Save Money on Auto Insurance with Bad Credit

A recent government report demonstrates that even consumers with poor credit can find ways to pay less for the full coverage car insurance required of an auto loan
Save Money on Auto Insurance with Bad Credit
Our experience

Consumers  with problem credit might want to look over results of a 2012 study on vehicle repair costs conducted by the National Highway Traffic Safety Association (NHTSA) before signing up for an auto loan for their next new or used car.

Here at Auto Credit Express we only mention this because for the past twenty years we’ve been helping applicants with bad credit searching for online car loans find the right new car dealers that can offer them their best opportunities for car loan approvals.

Since full coverage auto insurance is often a significant part of a vehicle’s monthly operating costs, finding one that is comparatively less expensive to insure can help lower the overall expenses of one of these high-risk car loans.

NHTSA comparison cost report

Back in early 2012 the NHTSA issued a Comparison of Insurance Costs report covering 2009 to 2011 model year vehicles. The report listed the average collision claims costs of different makes and models – making it an especially valuable tool for car buyers on a limited budget.

The report first sets a cost basis of 100 for an average vehicle while noting that insurers consider these scores in adjusting a “base rate” for collision premiums – even though this doesn’t always directly correlate to the price of insurance coverage for a particular model.

The report also points out that a vehicle’s collision loss experience is unlikely to affect the overall premium by more than 10 percent. Still, even this savings can reduce the overall insurance costs.

With this in mind we sifted through the report and picked the three most affordable categories and vehicles for buyers with problem credit:

Mini Cars

Two-Door Models – average score 93

Toyota Yaris 95
Hyundai Accent 105

Four-Door Models – average score 114

Toyota Yaris hatchback 89
Mazda2 91
Ford Fiesta 98
Toyota Yaris 112
Kia Rio 115
Chevrolet Aveo 127
Hyundai Accent 127

Small Cars

Two-Door Models – average score 137

Volkswagen Golf 106
Kia Forte Koup 117
Scion tC 137
Honda Civic 142

Four-Door Models – average score 114

Chevrolet Cruze 77
Hyundai Elantra 92
Volkswagen Golf 93
Kia Forte 100
Ford Focus 104
Honda Civic 110
Nissan Versa hatchback 116
Mazda Mazda3 116
Toyota Corolla 116
Nissan Sentra 120
Mitsubishi Lancer 4dr hatchback 120
Nissan Versa 128
Suzuki SX4 139
Mitsubishi Lancer 170

Station Wagons – average score 94

Kia Forte 88
Scion xB 89
Hyundai Elantra 93
Mazda Mazda3 94
Dodge Caliber 94
Kia Soul 96
Scion xD 99
Nissan Cube 101
Suzuki SX4 119

Midsize Cars

Four-Door Models – average score 101

Chrysler 200 57
Chevrolet Malibu (2012) 90
Ford Fusion 99
Mercury Milan 102
Dodge Avenger 109
Mitsubishi Galant 119

As we see it

While collision loss experience is just one thing insurers look at when calculating the cost of a premium, it’s a good place for credit-challenged consumers to start, especially when they’re given a choice of different vehicles.

Another good tip: Auto Credit Express helps people that have experienced auto credit difficulties find those new car dealers that can offer them their best chances for approved car loans.

So if you find yourself in this situation and you’re ready to reestablish your car credit, you can begin now by filling out our online car loan application.

Posted on July 14, 2013 by in Car Insurance
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