Would you like to save money by finding more affordable Cadillac CTS-V insurance in Chicago? Are you tired of wondering where the money will come from to keep your car insured? You are in the same boat as many other Illinois drivers.
It’s hard to believe, but nearly 70% of customers have stayed with the same insurance company for at least the last four years, and just under half have never quoted rates to find cheaper coverage. Most drivers in Chicago could save up to 40% a year, but most just don’t grasp how much they could save if they replace their high priced policy. Drivers have so many insurers to buy insurance from, and although it’s a good thing to have a choice, it makes it harder to adequately compare rates for Cadillac CTS-V insurance in Chicago.
You should take the time to check car insurance prices at least once a year because prices tend to go up over time. Just because you had the lowest price on Cadillac CTS-V insurance in Chicago last year there may be better deals available now. Forget anything you know (or think you know) about car insurance because we’re going to demonstrate the fastest and easiest way to lower your rates without sacrificing coverage.
Locating the best rates in Chicago is quite easy if you know the best way to do it. If you are already insured or just want cheaper rates, you can follow these tips to buy cheaper insurance while maintaining coverages. Smart buyers just have to learn the least time-consuming way to compare insurance rates on the web.
Components of Your Cadillac CTS-V Insurance Rates
Multiple criteria are part of the calculation when you get a price on insurance. Some are obvious like your driving record, but others are less apparent like where you live and annual miles driven.
More performance means more cost – The make and model of the vehicle you need insurance for makes a huge difference in determining your rates. The lowest base rates are usually for small economy passenger vehicles, but that’s not the only thing that factors into the final price. Since the Cadillac CTS-V falls in the luxury sports car class, rates will be up to twice as much as compared to the average rate in Chicago.
Cautious drivers have lower prices – Good drivers pay lower auto insurance prices than bad drivers. Having just one citation can increase the cost of insurance substantially. Drivers who have gotten careless violations like DUI, reckless driving or excessive speeding may be required to prove financial responsibility with their state’s department of motor vehicles in order to drive a vehicle legally.
High stress occupation may mean higher prices – Careers like fire fighters, architects and stock brokers usually pay higher premium rates because of high stress levels and lengthy work days. On the other hand, careers like actors, athletes and homemakers generally pay rates lower than average.
Never go without car insurance – Driving with no insurance can get you a ticket and any future policy may cost more because you let your insurance lapse. Not only will you pay more, getting caught without coverage could result in fines or a revoked license.
Gender matters – Statistics have proven women tend to be less risk to insure than men. However, this does not mean females are better at driving than males. They both cause fender benders at a similar rate, but guys tend to have higher claims. In addition to higher claims, males also get higher numbers of serious violations such as driving while intoxicated (DWI) or driving recklessly.
Cadillac CTS-V claim data – Companies analyze claim trends for every vehicle when they set coverage costs for each model. Vehicles that the statistics show to have high amounts or severity of claims will have a higher premium rate. The table below demonstrates the actual insurance loss data for Cadillac CTS-V vehicles.
For each policy coverage, the statistical loss for all vehicles, as an average, is a value of 100. Percentage numbers below 100 are indicative of better than average losses, while percentage values above 100 point to more frequent losses or tendency to have larger claims.
Cadillac CTS-V Insurance Loss Statistics
| Vehicle Make and Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Cadillac CTS-V 2dr | 174 | 74 | 135 |
Empty fields indicate not enough data collected
Statistics from IIHS.org for 2013-2015 Model Years
First Step: Get free Cadillac CTS-V insurance quotes
Finding cheap Cadillac CTS-V auto insurance prices is an easy way to save money. You just have to take the time getting comparison quotes to find out which insurance company has inexpensive Chicago car insurance quotes.
It’s so simple to compare auto insurance quotes online takes the place of having to drive around to different Chicago agent offices. Quoting and buying Cadillac CTS-V insurance online eliminates the need for an insurance agent unless you’re the type of person who wants the guidance that only an agent can give. It is possible with some companies get prices online and have a local agent actually service the policy.
The companies in the list below are our best choices to provide price quotes in Illinois. If multiple companies are listed, it’s highly recommended you get rates from several of them to get a more complete price comparison.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $162 | $358 | $250 | $14 | $76 | $860 | $72 |
| Get Your Own Custom Quote Go | |||||||
Table data represents single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, claim-free, and safe-driver. Price information does not factor in your specific Chicago location which can change coverage rates greatly.
Cadillac CTS-V liability-only versus full coverage
The chart below illustrates the difference between Cadillac CTS-V yearly insurance costs when comparing full coverage to liability only. The premiums are based on a clean driving record, no at-fault accidents, $1,000 deductibles, married female driver, and no discounts are applied to the premium.
Deciding between full coverage and liability only
There is no set guideline to stop buying full coverage, but there is a broad guideline. If the yearly cost of full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.
For example, let’s pretend your Cadillac CTS-V claim settlement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would receive is $2,000 after the policy deductible has been paid. If you are paying over $200 a year for your policy with full coverage, then it might be time to buy liability only.
There are some conditions where buying only liability insurance is not financially feasible. If you still owe a portion of the original loan, you must maintain physical damage coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not drop full coverage.
Why you need Cadillac vehicle insurance in Illinois
Despite the high cost of buying insurance for a Cadillac CTS-V in Chicago, buying car insurance may be required and benefits you in several ways.
First, the majority of states have compulsory liability insurance requirements which means you are required to carry a specific level of liability in order to drive the car legally. In Illinois these limits are 20/40/15 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
Second, if you took out a loan on your vehicle, it’s most likely the lender will require that you buy full coverage to guarantee loan repayment. If you let the policy lapse, the lender may have to buy a policy to insure your Cadillac at a much higher premium rate and force you to reimburse them for it.
Third, car insurance preserves not only your vehicle but also your financial assets. It will also reimburse you for medical expenses for you, any passengers, and anyone injured in an accident. One policy coverage, liability insurance, will also pay to defend you if anyone sues you for causing an accident. If you have damage to your Cadillac as the result of the weather or an accident, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.
The benefits of insuring your car are without a doubt worth the cost, especially for larger claims. Despite what companies tell you, the average driver is currently overpaying as much as $830 a year so we recommend shopping around at every policy renewal to ensure rates are competitive.
Affordable rates with discounts
Companies don’t always list all possible discounts very clearly, so the next list breaks down a few of the more common in addition to some of the lesser obvious credits available to lower your premiums when you buy Chicago car insurance online. If they aren’t giving you every credit you deserve, it’s possible you qualify for a lower rate.
- Military Discounts – Having a family member in the military may qualify for rate reductions.
- Multiple Cars – Buying insurance for all your vehicles with the same company can get a discount for every vehicle.
- Passenger Safety Discount – Options like air bags may earn rate discounts of more than 20%.
- Multiple Policy Discount – If you can bundle your home and auto insurance with the same insurance company you will save at least 10% off all policies.
- Drive Safe and Save – Insureds who avoid accidents can get discounts for up to 45% lower rates as compared to drivers with claims.
- Claim-Free Discount – Insureds who avoid accidents and claims pay much less compared to policyholders that have many claims.
- Own a Home – Owning a home in Chicago can earn you a little savings since home ownership demonstrates responsibility.
- Anti-lock Brakes – Cars that have anti-lock braking systems can avoid accidents and the ABS can save up to 10%.
A quick disclaimer, most of the big mark downs will not be given to the entire policy premium. Most only reduce specific coverage prices like comp or med pay. So when the math indicates adding up those discounts means a free policy, company stockholders wouldn’t be very happy.
To locate insurance companies that offer the discounts shown above in Illinois, click here.
Insurance agent or online?
Some consumers still like to sit down and talk to an agent and that is a personal choice. Good agents can make sure you are properly covered and give you someone to call. A good thing about getting free rate quotes online is the fact that you can find cheaper prices and also buy local.
To find an agent, once you fill out this simple form, your coverage information is emailed to local insurance agents that give free quotes for your business. It makes it easy because there is no need to leave your house as quotes are delivered to you. If you have a need to quote rates from a specific company, just visit that company’s website to submit a rate quote request.
Choosing the best insurance company should depend on more than just a cheap price quote. Before buying a policy in Chicago, get answers to these questions.
- Are they able to influence company decisions when a claim is filed?
- Will their companies depreciate repairs to your car based on the mileage?
- Does the agency support the community they serve?
- Where would your vehicle be repaired?
- How long have they worked with personal auto insurance coverage?
- What is the financial rating for the quoted company?
- Do you qualify for any additional discounts?
Types of car insurance agents in Chicago
If you would like to find a good insurance agency, you need to know there are two types of agencies that differ in how they can insure your vehicles. Agencies in Chicago are categorized either independent (non-exclusive) or exclusive. Both types can insure your vehicles properly, but it’s worth learning how they differ because it may have an impact on which agent you choose.
Exclusive Agencies
These agents generally can only insure with one company and examples are AAA, Allstate, and State Farm. Exclusive agents cannot compare rates from other companies so you might not find the best rates. These agents are well trained on sales techniques which helps them sell insurance even at higher premiums.
Shown below is a short list of exclusive agents in Chicago who can help you get price quotes.
Neal Gallo – State Farm Insurance Agent
6666 N Western Ave – Chicago, IL 60645 – (773) 743-6565 – View Map
Allstate Insurance: Maribel Marron
3060 W Armitage Ave – Chicago, IL 60647 – (773) 572-9495 – View Map
Grace Murray – State Farm Insurance Agent
7035 W Grand Ave – Chicago, IL 60707 – (708) 453-1771 – View Map
Independent Insurance Agents
Independent agencies can quote rates with many companies and that gives them the ability to insure amongst many companies depending on which coverage is best. To transfer your coverage to a different company, your agent can just switch to a different company and the insured can keep the same agent.
If you need lower rates, we recommend you get some free quotes from at least one independent agent to have the most options to choose from.
Shown below are independent insurance agencies in Chicago willing to provide price quotes.
Serpe Insurance Agency
2538 N Lincoln Ave – Chicago, IL 60614 – (773) 871-0808 – View Map
Great Northern Insurance Agency
5632 S Pulaski Rd – Chicago, IL 60629 – (773) 838-3900 – View Map
Zeiler Insurance Services, Inc.
3660 E 106th St – Chicago, IL 60617 – (773) 375-3600 – View Map
After getting acceptable answers for all questions you ask and locked in a price quote, you’ve probably found a car insurance agent that meets the requirements to provide insurance coverage. Just understand that you can cancel your coverage whenever you want so don’t assume that you are obligated to a policy with no way out.
In conclusion
Budget-friendly car insurance in Chicago is attainable online as well as from insurance agents, and you should compare price quotes from both so you have a total pricing picture. Some companies may not have online price quotes and usually these small insurance companies provide coverage only through independent agencies.
You just read a lot of tips how to find cheap Cadillac CTS-V insurance in Chicago. The most important thing to understand is the more rate quotes you have, the higher your chance of finding the cheapest Cadillac CTS-V rate quotes. You may even find the best price on car insurance is with a lesser-known regional company. Smaller companies may have significantly lower prices on certain market segments than their larger competitors like Allstate or State Farm.
As you quote Chicago car insurance, it’s very important that you do not sacrifice coverage to reduce premiums. In too many instances, an insured dropped uninsured motorist or liability limits and learned later that the small savings ended up costing them much more. Your aim should be to find the BEST coverage for the lowest price while still protecting your assets.
More tips and info about car insurance can be found at these sites:
- Information for Teen Drivers (GEICO)
- Who Has the Cheapest Chicago Auto Insurance for a Chevrolet Silverado? (FAQ)
- Who Has Affordable Chicago Car Insurance Rates for a Hyundai Santa Fe? (FAQ)
- Who Has Affordable Car Insurance Quotes for a Ford Fusion in Chicago? (FAQ)
- Who Has Affordable Auto Insurance for Drivers Under 25 in Chicago? (FAQ)
- Who Has Cheap Chicago Auto Insurance for Young Drivers? (FAQ)
- Cellphones, Texting and Driving (iihs.org)
- Keeping Children Safe in Crashes Video (iihs.org)
- Distracted Driving Statistics (Insurance Information Institute)