Penny Pincher's Guide to Insuring a Mercedes-Benz 560SEC
If searching for lower car insurance rates was a good time, we'd have no problem finding the best rate. But most likely we pay more than we want to and don't really enjoy the buying process. Finding insurance for your Mercedes-Benz 560SEC that you can actually afford is probably no different.
Step One: Compare Rates from Multiple Companies
If it's been a few years since you shopped for car insurance, you might still think the only way to buy is from a local agent. Now that we have the internet, shopping for car insurance online is a snap!
All the major car insurance companies sell insurance for a Mercedes-Benz 560SEC and you can compare their rates by entering your information only one time.
Compare rates now by clicking the link below. In just a few minutes you'll have a good idea of what insurance will cost for your Mercedes-Benz 560SEC.
Important Tip! In order to accurately compare rates for your 560SEC, 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 560SEC Insurance Premium
What you actually pay to insure your Mercedes-Benz is determined by many factors, some of which you have no control over.
- The performance boost offered by your Mercedes-Benz 560SEC is going to force you to spend more for insurance. Consider trading for a lower performance vehicle in order to bring down your rates.
- Auto theft is a big problem that costs us all money, but if your car is on the list of the most frequently stolen autos, you might be paying a little extra because of the temptation to thieves.
- Owning a luxury vehicle like your 560SEC means you'll pay a little more for insurance due to the higher cost of repair parts.
- Members of many professional organizations can receive discounts on car insurance, and if you're a senior citizen, that could earn you an additional discount.
- Small claims that may only exceed your physical damage deductibles by a small amount are better off not being submitted to your company. Just pay the extra hundred dollars or two and keep a claim-free discount on your policy.
- If you rent rather than own a home, you may be paying more for car insurance. Homeowners often get lower rates.
- 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 switching companies, always have the effective date of the new policy be identical to the expiration date on the old policy. This prevents a lapse in coverage and companies charge higher rates if you have any lapses.
- 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.
- If you've recently completed a driver's training or safety course, tell your insurance company. You may qualify for a 5-10% discount.
- Every parent dreads the day when their teenager gets added to their policy. If you are a teenager, or if you have one on your policy, expect to pay significantly more each year.
- Each year make a habit of checking your credit score. If you find problems that may be dragging down your credit rating, address them immediately. This will result in significant savings on car insurance.
- You can save money on your physical damage coverage (comprehensive and collision) by increasing your deductibles. Higher deductibles mean you are willing to pay more before the insurance company covers a claim.
Step Three: Bind Coverage and Cancel your Old Policy
Choosing a new car insurance company is not easy. But hopefully you have a handful of quotes for your 560SEC 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.
If you didn't have a prior policy, then you can make the new policy effective any time. But if you're moving bewteen companies and don't want a lapse in coverage, make sure the effective date of the new policy is exactly the same as the cancellation date of the old policy.
Coverage will extend from your current policy if you're buying a Mercedes-Benz 560SEC, but if you don't have a policy, you will need to make sure you have coverage in place before you drive it off the dealership lot. If your current policy has any vehicle with full coverage (comprehensive and collision), then your new 560SEC will have that coverage extended to it. If you only have liability coverage on your policy, then you have no physical damage coverage on your new purchase.
After completing your policy purchase, you can print out the proof-of-insurance card to place in your car. Always keep the current card available in case requested by law enforcement or if you are in an accident. If an SR-22 is required due to a reckless driving conviction, DUI or conviction of driving without insurance, make sure your new company is aware of that. Not filing a court-ordered SR-22 can result in suspension of your driver's license.
Additional Insurance Information
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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