There are several companies nowadays that are providing decent auto insurance with bad driving record policies. however, there are plenty of people nowadays who have poor or bad credit records and it may not be financially possible or feasible for each of them to be served with exactly what they want. for starters, even though there has been a mushrooming of such companies they normally charge high rates of interest on their premiums. the basic idea behind such structuring of payments is that the companies wish to minimize the damage they might incur by doing business with such consumers.
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The problem with customers who have poor credit – as far as cheap insurance bad driving record goes – is that it is automatically assumed by the lenders that they are in poor credit because their financial condition is not exactly the best and thus they may not be able to pay the loan back at all. Next, there is the possibility that the clients may have had a habit of paying late or not paying at all. So that is a risky proposition as well. These are some of the reasons as to why the insurers look to increase their rates of interest on these policies.
However, it is possible to get but there are certain criteria that the buyers should hold a regular job that he or she is likely to do for a certain amount of years. The presence of a job is important for such companies as it implies that the buyers are capable of making the payments at the stipulated periods. If it is possible the buyer can get a loan and use that amount to make a down payment that shall greatly reduce the premiums during the tenure of the policy. This is an effective policy of keeping the insurance expenses down.