Shop around for your imported car insurance. You can often find a no deposit car insurance policy.
Driving an imported car has many advantages and disadvantages. If you have ever tried to insure an imported vehicle then you know that the insurance premiums for this type of car is typically higher than a domestically manufactured vehicle.
The good news is that there are a few things that you can do to help lower the cost of your premiums without sacrificing the coverage you receive.
If you keep your car in storage during the winter months and only drive when the weather is good, then paying for full coverage all year is not really in your best interest. One of the first things you might want to look into is temporary insurance. Imported car insurance companies can insure a car for short periods of time if you only drive your car during certain times of year.
You can divide your policy into shorter terms of coverage where you have coverage such as collision for the times that you will be driving your car, but when it’s in storage you obviously don’t need to have collision insurance.
Some companies offer no deposit car insurance which means that you can obtain coverage without paying for the whole amount at once but rather pay in monthly installments. However, in the long run no deposit insurance will end up costing you more because you are paying interest on the full amount and that is calculated and added into your monthly premium payments.
Since short term coverage is coverage for up to six months at the most, then it would be more cost effective to pay the premium payment as a lump sum to save on the overall cost of your insurance. This is usually easier to do if all that you have is liability insurance on the vehicle.
Coverage for imported cars can be pricey, but if you are vigilant and shop around and compare insurance policies as there are deals to be found from any company. Check with your agent or broker to see if there are any companies offering discounts that you might qualify for.
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