Save Money on Cadillac SRX Insurance in Anchorage

Insurance rates Cadillac SRX in AnchorageIt’s an obvious assumption that insurance companies want to prevent you from shopping around. Insureds who compare price quotes are highly likely to buy a new policy because they stand a good chance of finding a more affordable policy premium. Remarkably, a study showed that consumers who routinely compared quotes saved $850 each year compared to other drivers who never shopped around.

If finding the lowest rates on Cadillac SRX insurance in Anchorage is your ultimate target, understanding how to choose a company and compare insurance can save time, money, and frustration.

To save the most money, the best way to get discount car insurance rates is to start comparing prices regularly from providers that sell auto insurance in Anchorage.

Step 1: Try to learn a little about car insurance and the measures you can control to keep rates down. Many factors that result in higher rates like accidents, careless driving, and a bad credit score can be amended by making small lifestyle or driving habit changes. This article provides additional tips to prevent expensive rate increases and find available discounts that you may qualify for.

Step 2: Request rate estimates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give prices from one company like Progressive or Allstate, while independent agencies can provide rate quotes from many different companies. View prices

Step 3: Compare the new rate quotes to the premium of your current policy and determine if there is any savings. If you find better rates and make a switch, make sure coverage is continuous and does not lapse.

Step 4: Notify your current company of your decision to cancel your current auto insurance policy. Submit any necessary down payment along with the completed application to your new insurance company. Don’t forget to put the new certificate verifying proof of insurance in a readily accessible location in your vehicle.

An essential thing to point out is that you use similar coverage information on every price quote and and to get rate quotes from as many companies as possible. Doing this ensures the most accurate price comparison and plenty of rates choose from.

Cadillac SRX insurance rates and statistics

The coverage table displayed next showcases different policy rates for Cadillac SRX models. Being able to understand how auto insurance prices are formulated is important for drivers to make decisions when shopping around.

Cadillac SRX Insurance Rates in Anchorage, AK
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
SRX 2WD $134 $242 $280 $16 $84 $756 $63
SRX Luxury 2WD $134 $278 $280 $16 $84 $792 $66
SRX Luxury AWD $134 $278 $280 $16 $84 $792 $66
SRX Performance 2WD $148 $278 $280 $16 $84 $806 $67
SRX Performance AWD $148 $278 $280 $16 $84 $806 $67
SRX Premium 2WD $148 $278 $280 $16 $84 $806 $67
SRX Premium AWD $148 $278 $280 $16 $84 $806 $67
Get Your Own Custom Quote Go

Data rating is based on married male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Alaska minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Price estimates do not factor in specific location which can alter auto insurance rates considerably.

Should you raise deductibles?

A question often asked by Anchorage drivers is what deductibles to buy. The rates below may aid in understanding the rate differences when you select higher and lower insurance deductibles. The first set of prices uses a $250 comprehensive and collision deductible and the second set of prices uses a $500 deductible.

Cadillac SRX insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
SRX 2WD $238 $418 $272 $16 $82 $1,051 $88
SRX Luxury 2WD $238 $480 $272 $16 $82 $1,113 $93
SRX Luxury AWD $238 $480 $272 $16 $82 $1,113 $93
SRX Performance 2WD $264 $480 $272 $16 $82 $1,139 $95
SRX Performance AWD $264 $480 $272 $16 $82 $1,139 $95
SRX Premium 2WD $264 $480 $272 $16 $82 $1,139 $95
SRX Premium AWD $264 $480 $272 $16 $82 $1,139 $95
Get Your Own Custom Quote Go

Cadillac SRX insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
SRX 2WD $192 $336 $272 $16 $82 $898 $75
SRX Luxury 2WD $192 $388 $272 $16 $82 $950 $79
SRX Luxury AWD $192 $388 $272 $16 $82 $950 $79
SRX Performance 2WD $214 $388 $272 $16 $82 $972 $81
SRX Performance AWD $214 $388 $272 $16 $82 $972 $81
SRX Premium 2WD $214 $388 $272 $16 $82 $972 $81
SRX Premium AWD $214 $388 $272 $16 $82 $972 $81
Get Your Own Custom Quote Go

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Alaska minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Prices do not factor in Anchorage location which can lower or raise premium rates substantially.

Using the data above, we can ascertain that using a $250 deductible costs about $13 more each month or $156 a year than quoting the higher $500 deductible. Since you would have to pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you have more than 19 months between claims, you would probably be better off by selecting a higher deductible. Below is the way this calculation is made.

Average monthly premium for $250 deductibles: $93
Average monthly premium for $500 deductibles (subtract): – $80
Monthly savings from raising deductible: $13
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $13
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 19 months

The diagram below shows how choosing a deductible and can impact Cadillac SRX insurance costs for each age group. Data assumes a married male driver, comprehensive and collision coverage, and no discounts are applied.

Men versus women drivers and insurance cost

The illustration below shows the comparison of Cadillac SRX auto insurance rates for male and female drivers. The costs are based on no claims or driving citations, full coverage, $500 deductibles, drivers are not married, and no additional discounts are factored in.

Full coverage rates compared to liability-only

The chart below shows the difference between Cadillac SRX insurance costs when comparing full coverage to state minimum liability only. The premium estimates are based on no violations or accidents, $250 deductibles, single status, and no discounts are applied to the premium.

Are you wasting money on full coverage?

There is no clear-cut rule of when to phase out full coverage, but there is a broad guideline. If the annual cost of having full coverage is more than about 10% of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.

For example, let’s assume your Cadillac SRX claim settlement value is $8,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company will settle for is $7,000 after the policy deductible has been paid. If it’s costing in excess of $700 annually for physical damage coverage, then it’s probably a good time to buy liability coverage only.

There are some conditions where only buying liability is not a good idea. If you haven’t paid off your loan, you have to carry full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should keep full coverage.

What Affects Cadillac SRX Insurance Costs?

Many things are used in the calculation when pricing auto insurance. Some are pretty understandable like an MVR report, but other factors are more transparent such as whether you are married or your vehicle rating. Smart consumers have a good feel for some of the things that are used to determine the price you pay for auto insurance. When consumers understand what impacts premium levels, this enables informed choices that will entitle you to lower premium levels.

Accidents hurt – Being a careful driver has a big impact on rates. Just one chargeable violation could increase your next policy renewal to the point where it’s not affordable. Drivers who don’t get tickets receive lower rates as compared to careless drivers. Drivers unfortunate enough to have serious citations like reckless driving, hit and run or driving under the influence may find that they have to to submit a SR-22 or proof of financial responsibility to the state department of motor vehicles in order to legally drive.

The diagram below demonstrates how citations and accident claims can affect Cadillac SRX auto insurance costs for different insured age categories. The costs are based on a married female driver, comp and collision included, $500 deductibles, and no discounts are taken into consideration.

GPS tracking and theft deterrents reduce prices – Buying a car with an alarm system can earn a premium discount. Theft prevention features like vehicle immobilizer systems, OnStar, and tracking devices like LoJack all help stop auto theft.

More performance means higher premiums – The performance level of the vehicle you need to insure makes a substantial difference in your rates. The lowest premiums are usually for lower cost passenger cars, but there are many factors that impact the final cost.

The following data uses these variables: single male driver age 20, full coverage with $250 deductibles, and no discounts or violations. It illustrates Cadillac SRX insurance premiums compared to other models that have a range of performances.

Certain occupations raise rates – Occupational choices like judges, executives, and dentists tend to pay higher premium rates in part from intense work requirements and lots of time spent at work. Other professions such as scientists, athletes and the unemployed have the lowest average rates.

Cadillac SRX insurance claim data – Auto insurance companies use claims history in order to profitably underwrite each model. Models that the statistics show to have higher frequency or amount of claims will cost more for specific coverages. The data below shows the insurance loss data for Cadillac SRX vehicles.

For each type of coverage, the loss probability for all vehicles as a whole is equal to 100. Percentage values below 100 indicate a favorable loss history, while numbers above 100 point to more claims or an increased likelihood of larger losses.

Auto Insurance Loss Data for Cadillac SRX Models
Make and 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

Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Alaska car insurance companies ranked

Picking a high-quality insurance company is difficult considering how many different companies there are to choose from in Alaska. The company rank data in the next section may help you analyze which coverage providers you want to consider when shopping around.

Top 10 Anchorage Car Insurance Companies Ranked by Claims Service

  1. State Farm
  2. Esurance
  3. AAA Insurance
  4. Progressive
  5. GEICO
  6. Liberty Mutual
  7. Allstate
  8. The Hartford
  9. The General
  10. Farmers Insurance

Top 10 Anchorage Car Insurance Companies Overall

  1. USAA
  2. American Family
  3. State Farm
  4. The Hartford
  5. AAA Insurance
  6. GEICO
  7. The General
  8. Progressive
  9. Allstate
  10. Liberty Mutual

Lower rates by being persistent

Cost effective Cadillac SRX insurance can be sourced both online in addition to local insurance agencies, so you should compare both in order to have the best chance of saving money. Some auto insurance companies may not have rates over the internet and these regional insurance providers sell through independent insurance agents.

While you’re price shopping online, never sacrifice coverage to reduce premiums. In many cases, someone sacrificed full coverage only to regret that saving that couple of dollars actually costed them tens of thousands. The proper strategy is to get the best coverage possible at the lowest possible cost, but do not skimp to save money.

In this article, we presented many tips how you can lower your Cadillac SRX insurance prices in Anchorage. The most important thing to understand is the more companies you get rates for, the better chance you’ll have of finding inexpensive Anchorage auto insurance quotes. Drivers may even discover the biggest savings come from a smaller regional carrier. These companies often have lower rates on specific markets compared to the large companies like Progressive and GEICO.

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