A recent insurance study revealed that a large majority of consumers renewed their policy with the same company for more than four years, and 38% of drivers have never compared rate quotes at all. Many consumers in California could cut their rates by as much as 35% a year, but they don’t want to spend time to compare rate quotes.
If you want to find the absolute lowest rates, then the best way to find better pricing on car insurance rates is to make a habit of regularly comparing prices from insurers in Stockton. Rates can be compared by following these steps.
- Spend some time learning about how your policy works and the measures you can take to prevent expensive coverage. Many rating factors that result in higher prices such as your driving record and a substandard credit history can be amended by paying attention to minor details.
- Compare rates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only quote rates from one company like GEICO and State Farm, while independent agents can quote prices for many different companies.
- Compare the new quotes to your existing policy to see if cheaper CTS coverage is available. If you can save some money, ensure coverage does not lapse between policies.
- Give notification to your agent or company of your decision to cancel your current coverage. Submit the application along with any required down payment for your new policy. When you receive it, place your new certificate verifying coverage in an easily accessible location in your vehicle.
An important part of this process is to use identical limits and deductibles on each quote request and and to get prices from as many companies as feasibly possible. Doing this guarantees an apples-to-apples comparison and a better comparison of the market.
If you have a current car insurance policy or just want a better rate, you will benefit by learning to get lower rates and still have adequate protection. Finding and buying the cheapest car insurance in Stockton is not as difficult as people think. Shoppers just need to understand the tricks to compare company rates on the web.
Cadillac CTS coverage analysis
The rate table displayed next showcases different policy rates for Cadillac CTS models. Learning how auto insurance prices are calculated helps drivers make smart policy decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|CTS Luxury AWD||$370||$912||$500||$30||$150||$1,962||$164|
|CTS Performance AWD||$370||$912||$500||$30||$150||$1,962||$164|
|CTS Premium AWD||$412||$912||$500||$30||$150||$2,004||$167|
|Get Your Own Custom Quote Go|
Table data represents single female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and California minimum liability limits. Discounts applied include homeowner, multi-policy, multi-vehicle, safe-driver, and claim-free. Table data does not factor in your specific Stockton location which can modify price quotes considerably.
Cost comparison with and without full coverage
The diagram below shows the comparison of Cadillac CTS annual premium costs with full physical damage coverage compared to only buying liability only. The premiums assume no claims or violations, $100 deductibles, marital status is single, and no additional discounts are factored in.
When to stop buying comprehensive and collision coverage
There is no definitive formula for eliminating physical damage coverage, but there is a guideline you can use. If the yearly cost of full coverage is 10% or more of the replacement cost minus the deductible, then you may want to consider only buying liability coverage.
For example, let’s assume your Cadillac CTS replacement cost is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company will settle for is $3,000 after the deductible is paid. If you are paying in excess of $300 a year for full coverage, then it could be time to drop full coverage.
There are some situations where dropping physical damage coverage is not a good idea. If you haven’t paid off your loan, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should not eliminate full coverage.
Informed Drivers Save More
When buying insurance it’s important to understand some of the elements that are used to determine the level of your policy premiums. When you know what positively or negatively influences your rates, this allows you to make educated decisions that will entitle you to much lower annual insurance costs. Multiple criteria are used in the calculation when pricing auto insurance. Some are obvious such as your driving record, but other factors are more transparent such as whether you are married or your financial responsibility.
The list below includes some of the most common factors used by insurance companies to determine your rates.
Married people drive safer – Having a wife or husband may earn you lower rates on your insurance bill. Having a spouse demonstrates that you tend to be more stable financially it has been statistically shown that being married results in fewer claims.
Excellent credit scores equal low rates – Having a bad credit score is a large factor in determining what you pay for insurance. If your credit history could use some work, you could potentially save money when insuring your Cadillac CTS by improving your credit score. Insureds with excellent credit tend to file fewer claims and have better driving records as compared to drivers with lower credit ratings.
Do you qualify for a multi-policy discount? – Most larger insurance companies allow better rates to buyers who carry more than one policy. It’s known as a multi-policy discount. The discount can be five, ten or even twenty percent. Even if you qualify for this discount already, it’s in your best interest to get quotes from other companies to confirm you are receiving the best rates possible.
Costs can change based on your address – Choosing to live in less populated areas can save you money when trying to find low car insurance rates. Drivers who live in large cities have to deal with traffic congestion and more time behind the wheel. Fewer drivers and short commutes means reduced accidents as well as less vandalism and auto theft.
Your career may increase premiums – Jobs such as military personnel, social workers, and emergency personnel usually pay higher average rates because of job stress and incredibly demanding work hours. Conversely, occupations like actors, athletes and performers pay the least.
Cheaper rates with high comp and collision deductibles – Deductibles for physical damage are the amount of money you are willing to pay out-of-pocket before a claim is paid by your company. Insurance for physical damage to your car, also called comprehensive and collision insurance, insures against damage to your car. Some coverage claims could be a windshield broken by a bird, vandalism, and damage caused by road hazards. The higher the amount you choose to pay out-of-pocket, the bigger discount you will receive.
Premiums also based on gender – Statistics demonstrate that men are more aggressive behind the wheel. However, this does not mean females are better at driving than males. Both sexes cause fender benders in similar numbers, but the male of the species get into accidents with more damage. In addition to higher claims, males also get more serious tickets such as DWI and reckless driving.
The illustration below illustrates the difference between Cadillac CTS yearly insurance costs for male and female drivers. The data is based on no tickets, no at-fault accidents, full physical damage coverage, $500 deductibles, marital status is single, and no other discounts are factored in.
Type of vehicle determines base costs – The performance of the vehicle you drive makes a significant difference in the rate you pay. The cheapest insurance rates are usually for the lowest performance passenger vehicles, but the cost you end up paying is determined by many additional factors.
The chart below assumes a married male driver age 40, full coverage with $250 deductibles, and no discounts or violations. It compares Cadillac CTS car insurance rates compared to other vehicles that have a range of performance risks.
Insurance loss data for Cadillac CTS vehicles – Companies use statistical claims data as a way to help calculate a profitable premium rate. Models that the statistics show to have higher number or severity of losses will cost more for coverage. The table below demonstrates the insurance loss data used by companies for Cadillac CTS vehicles.
For each insurance policy coverage type, the loss probability for all vehicles averaged together equals 100. Values that are below 100 represent a good loss history, while values that are 100 or greater point to more frequent losses or an increased chance of larger losses than average.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Cadillac CTS 4dr 2WD||123||72||118||73|
|Cadillac CTS 4dr 4WD||127||75||98||75|
|Cadillac CTS-V 2dr||174||74||135|
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
You can lower your auto insurance rates
In this article, we presented a lot of tips how to get a better price on Cadillac CTS insurance in Stockton. The key thing to remember is the more rate comparisons you have, the higher your chance of finding cheaper Stockton car insurance quotes. You may even be surprised to find that the best rates are with a company that doesn’t do a lot of advertising. Smaller companies may have significantly lower car insurance rates on certain market segments than their larger competitors like Progressive and GEICO.
While you’re price shopping online, it’s not a good idea to sacrifice coverage to reduce premiums. There are a lot of situations where an accident victim reduced uninsured motorist or liability limits and learned later they didn’t have enough coverage. The aim is to get the best coverage possible at the best cost but still have enough coverage for asset protection.
Budget-friendly auto insurance in Stockton is definitely available on the web and also from your neighborhood Stockton agents, and you need to comparison shop both so you have a total pricing picture. Some insurance providers do not provide the ability to get quotes online and many times these regional insurance providers only sell coverage through independent agents.
- Learn About Car Insurance (GEICO)
- What Car Insurance is Cheapest for a Kia Optima in Stockton? (FAQ)
- Who Has Cheap Stockton Auto Insurance Quotes for College Graduates? (FAQ)
- How Much is Stockton Car Insurance for Drivers with a DUI? (FAQ)
- Alcohol Impaired Driving FAQ (iihs.org)
- Winter Driving (Insurance Information Institute)
- Teen Driving Statistics (GEICO)