Really, the only way to save on Cadillac CTS-V insurance in Raleigh is to compare prices annually from insurance carriers in North Carolina. Prices can be compared by following these steps.
First, try to comprehend how auto insurance works and the measures you can control to drop your rates. Many things that cause rate increases such as at-fault accidents and your credit history can be remedied by making minor driving habit or lifestyle changes.
Second, get rate quotes from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can provide rates from one company like Progressive or Farmers Insurance, while independent agents can give you price quotes from many different companies.
Third, compare the new rate quotes to your current policy premium and see if you can save money. If you find a better price and switch companies, make sure coverage does not lapse between policies.
Fourth, tell your current company of your intention to cancel your existing policy and submit a down payment along with a completed application to the new company. As soon as you have the new policy, put the certificate verifying proof of insurance in an easily accessible location.
A crucial key to this process is to make sure you’re comparing identical deductibles and limits on every quote and and to look at every company you can. Doing this enables a fair price comparison and a thorough price selection.
Amazingly, the majority of drivers kept their coverage with the same auto insurance company for at least the last four years, and nearly 40% of drivers have never even compared quotes to find lower-cost rates. Many drivers in Raleigh could save up to 10% every year, but they don’t know the rate savings if they just switched companies.
It’s important to know that making a lot of price comparisons helps you find the best rates. Not every company allows you to get online price quotes, so it’s recommended that you also compare price quotes from the smaller companies as well.
The auto insurance companies shown below can provide price comparisons in North Carolina. If multiple companies are listed, it’s highly recommended you visit as many as you can to get the best price comparison.
Insurance rate breakdown
The coverage information displayed next covers detailed analysis of insurance premium costs for Cadillac CTS-V models. Having knowledge of how prices are formulated is important for making informed coverage decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $360 | $816 | $286 | $16 | $86 | $1,564 | $130 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on single female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Price information does not factor in the specific area where the vehicle is garaged which can modify coverage prices noticeably.
Deductible comparison
One common question asked by Raleigh drivers is which comprehensive and collision deductibles to buy. The following insurance rates illustrate the cost difference between low and high coverage deductibles. The first rate estimation uses a $100 physical damage deductible and the second set of rates uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $324 | $662 | $212 | $12 | $64 | $1,299 | $108 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $180 | $350 | $212 | $12 | $64 | $818 | $68 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Table data does not factor in vehicle location which can decrease or increase coverage rates greatly.
Using the data above, we can ascertain that using a $100 deductible costs approximately $40 more each month or $480 every year than requesting the higher $1,000 deductible. Because you would pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to have at least 23 months between claims, you would come out ahead if you elect the higher deductible. The illustration below shows how you can come to your own conclusion.
| Average monthly premium for $100 deductibles: | $108 |
| Average monthly premium for $1,000 deductibles (subtract): | – $68 |
| Monthly savings from raising deductible: | $40 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $40 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 23 months |
One important note is that a higher deductible means you pay more out-of-pocket when you do file a claim. That will necessitate enough disposable savings in the event you have to pay the deductible.
The example below illustrates how your deductible choice and can change Cadillac CTS-V yearly insurance costs for each different age category. The rate quotes are based on a married male driver, full physical damage coverage, and no discounts are applied.
Drive responsibly or pay higher rates
The diagram below illustrates how violations and accidents can increase Cadillac CTS-V insurance prices for different age groups. The premiums assume a married male driver, comprehensive and collision coverage, $100 deductibles, and no additional discounts are factored in.
Annual premiums comparing men and women in Raleigh
The chart below shows the difference between Cadillac CTS-V insurance costs for male and female drivers. The rate quotes are based on no claims, a clean driving record, full physical damage coverage, $1,000 deductibles, drivers are not married, and no discounts are factored in.
Rate difference between full and liability-only coverage
The illustration below illustrates the difference between Cadillac CTS-V auto insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums assume no claims or driving citations, $100 deductibles, single marital status, and no additional discounts are factored in.
Guidelines for eliminating full coverage
There is no set guideline that works best for making the decision to drop full coverage on your policy, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than 10% of replacement cost minus your deductible, then you might want to think about dropping full coverage.
For example, let’s pretend your Cadillac CTS-V claim settlement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, you would only receive $2,000 after the deductible is paid. If you are paying over $200 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.
There are some situations where buying only liability insurance is not financially feasible. If you have an outstanding loan on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.
How do Insurers Determine Cadillac CTS-V Insurance Premiums?
A large part of saving on auto insurance is knowing the factors that help determine the level of your policy premiums. If you have a feel for what impacts premium levels, this helps enable you to make changes that could result in much lower annual insurance costs.
The following are some of the factors utilized by car insurance companies to help set your prices.
- Keep insurance claims to a minimum – If you are a frequent claim filer, you can definitely plan on either higher rates or even cancellation. Companies in North Carolina award the lowest premiums to people who file claims infrequently. Your car insurance is intended to be relied upon for claims that you cannot pay yourself.
- Safeguard your assets with liability protection – Liability insurance will provide protection if ever you are determined to be liable for damages from an accident. It will provide for a legal defense up to the limits shown on your policy. Liability insurance is pretty cheap compared to comp and collision, so insureds should have plenty of protection for their assets.
- Policy add-ons add up – Policies have extra coverages you can purchase if you don’t pay attention. Insurance for rental car coverage, accidental death, and extra equipment coverage could be just wasting money. The coverages may be enticing when deciding what coverages you need, but if they’re wasting money remove them and pocket the money.
- Get better rates if married – Walking down the aisle may save some money on your auto insurance bill. Having a spouse generally demonstrates drivers are more mature and insurance companies like that married couples file fewer claims.
- Your address can push rates up or down – Residing in a rural area is a good thing when it comes to auto insurance. City drivers have to deal with traffic congestion and longer commute times. Fewer drivers and short commutes means reduced accidents and lower theft and vandalism rates.
- Lower rates by increasing deductibles – Physical damage coverage, termed comprehensive and collision coverage on your policy, insures against damage to your Cadillac. Some examples of covered claims are a dented fender, damage caused by hail, and damage caused by flying debris. Comp and collision deductibles are the amount of money you are willing to pay in the event of a claim. The higher the amount you’re willing to pay, the bigger discount you will receive.
-
Cadillac CTS-V claim probability – Companies analyze claim trends for every vehicle to help determine prices. Vehicles that the statistics show to have a trend towards higher claims will have higher rates. The data below shows the compiled insurance loss statistics for Cadillac CTS-V vehicles.
For each policy coverage, the statistical loss for all vehicles, regardless of make, model or trim level, is equal to 100. Values that are 100 or less are indicative of better than average losses, while values over 100 indicate more frequent claims or a tendency for claims to be larger.
Insurance Loss Ratings for Cadillac CTS-V Vehicles Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Cadillac CTS-V 2dr 174 74 135 BETTERAVERAGEWORSEEmpty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Why do I need car insurance?
Despite the high cost of buying insurance for a Cadillac CTS-V in Raleigh, insurance is required by state law in North Carolina and it also provides benefits you may not be aware of.
First, the majority of states have compulsory liability insurance requirements which means state laws require a minimum amount of liability protection if you want to drive legally. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if your car has a loan, most banks will have a requirement that you have full coverage to ensure they get paid if you total the vehicle. If you cancel or allow the policy to lapse, the bank will be required to insure your Cadillac at a more expensive rate and require you to reimburse them the higher price.
Third, insurance protects not only your Cadillac CTS-V but also your assets. It will also reimburse you for hospital and medical expenses incurred in an accident. Liability coverage will also pay to defend you if anyone sues you for causing an accident. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay all costs to repair after the deductible has been paid.
The benefits of carrying adequate insurance greatly outweigh the cost, especially for larger claims. An average driver in America is overpaying over $850 per year so it’s recommended you shop around every year to ensure rates are inline.