Unimaginable but true, most car insurance customers have remained with the same car insurance company for more than four years, and nearly the majority have never even shopped around for affordable coverage. With the average car insurance premium being $2,700, Texas drivers can cut their rates by approximately $1,800 a year by just comparing rate quotes, but they mistakenly think it’s difficult to shop around.
The recommended way to find affordable Cadillac CTS-V insurance is to compare quotes annually from providers that insure vehicles in Laredo.
- Try to learn about what coverages are included in your policy and the factors you can control to prevent expensive coverage. Many factors that result in higher rates such as at-fault accidents and a less-than-favorable credit score can be controlled by making minor changes to your lifestyle. Read the full article for more ideas to get cheaper rates and find additional discounts.
- Obtain price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can give quotes from one company like Progressive or Allstate, while independent agencies can quote rates from multiple companies.
- Compare the new rates to the premium of your current policy to determine if switching companies saves money. If you find a lower rate quote and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.
A good tip to remember is that you’ll want to make sure you compare similar coverage information on every price quote and to quote with every company you can. This guarantees the most accurate price comparison and a complete price analysis.
The companies shown below have been selected to offer free quotes in Texas. If multiple companies are listed, we recommend you click on several of them to get the best price comparison.
Insurance coverage details
The data table shown below outlines different rate quotes for Cadillac CTS-V models. Being more informed about how auto insurance policy rates are established can benefit drivers when making informed purchases.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| CTS-V | $276 | $534 | $324 | $20 | $96 | $1,250 | $104 |
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Prices do not factor in Laredo location which can decrease or increase premiums greatly.
The illustration below highlights how deductible selection and can impact Cadillac CTS-V insurance rates for different categories of driver ages. The premiums are based on a single female driver, comp and collision included, and no policy discounts are applied.
Safe drivers pay less for auto insurance
The example below illustrates how traffic citations and at-fault fender-benders can raise Cadillac CTS-V insurance premiums for different age groups. The premium estimates are based on a married female driver, comprehensive and collision coverage, $1,000 deductibles, and no policy discounts are applied.
Full coverage versus liability-only in Laredo
The information below visualizes the comparison of Cadillac CTS-V car insurance costs with full physical damage coverage compared to only buying liability only. The data assumes no tickets, no at-fault accidents, $100 deductibles, single status, and no discounts are taken into consideration.
When to drop comp and collision
There is no specific rule to delete comprehensive and collision coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is more than around 10% of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let’s pretend your Cadillac CTS-V claim settlement value is $3,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $2,000 after paying the physical damage deductible. If you are paying over $200 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are a few situations where dropping full coverage is not a good plan. If you still owe a portion of the original loan, you have to keep full coverage to protect the lienholder’s interest. Also, if you don’t have enough money to buy a different vehicle if your current one is in an accident, you should keep full coverage on your policy.
Auto insurance is not optional in Texas
Despite the high cost of buying insurance for a Cadillac CTS-V in Laredo, buying auto insurance is not optional due to several reasons.
- Just about all states have mandatory liability insurance requirements which means you are required to buy a specific level of liability in order to be legal. In Texas these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you have a lien on your vehicle, it’s most likely the lender will make it a condition of the loan that you have comprehensive coverage to ensure loan repayment if the vehicle is totaled. If you cancel or allow the policy to lapse, the lender may have to buy a policy to insure your Cadillac at an extremely high rate and force you to reimburse them much more than you were paying before.
- Auto insurance preserves not only your Cadillac CTS-V but also your financial assets. Insurance will pay for medical bills for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance will also pay to defend you if anyone sues you for causing an accident. If damage is caused by hail or an accident, comprehensive and collision coverage will pay all costs to repair after the deductible has been paid.
The benefits of carrying enough insurance outweigh the cost, especially if you ever need it. Despite what companies tell you, the average driver overpays as much as $825 a year so compare rates at every policy renewal to save money.
Auto insurance coverages explained
Understanding the coverages of auto insurance aids in choosing appropriate coverage and the correct deductibles and limits. The terms used in a policy can be ambiguous and reading a policy is terribly boring. These are typical coverage types offered by auto insurance companies.
Medical payments and PIP coverage
Medical payments and Personal Injury Protection insurance kick in for immediate expenses such as dental work, hospital visits, doctor visits and prosthetic devices. They can be used in conjunction with a health insurance plan or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants in addition to getting struck while a pedestrian. Personal Injury Protection is not universally available and may carry a deductible
Comprehensive auto coverage
Comprehensive insurance coverage pays for damage OTHER than collision with another vehicle or object. You first have to pay a deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive insurance covers things like falling objects, damage from getting keyed and a broken windshield. The most your auto insurance company will pay is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
UM/UIM (Uninsured/Underinsured Motorist) coverage
This provides protection from other drivers when they do not carry enough liability coverage. Covered claims include injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.
Since a lot of drivers carry very low liability coverage limits (Texas limits are 30/60/25), it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is important protection for you and your family. Frequently these limits are similar to your liability insurance amounts.
Collision coverage
Collision coverage pays for damage to your CTS-V resulting from colliding with a stationary object or other vehicle. A deductible applies and the rest of the damage will be paid by collision coverage.
Collision can pay for things such as scraping a guard rail, sustaining damage from a pot hole, driving through your garage door and colliding with another moving vehicle. Paying for collision coverage can be pricey, so consider dropping it from lower value vehicles. You can also choose a higher deductible on your CTS-V in order to get cheaper collision rates.
Liability auto insurance
Liability coverage provides protection from injuries or damage you cause to other people or property that is your fault. Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have values of 30/60/25 that means you have a $30,000 limit per person for injuries, $60,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see a combined limit which limits claims to one amount with no separate limits for injury or property damage.
Liability coverage protects against claims like medical services, repair costs for stationary objects, legal defense fees, funeral expenses and pain and suffering. How much coverage you buy is a decision to put some thought into, but consider buying higher limits if possible. Texas requires minimum liability limits of 30/60/25 but you should think about purchasing higher limits.
The chart below demonstrates why buying the state minimum limits may not be adequate.
Texas car insurance company ratings
Ending up with the best auto insurance provider is hard considering how many choices drivers have in Texas. The ranking data listed below may help you decide which auto insurers you want to consider when looking for cheaper rates.
Top 10 Laredo Car Insurance Companies Ranked by Claims Service
- Travelers
- Nationwide
- Allstate
- State Farm
- Liberty Mutual
- GEICO
- American Family
- Esurance
- Titan Insurance
- AAA Insurance
Top 10 Laredo Car Insurance Companies Ranked by Customer Service
- USAA
- Travelers
- Mercury Insurance
- AAA Insurance
- Nationwide
- Safeco Insurance
- Progressive
- State Farm
- The Hartford
- The General