GREENSBORO, N.C. — Saving money sometimes means cutting out an expense altogether or it may mean getting a quote from other companies to see what the best deal is.
I got an email from one of your fellow viewers:
I just switched my auto insurance to a new company.
When they called to finalize the quote, my down payment had increased. The reasoning was that NC now requires a two-month down payment. Is there any validity to their statement?
There's only one way to know. 2 Wants To Know is going to verify it.
Sources:
The NC Department of Insurance says they've searched their books and found no requirement of a 2-month down-payment set by the state.
Christopher Cook of Alliance Insurance Services says he's never heard of it either and adds the private company may have an internal underwriting requirement that if you choose to finance your auto insurance premiums you make a down payment of a couple of months premium.
Cook says various carriers do have their own rules regarding how they bill insurance premiums.
VERIFY: No, it's not the state that is requiring a 2 month's down payment on new insurance, it's the company.
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