How to Insure a Mercedes-Benz CL500 like a Tightwad
If comparing car insurance was easy, most of us would do it more often. Unfortunately, it's not always as easy as it sounds to get the best rate. Finding insurance for your Mercedes-Benz CL500 that you can actually afford is probably no different.
Step One: Compare Multiple Rates
Up until about ten years ago, the only way to shop for car insurance was in the office of a local insurance agent where you'd get a hard sell into a policy. Not anymore!
You can now shop all the best car insurance companies and compare rates for a Mercedes-Benz CL500 and you don't even have to visit each individual website!
To find affordable coverage for your Mercedes-Benz CL500, the first step is to click the link below and complete the short form.
Important Tip! In order to accurately compare rates for your CL500, it's critical that you use the same limits and deductibles for liability and physical damage coverages like comprehensive and collision. If you use different limits, you will not be able to accurately compare rates between carriers.
Step Two: Tricks to Saving Money on CL500 Insurance
After completing step one above, you can now learn some of the other ways to slash your CL500 insurance costs.
- The performance boost offered by your Mercedes-Benz CL500 is going to force you to spend more for insurance. Consider trading for a lower performance vehicle in order to bring down your rates.
- Vehicles that tend to get stolen or have high repair costs will cost you more to insure. If your CL500 falls into either category, it could cost you.
- Repairing accident damage generally costs more for the CL500 because the replacement parts cost more. You can expect your car insurance bill to reflect these higher costs for repair.
- Membership has it's privleges. If you're a member of a professional organization, check to see if your company offers discounts to its members. It can add up to 5% or more.
- Smaller claims that hardly exceed your deductible are better off not being filed with your insurance company. Policyholders with no claims enjoy lower rates than those who frequently file claims.
- Most insurance companies will give you a discount on your car insurance if you also own a home. Some go even farther and give you discounts if you package your homeowners and auto insurance with them.
- Air bags, antilock brakes, traction control, and stability control all help lower the cost of insurance due to reducing the risk of injury in an accident.
- If switching companies, always have the effective date of the new policy be identical to the expiration date on the old policy. This prevents a lapse in coverage and companies charge higher rates if you have any lapses.
- If you have a speeding ticket or other moving violation, you could be charged more for insurance. If you get a ticket, find out if your county or state offers a defensive driving course that will void the ticket upon completion.
- If your teen driver has completed a driver's education class in school, check to see if your insurance company offers any discounts for this.
- Youthful or teen drivers that are rated on any vehicle will cost more. The inexperience and tendancy to enjoy going fast is a recipe for an accident.
- If you're not sure what your credit rating is, check it now. Car insurance companies use your credit score to determine the rates you pay, so the better your credit, the less you will pay.
- You can save money on your physical damage coverage (comprehensive and collision) by increasing your deductibles. Higher deductibles mean you are willing to pay more before the insurance company covers a claim.
Step Three: Bind Coverage and Cancel your Old Policy
It's time to make a purchase decision based on your rate comparisions and and any policy coverage changes you wish to make. Once you are comfortable with the cost and coverages, you can finalize your purchase by paying your premium down payment.
If you didn't have a prior policy, then you can make the new policy effective any time. But if you're moving bewteen companies and don't want a lapse in coverage, make sure the effective date of the new policy is exactly the same as the cancellation date of the old policy.
If you are adding a vehicle to an existing policy and not buying a new one, just make sure to get the vehicle added as soon as possible. Every insurance company offers a grace period to add new vehicles, so make sure you get the Mercedes-Benz added prior to the expiration of this grace period. When driving off the lot, you may have coverage that extends from your current policy. But it will only be equal to the most coverage you have on any vehicle. So if you only carry liability coverage, you won't be covered for full coverage until you specify it on your policy.
Once you have purchased your policy, print out the insurance card that must go in your vehicle. This card fulfills the state law requiring you to prove financial responsibility. High risk drivers may be required to submit an SR-22 with their state DMV's. If you have been convicted of reckless driving, DUI or had an uninsured accident, you may qualify. Make sure your new policy reflects the need for the SR-22 filing.
More Resources for Insurance Buying
The Insurance Information Institute has a great resource of car insurance articles where you can learn more about coverages and money saving tips. Visit iii.org.
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