Three Steps to Cheaper Mercedes-Benz 500SL Insurance
If we enjoyed shopping for car insurance, we'd do it more often. But more than likely, it's challenging for most people and we always end up paying more than we want. Finding affordable insurance for your Mercedes-Benz 500SL is probably the same story.
Step One: Get Insurance Quotes
If you haven't shopped for car insurance for awhile you might remember the days when the only option was to visit a local insurance agent. Now you can compare rates and buy a policy online!
All the major car insurance companies sell insurance for a Mercedes-Benz 500SL and you don't even have to visit each individual website!
To compare rates now, have your current policy handy (if you have one) and click the link below. Complete the short form and move on to step two.
Apples-to-Apples! When doing comparison quotes for your 500SL, it's very important that you use the same liability limits and physical damage deductibles on each quote. Otherwise you will not be able to accurately determine which company has the lowest rates.
Step Two: How to Cut Costs on 500SL Insurance
After completing step one and having some rates to compare, you can now focus on policy and lifestyle modifications that will lower your 500SL insurance rates.
- Vehicles that are considered high performance will have a higher insurance price tag that your average family sedan. The Mercedes-Benz 500SL is no exception.
- If you're over the age of 55, check to see if you qualify for a senior citizen discount. Qualification age may vary by company
- The 500SL would be considered a luxury vehicle, and repair costs are generally higher for more expensive vehicles. This increased cost is passed on to you through a higher insurance cost.
- Good credit will get you lower car insurance rates. Evidence correlates good credit with low claims, so the better you maintain your credit level, the less risk you are to your company.
- Many insurance companies will give you a small discount if you've recently completed a driver's training course.
- Newer car models are coming standard with advanced passenger safety systems, and these help reduce the risk of injury in an accident. Less injuries mean lower insurance rates.
- 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.
- If your 500SL ranks on the list of vehicles that are frequently stolen, that can result in a higher rating class and a more expensive rate.
- 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 own a home, you may get a break on your car insurance. Home ownership demonstrates financial responsibility.
- Speeding tickets and other violations can negatively impact your insurance rates for up to three years. Get too many tickets and you'll be shopping for a new car insurance company.
- Teenage drivers can be very expensive to insure on newer vehicles will full coverage. You may be better off purchasing an older vehicle for your teenager and only insure it for liability.
- If you have a period where you don't have any insurance coverage, that's called a lapse. The longer the lapse, the more you'll pay to reinstate coverage.
Step Three: Finalize your Car Insurance Policy
You've compared rates and hopefully looked over the coverages for each vehicle on your policy to make sure they're adequate. Now you can make the big decision on which company will best fulfill your needs.
An important thing to keep in mind when buying a new policy is you want the effective date of the new policy to be the exact same as the date you are cancelling your old policy.
If the Mercedes-Benz 500SL is a new purchase and you already have car insurance, then you will have some coverage that extends to the vehicle. But if you let your old policy lapse or have never had coverage, you don't have any protection once you buy the vehicle. Coverage that extends from an existing policy is only as good as your current coverage. So if you don't carry full coverage on any vehicles, you won't have it on your new 500SL.
Be sure to replace any old proof-of-insurance cards in your car. You must always have the current card in your vehicle as required by state law. If you have received a DUI, reckless driving citation or caused an accident without insurance, you may be required to file an SR-22 with your state DMV. Make sure your new company is aware of the SR-22 filing requirement.
More Resources
For more information on car insurance topics like the claims process, rental car insurance and how much coverage you need, visit the Insurance Information Institute website.
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