Auto Insurance Rates for a Volvo V50 in Lexington

Discount Volvo V50 insuranceIt’s a known fact that car insurance companies don’t want you quoting rates from other companies. Consumers who shop around once a year will presumably switch companies because there is a good chance of finding a lower-cost company. A study discovered that people who regularly shopped around saved as much as $3,450 over four years compared to other drivers who never compared prices.

If finding the lowest price for Volvo V50 insurance is why you’re reading this, knowing how to get rate quotes and compare insurance rates can make it easier to shop your coverage around.

If you want to find the absolute lowest rates, then the best way to get budget Volvo V50 insurance is to compare prices regularly from providers that sell auto insurance in Lexington.

  1. It will benefit you to learn about coverages and the things you can change to prevent expensive coverage. Many things that cause high rates like traffic violations and a negative credit score can be controlled by making minor driving habit or lifestyle changes.
  2. Obtain price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give rate quotes from a single company like Progressive or Allstate, while independent agents can quote prices from multiple sources.
  3. Compare the new rate quotes to the premium of your current policy to see if a cheaper rate is available. If you find a lower rate quote, make sure there is no coverage gap between policies.
  4. Provide written notification to your current company to cancel the current policy. Submit any necessary down payment along with the completed application to the new company. Once coverage is bound, keep the new certificate verifying coverage somewhere easily accessible.

An important note is to compare similar coverage information on each price quote and and to get prices from every insurance company. Doing this ensures the most accurate price comparison and the best price selection.

Volvo V50 Insurance Prices Can Be More Affordable

An important part of buying insurance is that you know some of the elements that play a part in calculating your car insurance rates. When consumers understand what impacts premium levels, this empowers consumers to make smart changes that may reward you with lower car insurance prices. Many things are considered when pricing auto insurance. Some factors are common sense such as your driving history, although some other factors are less apparent like your vehicle usage or how financially stable you are.

Costs and your address – Having an address in less populated areas may provide you with better prices if you are looking for the lowest rates. City drivers tend to have more traffic problems and longer commute times. Lower population translates into fewer accidents and lower theft and vandalism rates.

Cars with good safety ratings lower car insurance rates – Cars with five star safety ratings tend to be cheaper to insure. Safe vehicles result in less severe injuries and lower injury rates means your insurance company pays less and more competitive rates for policyholders.

Excellent credit scores equal low premiums – Having a bad credit score can be an important factor in determining what you pay for car insurance. Insureds with very high credit ratings tend to file fewer claims and have better driving records than drivers with lower ratings. If your credit score leaves room for improvement, you could be paying less to insure your Volvo V50 by improving your rating.

Do you really need to file those car insurance claims? – Auto insurance companies in Kentucky give the best rates to drivers who are claim-free. If you are a frequent claim filer, you can definitely plan on either policy cancellation or increased premiums. Insurance coverage is intended for the large, substantial claims.

Car insurance analysis for a Volvo V50

The table below covers estimates of insurance costs for Volvo V50 models. Having insight into how premiums are determined can help customers make decisions on which coverage to buy.

Volvo V50 Insurance Rates in Lexington, KY
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $152 $308 $342 $20 $102 $924 $77
V50 AWD T5 R-Design $152 $356 $342 $20 $102 $972 $81
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Data variables include married female driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Rates do not factor in zip code location which can influence insurance rates significantly.

Should you raise deductibles?

When buying car insurance, a common question is how high should the physical damage deductibles be. The rates shown below summarize the rate differences when you choose different coverage deductibles. The first data table uses a $100 deductible and the second price chart uses a $1,000 deductible.

Volvo V50 insurance with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $318 $598 $326 $20 $98 $1,385 $115
V50 AWD T5 R-Design $318 $688 $326 $20 $98 $1,475 $123
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Volvo V50 insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $176 $316 $326 $20 $98 $936 $78
V50 AWD T5 R-Design $176 $362 $326 $20 $98 $982 $82
Get Your Own Custom Quote Go

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Premium amounts do not factor in the specific area where the vehicle is garaged which can revise price quotes noticeably.

We can estimate from the data above that using a $100 deductible costs approximately $39 more each month or $468 for a full year averaged for all V50 models than opting for the higher $1,000 deductible. Because you would be required to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you tend to go at least 23 months between claim filings, you would probably save some money if you elect the higher deductible. The table below shows an example of how this calculation is made.

Average monthly premium for $100 deductibles: $119
Average monthly premium for $1,000 deductibles (subtract): – $80
Monthly savings from raising deductible: $39
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $39
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 23 months

One important issue to know is that raising deductibles to get cheaper rates results in more money out-of-pocket when you have a comprehensive or collision claim. You need a higher level of savings in order to pay more for the deductible.

The diagram below illustrates how choosing a deductible and can raise or lower Volvo V50 insurance premiums for each different age category. The data assumes a married female driver, comprehensive and collision coverage, and no policy discounts are applied.

Poor driving habits will raise your car insurance rates

The diagram below highlights how speeding tickets and at-fault claims can affect Volvo V50 annual premium costs for different categories of driver ages. The price estimates are based on a single female driver, full coverage, $500 deductibles, and no discounts are applied to the premium.

Car insurance rates based on gender

The illustration below compares Volvo V50 car insurance costs for male and female drivers. The rates are based on no accidents, no driving violations, comprehensive and collision coverage, $1,000 deductibles, drivers are single, and no policy discounts are applied.

Full coverage rates compared to liability-only

The example below illustrates the comparison of Volvo V50 insurance costs with full physical damage coverage compared to only buying liability only. The costs are based on no accidents or driving violations, $500 deductibles, single marital status, and no discounts are applied.

Should you be buying full coverage?

There isn’t a written rule that works best for making the decision to drop full coverage, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than around 10% of the settlement you would receive from your company, then it could be time to drop full coverage.

For example, let’s pretend your Volvo V50 book value is $4,000 and you have $1,000 deductibles. If your vehicle is severely damaged, you would only receive $3,000 after you pay the deductible. If you are paying in excess of $300 a year for full coverage, then it’s probably a good time to buy liability coverage only.

There are some conditions where buying only liability insurance is not financially feasible. If you have an outstanding loan on your vehicle, you have to keep full coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not drop full coverage.

Affordable Lexington car insurance quotes with discounts

Companies that sell car insurance do not advertise their entire list of discounts in an easy-to-find place, so the list below gives a summary of a few of the more common and the more hidden credits that you can use to lower your rates.Car insurance discounts

A little disclaimer on discounts, most credits do not apply to your bottom line cost. Most only cut individual premiums such as comp or med pay. If you do the math and it seems like it’s possible to get free car insurance, companies don’t profit that way.

The information below illustrates the comparison of Volvo V50 insurance premiums with and without discounts applied to the premium. The data assumes a female driver, a clean driving record, no at-fault accidents, Kentucky state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, homeowner, claim-free, multi-policy, marriage, and safe-driver discounts applied.

To view car insurance companies with significant discounts in Lexington, click here to view.

Quote more and you will save more

We just presented many ideas to lower your Volvo V50 insurance premium rates in Lexington. It’s most important to understand that the more times you quote, the better your comparison will be. You may even find the lowest premium rates are with a small local company. Smaller companies may have significantly lower prices on certain market segments as compared to the big name companies such as Allstate or State Farm.

Discount Volvo V50 insurance in Lexington can be sourced on the web in addition to local insurance agencies, so you should be comparing quotes from both to get a complete price analysis. Some companies do not provide online rate quotes and many times these small, regional companies sell through independent agencies.

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