Are you sick and tired of paying out the nose to buy auto insurance? You’re in the same situation as many other North Carolina consumers.
It’s a fact that insurance companies don’t want you comparing rates. Insureds who shop around annually are likely to switch to a new company because they stand a good chance of finding more affordable rates. Remarkably, a study showed that drivers who compared prices regularly saved on average $865 a year compared to policyholders who never shopped around for better prices.
If finding low prices for Cadillac CTS-V insurance is why you’re reading this, learning how to choose a company and compare car insurance can help simplify the task of finding more affordable coverage.
Steps to finding better rates for Cadillac CTS-V insurance in Durham
The preferred way to find discount auto insurance rates in Durham is to compare prices annually from providers that insure vehicles in North Carolina.
- Step 1: Read about what coverages are included in your policy and the steps you can take to lower rates. Many risk factors that cause rate increases like at-fault accidents and a lousy credit rating can be amended by making lifestyle changes or driving safer. This article provides more ideas to help keep rates affordable and find additional discounts you may qualify for.
- Step 2: Compare rates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can give quotes from a single company like Progressive and State Farm, while independent agents can provide rate quotes from multiple insurance companies.
- Step 3: Compare the new rate quotes to your current policy premium to see if cheaper CTS-V coverage is available. If you find a lower rate, ensure coverage does not lapse between policies.
One key aspect of rate comparisons is to use identical limits and deductibles on each price quote and to quote with as many car insurance companies as possible. Doing this ensures the most accurate price comparison and a complete selection of prices.
There are many auto insurance companies to buy insurance from, and even though it’s nice to have a selection, more choices can make it harder to locate the cheapest rates for Cadillac CTS-V insurance in Durham.
It is always a good idea to quote other rates yearly due to the fact that insurance rates are usually higher with each renewal. Just because you found the best rate on Cadillac CTS-V insurance in Durham a couple years back other companies may now be cheaper. Forget anything you know (or think you know) about auto insurance because you’re about to learn how to use the internet to properly buy coverages while reducing your premium.
Finding the cheapest insurance coverage in Durham is quite easy. If you are paying for car insurance now, you should be able to find better prices using the ideas you’re about to read. Drivers just have to learn the proper way to find the lowest price from many companies at once.
The easiest way to compare policy rates for Cadillac CTS-V insurance in Durham is to understand auto insurance companies actually pay money for the chance to compare their rates. All consumers are required to do is provide a small amount of information including if you have an active license, level of coverage desired, if the car is leased, and your education level. That information is then sent to many different companies and you should receive rate quotes almost instantly.
To check rates for your Cadillac CTS-V now, click here then complete the form.
The following companies offer comparison quotes in North Carolina. If you want cheap auto insurance in Durham, we recommend you compare several of them to get a more complete price comparison.
Insurance data for a Cadillac CTS-V
The data table below highlights a range of policy rates for Cadillac CTS-V models. Having a good grasp of how insurance quotes are figured can benefit drivers when making smart buying decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $236 | $448 | $212 | $12 | $64 | $972 | $81 |
| Get Your Own Custom Quote Go | |||||||
Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Table data does not factor in specific garaging location which can decrease or increase coverage prices greatly.
Annual premiums comparing men and women in Durham
The illustration below shows the comparison of Cadillac CTS-V car insurance rates for male and female drivers. The information is based on no claims, a clean driving record, comp and collision included, $500 deductibles, drivers are single, and no other discounts are factored in.
Should you buy full coverage?
The chart below visualizes the comparison of Cadillac CTS-V insurance premiums with full coverage and liability only. The rates are based on no claims or driving citations, $500 deductibles, drivers are not married, and no discounts are taken into consideration.
Are you wasting money paying for full coverage?
There isn’t a written rule for phasing out comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the yearly cost of full coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.
For example, let’s assume your Cadillac CTS-V replacement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $4,000 after you pay the deductible. If you are paying in excess of $400 a year for your policy with full coverage, then you might consider buying liability only.
There are some circumstances where only buying liability is not a good idea. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not consider dropping full coverage.
Three reasons to not skimp on car insurance
Despite the potentially high cost of Cadillac CTS-V insurance, insurance is required by state law in North Carolina and it also provides benefits you may not be aware of.
- Just about all states have compulsory liability insurance requirements which means you are required to carry specific limits of liability in order to drive the car. 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.
- If your CTS-V has a loan, almost every bank will have a requirement that you buy insurance to guarantee their interest in the vehicle. If you cancel or allow the policy to lapse, the bank may insure your Cadillac for a lot more money and require you to pay for it.
- Insurance safeguards both your Cadillac CTS-V and your assets. Insurance will pay for hospital and medical expenses incurred in an accident. One of the most valuable coverages, liability insurance, also covers legal expenses if you are sued as the result of an accident. If you have damage to your Cadillac as the result of the weather or an accident, comprehensive and/or collision insurance will pay to restore your vehicle to like-new condition.
The benefits of insuring your car are definitely more than the cost, especially if you ever need it. According to a 2015 survey, the average American driver is overpaying over $800 each year so compare quotes from several companies once a year at a minimum to make sure the price is not too high.
Car insurance coverage information
Having a good grasp of your insurance policy can help you determine the best coverages for your vehicles. Insurance terms can be confusing and coverage can change by endorsement. These are the usual coverages offered by insurance companies.
Medical payments coverage and PIP
Medical payments and Personal Injury Protection insurance reimburse you for bills for things like hospital visits, dental work and EMT expenses. They are often used to cover expenses not covered by your health insurance policy or if you do not have health coverage. Medical payments and PIP cover you and your occupants as well as if you are hit as a while walking down the street. PIP coverage is not an option in every state and gives slightly broader coverage than med pay
Auto collision coverage
Collision insurance covers damage to your CTS-V caused by collision with a stationary object or other vehicle. You will need to pay your deductible then the remaining damage will be paid by your insurance company.
Collision can pay for claims such as crashing into a building, damaging your car on a curb, colliding with a tree, sustaining damage from a pot hole and rolling your car. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are older. It’s also possible to raise the deductible on your CTS-V in order to get cheaper collision rates.
Comprehensive coverage
This will pay to fix damage that is not covered by collision coverage. You first must pay your deductible then your comprehensive coverage will pay.
Comprehensive can pay for things such as vandalism, falling objects and damage from getting keyed. The most you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
Liability
Liability coverage will cover damages or injuries you inflict on other’s property or people by causing an accident. This insurance protects YOU against other people’s claims. Liability doesn’t cover your own vehicle damage or injuries.
It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have limits of 30/60/25 that translate to $30,000 in coverage for each person’s injuries, a total of $60,000 of bodily injury coverage per accident, and property damage coverage for $25,000.
Liability coverage pays for things such as repair costs for stationary objects, medical services, attorney fees and funeral expenses. How much coverage you buy is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford. North Carolina requires minimum liability limits of 30/60/25 but it’s recommended drivers buy more coverage.
The illustration below shows why buying low liability limits may not provide you with enough coverage.
Uninsured/Underinsured Motorist coverage
This protects you and your vehicle from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.
Because many people carry very low liability coverage limits (North Carolina limits are 30/60/25), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is very important.