Did you fall for a flashy sales pitch and buy an overpriced auto insurance policy? Trust us when we tell you there are many consumers feeling the pinch from expensive auto insurance. Big companies like GEICO, Farmers Insurance and State Farm constantly bombard you with catchy ads and it is difficult to avoid their marketing magic and find the best price available.
Consumers need to have an understanding of some of the elements that go into determining the rates you pay for insurance coverage. Having a good understanding of what determines base rates enables informed choices that could result in big savings.
Comparing auto insurance rates can be challenging if you don’t understand the easiest way. You could waste a few hours driving to local insurance agents in your area, or you could use online quotes to get the quickest rates.
Many companies participate in an industry program that enables customers to submit their information once, and at least one company can give them a price determined by their information. This eliminates the need for quote forms to each company.
To compare 2015 Mercedes-Benz SL-Class rates now click here to open in new window.
The one disadvantage to using this type of form is that consumers can’t choose which providers you want pricing from. If you wish to select individual companies to compare rates, we have assembled a list of companies who write auto insurance in your area. Click to view list.
It’s your choice how you get your quotes, but ensure you’re using exactly the same coverage limits and deductibles on every quote you get. If each company quotes higher or lower deductibles it’s not possible to determine the lowest rate for your Mercedes-Benz SL-Class.
Drivers can’t get away from ads for cheaper car insurance by State Farm, Allstate and GEICO. They all seem to make an identical promise of big savings if you switch to their company.
How do they all say the same thing?
All companies have a certain “appetite” for the right customer that earns them a profit. For example, a driver they prefer could be between the ages of 30 and 50, has no driving citations, and chooses high deductibles. A customer getting a price quote who matches those parameters gets the lowest rates and most likely will save a lot of money.
Consumers who do not match the requirements must pay higher premiums which usually ends up with the customer not buying. The ads say “customers who switch” not “everybody who quotes” save that much. That is how insurance companies can confidently state the savings.
This illustrates why you should compare many company’s rates. You cannot predict which insurance companies will have the lowest Mercedes-Benz SL-Class insurance rates.
The cost of insuring your cars can be expensive, but there are discounts available that you may not know about. Some trigger automatically at the time of quoting, but lesser-known reductions have to be asked about prior to receiving the credit. If they aren’t giving you every credit possible, you’re paying more than you need to.
As a disclaimer on discounts, some credits don’t apply to your bottom line cost. Some only reduce the price of certain insurance coverages like comprehensive or collision. So even though it sounds like you could get a free insurance policy, it doesn’t quite work that way. Any qualifying discounts will help reduce the cost of coverage.
For a list of insurers offering insurance discounts, click here.
When buying adequate coverage for your personal vehicles, there is no “best” method to buy coverage. Everyone’s situation is unique and your policy should reflect that. For example, these questions can aid in determining if you might need an agent’s assistance.
If you can’t answer these questions but you know they apply to you, then you may want to think about talking to an agent. To find an agent in your area, simply complete this short form or click here for a list of insurance coverage companies in your area. It only takes a few minutes and you can get the answers you need.
Understanding the coverages of car insurance helps when choosing the best coverages for your vehicles. The coverage terms in a policy can be confusing and coverage can change by endorsement. Shown next are the normal coverages available from car insurance companies.
Uninsured or Underinsured Motorist coverage protects you and your vehicle when the “other guys” either have no liability insurance or not enough. It can pay for medical payments for you and your occupants and also any damage incurred to your Mercedes-Benz SL-Class.
Because many people have only the minimum liability required by law, their limits can quickly be used up. So UM/UIM coverage is very important. Usually your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.
This provides protection from damages or injuries you inflict on people or other property by causing an accident. This insurance protects YOU against other people’s claims. It does not cover damage to your own property or vehicle.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 100/300/100 which means $100,000 bodily injury coverage, a limit of $300,000 in injury protection per accident, and a total limit of $100,000 for damage to vehicles and property. Another option is a combined single limit or CSL which limits claims to one amount and claims can be made without the split limit restrictions.
Liability can pay for things such as court costs, medical services, emergency aid and structural damage. How much coverage you buy is a decision to put some thought into, but you should buy as much as you can afford.
This coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage protects against claims such as a broken windshield, vandalism, rock chips in glass, hitting a bird and fire damage. The most you can receive from a comprehensive claim is the actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.
Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills like prosthetic devices, funeral costs and ambulance fees. They can be used to fill the gap from your health insurance plan or if you are not covered by health insurance. They cover all vehicle occupants and will also cover being hit by a car walking across the street. Personal injury protection coverage is only offered in select states and may carry a deductible
Collision coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision coverage pays for claims like damaging your car on a curb, scraping a guard rail, colliding with another moving vehicle and hitting a mailbox. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to choose a higher deductible in order to get cheaper collision rates.
When you buy insurance online, don’t be tempted to buy less coverage just to save a little money. There have been many cases where consumers will sacrifice uninsured motorist or liability limits only to regret that it was a big error on their part. Your focus should be to buy the best coverage you can find for the lowest price, not the least amount of coverage.
The cheapest 2015 Mercedes-Benz SL-Class insurance can be purchased both online in addition to many insurance agents, and you need to price shop both in order to have the best chance of saving money. Some companies do not provide online quoting and most of the time these small, regional companies sell through independent agents.