Step-by-step Guide to Cheaper Mercedes-Benz S500 Insurance
If we enjoyed shopping for car insurance, we'd do it more often. But we always seem to pay too much for coverage and most people would rather go to the dentist. Finding good insurance for your Mercedes-Benz S500 probably leaves you feeling the same way.
Step One: Get Insurance Quotes
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 NEW way to buy car insurance!
Comparing insurance rates for a Mercedes-Benz S500 only require you to enter your information once. You'll receive multiple quotes and can easily compare rates.
Start a free rate quote comparison now by clicking the link below. Once you complete the short form, you'll be able to compare rates and then move on to our next section on how to lower rates even further.
Insurance Quoting Tip! The only way to accurately compare rates bewteen different companies for your S500 is to use identical coverage limits on all the quotes. If you use different liability limits and/or deductibles, you won't have an apples-to-apples rate comparison.
Step Two: Techniques to Lower your S500 Insurance Rates
After completing step one and having some rates to compare, you can now focus on policy and lifestyle modifications that will lower your S500 insurance rates.
- The Mercedes-Benz S500 is a higher performance vehicle, but do you really need the increased speed or power? Vehicles with more moderate performance are usually cheaper to insure.
- 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.
- OEM repair parts for the S500 cost more due to the higher quality. You will pay more for insurance because of this.
- If you're willing to shoulder more of the cost at claim time, consider raising your comprehensive and collision deductibles. This can easily cut 30% or more from your policy premium.
- Youthful or teen drivers that are rated on any vehicle will cost more. The inexperience and tendancy to enjoy going fast is a recipe for an accident.
- Speeding and other minor violations can impact your car insurance rates for up to three years. The increased cost can easily exceed the fine and court costs for the original ticket.
- Safety features such as passive restraints and air bag systems help reduce injuries in and accident, and car insurance companies will charge lower rates if these features are present.
- Smaller claims that hardly exceed your deductible are better off not being filed with your insurance company. Policyholders with no claims enjoy lower rates than those who frequently file claims.
- Thieves tend to steal certain makes and models of vehicles more than others, and if your car is on that list, expect to pay higher insurance rates because of it.
- One of the best ways to lower your insurance rates is to raise your credit score. Check your rating once a year and make sure to address any problem areas immediately.
- The time it takes to complete a driver's safety training course could be time well spent. It could save you up to 10% off your car insurance rates.
- 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.
- Being a homeowner can often get you a little discount on your auto insurance. Insuring you home with the same company as your autos can often get you even deeper discounts.
Step Three: Buy the Best Policy
Car insurance is pretty easy to buy online, but you do need to be aware that it is a legally binding contract. You need to have funds available for a down payment as well as review your coverages for any insufficiencies.
Make sure to avoid any lapse in coverage by setting the new policy's effective date to be the same date you cancel your old policy. Otherwise you could be driving without any coverage.
If the Mercedes-Benz S500 is a new purchase and you haven't had car insurance before, make sure you have coverage in place before driving off the lot. If you have other vehicles already covered, then you will have coverage for the new vehicle. 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
For more detailed car insurance topics, visit the Insurance Information Institute.
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