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

If 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.

• Employee of Federal Government – Being employed by or retired from a federal job may qualify for a discount when you quote Virginia Beach car insurance with a few insurance companies.
• Virginia Beach Homeowners Discount – Simply owning a home can save you money since owning and maintaining a home is proof of financial responsibility.
• College Student – Any of your kids who attend college more than 100 miles from Virginia Beach and don’t have a car may be able to be covered for less.
• Good Student Discount – A discount for being a good student can get you a discount of up to 25%. Earning this discount can benefit you up to age 25.
• Auto/Home Discount – If you insure your home and vehicles and place coverage with the same company you may save nearly 15% which can help you find inexpensive Cadillac CTS-V insurance in Virginia Beach.

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:

• AAA may have discounts that include good driver, multi-car, AAA membership discount, pay-in-full, and multi-policy.
• Progressive offers discounts for continuous coverage, online signing, homeowner, good student, online quote discount, multi-policy, and multi-vehicle.
• State Farm may include discounts for multiple policy, safe vehicle, defensive driving training, good driver, driver’s education, and accident-free.
• Esurance offers discounts including Pac-12 alumni, safety device, claim free, good student, paid-in-full, and homeowner.
• Nationwide may offer discounts for accident-free, Farm Bureau membership, defensive driving, good student, multi-policy, business or organization, and easy pay.

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.

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.

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.

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.

• Use one insurance company and save – Many auto insurance companies provide discounts to people that have more than one policy, otherwise known as a multi-policy discount. The discount can add up to ten or even fifteen percent. Even with this discount, drivers will still want to compare Cadillac CTS-V rates in Virginia Beach to confirm you are receiving the best rates possible.There is a chance you can save even more by splitting coverages up.

• Expect high rates for teens – Older drivers are proven to be safer behind the wheel, tend to cause fewer accidents, and tend to be get fewer driving tickets. Teenage drivers are statistically shown to be inattentive when behind the wheel therefore auto insurance rates are much higher.

  The following data uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.

• Women pay lower rates – Statistics demonstrate that females take fewer risks when driving. This data doesn’t prove that men are WORSE drivers than women. Both sexes cause auto accidents in similar percentages, but the men get into accidents with more damage. Men also get cited for more serious violations such as driving while intoxicated (DWI) or driving recklessly. Young men ages 16 to 20 are several times more likely to be in an accident so it costs more to insure them.

  The example below compares Cadillac CTS-V annual premium costs for male and female drivers. The premiums are based on no claims, a clean driving record, full coverage, $100 deductibles, drivers are not married, and no discounts are applied.

• Bad credit hurts insurance prices – An insured’s credit rating will be a significant factor in your rate calculation. People with excellent credit scores tend to be better risks to insure as compared to drivers with poor credit scores. Therefore, if your credit history could use some work, you could save money insuring your Cadillac CTS-V by repairing your credit.
• Getting married can lower premiums – Having a wife or husband helps lower the price on your policy. Marriage translates into being more mature and responsible and statistics prove drivers who are married file infrequent claims.

• Cadillac CTS-V statistical loss data – Companies use statistical claims data to help calculate premium rates. Vehicles that tend to have higher number or severity of losses will be charged more to insure. The next table illustrates the historical insurance loss data for Cadillac CTS-V vehicles.

  For each type of coverage, the claim probability for all vehicles, regardless of make, model or trim level, is set at 100. Values that are below 100 mean the vehicle has better than average losses, while percentage values above 100 point to more claims or tendency to have larger claims.

  
  

  Cadillac CTS-V Insurance Claim Statistics

  Vehicle Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Cadillac CTS-V 2dr	174	74	135

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years