Californians who are having trouble affording their auto insurance may soon receive some assistance from the state.
The California Department of Insurance recently announced a new program that would provide individuals who meet certain income requirements with liability-only auto insurance for less than $400 a year. The initiative, called the California Low Cost Automobile Program, has been promoted amongst cash-strapped college students, but it is available for any Californian that meets the necessary qualifications.
"In this economy, many Californians, especially students, are looking for ways to get more for their money," said Dave Jones, insurance commissioner. "This program meets California's insurance requirements and is perfectly suited for many college students."
Although this option may be a helpful boost for eligible recipients, individuals who aren't able to secure this assistance may be looking for other ways to reduce their auto insurance premiums. One way they may be able to do this is by improving their credit score.
A number of consumers may be in line for a quick credit fix if they have a mark on their credit reports that is unverifiable or inaccurate. Any time a credit company reports information about a person's accounts, the process must meet certain federal guidelines. When a company is not compliant with these rules, a consumer may be able to investigate and dispute the mark to have it removed from his or her credit report.