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One: because it was a Margraviate - so they would have their proper title.
Two: because it will always get annexed in 10 years otherwise.
Three: it makes sense for Savoy to have a march on the border with Milan.
That would make me want to put my eyes out playing Savoy.
Really Montferrat should be independent. Historically it was inherited by Mantua before its lands were taken by Savoy after the War of Mantuan Succession.
I think that it might have been made a vassal because it's between three nations that are much stronger than it is with no way to expand other than conflict with them.
Still looking though the later marquess its seems like they had at least a some what independent foreign policy with later marquess' serving as mercenaries for Venice and Milan. Their relationship could possibly be shown better by a looser sort of vassalship like a tributary if that ends up being a thing.
Also it looks like they were inherited by Mantua in the middle of the Italian Wars so their vassal status with Savoy could have easily been disrupted during that.
