Tightwads Guide to Insuring a Mercedes-Benz R550
If comparing car insurance was easy, most of us would do it more often. But unfortunately, it's difficult for a lot of people and we always seem to pay more than we should. Buying insurance on your Mercedes-Benz R550 might leave you feeling the same way.
Step One: Compare Multiple Rates
Up until just recently, the only option you had for shopping for insurance was getting a high pressure sales pitch in the office of your local insurance agent. But now you can eliminate that hassle and buy online!
The best car insurance companies offer online quoting for a Mercedes-Benz R550 and it's very easy to compare different rates by only using one form.
To start saving, have your current policy handy and click the link below. Our short form makes it easy to enter your information and compare rates.
Quoting Tip! The only way to compare rates from multiple companies is to use identical coverage amounts and deductibles on each quote. If you use different limits on quotes, you cannot accurately determine which company has the best rates for your R550.
Step Two: How to Save on R550 Insurance
After completing step one above, you can now learn some of the other ways to slash your R550 insurance costs.
- You can definitely expect to pay a little more for insurance due to the performance level of your Mercedes-Benz R550. Vehicles with less power and speed tend to cost less to insure.
- One of the best ways to lower your insurance rates is to raise your credit score. Check your rating once a year and make sure to address any problem areas immediately.
- Repair shops have more expenses when repairing damage on luxury vehicles, so they will charge your insurance company more to make the repairs. This will be evident in your insurance rates even if you don't have a claim.
- One of the easiest ways to cut your rates is to increase your comprehensive and collision deductibles. By having a higher deductible like $500 or even $1,000, you can save 30% or more on physical damage coverage.
- 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.
- 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.
- If you think the only financial impact of a speeding ticket is a fine and court costs, think again. Insurance companies will raise your rates for up to three years for a single ticket.
- The time it takes to complete a driver's safety training course could be time well spent. It could save you up to 10% off your car insurance rates.
- 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.
- The advancement of car safety features such as traction control, stability control, front and side-impact air bags and all-wheel drive all help keep insurance costs down.
- Particular years and models of cars tend to be frequently stolen, and if your R550 is on that list, chances are your insurance company knows it and will ding you a little extra because of it.
- If your insurance company allows driver-specific car rating, you can save money by rating any teenage drivers on low profile vehicles with either no physical damage coverage or very high deductibles.
- Owning a home takes financial responsibility, and car insurance companies will often give you a break just for being a homeowner.
Step Three: Make an Informed Buying Decision
If you have found a good price by comparing quotes and also made informed decisions regarding policy limits, deductibles and other policy options that are available, you can now purchase the policy and bind coverage.
On your new policy, double check that the effective date is the same as the date you are cancelling your old policy. This avoids any lapse in coverage which can cause an increase in your rates.
Any time you buy a new vehicle, make sure you have car insurance in place, either from an existing policy or a new policy that you purchase from the dealership floor. Anytime you buy a vehicle, you want to make sure coverage is in place before driving off the lot. If you have a policy now, you will have at least liability coverage. But if you don't insure any vehicles with full coverage, then you will put your new R550 at risk as soon as you drive away.
Once your new policy has been purchased, you are required to keep the proof-of-insurance card in your vehicle at all times. This is required by state law and you can receive a citation if you cannot provide it. SR-22 filings are for high risk drivers and ensure that you have met your state's financial responsibility requirements. If you have DUI, DWI or uninsured accident convictions, you may have to file an SR-22 with your state DMV.
For More Information
To read more about topics such as how to file a claim, replacement auto parts and mistakes to avoid, visit the Insurance Information Institute website.
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