Best Mercedes-Benz E350 Insurance in Jersey City

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Insurance for Mercedes-Benz E350It's well known that insurance companies don't want you to look for cheaper rates. Insureds who shop for lower prices are highly likely to switch to a new company because they have good chances of finding good coverage at a lower price. A recent survey revealed that drivers who routinely compared rates saved approximately $850 each year compared to those who never compared rates.

If finding budget-friendly rates on insurance is your objective, understanding how to shop and compare coverage rates can make shopping around easier.

If your goal is the lowest price, then the best way to get budget Mercedes-Benz E350 insurance is to compare prices once a year from providers who can sell car insurance in Jersey City. You can compare rates by following these steps.

  1. Read and learn about how insurance works and the changes you can make to keep rates low. Many rating factors that drive up the price like multiple speeding tickets and a less-than-favorable credit rating can be eliminated by paying attention to minor details.
  2. Compare price quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only quote rates from a single company like Progressive or Farmers Insurance, while independent agencies can give you price quotes from multiple insurance companies.
  3. Compare the price quotes to your current policy premium to determine if switching companies saves money. If you find better rates, verify that coverage does not lapse between policies.
  4. Provide adequate notice to your current company of your decision to cancel your current auto insurance policy and submit a down payment along with a completed application to your new carrier. Don't forget to keep your new proof of insurance certificate along with your vehicle registration.

The critical component of shopping around is to compare identical limits and deductibles on each price quote and and to get quotes from as many companies as you can. This helps ensure the most accurate price comparison and the best price quote selection.

When comparing insurance rates, know that quoting more will enable you to find the best offered rates. Some companies don't provide online Jersey City E350 insurance quotes, so it's necessary to compare rates from them, too.

The following companies are our best choices to provide quotes in Jersey City, NJ. If you want to find cheap auto insurance in Jersey City, NJ, we recommend you compare several of them to get the best price comparison.

Why you need Mercedes-Benz vehicle insurance in New Jersey

Even though it can be expensive, paying for insurance is not optional due to several reasons.

  • The majority of states have compulsory liability insurance requirements which means you are required to carry 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 your Mercedes-Benz has a loan, more than likely the lender will have a requirement that you have comprehensive coverage to guarantee payment of the loan. If you cancel or allow the policy to lapse, the lender will be forced to insure your Mercedes-Benz at a much higher rate and make you pay a much higher amount than you were paying before.
  • Insurance preserves both your assets and your car. Insurance will pay for medical expenses for you, your passengers, and anyone else injured in an accident. Liability coverage, the one required by state law, also pays expenses related to your legal defense if you are sued as the result of your driving. If your vehicle suffers damage from an accident or hail, your policy will pay all costs to repair after the deductible has been paid.

The benefits of buying enough insurance definitely exceed the price paid, especially with large liability claims. In a recent study of 1,000 drivers, the average customer overpays more than $830 a year so it's very important to do a rate comparison at every renewal to make sure the price is not too high.

Insurance coverage analysis

The information shown below outlines detailed analysis of coverage prices for Mercedes-Benz E350 models. Having a better understanding of how insurance prices are established can benefit drivers when making smart choices when choosing a car insurance company.

Mercedes-Benz E350 Insurance Rates in Jersey City, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
E350 2-Dr Coupe $402 $1104 $462 $28 $138 $2,134 $178
E350 4-Dr Sedan $442 $990 $358 $22 $108 $1,920 $160
E350 with 4-MATIC 4-Dr Sedan $442 $990 $358 $22 $108 $1,920 $160
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Estimates do not factor in specific garaging location which can increase or decrease coverage prices noticeably.

Physical damage deductible comparison

One common question asked by Jersey City drivers is which comprehensive and collision deductibles to buy. The data tables below can help show the differences in premium rates between high and low policy deductibles. The first rate comparisons uses a $250 deductible for physical damage and the second data table uses a $1,000 deductible.

Mercedes-Benz E350 insurance policy rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
E350 2-Dr Coupe $466 $1072 $408 $24 $122 $2,117 $176
E350 4-Dr Sedan $514 $960 $318 $18 $94 $1,929 $161
E350 with 4-MATIC 4-Dr Sedan $514 $960 $318 $18 $94 $1,929 $161
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Mercedes-Benz E350 insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
E350 2-Dr Coupe $288 $674 $408 $24 $122 $1,516 $126
E350 4-Dr Sedan $318 $604 $318 $18 $94 $1,352 $113
E350 with 4-MATIC 4-Dr Sedan $318 $604 $318 $18 $94 $1,352 $113
Get Your Own Custom Quote Go

Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Rate quotes do not factor in specific location which can revise coverage rates considerably.

Based on this data, using a $250 deductible will cost you about $49 more each month or $588 every year than quoting the higher $1,000 deductible. Since the policyholder would be required to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you normally average at a minimum 15 months between claims, you would save more money if you elect the higher deductible.

How to calculate when to raise deductibles

Average monthly premium for $250 deductibles: $166
Average monthly premium for $1,000 deductibles (subtract): - $117
Monthly savings from raising deductible: $49
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $49
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 15 months

One thing to note is that raising deductibles to get cheaper rates results in a higher out-of-pocket expense at claim time. That will require some extra savings in the event you need to pay more to get your vehicle repaired.

The example below illustrates how your choice of deductibles and can increase or decrease Mercedes-Benz E350 insurance premiums for different age groups. The information is based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.

Mercedes-Benz E350 insurance rates: Men versus women

The chart below shows the comparison of Mercedes-Benz E350 insurance costs for male and female drivers. The rate quotes are based on no claims or driving violations, full coverage, $500 deductibles, single status, and no discounts are factored in.

Mercedes-Benz E350 full coverage rates compared to liability only

The chart below shows the difference between Mercedes-Benz E350 insurance costs when comparing full coverage to liability only. The price estimates are based on no tickets, no at-fault accidents, $100 deductibles, single marital status, and no other discounts are factored in.

When to drop comp and collision

There is no definitive guideline of when to stop paying for physical damage insurance, but there is a guideline you can consider. If the yearly cost of full coverage is about 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.

For example, let's say your Mercedes-Benz E350 claim settlement value is $8,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $7,000 after the policy deductible has been paid. If you are paying over $700 annually for full coverage, then it may be the right time to buy liability only.

There are a few situations where eliminating full coverage is not a good plan. If you haven't paid off your loan, you have to maintain full coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not remove full coverage.

Take advantage of these discounts on Mercedes-Benz E350 insurance in Jersey City

Auto insurance is expensive, but you may be missing some discounts that may help make it more affordable. Certain credits will be shown when you purchase, but less common discounts must be asked for before being credited.Discount auto insurance

  • Accident Waiver - Not necessarily a discount, but a handful of insurance companies will turn a blind eye to one accident before they charge you more for coverage so long as you are claim-free prior to the accident.
  • Data Collection Discounts - People who choose to allow companies to spy on driving habits by using a telematic data system such as Drivewise from Allstate or Snapshot from Progressive could save a few bucks if they exhibit good driving behavior.
  • Policy Bundle Discount - If you combine your auto and home policies and place coverage with the same company they may give you a discount of nearly 15% which can help you find affordable Mercedes-Benz E350 insurance rates in Jersey City.
  • Organization Discounts - Being a member of a professional or civic organization may earn a discount on your policy.
  • Low Mileage - Low mileage vehicles could qualify for discounted auto insurance rates on garaged vehicles.
  • Discount for Life Insurance - Some insurance companies give a discounted premium rate on car insurance if you buy a life insurance policy as well.
  • Passive Restraints - Cars that have air bags or motorized seat belts can get savings of up to 25% or more.
  • New Vehicle Savings - Buying a new car instead of a used E350 can cost up to 25% less because newer vehicles keep occupants safer.

While discounts sound great, it's important to understand that many deductions do not apply to the whole policy. Some only apply to specific coverage prices like liability and collision coverage. So even though they make it sound like having all the discounts means you get insurance for free, you're out of luck. Any amount of discount will definitely lower your premiums.

The illustration below compares Mercedes-Benz E350 premium costs with and without discounts applied to the rates. The prices are based on a male driver, no accidents or driving violations, New Jersey state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, claim-free, marriage, multi-policy, homeowner, and safe-driver discounts applied.

Popular auto insurance companies and their offered discounts are detailed below.

  • Farm Bureau policyholders can earn discounts including multi-policy, safe driver, youthful driver, multi-vehicle, and renewal discount.
  • MetLife includes discounts for good student, accident-free, good driver, multi-policy, claim-free, and defensive driver.
  • Progressive has discounts for online quote discount, multi-policy, multi-vehicle, continuous coverage, online signing, homeowner, and good student.
  • AAA may offer discounts for pay-in-full, good student, anti-theft, multi-policy, education and occupation, multi-car, and AAA membership discount.
  • American Family offers discounts for bundled insurance, good driver, Steer into Savings, defensive driver, good student, and accident-free.
  • GEICO offers premium reductions for membership and employees, anti-lock brakes, federal employee, anti-theft, and driver training.
  • State Farm has savings for accident-free, Steer Clear safe driver discount, multiple policy, Drive Safe & Save, and multiple autos.

When getting a coverage quote, ask every company which discounts can lower your rates. All car insurance discounts might not be offered everywhere.