Cheapest 2014 Cadillac ELR Insurance Rates in 2023
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UPDATED: May 12, 2022
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Trying to find the cheapest auto insurance rates for your Cadillac ELR? Searching for the cheapest insurance for a Cadillac ELR can normally be a lot of work, but you can learn these tips and make it easy. There are both good and bad ways to buy auto insurance so we’re going to tell you the proper way to price shop coverage for a Cadillac and get the lowest price either online or from local insurance agents.
If you have a policy now or need a new policy, you can use these tips to get lower rates and possibly find even better coverage. Buying the lowest cost coverage is quite easy. Consumers only need an understanding of the proper way to compare rates online.
Parts of the Cadillac ELR rate equation
It’s important that you understand the rating factors that go into determining auto insurance rates. Having a good understanding of what influences your rates enables informed choices that could result in better auto insurance rates.
- Your auto insurance rates can be influenced by your job – Did you know your occupation can influence how much you pay for auto insurance? Occupations like doctors, executives and financial analysts have higher average rates attributed to high stress levels and long work hours. Conversely, occupations such as farmers, engineers and homemakers get better rates for ELR insurance.
- Better crash test results mean better rates – Vehicles with high crash test scores tend to have better insurance rates. Safe vehicles result in less severe injuries and lower injury rates means lower claim amounts passed on to you as lower rates. If your Cadillac scored better than four stars on Safercar.gov or an “acceptable” rating on iihs.org it is probably cheaper to insure.
- Rural vs Urban Areas – Being located in less populated areas can be a good thing when buying auto insurance. Drivers who live in large cities tend to have much more traffic and longer commute times. Fewer people translates into fewer accidents and also fewer theft and vandalism claims.
- Adjust deductibles and save – Coverage for physical damage, otherwise known as comp (or other than collision) and collision, is used to repair damage to your Cadillac. Some instances where coverage would apply are running into the backend of another car, damage from fire, or theft. Deductibles for physical damage are how much you are willing to pay out-of-pocket if you file a covered claim. The higher the amount you are required to pay out-of-pocket, the less your auto insurance will be for ELR insurance.
- Cautious drivers pay less – Even one speeding ticket can boost insurance rates forty percent or more. Careful drivers get better rates compared to drivers with tickets. If you have flagrant violations such as reckless driving, hit and run or driving under the influence may find they need to submit a SR-22 or proof of financial responsibility with the DMV in their state in order to keep their license.
- Pleasure use saves money – The more miles you rack up on your Cadillac in a year’s time the higher your rate. Most insurance companies apply a rate based on how the vehicle is used. Vehicles not used for work or commuting qualify for better rates than vehicles that are driven to work every day. Ask your agent if your auto insurance policy properly reflects how each vehicle is driven. If your policy improperly rates your ELR can result in significantly higher rates.
Do you qualify for a discount?
Car insurance companies do not list all their discounts very clearly, so we break down both the well known and the harder-to-find ways to save on auto insurance. If you’re not getting every credit possible, you’re just leaving money on the table.
- Accident Waiver – Some insurance companies will allow you to have one accident before your rates go up if you are claim-free for a set time period.
- Passive Restraints – Vehicles with factory air bags and/or automatic seat belt systems can receive discounts of up to 25% or more.
- More Vehicles More Savings – Having multiple cars or trucks on one policy could earn a price break for each car.
- Save with a New Car – Buying coverage on a new vehicle is cheaper compared to insuring an older model.
- Pay Upfront and Save – By paying your policy upfront instead of paying each month you may reduce your total bill.
It’s important to understand that some credits don’t apply to the entire policy premium. Most only reduce the price of certain insurance coverages like liability, collision or medical payments. So when the math indicates you would end up receiving a 100% discount, companies wouldn’t make money that way.
To see a list of insurers with discount auto insurance rates, click here to view.
Ads can be misleading
Consumers get pounded daily by advertisements for the lowest price auto insurance from companies such as Progressive, GEICO, Allstate and State Farm. All the companies have a common claim about savings after switching your policy.
But how can every company make the same claim? It’s all in the numbers.
All companies have a preferred profile for the driver that makes them money. An example of a desirable insured could be over the age of 50, has no prior claims, and has a short commute. Any driver who meets those qualifications receives the best rates and most likely will save when switching.
Potential insureds who fall outside the requirements must pay higher prices which leads to business not being written. The ads say “people who switch” not “people who quote” save that much. That’s why insurance companies can make those claims. This illustrates why it’s extremely important to get a wide range of price quotes. Because you never know which insurance companies will fit your personal profile best.
What coverages do I need?
When it comes to buying proper insurance coverage, there really is not a “best” method to buy coverage. Your needs are not the same as everyone else’s.
For instance, these questions may help you determine if your insurance needs could use an agent’s help.
- If I drive on a suspended license am I covered?
- Which companies will insure high-risk drivers?
- At what point should I drop full coverage?
- How much can I save by bundling my policies?
- Will I lose any money if I cancel my policy before it expires?
- Is rental equipment covered for theft or damage?
If it’s difficult to answer those questions, you might consider talking to an agent. If you want to speak to an agent in your area, simply complete this short form. It is quick, free and may give you better protection.
Auto insurance coverages
Having a good grasp of your insurance policy aids in choosing the right coverages at the best deductibles and correct limits. Policy terminology can be impossible to understand and even agents have difficulty translating policy wording.
Liability insurance can cover damage that occurs to other’s property or people by causing an accident. It protects you from legal claims by others. It does not cover damage to your own property or vehicle.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 100/300/100 that translate to $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and property damage coverage for $100,000.
Liability coverage pays for things like medical services, medical expenses, pain and suffering and emergency aid. The amount of liability coverage you purchase is a decision to put some thought into, but it’s cheap coverage so purchase as much as you can afford.
Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for claims like hitting a bird, a broken windshield, hitting a deer, hail damage and theft. The most your insurance company will pay is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.
Medical payments coverage and PIP
Medical payments and Personal Injury Protection insurance kick in for expenses for things like EMT expenses, pain medications, prosthetic devices and hospital visits. They can be used in conjunction with a health insurance program or if you do not have health coverage. Medical payments and PIP cover you and your occupants in addition to any family member struck as a pedestrian. PIP coverage is not an option in every state and may carry a deductible
Collision insurance pays for damage to your ELR resulting from colliding with another car or object. You first must pay a deductible and then insurance will cover the remainder.
Collision coverage pays for claims such as hitting a mailbox, scraping a guard rail, hitting a parking meter and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are older. Another option is to choose a higher deductible to get cheaper collision coverage.
Uninsured/Underinsured Motorist coverage
Your UM/UIM coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries and damage to your Cadillac ELR.
Since a lot of drivers only purchase the least amount of liability that is required, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked.
Quote often and quote early
We covered many ways to reduce 2014 Cadillac ELR insurance prices online. The key concept to understand is the more quotes you get, the more likely it is that you will get a better rate. You may even discover the lowest priced insurance coverage comes from some of the smallest insurance companies.
Consumers who switch companies do it for a variety of reasons including poor customer service, extreme rates for teen drivers, high prices or even delays in responding to claim requests. Regardless of your reason for switching companies, finding a new insurance coverage company is easier than you think.
While you’re price shopping online, it’s not a good idea to buy poor coverage just to save money. There are a lot of situations where an accident victim reduced liability coverage limits and discovered at claim time that their decision to reduce coverage ended up costing them more. The proper strategy is to purchase a proper amount of coverage for the lowest price.
More detailed insurance coverage information can be read in the articles below:
- Prepare your Teens for Safe Driving (InsureUonline.org)
- Tread Depth and Tire Safety (State Farm)
- Protecting Teens from Drunk Driving (Insurance Information Insitute)
- Steps to Take After an Auto Accident (Insurance Information Insitute)
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