There is a very real correlation between your credit score and the rate that you’re paying for auto insurance. If your credit is damaged, you may need to shop around for the best price on coverage. And improving your credit rating will save you a lot of money on your premium.
Even drivers with credit issues should ask their car insurance provider about low mileage, marriage, occupational, good student, and defensive driver discounts. Although they must be self-reported (by the driver), taking advantage of even a few of them could save the policyholder a substantial amount of money – but only if they inform the insurance company.
If you’re considering an automobile purchase, you may have already estimated how much you can afford for a car. But, here’s something you may have not considered yet: have you determined how much you can afford for your car insurance? If your current vehicle only has liability and property coverage (commonly known as PL/PD), you will need to factor in a higher premium, because that next car will need to have full coverage.
Consumers with bad credit should note that even the lowest car insurance premium increase of 6 percent in the insuranceQuotes.com study is significant, while an increase of 100 to 200 percent could easily break many budgets. This, in turn, could have the effect of running those borrowers off the road to better credit.
It’s a fact: Men who are under 25 pay significantly more, on average, for car insurance than their female counterparts. This is because statistics strongly suggest that young men are more likely to be reckless and unsafe drivers than young women.
Anyone who ever gets behind the wheel of a car is taking a safety chance. Accidents, unfortunately, happen all of the time, sometimes through no fault of your own. The question at hand here is: If you experience a collision while driving a car that is registered to someone else, who is at more of a financial risk, you or the vehicle owner?