Compare Mercedes-Benz E350 Insurance Rates in Chicago

Having to pay for high-priced auto insurance in Chicago can deplete your monthly budget and make it tough to pay other bills.

A recent study showed that the majority of drivers have stayed with the same insurance company for at least four years, and almost 40% of drivers have never compared quotes from other companies. Most drivers in Chicago could save an average of approximately $600 each year just by shopping around, but they don’t believe the benefits if they replace their high priced policy.

Because you have many different company options, it can be challenging to find a more affordable insurer.

Locating the most affordable policy in Chicago is quite easy. Nearly anyone who requires lower cost insurance will probably be able to reduce their rates. Nevertheless, Illinois consumers do need to learn the way companies sell insurance online and use this information to your advantage.

Best companies for Mercedes-Benz E350 insurance

The car insurance companies shown below have been selected to offer free quotes in Illinois. If the list has multiple companies, we suggest you click on several of them to get the cheapest price.

Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Price estimates do not factor in your specific Chicago location which can change prices considerably.

Rate comparison for different deductibles

When shopping for auto insurance, a common question is how high or low should comp and collision deductibles be. The following tables may aid in understanding how much more rates are when you choose different physical damage coverage deductibles. The first table uses a $250 deductible for comp and collision and the second set of rates uses a $1,000 deductible.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Illinois minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Rate information does not factor in specific zip code location which can change premiums noticeably.

Based on this data, using a $250 deductible will cost you about $27 more each month or $324 for a full year than requesting the higher $1,000 deductible. Because you would be required to pay $750 more to settle a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to have more than 28 months between claim filings, you would probably be better off if you decide on a higher deductible.

Auto insurance rates by age and gender

The illustration below illustrates the comparison of Mercedes-Benz E350 car insurance costs for male and female drivers. The rate quotes are based on no claims or driving violations, comp and collision included, $250 deductibles, single marital status, and no discounts are taken into consideration.

Liability only or full coverage

The illustration below shows the difference between Mercedes-Benz E350 insurance prices with full physical damage coverage compared to only buying liability only. The information is based on a clean driving record, no at-fault accidents, $500 deductibles, married male driver, and no discounts are taken into consideration.

Should you pay for full coverage or liability only?

There is no specific rule to stop buying full coverage, but there is a guideline you can consider. If the yearly cost of full coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.

For example, let’s say your Mercedes-Benz E350 book value is $5,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company will settle for is $4,000 after paying your deductible. If you are paying over $400 annually for full coverage, then it’s probably a good time to buy liability coverage only.

There are a few cases where dropping full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should not buy liability only.

Cheaper Mercedes-Benz E350 insurance quotes in Chicago

Auto insurance can be pricey, but you can get discounts that could help you make your next renewal payment. Certain discounts will be applied when you get a quote, but a few must be specially asked for in order for you to get them.

• Driver Safety – Passing a class that teaches defensive driver techniques may get you a small discount depending on where you live.
• Discount for Home Ownership – Simply owning a home can save a few bucks due to the fact that maintaining a home means you have a higher level of financial diligence.
• Save with More Vehicles Insured – Having all your vehicles on one policy can get a discount on all vehicles.
• Online Discount – Many larger companies will discount your bill up to fifty bucks for completing your application online.
• Organization Discounts – Belonging to a civic or occupational organization in Chicago is a good way to get lower rates when shopping for auto insurance.
• Air Bags and Passive Restraints – Cars that have air bags can qualify for discounts of up to 25% or more.
• Mature Driver Discount – If you qualify as a senior citizen, you can get a small decrease in premiums.
• One Accident Forgiven – Not necessarily a discount, but certain companies permit an accident before hitting you with a surcharge as long as you don’t have any claims prior to the accident.

Don’t be shocked that some credits don’t apply to the overall cost of the policy. Some only reduce individual premiums such as liability, collision or medical payments. So even though you would think you would end up receiving a 100% discount, companies wouldn’t make money that way.

Popular auto insurance companies and a partial list of their discounts are included below.

• State Farm offers discounts including multiple policy, student away at school, good driver, multiple autos, passive restraint, and anti-theft.
• Farmers Insurance policyholders can earn discounts including electronic funds transfer, pay in full, early shopping, homeowner, teen driver, and multi-car.
• Progressive may have discounts that include online quote discount, multi-vehicle, good student, homeowner, continuous coverage, and multi-policy.
• GEICO has savings for daytime running lights, good student, anti-lock brakes, air bags, five-year accident-free, and defensive driver.
• Auto-Owners Insurance offers discounts for air bags, good student, paperless, multi-policy, student away at school, and teen driver.
• The Hartford discounts include air bag, vehicle fuel type, driver training, bundle, anti-theft, and defensive driver.
• Farm Bureau may include discounts for safe driver, multi-vehicle, good student, driver training, and multi-policy.
• USAA includes discounts for loyalty savings, military installation, annual mileage, good student, multi-policy, and multi-vehicle.

Before buying, ask all the companies how you can save money. Some of the earlier mentioned discounts might not be available to policyholders in your area. To see auto insurance companies that have a full spectrum of discounts in Illinois, click here to view.

Auto insurance is available from local insurance agents

Some people still like to talk to an insurance agent and we recommend doing that The best thing about comparing rate quotes online is that you can find better rates and also buy local. Buying insurance from small agencies is important especially in Chicago.

To make it easy to find an agent, after completing this quick form, the quote information is instantly submitted to agents in your area who can give free rate quotes for your auto insurance coverage. There is no need to contact any agents because prices are sent to you instantly. You can most likely find cheaper rates AND an agent nearby. If you have a need to compare rates for a specific company, don’t hesitate to search and find their rate quote page and give them your coverage information.

If you’re trying to find a good insurance agency, there are two different types of agencies from which to choose. Insurance agencies in Chicago may be either independent or exclusive.

Independent Insurance Agents

Agents in the independent channel do not work for one specific company and that allows them to write policies amongst many companies and get the cheapest rates. To transfer your coverage to a different company, they simply move the coverage in-house and you don’t have to switch agencies.

When comparison shopping, you need to compare prices from several independent agencies for the best price selection.

The following are Chicago independent insurance agencies who may provide free price quotes.

More insurance agents

Exclusive Insurance Agencies

These type of agents can only write with one company and some examples include State Farm, Allstate, and Farm Bureau. These agents are unable to provide prices from multiple companies so you need to shop around if the rates are high. Exclusive agents are usually well trained on sales techniques which helps offset the inability to provide other markets.

The following are Chicago exclusive insurance agents who can help you get price quote information.

More insurance agents

Picking the best car insurance agent shouldn’t rely on just the quoted price. These are some questions you should get answers to.

• Who is covered by the car insurance policy?
• Will you get a loaner vehicle if you car is being repaired?
• Did they already check your driving record and credit reports?
• Are they full-time agents?
• Do they reduce claim amounts on high mileage vehicles?
• Do they have any clout with companies to ensure a fair claim settlement?
• Where would your vehicle be repaired?
• Is the agency active in community causes in Chicago?

Upon getting answers to your satisfaction to any questions you may have as well as an affordable premium quote, you have narrowed it down to an insurance agent that meets your needs to provide auto insurance coverage. Keep in mind policyholders can terminate your policy at any point so never feel you are locked into any specific company for the full term.

Car insurance 101

Having a good grasp of your policy can help you determine which coverages you need at the best deductibles and correct limits. Car insurance terms can be impossible to understand and coverage can change by endorsement. Below you’ll find typical coverage types available from car insurance companies.

Liability insurance

Liability coverage provides protection from damage that occurs to other people or property in an accident. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 20/40/15 that means you have $20,000 in coverage for each person’s injuries, a limit of $40,000 in injury protection per accident, and $15,000 of coverage for damaged property. Some companies may use a combined single limit or CSL which combines the three limits into one amount without having the split limit caps.

Liability insurance covers things such as funeral expenses, medical services, medical expenses, court costs and pain and suffering. How much coverage you buy is your choice, but it’s cheap coverage so purchase as large an amount as possible. Illinois requires minimum liability limits of 20/40/15 but you should think about purchasing more liability than the minimum.

Coverage for uninsured or underinsured drivers

This coverage protects you and your vehicle’s occupants from other drivers when they either have no liability insurance or not enough. It can pay for injuries to you and your family as well as your vehicle’s damage.

Since a lot of drivers only purchase the least amount of liability that is required (20/40/15), it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is important protection for you and your family. Frequently these coverages are similar to your liability insurance amounts.

Coverage for medical expenses

Personal Injury Protection (PIP) and medical payments coverage kick in for bills like pain medications, rehabilitation expenses, prosthetic devices, funeral costs and ambulance fees. They can be used in conjunction with a health insurance program or if you do not have health coverage. They cover not only the driver but also the vehicle occupants in addition to any family member struck as a pedestrian. Personal Injury Protection is only offered in select states and may carry a deductible

Comprehensive car insurance

Comprehensive insurance pays for damage that is not covered by collision coverage. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage pays for things like theft, hitting a deer, a tree branch falling on your vehicle and rock chips in glass. The most your car insurance company will pay is the actual cash value, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Auto collision coverage

Collision coverage pays to fix your vehicle from damage from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.

Collision insurance covers things like sustaining damage from a pot hole, rolling your car, damaging your car on a curb and backing into a parked car. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. Drivers also have the option to raise the deductible on your E350 in order to get cheaper collision rates.

How much can you save?

When searching for low cost Chicago auto insurance quotes, make sure you don’t reduce needed coverages to save money. There are many occasions where an insured cut liability coverage limits only to regret that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to find the BEST coverage at the lowest possible cost, but do not sacrifice coverage to save money.

Some companies don’t offer the ability to get a quote online and usually these regional carriers only sell through independent insurance agents. Cost effective Mercedes-Benz E350 insurance is available on the web and from local insurance agents, so you need to compare both to have the best selection.

More information can be read on the following sites:

• Should I Purchase an Umbrella Liability Policy? (Insurance Information Institute)
• What Auto Insurance is Cheapest for Infrequent Drivers in Chicago? (FAQ)
• Who Has Affordable Auto Insurance Rates for a Ford Escape in Chicago? (FAQ)
• Who Has the Cheapest Auto Insurance for 4×4 Vehicles in Chicago? (FAQ)
• Where can I buy Insurance? (Insurance Information Institute)
• Alcohol Impaired Driving FAQ (iihs.org)