always best to think things through financially before you act. Also, remember since insurance is mandatory in the UK it is imperative that you get it.