Everyone knows that car insurance companies want to keep your business as long as possible. People who compare other prices are likely to move their business because there is a high probability of finding a cheaper policy. A recent car insurance study discovered that drivers who compared rates regularly saved about $860 a year compared to drivers who don’t regularly compare prices.
If finding low prices for car insurance in Newark is your objective, understanding the best way to shop and compare insurance rates can make the process less intimidating.
The best way to get the cheapest auto insurance rates in Newark is to compare prices at least once a year from providers who sell insurance in New Jersey. You can compare prices by completing these steps.
- It will benefit you to learn about the different coverages in a policy and the changes you can make to keep rates down. Many rating criteria that result in higher rates such as your driving record and an imperfect credit history can be rectified by making minor changes to your lifestyle.
- Compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only give prices from one company like Progressive or State Farm, while independent agents can provide prices from multiple companies. Find a Newark insurance agent
- Compare the new quotes to the premium of your current policy to determine if switching companies saves money. If you can save money and make a switch, verify that coverage does not lapse between policies.
The key thing to remember is that you use identical deductibles and limits on every quote request and to quote with every insurance company. Doing this enables a level playing field and many rates to choose from.
Determine discounts to get cheap Newark insurance quotes
Car insurance is not cheap, but there could be significant discounts to cut the cost considerably. Many of these discounts will be applied automatically when you complete an application, but some need to be manually applied prior to receiving the credit.
- Passive Restraints and Air Bags – Factory air bags can qualify for discounts up to 30%.
- Theft Deterrent System – Cars optioned with advanced anti-theft systems have a lower chance of being stolen and will qualify for a discount on a Newark auto insurance quote.
- Data Collection Discounts – People who choose to allow driving data submission to spy on vehicle usage by using a small device installed in their vehicle such as Progressive’s Snapshot and State Farm’s In-Drive might get better premium rates if they are good drivers.
- Newark Homeowners Discount – Just being a homeowner can save a few bucks because of the fact that having a home is proof that your finances are in order.
- More Vehicles More Savings – Purchasing coverage when you have primary and secondary vehicles on the same insurance policy can reduce rates for all insured vehicles.
- Good Student – Being a good student can earn a discount of 20% or more. You can use this discount normally up to age 25.
As a footnote on discounts, most discounts do not apply to your bottom line cost. Most cut the cost of specific coverages such as comprehensive or collision. Even though it appears you can get free auto insurance, insurance companies wouldn’t stay in business.
The information below illustrates the comparison of Cadillac CTS-V car insurance costs with and without discounts applied. The price estimates are based on a female driver, a clean driving record, no at-fault accidents, New Jersey state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-car, claim-free, multi-policy, homeowner, and safe-driver discounts applied.
Large insurance companies and the discounts they provide are included below.
- 21st Century offers premium reductions for teen driver, automatic seat belts, driver training, anti-lock brakes, and air bags.
- Progressive discounts include good student, multi-policy, continuous coverage, homeowner, multi-vehicle, and online quote discount.
- State Farm has discounts for safe vehicle, anti-theft, driver’s education, student away at school, good driver, and defensive driving training.
- Nationwide may include discounts for multi-policy, anti-theft, defensive driving, business or organization, family plan, and good student.
- Esurance offers discounts including claim free, multi-car, DriveSense, Switch & Save, online quote, defensive driver, and good driver.
- The Hartford includes discounts for good student, air bag, driver training, anti-theft, vehicle fuel type, and defensive driver.
Check with each company or agent to give you their best rates. A few discounts may not be available in your state. For a list of providers with significant discounts in New Jersey, click this link.
The quickest way to compare insurance rates from multiple companies is to understand most larger insurance companies provide online access to give rate comparisons. All you need to do is spend a couple of minutes providing details such as your job, level of coverage desired, if you went to college, and how much you drive. Your details is submitted instantly to many highly-rated insurers and they respond with quotes quickly.
To get price quotes for your Cadillac CTS-V now, click here and enter your coverage details.
The car insurance companies shown below can provide comparison quotes in Newark, NJ. To find cheap car insurance in Newark, NJ, we suggest you click on several of them in order to find the lowest rates.
Cadillac CTS-V insurance analysis
The information displayed below outlines different insurance prices for Cadillac CTS-V models. Having a good grasp of how auto insurance premiums are established can aid in making decisions when shopping around.
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Price data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Prices do not factor in specific location which can influence prices significantly.
Physical damage deductibles
When buying car insurance, a common question is how high should the deductibles for physical damage be. The tables below may aid in understanding the rate fluctuation when you buy lower versus higher insurance deductibles. The first data set uses a $100 deductible and the second set of prices uses a $1,000 deductible.
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Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Price estimates do not factor in specific location which can decrease or increase coverage prices considerably.
Using the premium rates above, we can conclude that using a $100 deductible will cost you approximately $76 more each month or $912 each year averaged for all CTS-V models than opting for the higher $1,000 deductible. Since you would pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you go more than 12 months between claims, you would probably save some money by going with a higher deductible.
The information below demonstrates how choosing different deductibles and can change Cadillac CTS-V annual premium costs for each different age category. The premiums assume a married female driver, comp and collision included, and no other discounts are factored in.
How violations and accidents impact rates
The information below highlights how speeding tickets and accidents drive up Cadillac CTS-V car insurance costs for different insured age categories. The data assumes a single female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are applied.
How Your CTS-V Insurance Prices are Determined
Multiple criteria are used in the calculation when pricing auto insurance. Some of the criteria are obvious like your driving record, although some other factors are not as apparent such as your credit history or how financially stable you are. Consumers need to have an understanding of some of the elements that go into determining the level of your policy premiums. If you understand what determines premiums, this enables informed choices that can earn you cheaper rates.
The following are a few of the “ingredients” insurance companies consider when setting your rates.
More performance means more cost – The type of car, truck or SUV you need to insure makes a big difference in how high your rates are. The cheapest rates are usually found on low performance passenger cars, but there are many factors that impact the final cost.
The next chart uses these variables: married male driver age 50, full coverage with $1000 deductibles, and no discounts or violations. The data compares Cadillac CTS-V insurance premiums compared to other models of vehicles that have a range of performance rating factors.
Women tend to take less risk – The statistics show females are less aggressive when driving. It does not mean men are WORSE drivers than women. Both genders have fender benders in similar numbers, but the men tend to have more serious accidents. Not only that, but men also receive more major tickets such as DWI and reckless driving. Young males are several times more likely to be in an accident so they pay the highest premiums.
The information below shows the difference between Cadillac CTS-V auto insurance rates for male and female drivers. The premium estimates are based on no claims or violations, comp and collision included, $100 deductibles, single marital status, and no discounts are applied to the premium.
Teenagers vs. mature drivers – Youthful drivers in New Jersey have a tendency to be inattentive behind the wheel so insurance rates are higher. Older, more experienced drivers are proven to be safer behind the wheel, tend to file fewer claims, and are safer drivers.
The following data uses these assumptions: single driver, full coverage with $100 deductibles, and no discounts or violations.
Small coverages can add up – There are a ton of optional add-on coverages that you can buy but may not be useful. Things like personal injury protection, better glass coverage, and motor club memberships are examples of these. These may sound like a good investment when deciding what coverages you need, but now you might not need them so consider taking them off your policy.
Frequent insurance claims will cost more – If you’re an insured who likes to file claims you can expect either policy cancellation or increased premiums. Car insurance companies in New Jersey give the best rates to insureds who file claims infrequently. Your insurance policy is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.
Loss statistics for a Cadillac CTS-V – Companies use past insurance losses in order to profitably underwrite each model. Vehicles that are shown to have higher frequency or amount of claims will have higher premium rates.
The information below illustrates the loss history for Cadillac CTS-V vehicles. For each policy coverage type, the statistical loss for all vehicles, regardless of make, model or trim level, is set at 100. Values below 100 indicate better than average losses, while values that are 100 or greater point to more claims or tendency to have higher losses.
|Vehicle Make and Model
|Cadillac CTS-V 2dr
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Shop online but buy locally
Some consumers still like to talk to an insurance agent and that is a personal choice. Most agents can help you choose the best coverages and help file insurance claims. One of the benefits of comparing car insurance online is you may find lower rates and still have an agent to talk to.
Upon completion of this form (opens in new window), the coverage information is instantly submitted to companies in Newark who will give you quotes for your business. You don’t have to visit any agencies due to the fact that quote results will go to you directly. If for some reason you want to get a comparison quote for a specific company, just visit that company’s website and fill out their quote form.
Finding the right insurance company should depend on more than just a cheap price quote. Here are some questions you should ask.
- Are claims handled at the agent’s location?
- Does the agent help file claims?
- When do they do a full risk review?
- Do the coverages you’re quoting properly cover your vehicle?
- Do clients work directly with the agent or are most inquiries handled by a CSR?
- Do they prorate repair cost based on vehicle mileage?
- Is the agency active in community causes in Newark?
- What kind of financial rating does the company have?
What types of auto insurance agents are in Newark?
When finding local Newark agents, there are a couple of different types of agents and how they can service your needs differently. Car insurance agents in Newark can either be independent or exclusive. Either one can properly insure your vehicles, but it’s a good idea to understand the subtle differences because it can factor into the type of agent you choose.
Exclusive Insurance Agencies
Agents that elect to be exclusive are contracted to one company like Allstate, Farmers Insurance or State Farm. Exclusive agents cannot place coverage with different providers so if the price isn’t competitive there isn’t much they can do. These agents receive a lot of sales training on their products and sales techniques which can be an advantage.
Shown below are exclusive insurance agencies in Newark that are able to give price quotes.
Independent Agents (or Brokers)
Independent agencies are not employed by any specific company so they can insure your vehicles amongst many companies enabling the ability to shop coverage around. If you are not satisfied with one company, your policy is moved internally without you having to go to a different agency.
If you are trying to find cheaper rates, you should always compare quotes from independent agents to get the best comparison.
Listed below is a short list of independent insurance agencies in Newark that can give you price quotes.
Preferred Choice Insurance Agency
225 Newark Ave – Jersey City, NJ 07302 – (201) 616-7644 – View Map
Arabo Insurance Group Inc
675 Bergen St – Newark, NJ 07108 – (973) 391-9595 – View Map
Choosing the best Cadillac CTS-V insurance in New Jersey is an important decision
Even though it’s not necessarily cheap to insure a Cadillac in Newark, car insurance is most likely required but also gives you several important benefits.
- The majority of states have mandatory insurance requirements which means state laws require specific minimum amounts of liability protection if you want to drive legally. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
- If you took out a loan on your CTS-V, almost every bank will make it a condition of the loan that you buy insurance to guarantee loan repayment. If you do not keep the policy in force, the bank or lender will purchase a policy for your Cadillac at a much higher rate and require you to fork over for the much more expensive policy.
- Car insurance preserves both your assets and your vehicle. It will also reimburse you for hospital and medical expenses for not only you but also any passengers injured in an accident. Liability insurance, one of your policy coverages, will also pay to defend you if you are sued as the result of an accident. If your car is damaged in a storm or accident, collision and comprehensive coverages will pay to repair the damage.
The benefits of carrying enough insurance are without a doubt worth the cost, particularly when you have a large claim. On average, a vehicle owner in Newark overpays more than $869 every year so you should quote rates at every policy renewal to make sure the price is not too high.
In the end, you can save money
We’ve covered some good ideas how you can shop for Cadillac CTS-V insurance online. The most important thing to understand is the more rate quotes you have, the better your chances of lowering your rates. You may even find the best price on insurance is with the smaller companies. They can often provide lower rates in certain areas than their larger competitors like State Farm or Progressive.
Cheaper Cadillac CTS-V insurance in Newark is definitely available on the web as well as from insurance agents, so get free Newark auto insurance quotes from both of them to have the best rate selection. Some insurance companies may not have rates over the internet and most of the time these smaller providers provide coverage only through local independent agencies.
As you prepare to switch companies, it’s not a good idea to reduce coverage to reduce premium. Too many times, consumers will sacrifice liability coverage limits and learned later that the small savings ended up costing them much more. Your aim should be to buy enough coverage at a price you can afford and still be able to protect your assets.
For more information, feel free to browse these articles:
- Where can I buy Insurance? (Insurance Information Institute)
- Who Has Cheap Car Insurance Rates for a Jeep Grand Cherokee in Newark? (FAQ)
- Who Has the Cheapest Auto Insurance Rates for 4×4 Vehicles in Newark? (FAQ)
- Hybrid vehicles cost insurers more (Insurance Institute for Highway Safety)
- Alcohol Impaired Driving FAQ (iihs.org)
- Shopping for a Safe Car (Insurance Information Institute)