Mercedes Mercedes 300-Class Insurance Rates
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UPDATED: Jan 15, 2020
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I can’t think of a single person who enjoys paying for auto insurance, particularly when they are paying too much.
Lots of car insurance companies contend for your insurance dollar, and because of this it can be hard to compare insurers to find the absolute best price available.
Why your Mercedes-Benz 300-Class might be costing you more
Smart consumers have a good feel for the rating factors that play a part in calculating the rates you pay for auto insurance. Having a good understanding of what influences your rates helps enable you to make changes that can help you get much lower annual insurance costs.
Shown below are some of the items that factor into your rates.
- Save money with special equipment – Owning a car that has an advanced theft prevention system can save you a little every year. Theft prevention devices such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can help prevent car theft.
- Don’t cancel a policy without a new one in place – Driving with no insurance can get your license suspended and as a result your rates will increase for letting your coverage have a gap. Not only will you pay more, but not being able to provide proof of insurance might get you a hefty fine and possibly a revoked license.
- Pleasure use or commuting – The more miles you rack up on your Mercedes-Benz every year the more you’ll pay to insure your vehicle. Most insurance companies rate vehicles based upon how you use the vehicle. Vehicles used primarily for pleasure use receive lower rates than those used for commuting. Double check that your auto insurance policy properly reflects how each vehicle is driven, because improper ratings can cost you money. Incorrect usage on your 300-Class can result in significantly higher rates.
- Your job and insurance rates – Did you know your occupation can influence how much you pay for auto insurance? Careers like lawyers, executives and financial analysts are shown to have higher average rates in part from high stress levels and lots of time spent at work. Conversely, professions such as pilots, engineers and homemakers pay the least for 300-Class coverage.
- Men fork out a little more – Statistics have proven women tend to be less risk to insure than men. However, this does not mean women are better drivers. Women and men tend to get into accidents at a similar rate, but men have costlier accidents. Men also get more serious tickets such as DWI and reckless driving. Teenage male drivers are most likely to cause an accident and therefore have the most expensive auto insurance rates.
- Clean credit earns discounts – A driver’s credit history is a big factor in your rate calculation. If your credit rating is not that good, you could pay less to insure your 1990 Mercedes-Benz 300-Class by spending a little time repairing your credit. Drivers with good credit tend to file fewer claims and have better driving records than drivers who have lower credit scores.
- Being married can save on auto insurance – Being married can get you a discount on your auto insurance policy. Having a spouse is viewed as being more mature and responsible and it’s statistically proven that being married results in fewer claims.
Do you qualify for a discount?
Companies do not advertise all their discounts in an easy-to-find place, so we researched both the well known and the more hidden savings tricks you should be using.
- Low Mileage – Keeping the miles down on your Mercedes-Benz can earn a substantially lower rate.
- Homeowners Savings – Being a homeowner can help you save on insurance because owning a home demonstrates responsibility.
- Save with a New Car – Putting insurance coverage on a new car is cheaper due to better safety requirements for new cars.
- Payment Method – By paying your policy upfront instead of making monthly payments you can actually save on your bill.
- Defensive Driver – Successfully completing a course in driver safety could possibly earn you a 5% discount and easily recoup the cost of the course.
- Safe Drivers – Safe drivers may save up to 50% more for 300-Class coverage than less cautious drivers.
- Multiple Cars – Having all your vehicles on one policy can get a discount on all vehicles.
- Paperwork-free – A few companies may give you up to $50 for buying your policy on their website.
- Accident Waiver – A few companies permit an accident before hitting you with a surcharge if your claims history is clear for a particular time prior to the accident.
Keep in mind that most discounts do not apply to the entire cost. Most cut individual premiums such as medical payments or collision. So when it seems like all those discounts means the company will pay you, companies don’t profit that way.
For a list of insurers who offer insurance discounts, click here.
Is there truth in advertising?
Companies like Allstate, GEICO and Progressive regularly use ads on television and other media. All the ads make an identical promise that you’ll save big if you move your policy. How can each company say the same thing? It’s all in the numbers.
All companies can use profiling for the type of customer that earns them a profit. For instance, a desirable insured could be a mature driver, insures multiple vehicles, and drives less than 7,500 miles a year. Any driver who fits that profile gets the lowest rates and is almost guaranteed to save when switching.
Potential insureds who don’t qualify for the requirements will be charged a higher premium which leads to the customer not buying. The ads state “customers who switch” but not “drivers who get quotes” save that kind of money. That’s why insurance companies can state the savings. That is why it is so important to compare as many rates as you can. You cannot predict the company that will have the lowest Mercedes-Benz 300-Class insurance rates.
What coverages do I need?
When buying adequate coverage for your personal vehicles, there really is no one size fits all plan. Every situation is different and your policy should reflect that. For example, these questions could help you determine whether your personal situation could use an agent’s help.
- Should I put collision coverage on all my vehicles?
- Do I need to file an SR-22 for a DUI in my state?
- Am I better off with higher deductibles on my 1990 Mercedes-Benz 300-Class?
- Is my Mercedes-Benz 300-Class covered if I use it for business?
- Do I get a pro-rated refund if I cancel my policy early?
- What discounts do I qualify for?
- If I drive on a suspended license am I covered?
- Should I have combined single limit or split liability limits?
- Do I need replacement cost coverage?
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If you’re not sure about those questions but a few of them apply, you may need to chat with an agent. To find an agent in your area, fill out this quick form or click here for a list of auto insurance companies in your area.
Car insurance coverages 101
Understanding the coverages of a car insurance policy helps when choosing the right coverages for your vehicles. The terms used in a policy can be difficult to understand and reading a policy is terribly boring. These are the normal coverages available from car insurance companies.
Medical payments and PIP coverage
Med pay and PIP coverage kick in for short-term medical expenses for ambulance fees, dental work and prosthetic devices. They are used to fill the gap from your health insurance program or if you are not covered by health insurance. Coverage applies to not only the driver but also the vehicle occupants and will also cover if you are hit as a while walking down the street. PIP coverage is not available in all states but it provides additional coverages not offered by medical payments coverage
Auto liability insurance
Liability insurance protects you from damage that occurs to other people or property by causing an accident. This insurance protects YOU from claims by other people. It does not cover your own vehicle damage or injuries.
Split limit liability has three limits of coverage: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see limits of 50/100/50 that translate to $50,000 bodily injury coverage, $100,000 for the entire accident, and property damage coverage for $50,000.
Liability coverage protects against things like loss of income, emergency aid, medical services and bail bonds. How much coverage you buy is a personal decision, but consider buying as much as you can afford.
Collision insurance covers damage to your 300-Class caused by collision with an object or car. A deductible applies and then insurance will cover the remainder.
Collision coverage protects against claims like hitting a mailbox, backing into a parked car, colliding with a tree and sustaining damage from a pot hole. Paying for collision coverage can be pricey, so consider removing coverage from older vehicles. Drivers also have the option to increase the deductible to save money on collision insurance.
UM/UIM (Uninsured/Underinsured Motorist) coverage
Uninsured or Underinsured Motorist coverage gives you protection when the “other guys” either have no liability insurance or not enough. It can pay for injuries sustained by your vehicle’s occupants and also any damage incurred to your Mercedes-Benz 300-Class.
Since many drivers only purchase the least amount of liability that is required, their limits can quickly be used up. For this reason, having high UM/UIM coverages is important protection for you and your family.
Comprehensive auto coverage
Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and then insurance will cover the rest of the damage.
Comprehensive coverage pays for claims like damage from flooding, vandalism, a tree branch falling on your vehicle and falling objects. The maximum amount you’ll receive from a claim is the actual cash value, so if the vehicle’s value is low consider dropping full coverage.
Shop around and save
We just covered a lot of information how to lower your 1990 Mercedes-Benz 300-Class insurance rates. The most important thing to understand is the more rate comparisons you have, the better likelihood of reducing your rate. Drivers may discover the best price on insurance is with the smaller companies. They may cover specific market segments cheaper compared to the large companies like State Farm or Progressive.
Cheaper insurance is available on the web and also from your neighborhood agents, so compare prices from both to have the best chance of lowering rates. Some insurance companies may not provide you the ability to get quotes online and these regional insurance providers work with independent agents.
More detailed insurance information can be found at these sites:
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Information for Teen Drivers (GEICO)
- Choosing an Insurance Company (Insurance Information Insitute)
- Top Signs Your Brakes are Giving Out (State Farm)
- Insuring a Leased Car (Insurance Information Insitute)
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