Best Cincinnati Cadillac SRX Insurance

It’s an obvious conclusion that insurance companies don’t want policyholders to shop around. Insureds who compare other prices will probably switch companies because they have good chances of finding more affordable rates. A recent survey discovered that people who routinely shopped for cheaper coverage saved as much as $860 a year compared to other drivers who never compared prices.

If finding the lowest price for insurance in Cincinnati is your ultimate goal, then knowing how to get free comparison quotes and analyze car insurance can make shopping around easier.

The most effective way to find affordable Cadillac SRX insurance is to start comparing rates regularly from companies who sell insurance in Cincinnati. Rates can be compared by completing these steps.

First, try to comprehend individual coverages and the modifications you can make to keep rates down. Many policy risk factors that result in higher rates like at-fault accidents and a not-so-good credit history can be remedied by making lifestyle changes or driving safer.

Second, compare prices from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only provide price estimates from a single company like GEICO and Allstate, while independent agents can give you price quotes for a wide range of companies.

Third, compare the new rate quotes to your existing coverage and see if there is a cheaper rate. If you find better rates, ensure coverage does not lapse between policies.

One thing to remember is to use the same coverage limits and deductibles on every quote request and and to get rates from every company you can. This helps ensure the most accurate price comparison and the best price quote selection.

Locating the most cost-effective car insurance policy in Cincinnati is much easier if you know where to start. If you currently have car insurance, you will be able to save money using these methods. But Ohio consumers must learn how big insurance companies determine premium rates because it varies considerably.

Just remember that comparing a large number of companies helps increase your odds of locating the best price.

The providers in the list below are ready to provide price comparisons in Cincinnati, OH. If you want to find the best auto insurance in OH, we suggest you compare several of them in order to get a fair rate comparison.

Cadillac SRX insurance rate analysis

The rate table shown below outlines a range of policy rates for Cadillac SRX models. Learning more about how auto insurance prices are formulated can help drivers make smart choices when buying a car insurance policy.

Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Prices do not factor in specific zip code location which can increase or decrease auto insurance rates significantly.

How high should deductibles be?

One frequently asked question is where to set your physical damage deductibles. The following insurance rates can help show the difference in cost between high and low coverage deductibles. The first table uses a $250 deductible for comprehensive and collision coverage and the second set of prices uses a $500 deductible.

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Estimates do not factor in vehicle location which can alter premium rates greatly.

Using the data above, we can ascertain that using a $250 deductible could cost the average driver approximately $11 more each month or $132 every year across all Cadillac SRX models than choosing the higher $500 deductible. Since you would pay $250 more to file a claim with a $500 deductible as compared to a $250 deductible, if you tend to have at least 23 months between claims, you would probably come out ahead by selecting a higher deductible.

One thing to be aware of is that raising deductibles to save money means you will have to cover more of the damage yourself when you have a comprehensive or collision claim. It will be required that you have enough disposable income in the event you have to pay the higher deductible.

Impact of speeding/accidents on auto insurance rates

The illustration below demonstrates how traffic citations and at-fault claims can drive up Cadillac SRX premium costs for each different age group. The prices are based on a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied to the premium.

Rate difference between full and liability-only coverage

The illustration below compares Cadillac SRX insurance costs with and without physical damage coverage. The data is based on a clean driving record, no at-fault accidents, $1,000 deductibles, single status, and no policy discounts are applied.

Should you buy full coverage or liability only?

There is no clear-cut formula that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.

For example, let’s say your Cadillac SRX settlement value is $5,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would get paid by your company is $4,000 after paying the physical damage deductible. If premium cost is more than $400 annually for comprehensive and collision coverage, then it might be time to consider dropping full coverage.

There are some circumstances where dropping physical damage coverage is not a good plan. If you still owe money on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.

Cadillac SRX Insurance Price Factors

An important part of buying insurance is that you know the rating factors that come into play when calculating the level of your policy premiums. When you know what positively or negatively determines base rates, this enables informed choices that can help you get lower premium levels.

• Gender matters – Statistics have proven women are more cautious behind the wheel. Now that doesn’t mean males are worse at driving than females. Women and men get in fender benders at about the same rate, but the males have costlier accidents. Men also have more aggressive citations such as DWI and reckless driving. Male teenagers are the most expensive to insure so they pay the highest premiums.

  The diagram below visualizes the comparison of Cadillac SRX annual premium costs for male and female drivers. The premium estimates are based on a clean driving record, no claims, comp and collision included, $100 deductibles, single marital status, and no discounts are applied.

• Responsible credit means lower costs – A driver’s credit history can be a huge factor in determining premium rates. So if your credit score leaves room for improvement, you could be paying less to insure your Cadillac SRX if you improve your credit rating. Consumers who have excellent credit tend to be better risks to insure than drivers with worse credit.
• You might get higher costs if you are single – Walking down the aisle can get you a discount on your policy. Marriage generally demonstrates drivers are more responsible and statistics prove married drivers tend to have fewer serious accidents.
• Better auto insurance rates on cars with good safety ratings – Cars with high safety ratings can get you lower premiums. These vehicles help reduce the chance of injuries in an accident and lower injury rates translates into fewer and smaller insurance claims and more competitive rates for policyholders.

• High premiums for youthful drivers – Older insureds are more cautious drivers, tend to file fewer claims, and tend to be get fewer driving tickets. Drivers with little experience are statistically shown to be inattentive when driving with friends therefore auto insurance rates are much higher.

  The next chart uses these variables: single driver, full coverage with $500 deductibles, and no discounts or violations.

• Consolidate policies with the same company – Many insurance companies provide lower prices to buyers that have more than one policy. It’s known as a multi-policy discount. Even with this discount, it’s in your best interest to get quotes from other companies to confirm you are receiving the best rates possible.
• Alarm systems save money – Owning a car with anti-theft technology or alarm system can get you a discount on your auto insurance. Anti-theft devices like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all hinder car theft.

• Cadillac SRX claim statistics – Auto insurance companies analyze claim trends for every vehicle to help set a rate to offset losses. Models that are shown to have increased losses will cost more for coverage. The table shown below demonstrates the historical insurance loss data for Cadillac SRX vehicles.

  For each coverage category, the claim amount for all vehicles compiled together is set at 100. Numbers that are below 100 indicate a favorable loss history, while values that are above 100 point to more frequent losses or an increased likelihood of larger losses.

  
  

  Cadillac SRX Insurance Claim Statistics

  Specific Cadillac Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Cadillac SRX 4dr 2WD	103	101	84	80	82	91
  Cadillac SRX 4dr 4WD	109	106	103	78	75	83

  BETTER

  AVERAGE

  WORSE

  Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Auto insurance in Ohio serves several purposes

Despite the high cost, buying auto insurance is required for several reasons.

• Most states have mandatory insurance requirements which means state laws require a minimum amount of liability protection in order to license the vehicle. In Ohio these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
• If you bought your SRX with a loan, most lenders will require you to have comprehensive coverage to guarantee loan repayment. If you cancel or allow the policy to lapse, the lender will be forced to insure your Cadillac at a significantly higher premium and force you to pay for the expensive policy.
• Insurance safeguards both your Cadillac and your personal assets. It also can pay for medical expenses for both you and anyone you injure as the result of an accident. Liability coverage also covers all legal expenses up to the policy limit if you are sued as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage minus the deductible amount.

The benefits of buying auto insurance are without a doubt worth the cost, especially with large liability claims. As of last year, the average driver in Ohio is currently overpaying as much as $855 a year so it’s important to compare rates each time the policy renews to ensure rates are competitive.