Save Money on Cadillac Escalade EXT Insurance in Jersey City

Unimaginable but true, the vast majority of New Jersey insurance customers have stayed with the same insurance company for at least four years, and nearly half have never compared rates with other companies. American drivers could save as much as $860 a year just by shopping around, but most just don’t grasp how much savings they would realize if they moved their coverage to a different company.

It takes a little time, but the best way to get cheaper Cadillac Escalade EXT insurance in Jersey City is to start comparing prices regularly from insurance carriers in New Jersey. Rates can be compared by completing these steps.

1. Spend a few minutes and learn about how your policy works and the steps you can take to prevent expensive coverage. Many things that increase rates such as traffic violations, accidents, and a poor credit rating can be rectified by being financially responsible and driving safely. This article provides instructions to help reduce premium rates and get additional discounts that may have been overlooked.
2. Compare price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give prices from one company like GEICO and State Farm, while independent agencies can provide rate quotes for many different companies.
3. Compare the new quotes to your existing rates to determine if you can save on Escalade EXT insurance in Jersey City. If you find a lower rate, ensure coverage does not lapse between policies.

The key thing to remember is that you use identical coverages on each quote and and to get price quotes from as many companies as you can. This ensures a fair rate comparison and many rates to choose from.

Informed Consumers Can Lower Insurance Rates

When buying insurance it’s important to understand some of the factors that go into determining insurance rates. If you understand what impacts premium levels, this allows you to make good choices that could help you find cheaper rates. Many factors are part of the equation when quoting car insurance. Some factors are common sense such as your driving record, but others are less apparent such as your marital status and annual miles driven.

• Raise physical damage deductibles and save – Coverage for physical damage, also known as collision and other-than-collision, protects your Cadillac from damage. Examples of covered claims are a dented fender, hitting a deer, and windstorm damage. Comprehensive and collision coverage deductibles define the amount you are required to spend before a claim is paid by your company. The more of the claim you pay before a claim is paid (deductible), the lower your rates will be.
• Companies want multiple policies – Many insurers will award better rates to policyholders who carry more than one policy. It’s known as a multi-policy discount. Discounts can amount to ten percent or more. Even with this discount applied, it’s still a good idea to compare other Jersey City Escalade EXT insurance rates to ensure the best deal.

• With age comes lower costs – Inexperience drivers are proven to be easily distracted when behind the wheel and because of this, their insurance rates are much higher. Parents adding a teen driver to your policy can increase premiums substantially. Older, more experienced drivers are more cautious drivers, cost insurance companies less in claims, and are generally more financially stable.

  The data below is based on a single driver, full coverage with $100 deductibles, and no discounts or violations.

• Excellent credit saves on insurance – A driver’s credit score factor in your rate calculation. Consumers who have very good credit scores tend to be more responsible as compared to drivers with worse credit. If your credit history could use some work, you could save money insuring your Cadillac Escalade EXT by improving your credit score.

Insurance coverage details

The information shown next covers estimates of insurance prices for Cadillac Escalade EXT models. Being able to understand how insurance policy rates are formulated is important for drivers to make smart choices when selecting a coverage provider.

Data based on married female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Rates do not factor in zip code location which can impact premiums noticeably.

Rate comparison for different deductibles

A question often asked by Jersey City drivers is how high should the deductibles for physical damage be. The premium rates below may help to illustrate the difference in cost between low and high comp and collision deductibles. The first price estimate table uses a $250 deductible for comp and collision and the second data table uses a $500 deductible.

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Price information does not factor in your specific Jersey City location which can affect price quotes greatly.

Based on this data, we can arrive at the conclusion that using a $250 deductible will cost you approximately $26 more each month or $312 a year than buying the higher $500 deductible. Because you would be required to pay $250 more if you turn in a claim with a $500 deductible as compared to a $250 deductible, if you have at least 10 months between claim filings, you would save money if you choose the higher deductible.

The chart below demonstrates how choosing different deductibles and can influence Cadillac Escalade EXT insurance premiums for different age groups. The prices are based on a married male driver, comp and collision included, and no discounts are applied.

Drive responsibly or pay higher rates

The illustration below shows how violations and at-fault fender-benders can drive up Cadillac Escalade EXT insurance costs for different insured age categories. The rates are based on a single male driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied.

Full coverage versus liability-only

The example below visualizes the comparison of Cadillac Escalade EXT insurance prices with full physical damage coverage compared to only buying liability only. The price estimates are based on no claims, a clean driving record, $250 deductibles, single marital status, and no additional discounts are factored in.

When to stop paying for full coverage

There is no definitive formula of when to eliminate comprehensive and collision coverage on your policy, but there is a general 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, the it may be a good time to stop paying for full coverage.

For example, let’s say your Cadillac Escalade EXT settlement value is $6,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $5,000 after the policy deductible has been paid. If premium cost is more than $500 a year for comprehensive and collision coverage, then you might want to consider buying only liability coverage.

There are a few situations where removing full coverage is not a good plan. If you still owe a portion of the original loan, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should not eliminate full coverage.

Do you qualify for discounts?

Properly insuring your vehicles can get expensive, but you may be missing some discounts to cut the cost considerably. Certain discounts will be applied when you get a quote, but some may not be applied and must be asked about before being credited. If you do not check that you are getting every discount you deserve, you’re just leaving money on the table.

• Responsible Driver Discounts – Accident-free drivers may receive a discount up to 45% compared to rates paid by drivers with frequent claims.
• College Student Discount – College-age children who are enrolled in a college that is more than 100 miles from Jersey City and leave their car at home could qualify for this discount.
• ABS Braking Discount – Cars, trucks, and SUVs with ABS braking systems or traction control can reduce accidents so you can save 10 percent or more.
• Life Insurance – Some companies give a lower rate if you buy auto and life insurance together.
• Theft Deterrent System – Vehicles optioned with advanced anti-theft systems have a lower chance of being stolen and therefore earn up to a 10% discount.
• Full Payment Discount – If you pay your bill all at once instead of making monthly payments you can avoid monthly service charges.

Discounts reduce rates, but you should keep in mind that most credits do not apply to the overall cost of the policy. A few only apply to the cost of specific coverages such as collision or personal injury protection. So even though you would think you would end up receiving a 100% discount, car insurance companies aren’t that generous.

The information below shows the comparison of Cadillac Escalade EXT auto insurance rates with and without discounts applied to the policy premium. The information is based on a male driver, no tickets, no at-fault accidents, New Jersey state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, multi-car, marriage, multi-policy, safe-driver, and claim-free discounts applied.

If you would like to view insurers that offer discounts in New Jersey, click this link.

Find affordable rates by being thorough

We just presented many ideas to lower your Cadillac Escalade EXT insurance prices in Jersey City. The key concept to understand is the more price quotes you have, the better your chances of lowering your rates. You may even be surprised to find that the lowest prices are with a small local company. Some small companies may have significantly lower rates on certain market segments compared to the large companies like Allstate or State Farm.

As you restructure your insurance plan, it’s very important that you do not buy poor coverage just to save money. There are a lot of situations where an insured cut full coverage only to discover later that it was a big error on their part. Your objective should be to get the best coverage possible at the lowest possible cost.

For more information, link through to these articles:

• What are my Rights when Filing a Claim? (Insurance Information Institute)
• Who Has Affordable Auto Insurance for Teenagers in Jersey City? (FAQ)
• What Insurance is Cheapest for a 20 Year Old Female in Jersey City? (FAQ)
• Side Impact Crash Tests (iihs.org)
• Bodily Injury Coverage (Liberty Mutual)
• Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
• Credit Impacts Car Insurance Rates (State Farm)