Key insights 💡There is no such thing as no-deposit car insurance. All insurers require payment before activating coverage.You can lower your initial payment by taking advantage of discounts, only purchasing coverage you need and comparing rates to find the cheapest insurance company for you. Your first car insurance payment can be as low as $40, according to NerdWallet’s November 2024 analysis of minimum coverage rates from the country’s largest insurers.A car insurance “deposit” counts toward your total premium. It’s not an additional fee.Car insurance with no deposit doesn’t exist. Legitimate insurers require some money down before they’ll provide coverage. The good…