By Joanne Kwon

The recession has affected consumers from all economic levels. And when financial times are tough, both the rich and the poor alike may share one bad financial habit — not saving enough nor properly budgeting money.

Shopping wisely for a car and for its insurance is a good way to save money.

An insurer presented with Porsche 997, for instance, may exclaim: “Whoa! That’s an expensive car, and it could be stolen just as much for its parts as can for the whole car.”

As such, the owner of Porsche seeking cheap insurance isn’t likely to find it.

But a car buyer can save money on insurance if they consider buying an older, more common make and model and in a neutral color.

Likewise, if a car buyer has all available safety and security equipment installed, it will not only increase the chances of a more save driving experience, it will foster increased chances for additional insurance discounts.

To purchase cheap car insurance, a driver must maintain a pristine driving record. Combined with a driving lesson certificate, changes of driving without an accident. A clean credit history also assures the insurance company it’s taking a good risk. Student drivers cans also qualify for a “good student discount” by maintaining at least a B average.

And, of course, it’s wise to do comparison car insurance shopping. Read the details of a potential insurance policy to avoid potential coverage loopholes.

Cheap car insurance, after all, can be easy to purchase, if the proper guidelines are followed.