Cheapest Volvo C70 Insurance in Lexington

It’s safe to conclude that car insurance companies don’t want policyholders to compare prices from other companies. Insureds who get comparison quotes once a year will most likely buy a new policy because they have a good chance of finding coverage at a cheaper rate. Surprisingly, a recent survey revealed that drivers who compared price quotes annually saved over $3,500 over four years compared to people who never compared rates.

If saving the most money on car insurance in Lexington is your objective, then understanding how to shop for cheaper coverage can make it simple to find affordable coverage.

Discount Volvo C70 insuranceIt takes a little time, but the best way to find better pricing on Volvo C70 insurance is to compare quotes once a year from different companies in Lexington. You can shop around by completing these steps.

Step 1: Learn about how car insurance works and the things you can change to drop your rates. Many factors that are responsible for high rates such as traffic violations and your credit history can be rectified by making lifestyle changes or driving safer.

Step 2: Obtain price quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from a single company like GEICO and Allstate, while independent agencies can quote prices from multiple sources.

Step 3: Compare the quotes to your existing policy and see if you can save money. If you find a better price and change companies, make sure the effective date of the new policy is the same as the expiration date of the old one.

Step 4: Provide written notification to your current company of your intent to cancel the current policy. Submit a down payment and signed policy application for your new coverage. Once received, put the proof of insurance paperwork along with the vehicle’s registration papers.

The key aspect of shopping around is to make sure you’re comparing identical coverages on every quote and and to get price estimates from every insurance company. Doing this enables a fair rate comparison and the best price selection.

Buying the cheapest car insurance in Lexington is not rocket science. Just about every person who is overpaying for car insurance will find a lower price. Although Kentucky vehicle owners do need to learn how the larger insurance companies set your policy premium because it can help you find the best coverage.

Rates and statistics

The premium table shown next highlights a range of insurance policy prices for Volvo C70 models. Having a better idea how prices are determined can assist in making decisions when shopping around.

Volvo C70 Insurance Rates in Lexington, KY
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
C70 T5 2-Dr Convertible $136 $262 $202 $12 $60 $672 $56
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Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Price estimates do not factor in specific location which can change auto insurance rates considerably.

Deductible comparison

One frequently asked question is what deductibles to buy. The premium rates below outline the cost difference between low and high coverage deductibles. The first set of rates uses a $250 physical damage coverage deductible and the second price chart uses a $1,000 deductible.

Volvo C70 insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
C70 T5 2-Dr Convertible $284 $500 $216 $12 $64 $1,101 $92
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Volvo C70 insurance prices with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
C70 T5 2-Dr Convertible $176 $316 $216 $12 $64 $784 $65
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-policy, claim-free, safe-driver, multi-vehicle, and homeowner. Information does not factor in specific garaging location which can affect premiums considerably.

Based on the figures above, using a $250 deductible costs roughly $27 more each month or $324 every year averaged for all C70 models than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you have at a minimum 28 months between claim filings, you would probably save some money if you opt for a higher deductible. Here’s a better example of how we made this calculation.

Average monthly premium for $250 deductibles: $92
Average monthly premium for $1,000 deductibles (subtract): – $65
Monthly savings from raising deductible: $27
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $27
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 28 months

One important issue to know is that raising deductibles means you will have to pay more out-of-pocket when you have a comprehensive or collision claim. That will require enough disposable income in order to pay more for the deductible.

Volvo C70 insurance costs by age and gender

The chart below compares Volvo C70 insurance costs for male and female drivers. The information is based on a clean driving record, no claims, full coverage, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.

Do you need full coverage?

The diagram below shows the difference between Volvo C70 annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data assumes no accidents, no driving violations, $250 deductibles, drivers are not married, and no other discounts are factored in.

Are you wasting money on full coverage?

There is no definitive formula to eliminate physical damage coverage, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

For example, let’s assume your Volvo C70 claim settlement value is $9,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, you would only receive $8,000 after the policy deductible has been paid. If you are paying in excess of $800 annually for full coverage, then it could be time to drop full coverage.

There are some conditions where buying only liability insurance is not recommended. If you haven’t satisfied your loan, you are required to maintain full coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.

Auto insurance coverages

Having a good grasp of a car insurance policy can be of help when determining the right coverages for your vehicles. Policy terminology can be confusing and coverage can change by endorsement.

Medical payments coverage and PIP – Medical payments and Personal Injury Protection insurance kick in for immediate expenses for things like prosthetic devices, chiropractic care and nursing services. The coverages can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. Coverage applies to both the driver and occupants in addition to any family member struck as a pedestrian. Personal Injury Protection is not universally available but it provides additional coverages not offered by medical payments coverage

Comprehensive coverage – This pays for damage from a wide range of events other than collision. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive can pay for claims such as fire damage, damage from flooding and hitting a bird. The maximum payout your car insurance company will pay is the ACV or actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Collision coverage – This will pay to fix damage to your C70 resulting from colliding with an object or car. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims such as driving through your garage door, hitting a mailbox, colliding with another moving vehicle, crashing into a ditch and crashing into a building. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are older. It’s also possible to raise the deductible on your C70 to get cheaper collision coverage.

Uninsured/Underinsured Motorist coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. Covered losses include injuries sustained by your vehicle’s occupants as well as damage to your Volvo C70.

Since a lot of drivers only carry the minimum required liability limits (which is 25/50/10), their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.

Coverage for liability – This coverage will cover damage or injury you incur to people or other property that is your fault. It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see values of 25/50/10 that translate to $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and a limit of $10,000 paid for damaged property.

Liability coverage protects against claims like repair bills for other people’s vehicles, medical services, bail bonds and loss of income. How much coverage you buy is a personal decision, but buy as much as you can afford. Kentucky requires minimum liability limits of 25/50/10 but drivers should carry higher limits.

The illustration below shows why buying low liability limits may not provide you with enough coverage.

Keep this in mind when shopping around

In this article, we presented a lot of information how to save on Volvo C70 insurance in Lexington. The key thing to remember is the more rate comparisons you have, the better your chances of lowering your premium rates. You may even find the biggest savings come from the smaller companies.

Drivers switch companies for any number of reasons including poor customer service, high prices, policy cancellation or high rates after DUI convictions. Regardless of your reason, finding the right insurance provider can be pretty painless.

Lower-priced insurance in Lexington is definitely available both online in addition to local insurance agencies, so get free Lexington car insurance quotes from both of them to have the best selection. A few companies don’t offer internet price quotes and most of the time these regional carriers provide coverage only through independent agents.

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