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Consider purchasing a used car for decreased insurance premiums

Posted on Monday, February 27, 2012 at 6:14:41 PM

Consumers seeking the best deal on auto insurance are advised to take advantage of the current competitive market, according to the Insurance Information Institute. The contingency premiums are based off of the cost of purchasing the car.

Therefore, a thrifty consumer may wish to purchase a used car, typically a less expensive option, to decrease his or her auto insurance costs. The chance to reduce auto financing costs could provide a person a more ideal monthly payment.

Other key deductible opportunities include a person's safe driving record, length of being a customer, a good credit score, anti-theft devices and driver education courses.

The amount a consumer needs to borrow from auto financing institutions can affect the amount he or she will pay annually for auto insurance and , the level of insurance they must get. Individuals who borrow money to purchase a vehicle will often be required by the bank or financial institution to get full-coverage insurance, which makes payments more costly. 

Purchasing a less expensive used vehicle could result in paying the loan off quicker, and being able to reduce insurance coverage for additional savings. Consumers should consider all of their options before committing to a deal, making sure they get the best offer for their budget.ADNFCR-16001052-ID-800717180-ADNFCR