Affordable Insurance for a Cadillac CTS in Memphis

Really, the only way to get budget Cadillac CTS insurance is to do a yearly price comparison from insurers in Memphis.

1. Take a few minutes and learn about how companies set rates and the modifications you can make to keep rates down. Many rating factors that cause rate increases such as accidents, traffic violations, and a lousy credit rating can be improved by making minor changes to your lifestyle. Continue reading for more information to help prevent expensive coverage and get bigger discounts.
2. Quote rates from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give rate quotes from a single company like Progressive or State Farm, while agents who are independent can provide rate quotes from multiple companies. Get quotes now
3. Compare the quotes to your existing policy to determine if switching companies saves money. If you find a lower rate, make sure the effective date of the new policy is the same as the expiration date of the old one.
4. Tell your current agent or company to cancel the current policy. Submit a completed application and payment to the new company. As soon as coverage is bound, store the proof of insurance paperwork in your glove compartment.

An essential thing to point out is to make sure you’re comparing the same level of coverage on each price quote and and to get prices from as many different insurance providers as possible. Doing this enables the most accurate price comparison and a good representation of prices.

Shockingly, almost 70% of insureds in Tennessee kept buying from the same company for more than four years, and 38% of drivers have never compared quotes from other companies. With the average premium in America being $1,847, drivers could save 46.5% each year just by comparing rates, but they just feel it’s too hard to compare rates online.

To find cheaper prices, there are a couple of ways to compare rate quotes from companies that offer insurance in Tennessee. The fastest way to compare rates is to perform an online rate comparison.

Comparing rate quotes online is fast and free, and it makes it obsolete to drive around to all the different Memphis insurance agencies. The fact that you can get quotes online has reduced the need for local agents unless you want the personal advice that only an agent can give. It is possible to get the lowest quotes online but purchase the actual policy in an agency.

Just remember that comparing a wide range of rates helps increase your odds of locating better pricing. Not every company does Memphis CTS insurance quotes over the internet, so it’s necessary to compare price quotes on coverage from those companies, too.

The providers in the list below have been selected to offer comparison quotes in Tennessee. To get cheap car insurance in Memphis, TN, it’s highly recommended you visit two to three different companies to get the best price comparison.

Rates and statistics

The information shown below highlights a range of coverage prices for Cadillac CTS models. Having a good understanding how rate quotes are calculated can help you make informed purchases.

Premium data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Rate quotes do not factor in specific location information which can influence coverage prices significantly.

Choosing deductibles

When shopping for car insurance, a common question is how high should the physical damage coverage deductibles be. The rates below can help you visualize the cost difference when you buy lower versus higher coverage deductibles. The first price estimate table uses a $100 deductible and the second price chart uses a $1,000 deductible.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Estimates do not factor in specific location information which can lower or raise price quotes greatly.

Based on these figures, using a $100 deductible will cost you about $36 more each month or $432 a year averaged for all CTS models than buying the higher $1,000 deductible. Since the policyholder would be required to pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you average more than 25 months between claims, you would most likely save money if you choose the higher deductible.

How accidents and violations affect rates

The information below shows how traffic citations and accident claims can drive up Cadillac CTS car insurance rates for each age group. The prices are based on a single male driver, comp and collision included, $250 deductibles, and no discounts are factored in.

Age, gender, and Cadillac CTS insurance

The information below shows the difference between Cadillac CTS insurance costs for male and female drivers. The rates are based on no violations or claims, comprehensive and collision coverage, $1,000 deductibles, drivers are single, and no additional discounts are factored in.

Liability only or full coverage

The illustration below shows the difference between Cadillac CTS auto insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The costs are based on no violations or claims, $100 deductibles, single status, and no additional discounts are factored in.

When to buy liability coverage only

There is no definitive formula that is best for determining when to drop full coverage, but there is a broad guideline. If the annual cost of having full coverage is 10% or more of the vehicle’s replacement cost less your deductible, then it might be time to buy liability only.

For example, let’s assume your Cadillac CTS book value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $3,000 after you pay the deductible. If you are paying over $300 a year to have full coverage, then you might want to think about dropping full coverage.

There are a few situations where dropping physical damage coverage is not in your best interest. If you haven’t paid off your loan, you have to carry full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should maintain full coverage.

Protect more than your Cadillac vehicle

Even though Memphis CTS insurance rates can get expensive, car insurance is required in Tennessee but it also protects you in many ways.

• Just about all states have mandatory insurance requirements which means you are required to buy a specific minimum amount of liability coverage in order to get the vehicle licensed. In Tennessee these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
• If you bought your Cadillac CTS with a loan, it’s most likely the lender will require that you buy insurance to guarantee payment of the loan. If you let the policy lapse, the bank may insure your Cadillac for a much higher rate and make you pay for it.
• Insurance protects not only your vehicle but also your financial assets. It will also provide coverage for many types of medical costs incurred in an accident. One policy coverage, liability insurance, also covers legal expenses if anyone sues you for causing an accident. If you have damage to your Cadillac as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will cover the damage repairs after a deductible is paid.

The benefits of carrying enough insurance greatly outweigh the cost, particularly for liability claims. According to a survey of 1,000 drivers, the average driver is overpaying over $820 a year so you should quote and compare rates each time the policy renews to ensure rates are competitive.

Affordable rates with these six discounts

Insurance can cost an arm and a leg, but you can get discounts that can drop the cost substantially. Certain credits will be shown when you get a quote, but lesser-known reductions have to be requested specifically prior to receiving the credit.

• Seat Belts Save – Drivers who always wear seat belts and also require passengers to wear their seat belts can save up to 15% off the PIP or medical payment premium.
• Club Memberships – Belonging to a professional or civic organization could qualify you for a break when getting a Memphis auto insurance quote.
• Senior Citizens – If you’re over the age of 55, you may be able to get a small decrease in premiums.
• Anti-lock Brake System – Vehicles equipped with ABS or steering control are safer to drive and qualify for as much as a 10% discount.
• Student in College – College-age children who are enrolled in higher education away from home and do not have access to a covered vehicle may be insured at a cheaper rate.
• Anti-theft System – Cars and trucks optioned with advanced anti-theft systems prevent vehicle theft so companies will give you a small discount.

You can save money using discounts, but some credits don’t apply to your bottom line cost. The majority will only reduce specific coverage prices like comprehensive or collision. So even though you would think you can get free auto insurance, it doesn’t quite work that way.

The illustration below compares Cadillac CTS yearly insurance costs with and without policy discounts. The data assumes a female driver, no accidents, no driving violations, Tennessee state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-car, marriage, claim-free, multi-policy, and homeowner discounts applied.

To see insurance companies that can offer you the previously mentioned discounts in Memphis, click this link.

Insurance agents are professional risk managers

A small number of people just want to go talk to an agent and that is not a bad decision The biggest benefit of comparing car insurance online is that you can find the lowest rates and still buy from a local agent. And providing support for local insurance agencies is important particularly in Memphis.

To make it easy to find an agent, after completing this quick form, your information is emailed to local insurance agents in Memphis who will gladly provide quotes for your insurance coverage. There is no reason to do any legwork as quotes are delivered to you directly. You can most likely find cheaper rates without requiring a lot of work. In the event you want to quote rates from a specific insurance company, you just need to search and find their rate quote page and fill out their quote form.

If you want to use local Memphis agents, it’s helpful to know the different agency structures that you can choose from. Car insurance agents can be categorized as either independent or exclusive.

Independent Insurance Agents

Independent agents do not sell for just one brand and that is an advantage because they can write policies with lots of companies and find you cheaper rates. If they find a cheaper price, they simply switch companies in-house which is easy for the insured.

When comparison shopping, it’s recommended you compare prices from at a minimum one independent agency for maximum quote selection.

The following is a small list of independent insurance agents in Memphis that may be able to provide comparison quotes.

View more Memphis agents

Exclusive Car Insurance Agents

These type of agents can only provide pricing for a single company like State Farm, Allstate and AAA. They are unable to give you multiple price quotes so you need to shop around if the rates are high. Exclusive insurance agents receive extensive training on their products and sales techniques which aids in selling service over price.

Listed below are exclusive insurance agents in Memphis that are able to give rate quotes.

View more Memphis agents

Deciding on an car insurance agent shouldn’t rely on just the quoted price. Ask your prospective agent these questions:

• Does their agency support local causes in Memphis?
• What companies can they write with?
• Is coverage determined by price?
• Is the quote a firm price?
• Is the agent CPCU or CIC certified?
• Who is covered by the car insurance policy?

Insurance coverage basics

Knowing the specifics of your insurance policy can help you determine the best coverages and proper limits and deductibles. Insurance terms can be confusing and nobody wants to actually read their policy. Below you’ll find the normal coverages available from insurance companies.

Protection from uninsured/underinsured drivers

Uninsured or Underinsured Motorist coverage provides protection from other motorists when they either have no liability insurance or not enough. It can pay for medical payments for you and your occupants and also any damage incurred to your Cadillac CTS.

Because many people only purchase the least amount of liability that is required (which is 25/50/15), it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Normally these coverages are identical to your policy’s liability coverage.

Comprehensive (Other than Collision)

Comprehensive insurance coverage pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims like hitting a deer, falling objects, rock chips in glass, a tree branch falling on your vehicle and fire damage. The highest amount a insurance company will pay at claim time is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Medical expense insurance

Coverage for medical payments and/or PIP kick in for immediate expenses like dental work, funeral costs, EMT expenses and nursing services. They are often utilized in addition to your health insurance program or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. PIP is only offered in select states but it provides additional coverages not offered by medical payments coverage

Auto collision coverage

This will pay to fix damage to your CTS caused by collision with an object or car. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision coverage pays for things like crashing into a building, crashing into a ditch, sustaining damage from a pot hole, driving through your garage door and damaging your car on a curb. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. Another option is to bump up the deductible on your CTS to save money on collision insurance.

Liability car insurance

This coverage will cover damage that occurs to other people or property that is your fault. It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 25/50/15 that means you have $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and $15,000 of coverage for damaged property. Alternatively, you may have one limit called combined single limit (CSL) which provides one coverage limit with no separate limits for injury or property damage.

Liability coverage protects against claims such as loss of income, attorney fees, pain and suffering, repair bills for other people’s vehicles and medical services. The amount of liability coverage you purchase is your choice, but it’s cheap coverage so purchase as large an amount as possible. Tennessee state law requires minimum liability limits of 25/50/15 but drivers should carry better liability coverage.

The next chart demonstrates why the minimum limit may not be adequate.

Quote more to save more

When trying to cut insurance costs, it’s not a good idea to buy less coverage just to save a little money. Too many times, drivers have reduced full coverage and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. Your focus should be to purchase plenty of coverage for the lowest cost but still have enough coverage for asset protection.

In this article, we covered many ways to get a better price on Cadillac CTS insurance in Memphis. The most important thing to understand is the more rate comparisons you have, the more likely it is that you will get a better rate. Consumers may even find the best car insurance rates are with some of the smallest insurance companies. They may only write in your state and offer lower premium rates as compared to the big name companies such as GEICO and State Farm.

Additional auto insurance information is available below:

• Neck Injury FAQ (iihs.org)
• Who Has Affordable Car Insurance for Drivers Under 21 in Memphis? (FAQ)
• Who Has Cheap Car Insurance Quotes for Low Mileage Drivers in Memphis? (FAQ)
• Who Has Affordable Memphis Auto Insurance for Postal Workers? (FAQ)
• Who Has the Cheapest Memphis Auto Insurance for a School Permit? (FAQ)
• Who Has Cheap Memphis Car Insurance Rates for Nurses? (FAQ)
• Electronic Stability Control FAQ (iihs.org)
• Distracted Driving Statistics (Insurance Information Institute)
• Understanding Rental Car Insurance (Insurance Information Institute)
• Auto Insurance 101 (About.com)