How Much Does 2010 Volvo V50 Insurance Cost?

Having to pay for overpriced auto insurance can overdraw your bank account and put a big crunch on your finances. Comparison shopping is a great way to tighten up your finances. Because you have many choices of insurance companies, it’s difficult to locate the most affordable car insurance company.

It’s a good idea to shop coverage around at least once a year due to the fact that insurance rates tend to go up over time. Just because you found the best rates for V50 coverage two years ago there is a good chance you can find better rates now. Ignore everything you know about auto insurance because I’m going to let you in on the secrets to the proper way to eliminate unnecessary coverages and save money.

Insurance Coverage Prices

Lowering your 2010 Volvo V50 insurance coverage rates is not rocket science. You just have to invest a little time to get quotes online with multiple companies. This can be done using a couple different methods.

The easiest and least time consuming way to get quotes for comparison is to use a rate comparison form (click to open form in new window). This method keeps you from doing repetitive form submissions for each company. Taking the time to complete one form gets you coverage quotes from many national carriers.

A less efficient way to get quotes online requires you to visit each company website to request a price quote. For examples sake, let’s assume you want to compare rates from GEICO, Esurance and Progressive. You would have to go to every website and enter your information, which is why most consumers use the first method. For a list of links to insurance companies in your area, click here.

It’s up to you how you get prices quotes, just compare identical coverage information on every quote. If you use different liability limits it will be very difficult to make an equal comparison.

Lots of discounts mean lots of savings

Insuring your fleet can be pricey, buy you may qualify for discounts that can drop the cost substantially. Certain discounts will be triggered automatically when you get a quote, but less common discounts must be asked for before you get the savings. If you’re not getting every credit you qualify for, you are paying more than you should be.

  • Braking Control Discount – Vehicles with anti-lock braking systems prevent accidents and therefore earn up to a 10% discount.
  • No Claims – Drivers with accident-free driving histories can earn big discounts as compared to frequent claim filers.
  • Sign Online – A handful of insurance companies will discount your bill up to fifty bucks just for signing your application online.
  • Early Signing – A few companies offer discounts for switching policies before your current policy expires. This can save 10% or more.
  • Multiple Cars – Having all your vehicles with the same company may reduce the rate for each vehicle.
  • Bundle and Save – When you combine your home and auto insurance with the same company you may save 10% to 20% off each policy.
  • Discount for Good Grades – This discount can get you a discount of up to 25%. The discount lasts until age 25.
  • Auto/Life Discount – Some companies give a break if you buy a life insurance policy as well.

As a disclaimer on discounts, some of the credits will not apply the the whole policy. Most only reduce individual premiums such as liability, collision or medical payments. So despite the fact that it appears you would end up receiving a 100% discount, companies don’t profit that way. Any qualifying discounts will help reduce your premiums.

For a list of companies offering insurance coverage discounts, click here.

Situations that might require an agent

When choosing proper insurance coverage for your vehicles, there is no one size fits all plan. Every insured’s situation is different so this has to be addressed. These are some specific questions might help in determining whether you would benefit from an agent’s advice.

  • Do I have coverage if my license is suspended?
  • Is a blown tire covered by insurance?
  • Why am I required to buy high-risk coverage?
  • When can my company non-renew my policy?
  • Is my custom paint covered by insurance?
  • Am I covered if I break a side mirror?
  • How high should my uninsured/underinsured coverage be in my state?
  • Are my friends covered when driving my car?
  • What is covered by UM/UIM coverage?

If it’s difficult to answer those questions but a few of them apply, then you may want to think about talking to a licensed insurance agent. If you want to speak to an agent in your area, complete this form or you can go here for a list of companies in your area. It is quick, free and you can get the answers you need.

Elements that influence Volvo V50 insurance rates

Consumers need to have an understanding of the factors that play a part in calculating your insurance rates. Knowing what influences your rates empowers consumers to make smart changes that could result in much lower annual insurance costs.

Shown below are a partial list of the pieces used by your company to calculate premiums.

  • Big city or small town – Living in a rural area can be a good thing when talking about insurance. Drivers who live in large cities regularly have much more traffic and longer commute times. Lower population means fewer accidents.
  • Your age impacts your rates – Young drivers have a tendency to be careless and easily distracted when behind the wheel so insurance rates are higher. Older insureds are more cautious drivers, statistically cause fewer accidents and get fewer tickets.
  • Lower miles equals lower premium – The higher the mileage driven in a year’s time the more you will pay for insurance. The majority of insurers rate vehicles based on how the vehicle is used. Cars and trucks that are left in the garage receive lower rates than those used for commuting. Improper usage on your V50 may be costing you. Verify your insurance declarations sheet is showing the correct usage for each vehicle, because improper ratings can cost you money.
  • Adjust deductibles and save – Insurance for physical damage to your car, also known as collision and other-than-collision, protects your Volvo from damage. Some instances where coverage would apply are collision with another vehicle, collision with an animal, and rolling your vehicle. Deductibles for physical damage are the amount of money you are required to spend out-of-pocket before your insurance pays a claim. The higher the amount you are required to pay out-of-pocket, the lower your rates will be for V50 coverage.
  • More claims means more premium – If you tend to file frequent claims, you can look forward to either higher rates or even cancellation. Companies give discounts to policyholders who do not file claims often. Car insurance is meant to be used in the event of larger claims.
  • Safer occupants lowers premiums – Safer cars are cheaper to insure. The safest vehicles result in less severe injuries and any reduction in injury severity means lower claim amounts passed on to you as lower rates. If the Volvo V50 scored better than four stars on Safercar.gov or an “acceptable” rating on iihs.org it is probably cheaper to insure.
  • Your occupation can affect rates – Did you know that where you work can have an impact on rates? Jobs such as judges, executives and stock brokers have the highest rates due to high stress and long work hours. On the other hand, professions such as scientists, students and performers get better rates for V50 coverage.

Detailed coverages of your car insurance policy

Knowing the specifics of car insurance can help you determine the best coverages and proper limits and deductibles. The coverage terms in a policy can be ambiguous and reading a policy is terribly boring. These are typical coverages available from car insurance companies.

Comprehensive car insurance

This pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive can pay for claims like hitting a deer, falling objects, damage from getting keyed and damage from flooding. The highest amount a car insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle’s value is low consider dropping full coverage.

Collision coverage protection

This pays for damage to your V50 resulting from a collision with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against claims such as damaging your car on a curb, rolling your car, sustaining damage from a pot hole, driving through your garage door and scraping a guard rail. Collision coverage makes up a good portion of your premium, so consider dropping it from lower value vehicles. Drivers also have the option to raise the deductible to bring the cost down.

Auto liability

This provides protection from damages or injuries you inflict on other’s property or people in an accident. This coverage protects you against claims from other people. Liability doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show liability limits of 25/50/25 that means you have a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see a combined single limit or CSL which limits claims to one amount with no separate limits for injury or property damage.

Liability insurance covers things such as repair costs for stationary objects, structural damage, bail bonds, legal defense fees and medical services. How much liability should you purchase? That is up to you, but you should buy as large an amount as possible.

Coverage for medical expenses

Med pay and PIP coverage pay for bills such as nursing services, doctor visits, surgery and dental work. The coverages can be used in conjunction with a health insurance plan or if there is no health insurance coverage. It covers all vehicle occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states but can be used in place of medical payments coverage

Coverage for uninsured or underinsured drivers

This gives you protection from other drivers when they do not carry enough liability coverage. This coverage pays for injuries to you and your family as well as damage to your Volvo V50.

Since many drivers only purchase the least amount of liability that is required, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Frequently these coverages are set the same as your liablity limits.

Do the work, save more money

In this article, we presented a lot of techniques to save on 2010 Volvo V50 insurance. The key concept to understand is the more rate quotes you have, the better chance you’ll have of finding lower rates. You may even find the best prices are with a small mutual company. These smaller insurers may have significantly lower rates on certain market segments as compared to the big name companies such as State Farm and Allstate.

As you prepare to switch companies, do not buy less coverage just to save a little money. In many instances, an insured cut liability limits or collision coverage and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your strategy should be to buy enough coverage at an affordable rate while still protecting your assets.

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