Save on Cadillac CTS Insurance in Colorado Springs

Sadly, most drivers kept their policy with the same company for at least the last four years, and about 40% of consumers have never quoted rates to find affordable coverage. Many consumers in Colorado Springs could cut their rates by nearly $610 a year by just comparing rate quotes, but they think it’s difficult to shop their coverage around.

The best way to get affordable auto insurance rates in Colorado Springs is to make a habit of regularly comparing prices from providers who sell insurance in Colorado. Rate comparisons can be done by completing these steps.

1. Get an understanding of how your policy works and the changes you can make to prevent high rates. Many things that cause rate increases like careless driving and an imperfect credit score can be amended by making small lifestyle or driving habit changes. Read the full article for instructions to get affordable coverage and get additional discounts that may have been overlooked.
2. Get rate quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can provide rates from one company like GEICO and Allstate, while independent agents can provide prices for a wide range of companies.
3. Compare the quotes to the price on your current policy and see if you can save money. If you find better rates and switch companies, verify that coverage does not lapse between policies.

An important part of this process is to use identical coverage information on each price quote and and to get prices from as many car insurance companies as possible. This provides a fair rate comparison and maximum price selection.

What Determines Cadillac CTS Insurance Rates?

Part of the car insurance buying process is learning a few of the rating criteria that help determine your policy premiums. When consumers understand what influences your rates, this allows you to make educated decisions that may result in lower car insurance prices.

• Credit history impacts prices – Having a good credit score is a big factor in determining what you pay for car insurance. If your credit leaves room for improvement, you could save money insuring your Cadillac CTS by taking the time to improve your credit score. People that have excellent credit tend to be less risk to insure than those with poor credit scores.
• Bump up deductibles to lower rates – Coverage for physical damage, also called ‘full coverage’, protects your Cadillac from damage. Some instances where coverage would apply are collision with another vehicle, collision with an animal, and windstorm damage. The deductibles tell how much you are willing to pay out-of-pocket if a covered claim is submitted. The higher the amount you choose to pay out-of-pocket, the lower your rates will be.

• Youthful drivers pay higher premiums – Beginning drivers in Colorado are statistically shown to be inattentive when driving so they pay higher car insurance rates. Adding a teenage driver onto a policy can be quite pricey. Older, more experienced drivers are more responsible, statistically cause fewer accidents, and get fewer tickets.

  The chart below assumes a single driver, full coverage with $1000 deductibles, and no discounts or violations.

• Rates can drop if you have more than one policy – Most larger car insurance companies afford a discount to people that purchase more than one policy, otherwise known as a multi-policy discount. The discount can add up to ten or even up to twenty percent in some cases. Even though this discount sounds good, it’s always a smart idea to compare Cadillac CTS rates in Colorado Springs to help guarantee you have the best rates.There is a chance you can save more without the discount by buying car insurance from a different company.

• Insurance rates and driver gender – Statistics demonstrate women are more cautious behind the wheel. Now that doesn’t mean females are better drivers. Men and women cause at-fault accidents at about the same rate, but the male of the species have accidents that have higher claims. Men also statistically receive more costly citations like driving under the influence (DUI).

  The chart below visualizes the comparison of Cadillac CTS insurance premiums for male and female drivers. The information is based on no accidents or driving violations, comprehensive and collision coverage, $250 deductibles, single marital status, and no policy discounts are applied.

• Add-on coverages that aren’t used – Insurance companies have many additional coverages that may not really be needed if you aren’t careful. Add-on coverages like vanishing deductibles, better glass coverage, and extra equipment coverage could be just wasting money. The coverages may be enticing when talking to your agent, but if you have no use for them remove them and pocket the money.

• Insurance loss data for a Cadillac CTS – Insurance companies analyze the history of losses to help calculate a profitable premium rate. Models that tend to have higher number or severity of losses will cost more for coverage.

  The table below illustrates the historical loss data for Cadillac CTS vehicles. For each insurance policy coverage type, the claim amount for all vehicles averaged together equals 100. Values that are under 100 indicate better than average losses, while numbers above 100 point to more claims or statistically larger losses.

  
  

  Cadillac CTS Insurance Loss Statistics

  Specific Cadillac 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

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Statistics from IIHS.org for 2013-2015 Model Years

Rates and data analysis

The price information shown below outlines detailed analysis of prices for Cadillac CTS models. Learning a little about how insurance policy premiums are determined can help customers make decisions when shopping around.

Table data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Table data does not factor in specific location information which can lower or raise coverage prices noticeably.

Deductible analysis

The hardest decision when buying coverage is how high or low should comp and collision deductibles be. The comparison tables below outline the premium difference between low and high physical damage deductibles. The first rate table uses a $250 deductible for comprehensive and collision coverage and the second set of rates uses a $500 deductible.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Colorado minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, multi-vehicle, and safe-driver. Price information does not factor in specific garaging location which can affect coverage prices greatly.

We can estimate from the data above that using a $250 deductible costs an average of $16 more each month or $192 every year across all Cadillac CTS models than choosing the higher $500 deductible. Because you would be required to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you tend to have more than 16 months between claims, you would most likely save money if you decide on a higher deductible.

The information below demonstrates how deductibles and can affect Cadillac CTS insurance costs for each different age group. The costs are based on a married female driver, full physical damage coverage, and no additional discounts are factored in.

Cost comparison with and without full coverage

The information below illustrates the difference between Cadillac CTS insurance premiums with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The rates are based on no violations or claims, $500 deductibles, drivers are single, and no discounts are applied to the premium.

When to drop full coverage

There is no set rule that is best for determining when to drop physical damage coverage, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.

For example, let’s pretend your Cadillac CTS settlement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would receive is $3,000 after paying your policy deductible. If you are paying more than $300 a year for your policy with full coverage, then you might consider buying liability only.

There are a few cases where only buying liability is not recommended. If you still owe a portion of the original loan, you have to carry full coverage in order to prevent your loan from defaulting. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not eliminate full coverage.

Verify you’re earning every discount

Car insurance is not cheap, but there may be some discounts that could help you make your next renewal payment. Certain discounts will be triggered automatically when you complete an application, but a few need to be inquired about before being credited.

• College Student Discount – Any of your kids who are enrolled in a college that is more than 100 miles from Colorado Springs and leave their car at home may be able to be covered for less.
• Clubs and Organizations – Having an affiliation with a professional or civic organization can get you a small discount when getting a Colorado Springs car insurance quote.
• Discount for New Cars – Buying auto insurance coverage on a new vehicle can cost up to 25% less because newer models are generally safer.
• Low Mileage Discounts – Driving fewer miles could earn lower prices due to less chance of an accident.
• E-sign Discounts – Many larger companies may give you up to $50 for signing up on your computer.
• Accident-Free Discounts – Insureds with no claims or accidents get the best auto insurance rates in comparison to insureds who have frequent claims or accidents.
• Onboard Data Collection – Colorado Springs drivers who agree to allow their auto insurance company to monitor driving patterns by using a telematic data system such as State Farm’s In-Drive may see discounts if they are good drivers.

You should keep in mind that most credits do not apply to the overall cost of the policy. The majority will only reduce specific coverage prices like comprehensive or collision. So when it seems like all the discounts add up to a free policy, companies wouldn’t make money that way.

The chart below shows the comparison of Cadillac CTS insurance premiums with and without discounts. The price estimates are based on a male driver, a clean driving record, no claims, Colorado state minimum liability limits, full physical damage coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, safe-driver, claim-free, marriage, multi-car, and homeowner discounts applied.

A few popular companies and some of their more popular discounts include:

• State Farm offers discounts for Steer Clear safe driver discount, Drive Safe & Save, anti-theft, multiple policy, multiple autos, and good driver.
• Liberty Mutual has savings for multi-policy, new graduate, multi-car, new vehicle discount, and exclusive group savings.
• American Family may include discounts for bundled insurance, air bags, mySafetyValet, accident-free, good driver, early bird, and defensive driver.
• Progressive offers premium reductions for multi-vehicle, multi-policy, online signing, online quote discount, continuous coverage, good student, and homeowner.
• Farmers Insurance may offer discounts for multi-car, early shopping, youthful driver, electronic funds transfer, and distant student.
• Auto-Owners Insurance offers discounts including mature driver, teen driver, multi-policy, multiple vehicles, and safe vehicle.
• SAFECO has discounts for anti-theft, anti-lock brakes, bundle discounts, drive less, and teen safety rewards.

If you need lower rates, check with all companies you are considering the best way to save money. Some credits may not apply to policies in Colorado Springs. If you would like to choose from a list of auto insurance companies with significant discounts in Colorado Springs, click here.

You can lower your insurance rates

As you prepare to switch companies, it’s not a good idea to buy lower coverage limits just to save a few bucks. There have been many cases where someone sacrificed full coverage only to find out that the small savings ended up costing them much more. Your aim should be to buy the best coverage you can find for the lowest cost and still be able to protect your assets.

We just covered a lot of information how to find cheap Cadillac CTS insurance in Colorado Springs. The most important thing to understand is the more quotes you get, the higher the chance of saving money. You may even discover the best rates are with a company that doesn’t do a lot of advertising.

More affordable insurance in Colorado Springs is attainable online and from local agencies, and you need to price shop both to have the best chance of lowering rates. Some insurance companies may not offer rate quotes online and many times these smaller companies work with independent agents.

Other learning opportunities

• Teen Driving and Texting (State Farm)
• Who Has Cheap Colorado Springs Auto Insurance Rates for Infrequent Drivers? (FAQ)
• Who Has Affordable Colorado Springs Auto Insurance for Nurses? (FAQ)
• Who Has Cheap Auto Insurance Quotes for High School Students in Colorado Springs? (FAQ)
• How Much are Colorado Springs Auto Insurance Quotes for a Honda Accord? (FAQ)
• Understanding Your Insurance Deductible (Insurance Information Institute)
• How to shop for a safer car (Insurance Institute for Highway Safety)
• No-Fault Auto Insurance Statistics (Insurance Information Institute)