How to Save on Cadillac CTS-V Insurance in Virginia Beach

Insurance quote for Cadillac CTS-V in Virginia BeachIf you want to find the absolute lowest rates, then the best way to get affordable car insurance rates in Virginia Beach is to make a habit of comparing prices annually from providers in Virginia.

  1. Get an understanding of how auto insurance works and the measures you can control to keep rates down. Many rating criteria that are responsible for high rates such as tickets, at-fault accidents, and bad credit can be eliminated by making lifestyle changes or driving safer. Continue reading for additional ideas to find cheap rates and get additional discounts that may have been overlooked.
  2. Quote rates from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from one company like GEICO or State Farm, while independent agencies can give you price quotes from many different companies.
  3. Compare the quotes to your current policy premium and determine if cheaper CTS-V coverage is available. If you find a lower rate, make sure coverage is continuous and does not lapse.
  4. Tell your current company to cancel your current auto insurance policy. Submit a down payment along with a signed application to the new insurer. Make sure you keep your new certificate of insurance in a readily accessible location in your vehicle.

An essential thing to point out is that you’ll want to make sure you compare identical coverages on every quote request and and to get rates from as many different companies as possible. This ensures the most accurate price comparison and the best price quote selection.

A recent auto insurance study revealed that a large majority of consumers have remained with the same auto insurance company for at least four years, and approximately 40% of consumers have never compared rates with other companies. Virginia drivers could save an average of roughly 45% each year just by shopping around, but they assume it’s a waste of time to compare rate quotes.

Just keep in mind that getting more free quotes increases your odds of finding the best offered rates. Some smaller insurers do not give online Virginia Beach CTS-V insurance quotes, so you also need to get quotes from those companies as well.

The car insurance companies shown below are ready to provide comparison quotes in Virginia Beach, VA. In order to find the best auto insurance in Virginia, it’s a good idea that you get prices from several of them to get the best price comparison.

Virginia Beach insurance discounts

Insuring your fleet can be pricey, but there could be significant discounts that you may not know about. Certain discounts will be applied at the time of purchase, but some must be asked about before being credited. If you check and find you aren’t receiving every discount available, you could be getting lower rates.Save money with discounts

You can save money using discounts, but many deductions do not apply to the entire cost. Most only reduce the cost of specific coverages such as medical payments or collision. If you do the math and it seems like all the discounts add up to a free policy, it doesn’t quite work that way.

The information below shows the comparison of Cadillac CTS-V annual premium costs with and without policy discounts. The prices are based on a female driver, no accidents or driving violations, Virginia state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, claim-free, homeowner, multi-car, safe-driver, and marriage discounts applied.

Popular insurance companies and some of the discounts include:

If you need lower rates, check with each company which discounts they offer. Some credits may not be available in every state. To see providers who offer discounts in Virginia Beach, follow this link.

Auto insurance statistics for a Cadillac CTS-V

The data table displayed next showcases different insurance costs for Cadillac CTS-V models. Learning how insurance policy premiums are established can help drivers make decisions when choosing a new policy provider.

Cadillac CTS-V Insurance Rates in Virginia Beach, VA
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CTS-V $244 $462 $218 $12 $66 $1,002 $84
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Virginia minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, homeowner, and multi-policy. Prices do not factor in vehicle garaging location which can decrease or increase coverage prices greatly.

Policy deductibles

One of the hardest decisions when shopping for auto insurance is the level to set your comp and collision deductibles. The premium rates below can help illustrate the differences in premium rates of buying low and high comp and collision deductibles. The first set of rates uses a $250 deductible and the second set of rates uses a $500 deductible.

Cadillac CTS-V insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CTS-V $302 $574 $218 $12 $66 $1,197 $100
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Cadillac CTS-V insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CTS-V $244 $462 $218 $12 $66 $1,002 $84
Get Your Own Custom Quote Go

Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Virginia minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Premium costs do not factor in specific Virginia Beach garaging location which can influence insurance rates substantially.

Based on this data, we can arrive at the conclusion that using a $250 deductible will cost you about $16 more each month or $192 a year across all Cadillac CTS-V models than buying the higher $500 deductible. Since you would have to pay $250 more to file a claim with a $500 deductible as compared to a $250 deductible, if you tend to average more than 16 months between claims, you would more than likely save some money if you choose the higher deductible.

Calculate deductible break even point

Average monthly premium for $250 deductibles: $100
Average monthly premium for $500 deductibles (subtract): – $84
Monthly savings from raising deductible: $16
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $16
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 16 months

One important issue to know is that a higher deductible results in a higher out-of-pocket expense when you file a claim. You need to make sure you have enough money put aside in order to pay the higher deductible in order to repair your vehicle.

Impact of speeding/accidents on Virginia Beach auto insurance rates

The chart below demonstrates how traffic citations and accident claims impact Cadillac CTS-V annual premium costs for different age groups. The data assumes a single female driver, full physical damage coverage, $250 deductibles, and no policy discounts are applied.

Cost of full coverage in Virginia Beach

The example below visualizes the comparison of Cadillac CTS-V car insurance rates with full physical damage coverage compared to only buying liability only. The information is based on no violations or accidents, $1,000 deductibles, drivers are single, and no discounts are taken into consideration.

When to drop comprehensive and collision coverage

There is no definitive rule for eliminating comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s pretend your Cadillac CTS-V replacement value is $4,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $3,000 after paying the physical damage deductible. If you are currently paying more than $300 annually for physical damage coverage, then it may be the right time to buy liability only.

There are some cases where dropping physical damage coverage is not in your best interest. If you haven’t paid off your loan, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not eliminate full coverage.

Get Lower-cost Auto Insurance with These Tips

Many things are considered when you quote your car insurance policy. Some are pretty understandable such as your driving record, but others are not as apparent like your continuous coverage or how safe your car is.

The following are a few of the things utilized by car insurance companies to help set your rates.