Reducing insurance costs3 of 7Nerad says a key factor in determining the cost of car insurance is the value of the car. Because a used car has less value than a newer version, the cost of insurance should be less. Reed says even more money can be saved because some elements of car insurance can be dropped."Collision and theft: Once a car is old enough, you can do away with those if you choose," Reed says. Related Articles:Car buying hints for 2010Checklist for test-driveBrand-new or new-to-you?Negotiating a car's priceRelated Links:Save on next new carAuto loan calculatorLease or buy car?6 car-buying mistakes advertisement
Nerad says a key factor in determining the cost of car insurance is the value of the car. Because a used car has less value than a newer version, the cost of insurance should be less. Reed says even more money can be saved because some elements of car insurance can be dropped.
"Collision and theft: Once a car is old enough, you can do away with those if you choose," Reed says.
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A little research could save you BIG on interest.