Lower Your 2006 Cadillac CTS-V Car Insurance Cost

Have you fallen victim to an overpriced insurance policy? Believe me, many drivers have buyer’s remorse. Insurance companies such as State Farm, GEICO and Farmers Insurance persitently shower you with ads and it is difficult to ignore the flashy ads and do the work needed to find the best deal.

It’s a good habit to compare prices on a regular basis because insurance prices change frequently. Even if you think you had the best price on CTS-V coverage a few years ago other companies may now be cheaper. There is a lot of bad information regarding insurance out there, but in just a couple of minutes you can learn a lot of great tips on how to quit paying high insurance rates.

Discounts for affordable insurance coverage quotes

Some insurance providers don’t always list all available discounts in an easy-to-find place, so the list below gives a summary of both the well known as well as the least known savings tricks you should be using when you buy car insurance online.

  • Seat Belt Discounts – Drivers who require all vehicle occupants to use a seat belt could save 15% off the personal injury premium cost.
  • New Vehicle Savings – Buying a new car instead of a used car can be considerably cheaper because new vehicles are generally safer.
  • Lower Rates for Military – Being on active duty in the military could qualify you for better insurance coverage rates.
  • Auto/Home Discount – If you insure your home and vehicles and insure them both with the same insurance company you could get a discount of up to 20% and get you inexpensive car insurance.
  • Data Collection Discounts – Drivers who agree to allow companies to scrutinize their driving habits by installing a telematics device such as Progressive’s Snapshot and State Farm’s In-Drive might see lower rates if they are good drivers.

A quick disclaimer, most discount credits are not given to all coverage premiums. Some only apply to the price of certain insurance coverages like physical damage coverage or medical payments. So even though you would think all the discounts add up to a free policy, that’s just not realistic.

Large insurance coverage companies and the discounts they provide are outlined below.

  • Mercury Insurance may have discounts that include good student, multi-policy, accident-free, multi-car, good driver, ease of repair, and anti-theft.
  • Farmers Insurance policyholders can earn discounts including mature driver, bundle discounts, good student, homeowner, multi-car, and youthful driver.
  • Farm Bureau discounts include renewal discount, multi-policy, safe driver, youthful driver, 55 and retired, and multi-vehicle.
  • State Farm offers discounts for good student, student away at school, Drive Safe & Save, Steer Clear safe driver discount, and multiple autos.
  • Allstate has savings for eSmart discount, new car, resident student, FullPay discount, and senior citizen.
  • GEICO may offer discounts for air bags, defensive driver, membership and employees, multi-policy, and driver training.

Before you buy a policy, ask every prospective company how many discounts you can get. Some discounts may not apply to policies everywhere. To locate insurance companies with discount insurance coverage rates, click here to view.

Informed consumers can lower insurance rates

Many things are used in the calculation when you get a price on insurance. Some are obvious such as your driving history, although others are not as apparent such as your marital status or your vehicle rating.The best way to find cheaper insurance coverage is to take a look at the different types of things that help calculate the level of your policy premiums. If you have a feel for what influences your rates, this enables you to make decisions that will entitle you to big savings.

  • Never allow your coverage to lapse – Letting your insurance expire can be a guaranteed way to increase your renewal premiums. Not only will rates go up, the inability to provide proof of insurance may earn you a revoked license or a big fine. You may then be required to provide proof of insurance in the form of an SR-22 filing with your state department of motor vehicles.
  • Increase coverage deductibles to save – Insurance for physical damage, also known as collision and other-than-collision, protects your Cadillac from damage. Examples of some claims that would be covered are a dented fender, hail damage, and rolling your vehicle. The deductibles are the amount of money you are required to spend out-of-pocket before a claim is paid by your company. The more money you’re willing to pay, the lower your rates will be on CTS-V coverage.
  • Poor credit can mean higher premiums – Having a bad credit score will be a significant factor in determining what you pay for insurance coverage. Therefore, if your credit rating is lower than you’d like, you could be paying less to insure your 2006 Cadillac CTS-V by improving your rating. Insureds with excellent credit scores tend to be better risks to insure than drivers who have worse credit.
  • Teen drivers are expensive to insure – Youthful drivers are statistically proven to be careless and easily distracted when behind the wheel so insurance coverage rates are higher. Adding a young driver onto your insurance coverage can cause a big jump in price. More experienced drivers are more responsible, cause fewer claims and accidents and tend to be get fewer driving tickets.
  • Lower rates for safer cars – Vehicles that have high safety ratings tend to have better insurance rates. Vehicles engineered for safety result in less severe injuries and better occupant protection means your insurance company pays less and lower rates for you. If the Cadillac CTS-V is rated at a minimum four stars on Safercar.gov or an “acceptable” rating on iihs.org you may pay a lower rate.
  • Extra coverages you don’t need – Insurance policies have a lot of additional coverages that you can get tricked into buying but may not be useful. Add-on coverages like rental car coverage, death and dismemberment, and membership fees are examples of these. These coverages may sound good initially, but if you have no use for them consider taking them off your policy.
  • Is your vehicle theft-ready? – Choosing to buy a car with advanced anti-theft systems can save you some money. Theft prevention features like LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system all help prevent vehicle theft.

You may need specialized car insurance coverage

When choosing adequate coverage for your personal vehicles, there is no “perfect” insurance plan. Every situation is different and your policy should reflect that. For example, these questions might help in determining whether your personal situation could use an agent’s help.

  • How much liability do I need to cover my assets?
  • What is an SR-22 filing?
  • Should I bundle my homeowners policy with my auto?
  • When does my teenage driver need to be added to my policy?
  • Is my teen driver covered when they drive my company car?
  • Is my 2006 Cadillac CTS-V covered for flood damage?
  • Am I covered if I hit a deer?
  • Does my liability insurance cover pulling a trailer or camper?

If you can’t answer these questions but you know they apply to you then you might want to talk to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form or you can go here for a list of companies in your area. It only takes a few minutes and you can get the answers you need.

Coverages available on your policy

Having a good grasp of a car insurance policy helps when choosing appropriate coverage at the best deductibles and correct limits. Car insurance terms can be difficult to understand and even agents have difficulty translating policy wording. These are typical coverages found on the average car insurance policy.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP pay for expenses for things like X-ray expenses, surgery and chiropractic care. They can be used to fill the gap from your health insurance policy or if you are not covered by health insurance. Medical payments and PIP cover both the driver and occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage

Comprehensive insurance

This coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for claims such as damage from flooding, falling objects, fire damage, a tree branch falling on your vehicle and vandalism. The most you can receive from a comprehensive claim is the actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Uninsured/Underinsured Motorist (UM/UIM)

This gives you protection from other drivers when they do not carry enough liability coverage. It can pay for medical payments for you and your occupants and damage to your 2006 Cadillac CTS-V.

Since many drivers have only the minimum liability required by law, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Most of the time your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Liability coverage

This coverage provides protection from damages or injuries you inflict on other’s property or people that is your fault. It protects you against claims from other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show liability limits of 100/300/100 that means you have a $100,000 limit per person for injuries, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged propery. Alternatively, you may have one limit called combined single limit (CSL) which provides one coverage limit and claims can be made without the split limit restrictions.

Liability insurance covers things such as loss of income, medical expenses, repair costs for stationary objects and attorney fees. How much liability coverage do you need? That is your choice, but you should buy higher limits if possible.

Auto collision coverage

Collision coverage pays to fix your vehicle from damage from colliding with another vehicle or an object, but not an animal. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims such as backing into a parked car, colliding with a tree, sustaining damage from a pot hole, hitting a mailbox and sideswiping another vehicle. Collision coverage makes up a good portion of your premium, so consider removing coverage from older vehicles. Drivers also have the option to choose a higher deductible to save money on collision insurance.

What is YOUR best insurance company?

As you prepare to switch companies, it’s not a good idea to buy less coverage just to save a little money. Too many times, someone sacrificed physical damage coverage and discovered at claim time they didn’t purchase enough coverage. The goal is to find the BEST coverage at an affordable rate while still protecting your assets.

We just showed you a lot of techniques to lower your 2006 Cadillac CTS-V insurance premium rates. The most important thing to understand is the more rate comparisons you have, the higher the chance of saving money. You may be surprised to find that the lowest priced car insurance comes from an unexpected company. Regional companies may only write in your state and offer lower prices as compared to the big name companies such as State Farm and Allstate.

More affordable car insurance can be purchased from both online companies and with local insurance agents, so you should be comparing quotes from both in order to have the best price selection to choose from. Some car insurance companies may not offer price quotes online and most of the time these regional carriers prefer to sell through independent agencies.

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