Buy Insurance for Mercedes Benz: How to Save Money on Your Mercedes Insurance

Introduce Mercedes Benz Insurance

Owning a Mercedes Benz can be a rewarding experience. Mercedes are known for their luxurious interiors, smooth ride, and advanced safety features.

However, insuring a Mercedes can get expensive.

On average, Mercedes owners pay some of the highest insurance rates compared to other vehicles.

There are a few reasons why Mercedes insurance tends to be more costly:

• High Repair Costs – Mercedes vehicles are packed with the latest technology and premium materials. Replacement parts and specialized repairs are very expensive. This results in more expensive claims for insurance companies.
• High Rates of Theft – Luxury vehicles like Mercedes are common targets for car thieves. This can drive up comprehensive and theft insurance costs.
• High Performance Models – Insurance rates are also based on the power and performance of the vehicle. Sports cars and high-end AMG Mercedes models have more powerful engines and cost more to insure.

The goal is to find ways to save money on Mercedes insurance without sacrificing important coverage.

With some effort, Mercedes owners can get quality protection for less.

This guide will explore strategies to lower your Mercedes insurance costs.

Check Your Coverage

The first step in lowering your Mercedes insurance premium is to thoroughly review your current policy.

Take a look at your coverages and limits. Many drivers simply renew their policies year after year without considering if their needs have changed.

Do you still need comprehensive and collision coverage on your older Mercedes?

This provides protection in the event of theft or damage, but for older cars may not be worth the cost.

Eliminating these optional coverages can significantly reduce premiums.

Deductibles are what you pay out-of-pocket before insurance kicks in.

Increasing your deductible from $500 to $1000 could potentially decrease your premiums 20% or more.

Just be sure you have that amount set aside in case you need to pay the deductible.

Carefully evaluating your existing coverages and limits allows you to modify your policy to balance sufficient protection with affordable premiums.

Work with your insurance agent or company to determine the optimal limits and deductibles for your situation.

Small tweaks can add up to hundreds saved every year.

Compare Quotes

Getting auto insurance quotes from multiple companies is one of the best ways to find savings on your Mercedes-Benz insurance.

Here are some tips for comparing quotes:

• Get quotes from at least 3-5 different insurers. Comparing rates from multiple companies gives you a better chance of finding the lowest price. Don’t just go with the first quote you receive.
• Look beyond big, well-known insurance companies. While major insurers like Geico, Progressive, and State Farm are convenient places to start, smaller regional and national companies may offer lower rates. Be sure to get quotes from some lesser-known insurers.
• Consider using an independent insurance broker. An insurance broker shops around with multiple carriers to find you the best rate. This saves you time instead of contacting individual insurers yourself. Brokers have access to insurers you wouldn’t even think to contact directly.
• Compare the same coverage levels in each quote. Make sure deductibles, liability limits, and other coverages are equal when evaluating quotes. This ensures you’re making an apples-to-apples comparison.
• Provide the same information to every insurer. Factors like your age, driving record, location, and vehicle details can impact your rate. Giving consistent info ensures accurate quotes.
• Look for more than just the lowest premium. Also consider claims handling, customer service, financial strength ratings, and discounts offered. Don’t sacrifice coverage just to save money.

Taking the time to get multiple quotes and do a thorough comparison will help you find the best value on Mercedes-Benz insurance.

Partnering with an independent broker can make the process even easier.

Ask About Discounts

When purchasing Mercedes insurance, there are several discounts you may qualify for that can help lower your premium.

Ask your insurance agent or provider about the following common discounts:

Multi-policy discounts – Most insurers offer a discount if you bundle multiple insurance policies together, such as auto, home, and life insurance.

Having all your policies with one company gives them more business, so they pass on savings to you. Bundling can save you 10% or more.

Good driver discounts – Insurers reward safe drivers with discounts for having a clean record free of accidents, traffic violations, and claims.

Maintaining good driving habits could save you up to 30% or more.

Some insurers even offer monitoring devices to track driving data and offer further discounts.

Low mileage discounts – Driving fewer miles means lower risk of accidents. Let your insurer know if you drive well under the average mileage per year.

This could qualify you for a low mileage discount on the order of 5-15%.

Alarm system discounts – Having an anti-theft device like a car alarm or tracking system can get you a discount of around 5%.

Make sure to inform your insurer if your Mercedes has an alarm so you get credit for the added security it provides.

Checking on these common discounts is an easy way to potentially lower your Mercedes premium.

Every dollar saved contributes to making your insurance more affordable.

Discounts require asking for, so be sure to bring them up with agents as you shop for the best rate.

Improve Your Credit

One of the biggest factors insurance companies look at when determining your rates is your credit score.

Most insurers use an insurance score, which is calculated similarly to a credit score, to help predict the likelihood that you’ll file a claim.

People with poor credit tend to file more claims, according to insurance companies’ data. So the higher your credit score, the lower your rates may be.

Here are some tips for checking and improving your credit score:

• Obtain copies of your credit reports from the three major credit bureaus – Experian, Equifax and TransUnion. Review them closely for any errors that may be hurting your score. Dispute any inaccuracies with the bureaus.
• Pay all bills on time going forward. Payment history makes up a significant portion of your score. Setting up automatic payments can help.
• Pay down balances on any credit cards to lower your credit utilization ratio. Try to keep balances below 30% of the card’s limit.
• Limit new credit inquiries by only applying for credit when needed. Too many hard inquiries can ding your score temporarily.
• Fix any past due accounts by bringing them current and paying on time. Old delinquencies can stay on your report for years, so resolve them ASAP.
• Avoid closing old credit card accounts as the account history helps your score. However, do consider closing newer accounts you don’t need.

Checking your credit reports regularly and addressing any issues is key to improving your score over time.

A higher score can potentially save you hundreds on insurance each year.

Consider Usage-Based Insurance

One way to potentially lower your Mercedes insurance premium is by enrolling in a usage-based insurance program, sometimes called telematics.

These programs use a device installed in your car to track your driving habits, such as mileage, time of day, hard braking, rapid acceleration, and phone usage.

The telematics device sends the data to your insurance company.

Safe driving behaviors like staying within speed limits, avoiding late-night trips, and gradual braking and acceleration can help lower your premiums.

On the other hand, frequent speeding, abrupt braking, late-night driving, and significant mileage may increase your rates.

Usage-based insurance gives the insurer more data about your actual driving habits.

Safe drivers can benefit from lower premiums, while risky driving may lead to higher rates.

Consider asking your agent or insurer if they offer a telematics program.

Having your driving monitored may feel intrusive to some drivers, but it provides a way for safe Mercedes drivers to potentially save money on insurance.

Modify Your Car

Making simple modifications to your Mercedes Benz can potentially lower your insurance rates.

Insurance companies look favorably upon vehicles with additional safety and anti-theft features since they make a claim less likely.

Some modifications that may qualify your Mercedes for a lower insurance rate include:

• Installing an anti-theft device like a car alarm, steering wheel lock, ignition kill switch, or vehicle tracking system. These make your car less appealing to thieves. Provide proof to your insurance company that you’ve installed one of these devices.
• Adding advanced safety features like blind spot detection, forward collision warning, adaptive headlights, lane departure warning, or parking sensors. These can help avoid accidents. Discuss any new safety upgrades with your insurance agent.
• Replacing standard headlights with Xenon or LED headlights. The brighter lights make nighttime driving safer. Just make sure they are properly aligned.
• Tinting windows to protect passengers from UV rays. This doesn’t impact insurance rates but is an added safety measure. Ensure any window tints meet state laws.
• Equipping your Mercedes with run-flat tires so you can safely drive 50 miles after a puncture. This eliminates the need to immediately pull over to change a flat tire in a dangerous location.

Always consult your insurance company before making modifications to see if they offer discounts.

And only make changes you feel are worthwhile, not just to save money on insurance.

Improving safety should be the priority. With strategic upgrades, you can get lower rates while also enhancing security and safe driving.

Ask About Bundling

Bundling your car insurance with other insurance policies from the same provider can help you save money on your Mercedes premiums.

Most insurers offer a discount of 5% to 15% or more when you bundle multiple policies together.

The most common policies to bundle with auto insurance are home or renters insurance.

Maintaining both policies with the same provider simplifies your insurance coverage and billing, while qualifying you for a multi-policy or multi-line discount.

Even if you don’t own a home, you can still benefit from bundling renters insurance.

Beyond home and auto, also ask your insurer about discounts for bundling umbrella or excess liability policies.

An umbrella policy provides additional liability coverage above and beyond your existing home and auto policies, protecting your assets in case of a major claim.

Bundling an umbrella policy with your Mercedes insurance allows you to get more robust coverage at a lower cost.

Bundling any policies you have – whether home, renters, umbrella, or other – is an easy way to save money on your Mercedes insurance without sacrificing coverage.

Discuss available discounts with your provider.

Maintain Good Driving Record

Keeping a clean driving record with no accidents, claims or tickets is one of the best ways to get lower insurance rates on your Mercedes-Benz.

Insurance companies view drivers with recent claims or violations as higher risk and will charge more.

To keep your rates low:

• Drive safely and defensively. Follow all traffic laws and speed limits. Allow plenty of following distance between you and the car in front of you. Be alert and avoid distractions.
• Take a defensive driving course. Many insurance companies will provide a discount for completing an approved defensive driving class. Refreshing your knowledge and skills can make you a safer driver.
• Fight any traffic tickets you receive. Contesting tickets or taking driving school to dismiss a ticket can help prevent premium increases.
• Go at least 3 years without an accident, ticket or violation. Most insurers only look back 3-5 years for infractions and claims when determining your rate. Once an incident drops off your record, request your insurer re-run your premium calculation.
• Install a dash cam. Having video evidence in your favor can help resolve liability disputes after an accident. Some insurers offer discounted rates when you use a dash cam.

Keeping your driving record clean takes diligence, but will pay off every year at renewal time with lower Mercedes-Benz insurance premiums.

Maintaining safe driving habits offers financial rewards in addition to protecting yourself and others on the road.

Choose Higher Deductible

One way to reduce your Mercedes-Benz insurance premium is to choose a higher deductible.

A deductible is the amount you pay out-of-pocket before your insurance coverage kicks in.

By choosing a higher deductible, such as $500, $750 or $1000, you can lower your insurance premiums substantially.

This is because you are shouldering more of the risk, so your insurer can charge you less.

Aim to raise your deductible to at least $500. This can result in premium savings of 10% or more. Going up to $1000 may reduce your premiums by 20% or more.

Just make sure you have enough savings to cover the higher deductible amount in case you need to file a claim.

It defeats the purpose if you can’t actually pay the deductible when required.

As long as you have the funds available, choosing a higher deductible is one of the most effective ways to secure lower insurance rates.