Mercedes-Benz SLR McLaren Insurance – 6 Tips to Lower Rates

Paying for high-priced Mercedes-Benz SLR McLaren insurance can empty your checking account and put a big crunch on your finances. Comparison shopping is free and is an excellent way to slash your bill and have more diposable income.

Lots of car insurance companies contend to insure your vehicles, so it’s not easy to compare every provider and get the best coverage at the best rates possible.

You should take the time to get comparison quotes before your policy renews because insurance rates are variable and change quite frequently. Even if you think you had the lowest price for SLR McLaren coverage a year ago there may be better deals available now. Forget anything you know (or think you know) about auto insurance because you’re about to learn the proper way to eliminate unnecessary coverages and save money.

If you currently have a car insurance policy, you should be able to save some money using these techniques. Buying car insurance is quite easy. But drivers can benefit by having an understanding of the way insurance companies price online insurance because it can help you find the best coverage.

Compare Auto Insurance Today

To find the best auto insurance prices, there are several ways of comparing rate quotes from local auto insurance companies. The quickest method to find competitive Mercedes-Benz SLR McLaren insurance rates is to perform an online rate comparison. It is quite easy and can be accomplished using a couple different methods.

1. The easiest and least time consuming way to find low rates would be an industry-wide quote request form like this one (opens in new window). This easy form keeps you from doing boring form submissions to each individual auto insurance company. A single form will return quotes from auto insurance companies with the best prices.
2. Another way to find lower rates requires you to visit the website of each company and complete a new quote form. For examples sake, we’ll pretend you want rates from Allstate, GEICO and Progressive. To get rate quotes you would need to spend time on each company’s site to input your insurance information, which is why most consumers use the first method. For a list of links to companies insuring cars in your area, click here.
3. The least efficient way to compare rates is to drive around to insurance agents’ offices. The ability to buy insurance online has reduced the need for local agents unless you require the professional advice of a licensed agent. You can, however, comparison shop your insurance online but buy from a local insurance agent and we’ll touch on that later.

Whichever way you use, make sure you use identical information on every quote. If you are comparing different deductibles it will be very difficult to make a fair comparison for your Mercedes-Benz SLR McLaren. Just a small difference in coverage limits may result in a large different in cost. Just keep in mind that getting more free quotes will improve the odds of getting lower pricing.

Save big with these six discounts

Car insurance is not cheap, but there could be available discounts that can drop the cost substantially. Larger premium reductions will be automatically applied at the time of quoting, but less common discounts must be asked about before you get the savings.

• Homeowners Discount – Owning a home may trigger a auto insurance policy discount due to the fact that maintaining a home requires personal responsibility.
• Auto/Home Discount – When you combine your home and auto insurance with one insurance company you may save up to 20% off your total premium.
• Safe Drivers – Drivers who avoid accidents may save up to 50% more for SLR McLaren coverage than drivers with accident claims.
• Payment Discounts – If paying your policy premium upfront instead of making monthly payments you can actually save on your bill.
• Driver Safety – Completing a defensive driving course could save 5% or more if you qualify.
• Seat Belts Save more than Lives – Using a seat belt and requiring all passengers to use their safety belts can save up to 15% off the personal injury premium cost.

Keep in mind that some of the credits will not apply to your bottom line cost. Most only cut individual premiums such as physical damage coverage or medical payments. So when the math indicates all those discounts means the company will pay you, companies wouldn’t make money that way. Any amount of discount will cut the cost of coverage.

What about my local agents?

A small number of people just want to visit with an insurance agent and that is OK! The best thing about comparing rates online is you can get the best rates and still choose a local agent. Supporting small agencies is important particularly in smaller rural communities.

For easy comparison, once you complete this quick form, the coverage information is emailed to insurance agents who will give you bids for your insurance coverage. There is no reason to drive around due to the fact that quote results will go to the email address you provide. It’s the lowest rates AND an agent nearby.

The difference between insurance agencies

When searching for a reliable agent, you need to know there are two types of insurance agents to choose from. Agencies can either be captive or independent (non-captive).

Independent Agencies or Brokers

Independent insurance agents do not work for one specific company so they have the ability to put coverage with any number of different companies and potentially find a lower price. If your agent finds better pricing, they simply move the coverage in-house and you don’t have to find a new agent.

When shopping rates, it’s a good idea to include price quotes from several independent insurance agents to ensure the widest selection of prices.

Captive Insurance Agents

Captive agents can only write with one company and some examples include State Farm or Allstate. They are unable to give you multiple price quotes so they have to upsell other benefits. Captives are trained well on the products they sell which helps them compete with independent agents.

For a full directory of agencies, visit this page.

Choosing a car insurance agent shouldn’t rely on just the premium amount. These are valid questions to ask:

• If you are a high risk driver, do they have special markets for your coverage?
• Do they regularly work with personal auto policies?
• Is vehicle damage repaired with OEM or aftermarket parts?
• Can they give you a list of client referrals?
• Is their price quote a firm figure or are their hidden costs?
• Are claims handled at the agent’s location?
• Do they have adequate Errors and Ommissions coverage? This protects you if they make a mistake.

After getting acceptable answers for all questions you ask and an acceptable price quote, it’s possible that you found an insurance agent that will provide auto insurance coverage. Just keep in mind consumers can cancel your policy any time you want so don’t think that you are obligated to any particular company with no way to switch.

Save 15 percent in 15 minutes? Is it for real?

Companies like State Farm, Allstate and GEICO consistently run ads on TV and radio. All the ads make the same claim that you’ll save big if you change your coverage to them. But how can every company make almost identical claims?

All companies have a certain “appetite” for the type of driver that earns them a profit. A good example of a preferred risk could possibly be between the ages of 40 and 55, has no tickets, and has a high credit rating. A driver that hits that “sweet spot” is entitled to the best price and is almost guaranteed to save a lot of money.

Consumers who don’t measure up to the requirements will have to pay higher prices which usually ends up with the customer not buying. The ad wording is “drivers who switch” but not “drivers who get quotes” save money. That is how insurance companies can confidently claim big savings.

Because of the profiling, you should quote coverage with many companies. It’s just too difficult to predict which company will provide you with the cheapest rates.

Parts of your auto insurance policy

Having a good grasp of your policy can help you determine the right coverages at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. Shown next are typical coverage types offered by auto insurance companies.

Liability

This coverage protects you from damages or injuries you inflict on people or other property in an accident. It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show values of 100/300/100 which means a limit of $100,000 per injured person, $300,000 for the entire accident, and $100,000 of coverage for damaged propery. Some companies may use one limit called combined single limit (CSL) which limits claims to one amount rather than limiting it on a per person basis.

Liability coverage pays for things such as medical expenses, repair costs for stationary objects, emergency aid, attorney fees and funeral expenses. How much liability coverage do you need? That is up to you, but you should buy as large an amount as possible.

Collision coverage protection

Collision insurance pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage protects against claims like rolling your car, crashing into a building and colliding with another moving vehicle. Paying for collision coverage can be pricey, so you might think about dropping it from lower value vehicles. Drivers also have the option to bump up the deductible to get cheaper collision coverage.

Comprehensive insurance

This pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for claims like a broken windshield, hail damage, damage from getting keyed and damage from a tornado or hurricane. The maximum amount your auto insurance company will pay is the cash value of the vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage kick in for short-term medical expenses for prosthetic devices, ambulance fees, nursing services and doctor visits. They are often used to cover expenses not covered by your health insurance program or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants and also covers if you are hit as a while walking down the street. PIP coverage is not available in all states and gives slightly broader coverage than med pay

Uninsured/Underinsured Motorist (UM/UIM)

This provides protection from other drivers when they are uninsured or don’t have enough coverage. Covered losses include injuries to you and your family and damage to your Mercedes-Benz SLR McLaren.

Because many people carry very low liability coverage limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked. Frequently these limits are similar to your liability insurance amounts.

Final thoughts

Budget-conscious Mercedes-Benz SLR McLaren insurance can be bought from both online companies as well as from independent agents, so compare prices from both in order to have the best price selection to choose from. Some companies don’t offer the ability to get a quote online and usually these regional insurance providers provide coverage only through local independent agents.

As you shop your coverage around, do not skimp on critical coverages to save a buck or two. In many cases, an insured dropped liability coverage limits only to regret that saving that couple of dollars actually costed them tens of thousands. The aim is to get the best coverage possible at an affordable rate while still protecting your assets.