How to Insure a Mercedes-Benz SL320 like a Tightwad
If shopping for auto insurance was more enjoyable, it would get done more often. But most likely we pay more than we want to and don't really enjoy the buying process. Buying insurance on your Mercedes-Benz SL320 might leave you feeling the same way.
Step One: Compare Rates
If you haven't priced insurance for awhile, you may still think that the only way to compare rates is to drive around town to multiple insurance offices and meet with an agent. Welcome to the 21st century!
Comparing insurance rates for a Mercedes-Benz SL320 only require you to enter your information once. You'll receive multiple quotes and can easily compare rates.
To begin, click on the link below and complete the short form. It only takes a few minutes and it's helpful to have your current policy handy if you have one.
Important Tip! In order to accurately compare rates for your SL320, 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: How to Lower your SL320 Insurance Premium
Now that you have several rates to compare (since you did compare rates above, right?), we will now show you some additional ways you can lower your SL320 insurance rates.
- You can definitely expect to pay a little more for insurance due to the performance level of your Mercedes-Benz SL320. Vehicles with less power and speed tend to cost less to insure.
- If you've recently completed a driver's training or safety course, tell your insurance company. You may qualify for a 5-10% discount.
- OEM repair parts for the SL320 cost more due to the higher quality. You will pay more for insurance because of this.
- If you belong to a professional organization for your employment, you may qualify for a discount rate. And if you're a senior citizen, you may get a discount for your age as well.
- Let's face it, you aren't driving a SL320 because of the fuel economy. You like the looks and performance and you'll pay a little more for insurance because you're driving a sports car.
- If you have any teenage drivers in your household, expect to fork out quite a bit more for insurance. Rating them on a low profile vehicle with liability only coverage is the best way to save money.
- To keep your rates low, don't file excessive claims on your policy. Insurance is meant to cover large losses, not small damage that you can pay for out-of-pocket.
- 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.
- Renters will find they may be paying more for insurance as compared to homeowners. Owning a home can often get you a small discount on your car insurance.
- 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.
- 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 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.
- When buying a new policy, you do not want a gap in coverage. This lapse is viewed by insurance companies as a high risk, and you will pay more for your next policy.
- If your SL320 ranks on the list of vehicles that are frequently stolen, that can result in a higher rating class and a more expensive rate.
Step Three: Make an Informed Buying Decision
Choosing a new car insurance company is not easy. But hopefully you have a handful of quotes for your SL320 that will give you a good idea of how much it will cost, as well as some idea of any coverage changes you may want to make.
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.
If you don't currently have a car insurance policy, make sure you have coverage in force before driving your Mercedes-Benz off the lot. But if you already have a policy, you will have coverage extended to your new car from your existing policy. Most car insurance companies will extend coverage to newly purchased vehicles, but only up to the limits of the best insured vehicle. So if you only carry liability insurance and no physical damage coverage, your new purchase will be inadequately insured until you specifically add it to the policy with full coverage.
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 qualilfy as a high-risk driver after being convicted of a DUI, reckless driving or driving on a suspended license, you may be required to file an SR-22 with your state's DMV. Be sure your new car insurance company is aware of this filing requirement.
Additional Learning Resources
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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