How to Save Money on Insurance for your Mercedes-Benz S550
If buying auto insurance was as easy as it sounds on TV commercials, we'd have no problem getting the lowest rates. But more than likely, it's challenging for most people and we always end up paying more than we want. You probably feel the same way when trying to find cheaper coverage for your Mercedes-Benz S550.
Step One: Compare Multiple Rate Quotes
The old-fashioned method of shopping for car insurance included visiting several local insurance agents and being on the receiving end of a hard sell tactic. But you can now comparison shop and buy direct online!
Comparing insurance rates for a Mercedes-Benz S550 only require you to enter your information once. You'll receive multiple quotes and can easily compare rates.
To compare rates now, have your current policy handy (if you have one) and click the link below. Complete the short form and move on to step two.
Important! If you already have liability and physical damage coverage on your S550, it's important to keep the same limits and deductibles throughout the quote process. This allows you to fairly compare rates for many companies. If you use different limits and coverages for each quote, you won't be able to judge if the final rate is better or worse than other quotes.
Step Two: How to Cut Costs on S550 Insurance
If you have completed step one above (if not, please complete that step first), then you are now ready to learn some ways to insure your S550 that will also lower the rate you pay irregardless of which company you choose.
- Since your vehicle is higher performance than average, you can expect to pay a little more for coverage. To keep your costs lower, you may consider trading for a lower performance vehicle that has more moderate rates.
- Car insurance disounts for senior citizens are often offered by companies as well as discounts for belonging to a professional organization.
- The more a vehicles costs new, the more likely it is that repairs will cost more as well. Since the S550 is a luxury sedan vehicle insurance will cost a little more.
- You can check your credit score for free once a year, and it's a good idea to address any problems you find. Better credit results in better insurance rates.
- If your city or county offers a driver's safety course, find out if your insurance company will give you a discount to complete it. It could save you up to 10%.
- Newer car models are coming standard with advanced passenger safety systems, and these help reduce the risk of injury in an accident. Less injuries mean lower insurance rates.
- Higher deductibles save money. If you can afford to pay a larger portion of a comprehensive or collision claim, you will pay substantially less for those coverages if you increase your deductibles to $500 or even $1,000.
- Insurance companies pay attention to which vehicles are stolen the most, so if your car is frequently targeted by thieves, chances are good you will pay more for insurance if you live in certain parts of the country.
- A claim-free discount can help keep your rates down, so don't file claims that are only marginally more than your deductible. You're better off keeping the discount.
- Homeowners often see a break on their car insurance rates because there is a correlation between owning a home and being a responsible driver.
- 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.
- Teenage drivers can be very expensive to insure on newer vehicles will full coverage. You may be better off purchasing an older vehicle for your teenager and only insure it for liability.
- Do not allow your current car insurance coverage to lapse or expire. Insurance companies have a simple way to find out when your last policy ended (called a CLUE report), and if you went without coverage for any length of time you may pay more for coverage.
Step Three: Purchase a New Policy
You've compared rates and hopefully looked over the coverages for each vehicle on your policy to make sure they're adequate. Now you can make the big decision on which company will best fulfill your needs.
You can cancel a policy at any time, but just remember to make the effective date of the replacement policy the exact same as the date you cancel your old policy. You do not want any gaps in coverage between policies.
Before you drive your Mercedes-Benz S550 home, make sure you have a current car insurance policy in force. Coverage will extend to the new purchase from your policy, but if you don't have a policy then you have no protection. The coverage extended to an add-on vehicle is only as good as the coverage on existing vehicles, so if none of your current insured vehicles have full coverage, your new S550 won't have it either. So in that case, it's important to call your agent or company directly from the dealership and have them bind coverage immediately.
All states require you to keep the proof-of-insurance or financial responsibility card in your vehicle at all times. Failure to produce this document can result in a citation. If you are required to file an SR-22 with your state, your new insurance company will take care of that for you. If you cancel your coverage for any reason, you risk the loss of your driver's license.
Other Insurance Resources
For more information on car insurance, please visit the Insurance Information Institute's auto insurance informational page.
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