How long have you put off shopping around for more competitive Cadillac CTS insurance in Greensboro? Feel like you have an under-performing, overpriced car insurance policy? Trust us, many Greensboro drivers feel the same as you.
Surprisingly, a recent survey revealed that a large majority of drivers have been with the same company for a minimum of four years, and almost half have never compared quotes from other companies. American drivers could cut their rates by roughly $850 a year, but they think it’s difficult to find cheaper rates by getting comparison quotes.
Insurance companies such as Allstate, Progressive and GEICO increase brand awareness with TV and radio ads and it is difficult to see through the deception and do the work needed to find the best deal.
Rates and data analysis
The premium information shown below highlights different coverage costs for Cadillac CTS models. Understanding how car insurance premiums are figured is important for you to make smart choices when purchasing an insurance policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|CTS Luxury AWD||$218||$440||$250||$14||$74||$996||$83|
|CTS Performance AWD||$218||$440||$250||$14||$74||$996||$83|
|CTS Premium AWD||$242||$440||$250||$14||$74||$1,020||$85|
|Get Your Own Custom Quote Go|
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Estimates do not factor in specific Greensboro garaging location which can alter insurance rates substantially.
The illustration below shows how choosing a deductible and can raise or lower Cadillac CTS insurance rates for different age groups. The premiums are based on a single male driver, comprehensive and collision coverage, and no discounts are factored in.
Annual premiums comparing men and women in Greensboro
The example below shows the difference between Cadillac CTS insurance rates for male and female drivers. Data assumes no driving violations, no at-fault accidents, comprehensive and collision coverage, $250 deductibles, drivers are single, and no discounts are taken into consideration.
Should you buy full coverage?
The diagram below shows the difference between Cadillac CTS annual premium costs with full coverage and liability only. The rates are based on a clean driving record, no at-fault accidents, $1,000 deductibles, marital status is single, and no discounts are factored in.
When to drop full coverage
There is no specific rule of when to stop paying for comprehensive and collision coverage on your policy, but there is a general school of thought. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your Cadillac CTS settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $8,000 after paying your deductible. If you are paying over $800 annually to have full coverage, then you may need to consider dropping full coverage.
There are a few cases where eliminating full coverage is not a good idea. If you haven’t paid off your loan, you must maintain physical damage coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should keep full coverage.
What Impacts Cadillac CTS Insurance Premiums?
Many different elements are considered when you get a price on insurance. Some are pretty understandable such as your driving record, but other criteria are less obvious like where you live or your vehicle rating.
The factors shown below are some of the most rate-impacting factors companies use to determine rates.
Lower prices with alarms and GPS tracking – Choosing a vehicle that has an advanced theft prevention system can help lower your rates. Advanced theft deterrents such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can help prevent vehicle theft.
Insurance claims cost money – If you’re an insured who likes to file claims don’t be surprised to see either higher rates or even cancellation. Insurance companies in North Carolina give lower rates to insureds who do not rely on their insurance for small claims. Your car insurance is designed for claims that you cannot pay yourself.
Higher physical damage deductibles are cheaper – Protection for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your vehicle. Some examples of covered claims would be a windshield shattered by a rock, hail damage, and having your car stolen. The deductibles you choose define how much you are required to spend out-of-pocket if you file a covered claim. The more of the claim you have to pay, the bigger discount you will receive.
Safer vehicles means better rates – Safer cars tend to have lower insurance rates. Vehicles built for safety reduce injuries and better occupant protection translates directly to fewer claims and lower rates for you.
Save annual miles and save money – The higher the mileage driven every year the more you’ll pay to insure it. Most companies charge to insure your cars based on their usage. Cars and trucks that do not get driven very much receive lower rates than those that get driven frequently. Make sure your auto insurance coverage reflects the right rating data, because it can save money. An improperly rated CTS may be costing you higher rates.
Cadillac CTS claim probability – Insurers analyze claim trends for every vehicle to determine a rate that will be profitable for them. Vehicles that are shown to have increased losses will have higher rates. The table below illustrates the actual insurance loss data for Cadillac CTS vehicles.
For each coverage category, the claim amount for all vehicles, as an average, equals 100. Numbers under 100 suggest a better than average loss history, while numbers that are greater than 100 indicate more frequent claims or a tendency for claims to be larger.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Cadillac CTS 4dr 2WD||123||72||118||73|
|Cadillac CTS 4dr 4WD||127||75||98||75|
|Cadillac CTS-V 2dr||174||74||135|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
How to find a good North Carolina car insurance company
Selecting a highly-rated insurer can be challenging considering how many different insurance companies sell coverage in North Carolina. The ranking information shown below can help you select which car insurance providers you want to consider comparing rate quotes with.
Top 10 Greensboro Car Insurance Companies Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
- The Hartford – 87%
Persistence will pay off
Some insurance providers may not provide price quotes online and these smaller providers only sell coverage through local independent agencies. Lower-priced insurance in Greensboro is available from both online companies and from local insurance agents, so compare prices from both to have the best chance of lowering rates.
Insureds leave their current company for a variety of reasons including policy cancellation, high prices, delays in responding to claim requests and even denial of a claim. Whatever your reason, switching insurance companies is not as hard as you think.
When searching for affordable Greensboro car insurance quotes, it’s not a good idea to sacrifice coverage to reduce premiums. In many instances, someone dropped comprehensive coverage or liability limits only to regret that their decision to reduce coverage ended up costing them more. Your objective should be to find the BEST coverage at a price you can afford, not the least amount of coverage.
Steps to finding the cheapest rates for Cadillac CTS insurance in Greensboro
Truthfully, the best way to get discount Cadillac CTS insurance is to compare quotes once a year from companies that sell auto insurance in Greensboro.
- Try to comprehend how insurance companies determine prices and the measures you can take to prevent rate increases. Many factors that cause high rates such as your driving record and a not-so-good credit rating can be eliminated by making minor driving habit or lifestyle changes.
- Get rate quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give rate quotes from one company like GEICO and State Farm, while independent agencies can provide price quotes from many different companies.
- Compare the new rates to the price on your current policy and see if there is a cheaper rate in Greensboro. If you find better rates and make a switch, make sure coverage does not lapse between policies.
- Tell your current agent or company of your decision to cancel your current auto insurance policy and submit any necessary down payment along with the completed application to your new carrier. As soon as you receive it, put the new proof of insurance certificate with your registration paperwork.
A good tip to remember is to make sure you’re comparing similar limits and deductibles on each quote request and to quote with every insurance company. This enables the most accurate price comparison and plenty of rates choose from.
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