When buying a new car, especially ones as luxurious and expensive as an M-Class Mercedes, one of the things that you are going to need to factor in is the cost of buying car insurance for it. While insurance rates are determined in large part on the driving record of the individual applying for coverage, insurance rates can also vary based on the year, make and model of the car. As a general rule, luxury cars are more expensive to insure due to the increased costs associated with repairing them in the event of an accident. But just because you drive a Mercedes doesnít mean you have to mortgage your house to pay your car insurance premium. In order to help you get the best rates, weíve compiled a list of the factors that can increase (and decrease) your car insurance rates (as well as you total ownership costs):
You Can See Increased Insurance Rates Can Increase:
- If you choose to buy a fully equipped M-Class with all of the extra features (such as a Rear-Seat Entertainment System or the Parktronic parking system). Again, the more your car is worth, the more it will cost to insure.
- If you own or buy a used M-Class that has been damaged in any way that may interfere with the safety of the vehicle.
- If your driving record is less than stellar. If youíve been in one or more accidents, have received multiple traffic citations or have received points on your driving record. Traffic school can often mitigate the cost of some of these infractions.
- If you are going to choose to include your children on your policy as potential drivers.
- If your credit score is low. This may also adversely affect your car loan rates if you are financing your M-Class.
- If your Zip code has a large concentration of uninsured drivers. While there isnít much you can do about this, insurance companies know that if you get hit by an uninsured driver, they will end up having to pay the bulk of the claim.
You Can See Decreased Insurance Rates:
- If you own an older model M-Class. Because of the depreciation in value that comes with time and wear and tear, your car will be worth less Ė thus costing less to insure
- If your Mercedes has the latest safety and anti-theft devices such as airbags, a car alarm, or the previously mentioned Parktronic system, it can reduce your insurance rates.
- If you have good driving record and have avoided any accidents or traffic violations. Insurance companies know that good drivers are less likely to file an insurance claim.
- If you choose a high deductible. As a rule, the higher your deductible, the lower you car insurance payments will be. If you can afford it, go with the highest deductible.
- If you donít drive that much. The longer your daily commute to and from work, the more miles you typically drive each week. Because an increase in yearly miles can translate into higher instances of accidents, insurance companies will often offer low mileage discounts to drivers who only drive short distances.