Sick and tired of sacrificing other expenses to keep your car insured? You are in the same boat as many other Florida drivers.
It’s a known fact that auto insurance companies don’t want you to look at other companies. Drivers who get price comparisons are very likely to buy a different policy because of the high probability of finding coverage at a more affordable price. A study showed that people who regularly compared rates saved on average $70 a month compared to people who never shopped around for cheaper prices.
If saving the most money on Cadillac CTS-V insurance is your objective, knowing how to shop and compare car insurance can make shopping around easier. Due to the increasing number of companies and agents to choose from, it can be impossible to pick the most affordable insurer.
The companies shown below offer comparison quotes in Miami, FL. If your goal is to find cheap auto insurance in Miami, FL, we suggest you visit as many as you can in order to find the lowest rates.
Save money with these seven discounts on Cadillac CTS-V insurance in Miami
Properly insuring your vehicles can get expensive, but you might be missing out on some discounts to help offset the cost. A few discounts will be applied when you quote, but some discounts are required to be manually applied before they will apply. If you check and find you aren’t receiving every discount you qualify for, you are just wasting money.
- Seat Belt Discounts – Requiring all passengers to buckle up could cut 10% or more on the premium charged for medical payments and/or PIP.
- Driver’s Education for Students – Require your teen driver to successfully complete driver’s ed class as it will make them better drivers and lower rates.
- Military Discounts – Being deployed in the military could trigger a small discount.
- Good Student Discount – Being a good student can save 20 to 25%. Earning this discount can benefit you up until you turn 25.
- Life Insurance Discount – Some insurance companies give a break if you buy life insurance from them.
- Claim-Free Discount – Insureds with no claims or accidents can save substantially as opposed to drivers with a long claim history.
- Air Bag Discount – Factory air bags and/or automatic seat belt systems could see savings of up to 25% or more.
Don’t be shocked that most of the big mark downs will not be given to the entire cost. Most only reduce the cost of specific coverages such as collision or personal injury protection. Just because you may think you can get free auto insurance, you won’t be that lucky. But any discount will cut your policy cost.
The chart below shows the difference between Cadillac CTS-V yearly insurance costs with and without policy discounts. The data is based on a male driver, no violations or claims, Florida state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, multi-car, homeowner, claim-free, and marriage discounts applied.
Large auto insurance companies and some of their more popular discounts include:
- Farmers Insurance may have discounts that include youthful driver, early shopping, business and professional, alternative fuel, and mature driver.
- Esurance may include discounts for defensive driver, homeowner, online quote, multi-policy, paid-in-full, and safety device.
- State Farm has savings for Drive Safe & Save, good student, safe vehicle, anti-theft, multiple autos, defensive driving training, and multiple policy.
- GEICO policyholders can earn discounts including emergency military deployment, good student, federal employee, anti-theft, defensive driver, and multi-vehicle.
- Allstate includes discounts for senior citizen, premier plus, early signing, good payer, and eSmart discount.
Before purchasing a policy, check with every insurance company to apply every possible discount. Depending on the company, some discounts may not apply to policies in your area. If you would like to see a list of insurers that offer the discounts shown above in Florida, click this link.
Coverage statistics and figures
The coverage table below outlines detailed analysis of insurance rates for Cadillac CTS-V models. Learning more about how policy premiums are calculated can help you make informed coverage decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Data rating is based on married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Estimates do not factor in vehicle garaging location which can influence rates considerably.
The chart below shows how choosing a deductible and can raise or lower Cadillac CTS-V premium costs for different age groups of insureds. The rates are based on a single male driver, full coverage, and no other discounts are factored in.
Responsible drivers pay cheaper Miami car insurance rates
The chart below shows how violations and accident claims raise Cadillac CTS-V premium costs for different age groups. The costs are based on a married female driver, comp and collision included, $500 deductibles, and no additional discounts are factored in.
Should you buy full coverage?
The chart below shows the comparison of Cadillac CTS-V yearly insurance costs with and without physical damage coverage. The information is based on no tickets, no at-fault accidents, $100 deductibles, single marital status, and no policy discounts are applied.
When to drop comp and collision
There is no exact rule of when to stop paying for physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of full coverage is about 10% or more of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
For example, let’s assume your Cadillac CTS-V book value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, you would only receive $6,000 after the policy deductible has been paid. If you are paying in excess of $600 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are a few cases where dropping full coverage is not financially feasible. If you haven’t satisfied your loan, you have to keep full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not consider dropping full coverage.
Shop online but buy locally
Certain consumers would prefer to visit with an insurance agent and there is nothing wrong with that. Professional agents can point out coverage gaps and help file insurance claims. One of the benefits of price shopping on the web is the fact that you can find cheap car insurance rates and still have a local agent. Buying from and supporting neighborhood agents is definitely important in Miami.
To help locate an agent, after submitting this quick form, your insurance coverage information is instantly submitted to participating agents in Miami who will give competitive quotes for your insurance coverage. There is no need to even leave your home since price quotes are sent straight to your inbox. If for some reason you want to compare prices for a specific company, you just need to jump over to their website and fill out the quote form the provide.
When searching for a good insurance agency, it can be helpful to understand the different agency structures and how they can quote your rates. Car insurance agencies can either be exclusive or independent. Both types can sell car insurance policies, but it’s a good idea to understand the difference between them since it could factor into your agent selection.
Independent Car Insurance Agents (or Brokers)
Independent agents do not work for one specific company so as a result can place your coverage through many companies enabling the ability to shop coverage around. If you are not satisfied with one company, your policy is moved internally and you stay with the same agent. When comparison shopping, you definitely need to get insurance quotes from independent agents to ensure the widest selection of prices.
Below is a small list of independent insurance agencies in Miami that can possibly get you cheap rate quotes.
CHECKMARK INSURANCE AGENCY – Auto and Homeowners Insurance Agents
1375 NW 36th St – Miami, FL 33142 – (305) 638-1280 – View Map
Exclusive Insurance Agents
Exclusive agencies can only provide one company’s prices like American Family, State Farm, and Allstate. Exclusive agents cannot compare other company’s rates so they have no alternatives for high prices. Exclusive agents are usually quite knowledgeable on the products they sell which helps them sell insurance even at higher premiums.
Shown below are exclusive insurance agents in Miami that can give you price quotes.
Rick Gonzalez – State Farm Insurance Agent
8830 Coral Way – Miami, FL 33165 – (305) 226-3412 – View Map
Choosing an auto insurance agent shouldn’t rely on just a cheap price quote. Below are some questions you should ask.
- In the event of vehicle damage, can you pick the collision repair facility?
- Do they have cheaper tiers of coverage?
- Where would your vehicle be repaired?
- Is the agent properly licensed in Florida?
- Do they have 24-hour customer assistance?
- Is the agent CPCU or CIC certified?
- How much experience to they have in personal lines coverages?
- Can they help ensure a fair claim settlement?
If you receive satisfactory answers to any questions you may have and locked in a price quote, chances are good that you have found an insurance agent that can insure your vehicles. Just be aware that you are able to terminate coverage whenever you wish so don’t assume that you are obligated to any specific agency for the full term.
Three main reasons to buy auto insurance
Even though it’s not necessarily cheap to insure a Cadillac in Miami, maintaining insurance serves several important purposes.
First, just about all states have mandatory insurance requirements which means you are required to buy a minimum amount of liability if you don’t want to risk a ticket. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if you have a lien on your vehicle, most lenders will stipulate that you have comprehensive coverage to guarantee loan repayment. If you do not pay your insurance premiums, the lender may insure your Cadillac at a much higher rate and require you to reimburse them for the much more expensive policy.
Third, insurance protects both your assets and your Cadillac. It will also pay for most medical and hospital costs for yourself as well as anyone injured by you. One of the most valuable coverages, liability insurance, also covers all legal expenses up to the policy limit in the event you are sued. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage minus the deductible amount.
The benefits of buying enough insurance definitely exceed the price paid, particularly for liability claims. An average driver in America is currently overpaying as much as $820 a year so you should quote your policy with other companies every year to be sure current rates are still competitive.
Car insurance coverages explained
Learning about specific coverages of a car insurance policy aids in choosing appropriate coverage and proper limits and deductibles. Car insurance terms can be impossible to understand and even agents have difficulty translating policy wording. Listed below are the usual coverages available from car insurance companies.
Collision coverage protection
This covers damage to your CTS-V resulting from a collision with another car or object. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision can pay for things such as rolling your car, colliding with a tree, sideswiping another vehicle and hitting a parking meter. Collision is rather expensive coverage, so consider dropping it from older vehicles. It’s also possible to choose a higher deductible on your CTS-V in order to get cheaper collision rates.
Uninsured or underinsured coverage
This coverage protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. It can pay for hospital bills for your injuries and damage to your Cadillac CTS-V.
Since many Florida drivers only purchase the least amount of liability that is required (10/20/10), their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is very important. Normally these coverages are similar to your liability insurance amounts.
This coverage covers damage OTHER than collision with another vehicle or object. A deductible will apply and then insurance will cover the rest of the damage.
Comprehensive insurance covers things like hitting a deer, hitting a bird, a broken windshield, hail damage and vandalism. The maximum amount your car insurance company will pay is the actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.
Medical expense coverage
Med pay and PIP coverage kick in for expenses such as X-ray expenses, chiropractic care, rehabilitation expenses, doctor visits and nursing services. They can be utilized in addition to your health insurance policy or if you are not covered by health insurance. It covers not only the driver but also the vehicle occupants and will also cover getting struck while a pedestrian. Personal injury protection coverage is not available in all states but it provides additional coverages not offered by medical payments coverage
Liability auto insurance
This can cover damage or injury you incur to other’s property or people in an accident. Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 10/20/10 which stand for $10,000 bodily injury coverage, a total of $20,000 of bodily injury coverage per accident, and property damage coverage for $10,000. Some companies may use one number which is a combined single limit which provides one coverage limit without having the split limit caps.
Liability can pay for things such as court costs, repair costs for stationary objects, funeral expenses, repair bills for other people’s vehicles and medical expenses. How much liability coverage do you need? That is your choice, but consider buying as much as you can afford. Florida requires drivers to carry at least 10/20/10 but drivers should carry more liability than the minimum.
The chart below shows why buying the state minimum limits may not be enough.
Be persistent to save money
Throughout this article, we presented a lot of tips how to lower your Cadillac CTS-V insurance prices in Miami. The key thing to remember is the more rate quotes you have, the better likelihood of getting inexpensive Miami car insurance quotes. Drivers may even discover the biggest savings come from an unexpected company. Smaller companies may only write in your state and offer lower rates than the large multi-state companies such as Progressive or GEICO.
More affordable insurance in Miami can be found online as well as from independent agents in Miami, so you need to quote Miami car insurance with both to have the best rate selection. Some insurance providers may not offer rates over the internet and usually these small, regional companies only sell coverage through independent agencies.
Steps to finding low-cost Cadillac CTS-V insurance in Miami
If saving money is your primary concern, then the best way to get budget Cadillac CTS-V insurance in Miami is to regularly compare price quotes from different companies who sell insurance in Florida. You can compare prices by following these steps.
- Step 1: Take a little time to learn about how insurance works and the factors you can control to prevent expensive coverage. Many factors that result in higher prices like multiple speeding tickets and poor credit history can be rectified by paying attention to minor details.
- Step 2: Compare rates from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only quote rates from one company like GEICO or State Farm, while independent agents can provide price quotes for a wide range of insurance providers.
- Step 3: Compare the new rates to the price on your current policy and determine if there is any savings. If you find better rates and change companies, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Step 4: Provide notification to your current agent or company of your intent to cancel your current policy. Submit the signed application along with the required initial payment to the new company. Once received, place your new certificate of insurance with your vehicle’s registration.
A good tip to remember is to compare identical coverages on each quote request and and to get prices from as many auto insurance providers as possible. This enables a level playing field and a complete price analysis.
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