What is the deposit a car insurance company ask for?
Find answers to your legal question.
What is the deposit a car insurance company ask for?
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Is it considered as the 1st instalment? or is it paid back at the end of the contract?
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Owlwings
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It's the first instalment. You effectively pay a month in advance. |
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INS CSR-L.A. County
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Also called the down payment. It is the first payment required to start a policy while the underwriting team reviews the application to ensure you are indeed within the guidelines of their requirements. Most of the time, you do NOT get it back, unless however, it is determined to be unearned premium. Then you do. |
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Insuranceman
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typically it will amount to from 16.7%-25% of the six-month premium - and is really only about a MONTH (or a little more) worth of coverage. If it is much more than that, it probably includes agent/broker fees that should be explained to you at point of sale. |
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alie
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1st months payment then usually (dont quote me) you pay smaller payments afterwards! i only know this coz i have been looking for insurance 2day! |
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FLORIDACHICK84
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1ST months payment. |
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erinsmommy
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If you are going to pay your car insurance by monthly instalments then the "deposit" is normally the first instalment and paid at the time of taking out the policy. But, this does vary with different companies. |
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Tammy
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It is not paid back--it is part of the premium. in most states, a insurance company has to give you notice for a cancellation (for example -if you didn't pay your premium. Say a 6 month policy is $600--they would probably ask $200 down and then starting the very next month-you would have $100 payment for 4 months. This keeps you paid one month in advance-that way if you hadn't made a payment they can still give the time for a cancellation notice and not be out the money) This continues on renewals-- |
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Ferret
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Insurance is pre-paid. You're paying the first installment.
I'd verify that though. You never know. It is not at all normal to ask for a true deposit for insurance... |
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beanco
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Never heard of that before |
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