Unveiling Car Dealerships Low Credit Solutions for Low Credit Buyers
Navigating the complex landscape of automotive financing can be challenging, especially for individuals with low credit scores. Fortunately,...
How to Save on Your Auto Insurance Rates
If you have recently purchased a car with bad credit, you might wonder how much the insurance cost will be. It depends on several factors, including your driving history and the type of vehicle you purchased. However, there are some steps you can take right now to help keep your auto insurance premiums low. Here they are.
Shop Around
The first step is to shop around. Get quotes from at least three different providers, and be sure to ask each one for a rate quote online and over the phone.
If you are purchasing your car from a dealership, they might offer you a discount on their own insurance policies if it’s included in the deal, but only if you ask. Don’t be afraid. Just let them know what coverage options are available at other companies so they can match or beat those prices.
Opt for Higher Deductibles
One of the easiest ways to save on auto insurance is by opting for higher deductibles. This means if you have an accident, you will have to pay more out of pocket before your insurance kicks in. However, some insurers will offer discounts based on how high your deductible is, so it’s worth checking with them before making any decisions.
If you are comfortable with this trade-off, consider raising your deductible from $250 or $500 all the way up to $1,000 or more per claim. That could mean big savings over time.
Maximize Your Discounts
If you want a good deal on your auto insurance rates after buying a car from bad credit car dealers, maximize all the discounts you are eligible for. For example, if you have an accident-free driving record, you may be eligible for a discount that could save you hundreds of dollars per year on your premiums.
You can also save money by bundling your car insurance with other types of coverage from the same insurer, such as homeowners or renter’s insurance.
Drop Optional Coverages
When you have bad credit, you should be mindful of what you pay for. One way to save money on auto insurance is by dropping optional coverages you don’t need.
For example, if your car is old enough that it doesn’t require collision coverage and only has liability protection, then dropping collision would save you a ton of money per year in premiums. Also, dropping comprehensive coverage might save money on your monthly premium payments if your car isn’t worth much.
Pay Cash
When you buy a car, the insurance company often asks whether you are paying cash or financing. If you pay cash, they usually give you lower rates than if you are paying on financing. This is because they know that if you have bad credit and are financing your car, it’s because you don’t have enough money to pay for it in full when buying it.
If you can afford to pay cash, do so. It will save you tons of money on your monthly payments and allow your credit score to improve over time.
The most important thing to remember is that buying a car from low-credit car dealerships doesn’t mean you have to pay more for your auto insurance. With the right strategy and patience, you can find affordable coverage for any vehicle.
Categories
- Auto Detailing (18)
- Auto Resource (35)
- Buying & Selling (85)
- Car News (12)
- Car Reviews (10)
- Driving and Safety (9)
- Loans & Financing (31)
- Uncategorized (1)
- Used & How To (90)
Recent Posts
About us
Our dealership has been Serving Calgary Alberta since 2013.
We specialize in used cars and always try to get the best deals for our customers.
Award-winning, family owned car dealership of pre-owned vehicles with several locations across the city. Lowest prices and the best customer service guaranteed.
Feel free to contact us and test drive one of our cars today. We value your business. Referrals are welcome and remember we pay cash for referrals.
Related posts
Why Refinancing Car Loan Calgary is a Good Idea
In today’s economy, it’s becoming more and more popular to refinance a car loan. Considering that you can...
Dealing with Negative Equity: 5 Tips for Car Loans Borrowers in Calgary
You enrolled in the right car loan program and now have a good chance of getting an awesome...
Certified Pre-Owned Financing vs. Regular Used Car Financing Calgary: Decoding the Differences
When purchasing a used car, two main options often come into play — certified pre-owned (CPO) vehicles and...
Award-winning, family owned car dealership of pre-owned vehicles with several locations across the city. Lowest prices and the best customer service guaranteed.
Business hours:
Monday to Friday: 9a.m. – 8p.m. Saturday: 9a.m. – 6p.m. Sunday: Closed
Copyright © 2023. All rights reserved.