It’s a fact that car insurance companies don’t want you to look for cheaper rates. People who shop around are inclined to buy a new policy because there is a significant possibility of finding a more affordable policy premium. Remarkably, a study showed that consumers who routinely compared rates saved approximately $3,400 over four years compared to drivers who never shopped around for lower prices.
If finding the most affordable Cadillac CTS-V insurance is the reason you’re reading this, then having some insight into how to shop and compare insurance can make it easier to find better rates.
The recommended way to quote cheaper car insurance rates is to start comparing rates regularly from companies that sell auto insurance in Jersey City.
- Try to learn about coverages and the things you can change to keep rates low. Many factors that cause high rates such as accidents, traffic violations, and a low credit score can be rectified by making minor changes to your lifestyle. This article gives additional ideas to find cheap prices and get additional discounts that may have been overlooked.
- Compare prices from direct, independent, and exclusive agents. Direct and exclusive agents can only provide price estimates from a single company like Progressive or State Farm, while independent agents can give you price quotes from many different companies. Begin your rate comparison
- Compare the new rate quotes to your existing rates to see if cheaper CTS-V coverage is available. If you find a lower rate quote and switch companies, make sure coverage is continuous and does not lapse.
An essential thing to point out is that you use the same amount of coverage on each quote request and and to look at every insurance company. Doing this helps ensure an accurate price comparison and a complete price analysis.
If you currently have insurance, you will definitely be able to reduce the price you pay using the techniques covered below. Obtaining price quotes for the best insurance coverage in Jersey City is simple if you know the tricks. But New Jersey consumers can benefit by having an understanding of how companies market insurance on the web and take advantage of how the system works.
To find cheaper Jersey City car insurance quotes, there are several ways to compare rate quotes from companies that offer car insurance in New Jersey. The quickest method to compare rates is to jump online and get quotes.
Just keep in mind that making a lot of price comparisons increases the chance that you will find a lower rate than you’re paying now. Some insurance companies are not set up to provide rate quotes online, so it’s important to compare price estimates on coverage from those companies, too.
The companies shown below can provide free quotes in New Jersey. To get cheaper car insurance in Jersey City, it’s a good idea that you compare several of them to get a more complete price comparison.
Why you need Cadillac CTS-V insurance in New Jersey
Despite the high insurance cost for a Cadillac CTS-V in Jersey City, auto insurance may be mandatory for several reasons.
First, most states have mandatory liability insurance requirements which means state laws require a minimum amount of liability in order to get the vehicle licensed. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
Second, if you bought your CTS-V with a loan, almost every bank will force you to buy full coverage to guarantee their interest in the vehicle. If you let the policy lapse, the bank may buy a policy for your Cadillac for a lot more money and force you to pay for it.
Third, insurance protects both your Cadillac CTS-V and your assets. Insurance will pay for hospital and medical expenses for you, any passengers, and anyone injured in an accident. One of the most valuable coverages, liability insurance, will also pay attorney fees in the event you are sued. If your vehicle suffers damage from an accident or hail, collision and comprehensive coverages will pay to restore your vehicle to like-new condition.
The benefits of having insurance definitely exceed the price paid, especially when you need to use it. But the average driver in New Jersey is currently overpaying as much as $830 a year so it’s important to compare rates every year to ensure rates are competitive.
Detailed insurance information
The coverage table below highlights detailed analysis of insurance coverage prices for Cadillac CTS-V models. Understanding how insurance prices are calculated can be valuable when making smart choices when comparing insurance quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $394 | $848 | $462 | $28 | $138 | $1,870 | $156 |
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Information does not factor in specific location which can increase or decrease premiums considerably.
Higher deductibles lower rates
One of the hardest decisions when shopping for auto insurance is how high should the physical damage coverage deductibles be. The following insurance rates can help you understand the differences in premium rates of buying low and high policy deductibles. The first table uses a $250 deductible for comp and collision and the second pricing table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $562 | $1072 | $408 | $24 | $122 | $2,213 | $184 |
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| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $348 | $674 | $408 | $24 | $122 | $1,576 | $131 |
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Price information does not factor in vehicle location which can revise premiums greatly.
Using the data above, we can ascertain that using a $250 deductible will cost you approximately $53 more each month or $636 every year than requesting the higher $1,000 deductible. Since the policyholder would be required to pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to have at a minimum 14 months between claims, you would most likely save money if you elect the higher deductible.
How to decide to raise your deductibles
| Average monthly premium for $250 deductibles: | $184 |
| Average monthly premium for $1,000 deductibles (subtract): | – $131 |
| Monthly savings from raising deductible: | $53 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $53 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 14 months |
One important caveat is that increasing deductibles to lower your rates results in having to pay to pay more out-of-pocket when you do file a claim. You need access to more funds in order to pay more to get your vehicle repaired.
The diagram below illustrates how choosing a deductible and can influence Cadillac CTS-V insurance rates for each age group. The information is based on a married female driver, full physical damage coverage, and no discounts are taken into consideration.
Rate comparison of full coverage and liability-only
The illustration below illustrates the difference between Cadillac CTS-V yearly insurance costs with liability coverage only compared to full coverage. The data assumes no violations or accidents, $250 deductibles, single marital status, and no discounts are applied.
When to stop buying full coverage
There is no clear-cut formula to delete physical damage insurance, but there is a guideline you can consider. If the annual cost of comprehensive and collision coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s say your Cadillac CTS-V replacement cost is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most your company would pay you is $6,000 after paying your policy deductible. If it’s costing you more than $600 annually for comprehensive and collision coverage, then you might want to consider buying only liability coverage.
There are some scenarios where dropping full coverage is not a good idea. If you still have a lienholder on your title, you are required to maintain full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.
Don’t overlook these Cadillac CTS-V insurance discounts
Some insurers don’t always advertise the complete list of policy discounts in an easy-to-find place, so the following is a list of a few of the more well known and also the more inconspicuous credits available to you.
- Jersey City Homeowners Pay Less – Owning your own home or condo may earn you a small savings since home ownership requires personal responsibility.
- Discount for Low Mileage – Driving less can earn cheaper rates.
- Seat Belt Usage – Drivers who require all occupants to wear their seat belts could save 15% off the medical payments premium.
- Early Payment Discounts – If you pay your entire premium ahead of time rather than paying in monthly installments you could save 5% or more.
- Driver’s Education for Students – Reduce the cost of insurance for teen drivers by having them participate in a local driver’s education class in school.
- Savings for New Vehicles – Insuring a vehicle that is new can save up to 30% since new vehicles have better safety ratings.
- Paperwork-free – A few larger online companies will discount your bill up to fifty bucks get Jersey City car insurance online.
It’s important to note that many deductions do not apply to your bottom line cost. Most only apply to the price of certain insurance coverages like comp or med pay. Even though it appears you can get free auto insurance, nobody gets a free ride.
The information below visualizes the comparison of Cadillac CTS-V insurance rates with and without discounts applied to the policy rates. The costs are based on a male driver, no driving violations, no at-fault accidents, New Jersey state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, claim-free, marriage, homeowner, and multi-policy discounts applied.
Popular insurance companies and a partial list of their discounts are detailed below.
- Esurance has discounts for Switch & Save, online shopper, good driver, emergency road assistance, safety device, and renters.
- The Hartford discounts include air bag, defensive driver, anti-theft, vehicle fuel type, good student, and driver training.
- AAA may offer discounts for AAA membership discount, good driver, anti-theft, good student, and pay-in-full.
- GEICO policyholders can earn discounts including federal employee, military active duty, five-year accident-free, daytime running lights, good student, multi-policy, and seat belt use.
- State Farm offers premium reductions for Steer Clear safe driver discount, Drive Safe & Save, safe vehicle, accident-free, and multiple autos.
When getting a coverage quote, ask each company or agent which credits you are entitled to. All car insurance discounts might not be offered on policies in Jersey City. To see insurers who offer cheap Cadillac CTS-V insurance quotes in New Jersey, click this link.