Mercedes-Benz E350 Insurance Quotes in Lexington

Unbelievably, almost 70% of insureds have bought insurance from the same company for a minimum of four years, and just short of a majority have never shopped around. With the average premium in Kentucky being $2,134, drivers could cut their rates by nearly $600 a year, but most undervalue the large savings they would see if they switched.

If saving money is your primary concern, then the best way to get affordable Mercedes-Benz E350 insurance in Lexington is to regularly compare quotes from different companies who sell insurance in Kentucky.

First, take a little time to learn about how insurance works and the things you can change to keep rates in check. Many risk factors that increase rates such as speeding tickets, accidents and a not-so-good credit rating can be improved by being financially responsible and driving safely.

Second, quote rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can provide rates from one company like Progressive or State Farm, while independent agents can quote rates for a wide range of insurance providers.

Third, compare the new rate quotes to your current policy premium and see if you can save money. If you find a lower rate and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

Fourth, give proper notification to your current agent or company to cancel your current coverage and submit the signed application along with the required initial payment to your new carrier. Immediately upon receiving it, keep the new certificate of insurance in an easily accessible location in your vehicle.

An important part of this process is that you use the same deductibles and limits on every quote request and and to get price estimates from as many carriers as you can. This enables a fair rate comparison and a thorough selection of prices.

When comparing insurance rates, know that obtaining a wide range of quotes gives you a better chance of getting a better price. Some companies don’t provide rate quotes online, so it’s important to also get prices from those companies as well.

The companies shown below are ready to provide price quotes in Kentucky. If you want cheap auto insurance in Lexington, it’s highly recommended you visit several of them to get a more complete price comparison.

Auto insurance statistics and figures

The rate information shown next covers estimates of insurance coverage prices for Mercedes-Benz E350 models. Having knowledge of how auto insurance premiums are formulated can be useful when making smart choices when choosing a car insurance company.

Above prices assume married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Rate quotes do not factor in specific zip code location which can affect prices greatly.

Physical damage deductibles: Should you raise them?

When buying auto insurance, a common question is how high should the physical damage coverage deductibles be. The rates below may help you to understand the price difference between low and high physical damage coverage deductibles. The first rate comparisons uses a $250 deductible for comprehensive and collision coverage and the second set of prices uses a $1,000 deductible.

Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include safe-driver, multi-policy, multi-vehicle, claim-free, and homeowner. Prices do not factor in vehicle location which can revise coverage prices noticeably.

Using the data above, we can ascertain that using a $250 deductible will cost you roughly $34 more each month or $408 each year than quoting the higher $1,000 deductible. Because you would be required to pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you go more than 22 months between claims, you would save money by going with a higher deductible.

The illustration below illustrates how choosing a deductible and can influence Mercedes-Benz E350 insurance costs for different age categories. The premiums assume a married female driver, full coverage, and no discounts are applied.

Liability only or full coverage

The diagram below illustrates the comparison of Mercedes-Benz E350 car insurance rates with full coverage compared to only the Kentucky minimum liability coverage. The premiums assume no accidents, no driving violations, $250 deductibles, marital status is single, and no discounts are factored in.

When to switch to liability coverage only

There isn’t a steadfast formula to stop paying for full coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.

For example, let’s pretend your Mercedes-Benz E350 replacement cost is $8,000 and you have $1,000 policy deductibles. If your vehicle is totaled, you would only receive $7,000 after paying the physical damage deductible. If you are currently paying more than $700 a year for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.

There are some cases where buying only liability insurance is not advised. If you still have a lienholder on your title, you are required to maintain full coverage to satisfy the loan requirements. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should not drop full coverage.

The Mercedes-Benz E350 Insurance Premium Equation

Smart consumers have a good feel for the factors that come into play when calculating the price you pay for car insurance. When you know what positively or negatively impacts premium levels, this enables informed choices that will entitle you to big savings.

• Big cities mean more claims – Residing in less populated areas of the country is a good thing when talking about car insurance. Drivers in populated areas have to deal with more auto accidents and much longer commute distances. Fewer drivers on the road means fewer accidents in addition to fewer liability claims.

• Accidents mean higher premiums – Careful drivers pay lower auto insurance prices as compared to careless drivers. Having a single driving citation can bump up the cost twenty percent or more. Drivers who have license-revoking violations like reckless driving, hit and run or driving under the influence might be required by their state to file a proof of financial responsibility form (SR-22) with their state’s department of motor vehicles in order to prevent their license from being revoked.

  The diagram below shows how traffic citations and at-fault accidents can increase Mercedes-Benz E350 auto insurance rates for different age groups. The premiums are based on a single female driver, full physical damage coverage, $1,000 deductibles, and no discounts are factored in.

• Does your occupation cost you more? – Jobs such as military personnel, airline pilots, and miners tend to pay higher average rates because of intense work requirements and lengthy work days. On the flip side, professions such as professors, historians and retirees pay lower than average rates.
• Put fewer miles on your vehicle – Driving a lot of miles in a year the higher your rate. A lot of companies charge rates based on how the vehicle is used. Vehicles that do not get driven very much receive better premium rates than those that get driven frequently. Improper usage on your E350 may be costing you higher rates. It’s always a good idea to double check that your car insurance coverage reflects annual mileage.
• Save money with higher comp and collision deductibles – Physical damage insurance, otherwise known as comp (or other than collision) and collision, is used to repair damage to your vehicle. Examples of some claims that would be covered are running into the backend of another car, hitting a deer, and damage from a fallen tree branch. The deductibles you choose define the amount you are willing to pay before a claim is paid by your company. The more of the claim you’re willing to pay, the less your company will charge you for insurance.
• File car insurance claims and pay more – If you file a lot of claims you should expect either policy cancellation or increased premiums. Car insurance companies in Kentucky generally give cheaper rates to insureds who file claims infrequently. Insurance coverage is intended to be relied upon for the large, substantial claims.

• Gender as a rate factor – The statistics show females are less aggressive when driving. That doesn’t necessarily mean that men are worse drivers. Both sexes cause fender benders at a similar rate, but men tend to have higher claims. Not only are claims higher, but men receive more costly citations like DWI (DUI) or reckless driving.

  The example below illustrates the comparison of Mercedes-Benz E350 car insurance costs for male and female drivers. The costs are based on no violations or accidents, comp and collision included, $100 deductibles, drivers are not married, and no discounts are applied.

• Liability insurance claims can be big – Your policy’s liability coverage is the protection if you are ruled to be at fault for personal injury or accident damage. It provides you with a defense in court which can cost thousands of dollars. This coverage is relatively inexpensive compared to insuring for physical damage coverage, so drivers should buy more than the minimum limits required by law.

Car insurance does more than just protect your car

Even though it’s not necessarily cheap to insure a Mercedes-Benz in Lexington, paying for car insurance is mandatory in Kentucky but it also protects more than you think.

• Almost all states have mandatory liability insurance requirements which means you are required to buy specific limits of liability protection in order to drive the car. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
• If you took out a loan on your vehicle, almost every bank will have a requirement that you have insurance to ensure the loan is repaid in case of a total loss. If you default on your policy, the bank may buy a policy for your Mercedes-Benz at an extremely high rate and force you to pay the higher premium.
• Car insurance protects both your assets and your Mercedes-Benz. It will also cover medical bills for you, any passengers, and anyone injured in an accident. As part of your policy, liability insurance also pays expenses related to your legal defense if you are sued as the result of an accident. If you have damage to your Mercedes-Benz as the result of the weather or an accident, collision and comprehensive (also known as other-than-collision) coverage will cover the repair costs.

The benefits of carrying enough insurance more than offset the price you pay, especially when you need to use it. But the average American driver is currently overpaying as much as $825 a year so compare rates at least once a year to make sure the price is not too high.