Want to learn the secrets to finding more affordable Cadillac CTS-V insurance in Indianapolis? Locating the cheapest insurance for a Cadillac CTS-V in Indiana can turn out to be an all-consuming task, but you can learn our car insurance buying tips to save time.
There are more efficient ways to shop for car insurance so you’re going to learn the best way to price shop coverage for your Cadillac and get the cheapest rates from both online companies and Indianapolis agents.
You need to take a look at other company’s rates yearly since insurance prices are adjusted regularly by insurance companies. Even if you got the lowest rates on Cadillac CTS-V insurance in Indianapolis last year you can probably find a better premium rate now. Block out anything you think you know about car insurance because I’m going to let you in on the secrets to one of the best ways to reduce your cost while improving coverage.
Cadillac CTS-V coverage statistics
The rate table displayed next highlights detailed analysis of insurance costs for Cadillac CTS-V models. Learning how policy rates are calculated can help customers make informed decisions when shopping around for a new policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $208 | $430 | $230 | $14 | $68 | $950 | $79 |
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Price data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, homeowner, and claim-free. Prices do not factor in specific zip code location which can decrease or increase insurance rates substantially.
Rate difference between full and liability-only coverage
The information below compares Cadillac CTS-V insurance costs when comparing full coverage to state minimum liability only. The rate quotes are based on a clean driving record, no claims, $1,000 deductibles, drivers are not married, and no discounts are factored in.
When to stop buying comprehensive and collision coverage
There is no definitive formula for excluding physical damage insurance, but there is a guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it may be the right time to buy liability only.
For example, let’s assume your Cadillac CTS-V book value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $5,000 after the policy deductible has been paid. If you are paying in excess of $500 a year for physical damage coverage, then you might want to consider buying only liability coverage.
There are some situations where eliminating full coverage is not advised. If you haven’t paid off your loan, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should not buy liability only.
Reduce Insurance Rates with These Tips
Many factors are used when you get a price on insurance. Some of the criteria are obvious such as your driving history, although others are not quite as obvious such as your credit history or how safe your car is.
The items below are some of the major factors car insurance companies consider when setting your premiums.
Vocation and insurance rates – Did you know your car insurance rates can be affected by your occupation? Careers such as real estate brokers, business owners, and dentists tend to pay higher premium rates because of job stress and long work hours. Other careers like farmers, athletes and the unemployed have lower than average premiums.
Your credit score is important – Having a good credit history is a large factor in determining premium rates. Consumers who have high credit ratings tend to be more responsible than those with lower credit ratings. If your credit history is low, you could be paying less to insure your Cadillac CTS-V by repairing your credit.
Traffic violations cost more than a fine – Having a clean driving record has a big impact on rates. Only having one speeding ticket may cause rates to rise by twenty percent. Drivers with clean records get better prices than their less careful counterparts. Drivers who have received multiple citations such as reckless driving, hit and run or driving under the influence may find that they have to to submit a SR-22 or proof of financial responsibility to the state department of motor vehicles in order to legally drive.
The illustration below shows how speeding tickets and fender-benders can influence Cadillac CTS-V insurance prices for each different age category. The information is based on a single male driver, full coverage, $500 deductibles, and no additional discounts are factored in.
Big city or small town – Having an address in less populated areas of the country is a positive aspect when it comes to car insurance. People in densely populated areas regularly have more aggressive driving styles and higher rates of accident claims. Fewer people translates into fewer accident claims and a lower car theft rate.
Your car’s features help determine prices – Owning a car that has an advanced theft prevention system can help lower your rates. Theft prevention devices such as OnStar, LoJack tracking, and tamper alarms all help prevent car theft.
Prevent policy lapses – Not having insurance can get your license suspended and companies may charge more for letting your coverage have a gap. And not only will your rates increase, being ticketed for driving with no insurance might get you a steep fine or even jail time.
Gender and insurance coverage – Statistics show women are more cautious behind the wheel. Now that doesn’t mean females are better drivers. They both cause fender benders at about the same rate, but the men cause more damage and cost insurance companies more money. Men also statistically get ticketed for serious violations like DWI (DUI) or reckless driving.
The illustration below illustrates the difference between Cadillac CTS-V insurance costs for male and female drivers. The information is based on no claims or driving citations, full physical damage coverage, $500 deductibles, drivers are not married, and no discounts are applied to the premium.
Raising deductibles saves money – The deductibles you choose represent how much money you are required to spend out-of-pocket before a claim is paid by your company. Insurance for physical damage to your car, also called ‘full coverage’, is used to repair damage to your car. Some examples of claims that would be covered are a windshield broken by a bird, fire damage, and damage caused by road hazards. The more the insured is willing to pay, the less money you will pay for car insurance.
Insurance loss data for a Cadillac CTS-V – Companies take into consideration insurance loss statistics for every vehicle to calculate a rate that offsets possible losses. Models that tend to have a higher amount or frequency of claims will have higher rates.
The data below shows the collected loss data for Cadillac CTS-V vehicles. For each policy coverage, the statistical loss for all vehicles, regardless of manufacturer or model, is equal to 100. Values under 100 indicate better than average losses, while percentages above 100 indicate more frequent losses or tendency to have higher losses.
| 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
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
More comparisons equals cheaper rates
When shopping online for auto insurance, you should never skimp on critical coverages to save a buck or two. Too many times, someone dropped uninsured motorist or liability limits only to regret at claim time that a couple dollars of savings turned into a financial nightmare. Your goal is to purchase a proper amount of coverage at a price you can afford while not skimping on critical coverages.
Insureds who switch companies do it for any number of reasons including high prices, lack of trust in their agent, policy cancellation and unfair underwriting practices. It doesn’t matter what your reason, finding the right auto insurance provider can be less work than you think.
Lower-priced auto insurance in Indianapolis can be bought on the web and from local agencies, so you should compare both to get a complete price analysis. There are still a few companies who do not provide rate quotes online and most of the time these small, regional companies only sell through independent insurance agencies.
Steps to finding cheaper Cadillac CTS-V insurance in Indianapolis
To save the most money, the best way to get more affordable Cadillac CTS-V insurance is to start doing an annual price comparison from insurance carriers who sell insurance in Indianapolis. Rate comparisons can be done by following these guidelines.
Step 1: Try to comprehend what is in your policy and the things you can control to drop your rates. Many things that increase rates like inattentive driving and a substandard credit history can be eliminated by making small lifestyle or driving habit changes.
Step 2: Compare price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can provide rates from a single company like Progressive or Farmers Insurance, while agents who are independent can provide prices from multiple insurance companies.
Step 3: Compare the price quotes to your current policy premium to determine if switching companies saves money. If you find a lower rate quote and buy the policy, make sure there is no coverage gap between policies.
Step 4: Provide notification to your current agent or company of your intention to cancel your current coverage and submit a down payment along with a signed application to your new agent or company. Immediately upon receiving it, place the new proof of insurance certificate above your visor, in the console, or in the glove compartment.
A good tip to remember is that you use identical coverage information on each quote request and and to compare as many different companies as possible. Doing this guarantees a fair rate comparison and many rates to choose from.
Helpful resources
- Credit and Insurance Scores (Insurance Information Institute)
- How Much are Indianapolis Car Insurance Quotes for Drivers Over Age 70? (FAQ)
- Who Has Cheap Indianapolis Auto Insurance for a Company Car? (FAQ)
- What Auto Insurance is Cheapest for Government Employees in Indianapolis? (FAQ)
- Cellphones, Texting and Driving (iihs.org)
- Pickups fall short in headlight tests (Insurance Institute for Highway Safety)
- Top Signs Your Brakes are Giving Out (State Farm)