A recent survey discovered that almost 70% of drivers have stayed with the same insurance company for well over three years, and just short of a majority have never quoted rates to find lower-cost coverage. Madison drivers can save hundreds of dollars each year, but most undervalue the amount of money they would save if they switch to a new company.
It takes a few minutes, but the best way to save on Cadillac CTS insurance is to start comparing prices yearly from companies who provide car insurance in Madison. You can shop around by completing these steps.
- Step 1: Take a few minutes and learn about how insurance works and the changes you can make to keep rates low. Many risk factors that drive up the price such as traffic citations, accidents, and a negative credit rating can be eliminated by improving your driving habits or financial responsibility.
- Step 2: Quote rates from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can provide rates from a single company like GEICO or Allstate, while independent agents can give you price quotes for many different companies.
- Step 3: Compare the new rate quotes to the premium of your current policy to see if switching to a new carrier will save money. If you find a lower rate quote and decide to switch, make sure there is no coverage gap between policies.
The key aspect of shopping around is to compare the same deductibles and limits on every price quote and and to get quotes from every company you can. This provides a level playing field and a complete price analysis.
Finding affordable coverage in Madison is quite easy. If you have a policy now or need a new policy, use these techniques to find better prices and still have adequate protection. Smart buyers only have to learn the most effective way to compare rate quotes instantly.
Cadillac CTS coverage statistics
The coverage information below highlights estimates of rate quotes for Cadillac CTS models. Learning a little about how auto insurance policy rates are figured can be valuable when making smart choices when comparing insurance quotes.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|CTS Luxury AWD||$122||$294||$278||$16||$84||$794||$66|
|CTS Performance AWD||$122||$294||$278||$16||$84||$794||$66|
|CTS Premium AWD||$136||$294||$278||$16||$84||$808||$67|
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Wisconsin minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Rate information does not factor in zip code location which can increase or decrease insurance rates greatly.
Difference between full coverage and liability only rates
The diagram below compares Cadillac CTS insurance costs when comparing full coverage to state minimum liability only. The information is based on a clean driving record, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are taken into consideration.
When to drop comprehensive and collision
There is no definitive formula of when to phase out comp and collision coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than around 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
For example, let's pretend your Cadillac CTS book value is $3,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most you would receive is $2,000 after you pay the deductible. If it's costing in excess of $200 a year to have full coverage, then you may need to consider dropping full coverage.
There are some situations where dropping physical damage coverage is not financially feasible. If you still have a lienholder on your title, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.
Don't overlook these nine Cadillac CTS insurance discounts
Auto insurance can be pricey, but there could be available discounts that may help make it more affordable. Most are applied when you purchase, but a few need to be asked for before you will receive the discount.
- E-sign Discounts - Certain insurance companies will provide an incentive just for signing your application over the internet.
- Resident Student - Kids who are enrolled in higher education away from home and do not have access to a covered vehicle may qualify for this discount.
- Driver Education Discount - Cut your cost by having your teen driver complete a driver education course if offered at their school.
- Senior Citizens - If you're over the age of 55, you may receive a slight reduction on a Madison auto insurance quote.
- Memberships - Being in qualifying clubs or civic groups is a simple method to lower premiums on your next renewal.
- No Claims - Insureds with no claims or accidents can save substantially in comparison to insureds who have frequent claims or accidents.
- Theft Deterrent System - Cars and trucks that have factory anti-theft systems are stolen less frequently and can earn a small discount on your policy.
- Discount for New Cars - Buying auto insurance coverage on a new vehicle may earn a small discount because newer models have to meet stringent safety requirements.
- Seat Belts Save more than Lives - Requiring all passengers to wear their seat belts could save 15% on the premium charged for medical payments and/or PIP.
It's important to understand that some of the credits will not apply to the entire cost. Most only apply to the cost of specific coverages such as liability, collision or medical payments. So despite the fact that it appears all those discounts means the company will pay you, company stockholders wouldn't be very happy.
The illustration below shows the comparison of Cadillac CTS car insurance costs with and without discounts. The costs are based on a female driver, a clean driving record, no at-fault accidents, Wisconsin state minimum liability limits, comprehensive and collision 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, claim-free, homeowner, multi-policy, and marriage discounts applied.
To see insurers with the best discounts in Madison, click this link.
Auto insurance coverages 101
Learning about specific coverages of auto insurance can be of help when determining the best coverages and the correct deductibles and limits. Auto insurance terms can be confusing and coverage can change by endorsement.
This coverage pays to fix your vehicle from damage from a wide range of events other than collision. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive coverage protects against claims like hail damage, damage from getting keyed, theft, rock chips in glass and hitting a bird. The most you'll receive from a claim is the ACV or actual cash value, so if it's not worth much more than your deductible consider dropping full coverage.
Collision coverage pays to fix your vehicle from damage resulting from a collision with an object or car. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision can pay for claims like crashing into a ditch, sideswiping another vehicle, backing into a parked car, sustaining damage from a pot hole and colliding with a tree. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. You can also choose a higher deductible on your CTS to save money on collision insurance.
Medical expense coverage
Medical payments and Personal Injury Protection insurance reimburse you for short-term medical expenses such as funeral costs, dental work, hospital visits and EMT expenses. They are used to fill the gap from your health insurance policy or if there is no health insurance coverage. They cover you and your occupants as well as being hit by a car walking across the street. Personal injury protection coverage is only offered in select states and gives slightly broader coverage than med pay
Uninsured or underinsured coverage
This provides protection when the "other guys" either have no liability insurance or not enough. This coverage pays for medical payments for you and your occupants and also any damage incurred to your Cadillac CTS.
Since a lot of drivers only purchase the least amount of liability that is required (25/50/10 in Wisconsin), it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is a good idea. Most of the time these limits are similar to your liability insurance amounts.
Liability coverage can cover damages or injuries you inflict on people or other property that is your fault. Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have values of 25/50/10 that means you have a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a limit of $10,000 paid for damaged property. Occasionally you may see a combined single limit or CSL that pays claims from the same limit rather than limiting it on a per person basis.
Liability coverage pays for things like emergency aid, loss of income, court costs, repair costs for stationary objects and medical expenses. The amount of liability coverage you purchase is a decision to put some thought into, but buy higher limits if possible. Wisconsin requires drivers to carry at least 25/50/10 but drivers should carry more liability than the minimum.
The chart below demonstrates why buying the state minimum limits may not be adequate coverage.
Best car insurance company in Wisconsin
Selecting the highest-rated company can be rather challenging considering how many different insurance companies sell coverage in Madison. The company rank data in the next section may help you decide which car insurance companies you want to consider to insure your vehicles.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
|Compare Rates Now Go|
Data Source: Insure.com Best Car Insurance Companies
The best insurance company isn't always the cheapest
More affordable auto insurance in Madison can be found on the web and with local Madison insurance agents, and you should be comparing both to have the best selection. Some insurance companies may not offer internet price quotes and usually these regional carriers sell through independent agents.
Consumers who switch companies do it for a number of reasons such as being labeled a high risk driver, not issuing a premium refund, questionable increases in premium or even delays in paying claims. Regardless of your reason, switching auto insurance companies can be less work than you think.
When trying to cut insurance costs, it's a bad idea to skimp on coverage in order to save money. In too many instances, someone dropped collision coverage only to regret that it was a big error on their part. Your objective should be to buy a smart amount of coverage at the lowest possible cost but still have enough coverage for asset protection.
More information can be read at these links:
- Understanding Rental Car Insurance (Insurance Information Institute)
- How Much is Car Insurance for Drivers Over Age 70 in Madison? (FAQ)
- Older Driver Statistics (Insurance Information Institute)
- Safety Tips for Teen Drivers (Insurance Information Institute)
- What are my Rights when Filing a Claim? (Insurance Information Institute)