Tired of paying out the nose each month for car insurance? You’re in the same situation as many other drivers. Drivers have multiple car insurance companies to purchase coverage from, and although it’s nice to have a choice, having more insurers makes it harder to compare company pricing.
It is always a good idea to get comparison quotes yearly due to the fact that insurance rates are constantly changing. Even if you got the best price for G550 coverage last year you may be paying too much now. There is too much inaccurate information about auto insurance online, so I’m going to show you some guaranteed methods to quit paying high auto insurance rates.
Verify you’re getting all your discounts
Companies offering auto insurance don’t always advertise all available discounts in an easy-to-find place, so we took the time to find some of the more common and the more hidden ways to save on auto insurance. If they aren’t giving you every credit possible, you are throwing money away.
- Discount for Good Grades – This discount can save 20 to 25%. Earning this discount can benefit you up to age 25.
- Organization Discounts – Participating in a qualifying organization is a good way to get lower rates when buying auto insurance for G550 coverage.
- Passive Restraints – Factory air bags or motorized seat belts can receive discounts up to 30%.
- Payment Discounts – By paying your policy upfront instead of paying each month you may reduce your total bill.
- Seat Belts Save more than Lives – Requiring all passengers to buckle their seat belts can save up to 15% off your medical payments premium.
- Multiple Cars – Insuring all your vehicles on the same auto insurance policy qualifies for this discount.
- Driver Safety – Successfully completing a course in driver safety could possibly earn you a 5% discount if you qualify.
- Anti-lock Brake Discount – Cars that have steering control and anti-lock brakes can avoid accidents and earn discounts up to 10%.
As a disclaimer on discounts, most discounts do not apply to the entire cost. Most cut the cost of specific coverages such as liability, collision or medical payments. So when it seems like you would end up receiving a 100% discount, you’re out of luck.
To see a list of insurance companies who offer auto insurance discounts, follow this link.
The auto insurance bait and switch
Consumers can’t get away from ads that promise big savings by Allstate, GEICO and Progressive. All the companies have a common claim of big savings if you move to their company.
How does each company make the same claim? It’s all in the numbers.
Different companies are able to cherry pick for the type of customer that is profitable for them. An example of a preferred risk might be between 30 and 50, a clean driving record, and has excellent credit. A customer who matches those parameters gets the lowest rates and as a result will probably save a lot of money.
Potential customers who don’t measure up to these standards must pay higher prices and ends up with business not being written. The ads state “customers who switch” but not “drivers who get quotes” save that much money. This is how insurance companies can confidently make those claims. This illustrates why you should compare many company’s rates. You cannot predict which auto insurance company will have the lowest rates.
Car insurance coverage information
Knowing the specifics of your policy helps when choosing which coverages you need and proper limits and deductibles. The terms used in a policy can be confusing and even agents have difficulty translating policy wording. These are typical coverages available from auto insurance companies.
Uninsured or underinsured coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle when other motorists either have no liability insurance or not enough. Covered losses include injuries sustained by your vehicle’s occupants and also any damage incurred to your Mercedes-Benz G550.
Since a lot of drivers have only the minimum liability required by law, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is very important.
Medical expense coverage – Coverage for medical payments and/or PIP pay for short-term medical expenses for things like X-ray expenses, funeral costs, doctor visits and surgery. They are often utilized in addition to your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants as well as getting struck while a pedestrian. Personal Injury Protection is not available in all states and gives slightly broader coverage than med pay
Comprehensive protection – Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for things like damage from a tornado or hurricane, damage from getting keyed, rock chips in glass, falling objects and vandalism. The maximum payout you’ll receive from a claim is the ACV or actual cash value, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
Collision coverages – This coverage pays for damage to your G550 from colliding with another car or object. You have to pay a deductible then your collision coverage will kick in.
Collision coverage protects against claims such as scraping a guard rail, crashing into a building and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are 8 years or older. Drivers also have the option to raise the deductible to get cheaper collision coverage.
Coverage for liability – This protects you from damage that occurs to other’s property or people that is your fault. It protects you from legal claims by others. Liability doesn’t cover your injuries or vehicle damage.
Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see liability limits of 25/50/25 that translate to a limit of $25,000 per injured person, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property.
Liability can pay for things like funeral expenses, structural damage, emergency aid and medical services. The amount of liability coverage you purchase is your choice, but consider buying as large an amount as possible.
Affordable insurance is out there
When you buy insurance online, it’s very important that you do not skimp on critical coverages to save a buck or two. There have been many situations where an insured cut physical damage coverage only to discover later they didn’t have enough coverage. The ultimate goal is to find the BEST coverage at a price you can afford while still protecting your assets.
The cheapest Mercedes-Benz G550 insurance is available online in addition to many insurance agents, so compare prices from both to get a complete price analysis. A few companies do not provide online quoting and usually these small insurance companies provide coverage only through local independent agents.
