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Car insurance costs shift gears in 2012

Posted on Tuesday, January 15, 2013 at 3:06:10 PM

There are a number of perks offered by used automobiles. The first that might come to mind is a more affordable price tags, but this lower price can also make a used vehicle much cheaper to insure.

Paying for car insurance coverage is one of the most expensive aspects of owning a vehicle. However, during the course of 2012, an estimated 7 percent of car owners spent less money on their insurance, according to a survey conducted by Bankrate.com. On the other hand, roughly 37 percent of Americans reported spending more on car insurance coverage.

"We continue to view rising expenses and stagnant wages as a key financial hurdle for American households," said Bankrate.com insurance analyst Doug Whiteman. "But consumers shouldn't accept rising insurance premiums without a fight."

Luckily, there are ways to save on car insurance coverage. One of the biggest missteps most car owners make is they fail to shop around for a policy. It's generally recommended to seek quotes from at least three different companies before settling on a policy. Once a solid policy is lined up, this could also go a long way in reducing the costs of auto financing.