If you already own a Mercedes or are in the market for a new luxury vehicle, you need to find the most cost-effective insurance plan for your unique situation. Mercedes-Benz offers many different models, so you may also want to explore the average insurance cost for your desired model before you buy it.
Understanding how much you can expect to pay overall for owning your car is a part of your financial planning, so finding ways to lower these costs can help you save money in the long run. If you want to learn more about what it costs to insure your Mercedes, you should read about some top factors that affect the price. Here is a breakdown of some things you may want to research before committing to your new car.
Mercedes-Benz Insurance Cost by Model
Mercedes models with expensive customizations and trim options may cost more to cover because it can be expensive to repair these specialized parts. On the other side of the spectrum, cars without unique customizations may offer lower insurance rates because the repairs for these vehicles are typically not as expensive. To learn more about what you can expect to pay for the model of your choice, here is a brief breakdown of some average annual rates:
- GLA 250: $2,318
- GLC 300: $2,601
- GLE 350: $3,216
- CLA 250: $3,436
- C 300: $3,653
- C 63 AMG: $5,140
- G550 4MATIC: $5,162
- AMG GT S: $8,081
The average cost of insurance for these models is $4,201 per year. It’s important to remember that this is not an exhaustive list, but it may provide insight into how much you can expect to pay when insuring a Mercedes-Benz. To learn more about what it will cost to insure a specific model, you should get a few quotes from insurance companies in your area.
Mercedes-Benz Insurance Cost by Company
The model of your Mercedes-Benz is a significant factor in determining how much your payments are, but the car insurance company you choose can also affect the price. Before deciding on a plan, shop around to learn about each company’s pricing and coverages. Understanding how multiple companies differ can help you find an insurance plan that fits your budget. Here is a breakdown of the average six-month costs you can expect for a few different insurance companies:
- Progressive: $1,105
- State Farm: $1,305
- Liberty Mutual: $2,395
- GEICO: $2,556
- Allstate: $3,083
- Farmers: $3,651
What Else Can Affect the Price of Your Insurance?
Besides the model of your car and the company you choose to insure your vehicle, many other factors can contribute to how much you pay for insurance. Understanding the factors that impact your insurance rates can help you develop strategies for saving money while still receiving excellent coverage. Here are a few top factors that can affect the cost of your insurance plan:
Where You Live
Where you live can be a crucial factor that insurance companies consider when estimating your payment. Specific locations in the country may have higher car insurance rates because those areas may be more prone to accidents than others. If you want to reduce your monthly payments, it can be helpful to review locations with the lowest auto insurance rates.
The Age of Your Car
Older cars are typically less expensive to insure as their repairs can be cheaper. If you drive an older model Mercedes, you may want to consider shopping around for new quotes. After driving the car for a few years, you may be able to negotiate better rates than you paid when the vehicle was new. Frequently shopping for new rates can be an effective way of keeping your costs low.
Your Driving History
Your driving history is another important factor that insurance companies consider when estimating your payment. If you have an extensive driving record with few accidents, you may be able to negotiate a better rate. Being a safe driver leads to fewer accidents and less risk for the insurance company, so this is an effective way of keeping your premiums low.
How To Lower Your Insurance Rates
If you want to reduce the amount you pay for insurance each month, periodically review some strategies for keeping your rates low. Here are a few tips that may help you lower your insurance premiums:
Select Optional Safety Features
Selecting safety features that help you avoid accidents can also help you pay less for insurance. Many companies, like Allstate, offer better rates to drivers who buy cars with built-in safety features because those vehicles are often at less risk for accidents or causing injuries. If you’re in the market for a new car, you may want to research how much you can save by selecting one with advanced safety features, such as emergency braking assist.
Earn a Good Student Discount
Many insurance companies also offer better rates to students who maintain good grade point averages. If you’re a student, you may want to explore these incentive programs before selecting an insurance company. Enrolling in a program that reduces your insurance rates when you earn good grades can provide an incentive for doing well in school while also keeping your premiums low.
Drive Safely
One of the simplest and best tips for keeping your insurance payments low on your Mercedes-Benz is to drive safely. If you can avoid car accidents, your rates may fall over time. The longer you avoid collisions on the road, the more you can enjoy lower premiums because your insurance company will view you as a low-risk driver.
The above information was just a brief overview of some of the factors that can contribute to the cost of your Mercedes-Benz insurance.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.
