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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Additional car insurance information is located on the following sites: