Cheap Volvo XC60 Insurance in Lexington

Insurance rates Volvo XC60 in LexingtonIt takes a few minutes, but the best way to get more affordable Volvo XC60 insurance is to start comparing prices yearly from providers who sell auto insurance in Lexington. Price quotes can be compared by completing these steps.

One key aspect of rate comparisons is to try to compare the same coverage limits and deductibles on each price quote and and to get quotes from as many different companies as possible. This enables a fair price comparison and a complete selection of prices.

A recent study revealed that the vast majority of drivers have purchased from the same company for more than four years, and almost 40% of drivers have never compared quotes from other companies. With the average premium in Kentucky being $2,130, drivers can save roughly 30% each year by just comparing rate quotes, but most tend to underestimate the rate savings if they switch to a new company.

Locating the best rates in Lexington is actually very simple if you learn how to start. If you are insured now or just want cheaper rates, you can follow these tips to lower your rates and still get good coverage. Consumers just have to understand the fastest way to buy insurance online.

Finding a better price on insurance is not a difficult process. Consumers just need to take a few minutes comparing rates to see which company has the cheapest Volvo XC60 rate quotes.

The car insurance companies shown below offer price quotes in Kentucky. To buy cheap car insurance in KY, we recommend you compare several of them in order to find the most competitive rates.

Premium rates and analysis

The table displayed next highlights different coverage costs for Volvo XC60 models. Understanding more about how auto insurance policy rates are formulated can be of help when making smart choices when buying a policy.

Volvo XC60 Insurance Rates in Lexington, KY
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
XC60 3.2 2WD $198 $336 $284 $16 $84 $918 $77
XC60 3.2 AWD $224 $336 $284 $16 $84 $944 $79
XC60 T6 AWD AWD $224 $396 $284 $16 $84 $1,004 $84
XC60 T6-R AWD AWD $250 $396 $284 $16 $84 $1,030 $86
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Premium data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Rates do not factor in the specific area where the vehicle is garaged which can influence price quotes noticeably.

Can higher deductibles save money?

When shopping for auto insurance, a common question is which deductible level should you buy. The tables below can help you understand the rate differences between high and low physical damage coverage deductibles. The first rate table uses a $250 deductible for comp and collision and the second pricing table uses a $1,000 deductible.

Volvo XC60 insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
XC60 3.2 2WD $252 $426 $278 $16 $84 $1,081 $90
XC60 3.2 AWD $284 $426 $278 $16 $84 $1,113 $93
XC60 T6 AWD AWD $284 $500 $278 $16 $84 $1,187 $99
XC60 T6-R AWD AWD $318 $500 $278 $16 $84 $1,221 $102
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Volvo XC60 insurance rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
XC60 3.2 2WD $156 $268 $278 $16 $84 $802 $67
XC60 3.2 AWD $176 $268 $278 $16 $84 $822 $69
XC60 T6 AWD AWD $176 $316 $278 $16 $84 $870 $73
XC60 T6-R AWD AWD $196 $316 $278 $16 $84 $890 $74
Get Your Own Custom Quote Go

Data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Rate quotes do not factor in specific location information which can affect insurance rates considerably.

Using the data above, we can ascertain that using a $250 deductible will cost you approximately $25 more each month or $300 for a full year averaged for all XC60 models than buying the higher $1,000 deductible. Since the policyholder would be required to pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you normally average at least 30 months between claims, you would most likely save money if you elect the higher deductible.

Calculation for raising deductibles

Average monthly premium for $250 deductibles: $96
Average monthly premium for $1,000 deductibles (subtract): – $71
Monthly savings from raising deductible: $25
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $25
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 30 months

The illustration below illustrates how your choice of deductibles and can influence Volvo XC60 yearly insurance costs for different insured age categories. The premiums assume a single female driver, full coverage, and no discounts are factored in.

Why you need quality insurance for your Volvo XC60

Despite the high insurance cost for a Volvo XC60 in Lexington, paying for insurance is most likely required but also gives you several important benefits.

First, most states have mandatory insurance requirements which means you are required to carry a minimum amount of liability protection in order to license the vehicle. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if your car has a loan, most banks will stipulate that you have physical damage coverage to ensure the loan is repaid in case of a total loss. If you let the policy lapse, the bank will be required to insure your Volvo at a more expensive rate and require you to pay for the expensive policy.

Third, insurance protects your Volvo XC60 and your assets. It will also cover hospital and medical expenses for you, your passengers, and anyone else injured in an accident. As part of your policy, liability insurance also pays expenses related to your legal defense if anyone sues you for causing an accident. If mother nature or an accident damages your car, comprehensive and/or collision insurance will pay to restore your vehicle to like-new condition.

The benefits of buying insurance are definitely more than the cost, particularly if you ever have a claim. But the average driver in Kentucky is currently overpaying as much as $850 per year so you should quote rates every year to be sure current rates are still competitive.

Why Informed Consumers Pay Less for Volvo XC60 Insurance

It’s important that you understand some of the things that are used to determine the price you pay for auto insurance. If you have a feel for what influences your rates, this allows you to make educated decisions that could result in cheaper rates. Many factors are used in the calculation when you get a price on insurance. Most are fairly basic such as your driving record, but other factors are less obvious such as your credit history or your commute time.

Shown below are some of the items that factor into your rate level.

Insurance rates for married couples – Having a spouse can actually save you money compared to being single. Having a spouse translates into being more stable financially and insurance companies like that married drivers get in fewer accidents.

Gender and insurance coverage prices – Statistics show that men are more aggressive behind the wheel. However, don’t assume that men are WORSE drivers than women. Males and females tend to get into accidents at a similar rate, but men have accidents that have higher claims. They also get ticketed for serious violations such as driving while intoxicated (DWI) or driving recklessly. Young males generally have the highest accident percentage and therefore pay the highest rates.

The illustration below shows the comparison of Volvo XC60 insurance premiums for male and female drivers. The data is based on no violations or claims, full coverage, $500 deductibles, marital status is single, and no other discounts are factored in.

Do you know you’re credit history? – A driver’s credit score is likely to be a major factor in determining what you pay. If your credit history is lower than you’d like, you could be paying less to insure your Volvo XC60 by improving your credit score. People with high credit ratings tend to be more responsible and file fewer claims than those with lower ratings.

Fewer miles means better costs – The higher the mileage driven every year the higher the price you pay to insure it. A lot of insurance companies rate vehicles partially by how you use the vehicle. Vehicles used primarily for pleasure use get more affordable rates as compared to vehicles used primarily for driving to work. Double check that your auto insurance policy is showing the right rating data. An incorrectly rated XC60 may be wasting your money.

Prices are impacted by vehicle performance – The make and model of the car you are trying to find cheaper insurance for makes a huge difference in how high your rates are. Smaller low performance passenger models usually are quite affordable to insure, but the cost you end up paying is determined by many additional factors.

The following chart assumes a single female driver age 20, full coverage with $500 deductibles, and no discounts or violations. The chart compares Volvo XC60 rates compared to other models that have different performances.

Increase physical damage deductibles and save – Insurance for physical damage to your car, commonly called comprehensive (or other-than-collision) and collision coverage, insures against damage to your Volvo. Examples of covered claims are a broken side mirror, hitting a deer, and rolling your vehicle. The deductibles you choose represent how much money you are willing to pay before a claim is paid by your company. The more money you have to pay, the less money you will pay for auto insurance.

Better drivers have lower rates – Drivers who don’t get tickets pay less for auto insurance than people who have multiple driving citations. Having a single ticket can bump up the cost by as much as thirty percent. Drivers unfortunate enough to have serious violations such as hit and run, DWI or reckless driving convictions might be required by their state to prove financial responsibility with their state DMV in order to drive a vehicle legally.

The information below shows how violations and at-fault claims impact Volvo XC60 car insurance rates for different age groups of insureds. Data assumes a single female driver, comp and collision included, $100 deductibles, and no discounts are taken into consideration.

Insurance loss data for Volvo XC60 vehicles – Insurance companies factor in insurance loss information as a way to help calculate a profitable premium rate. Models that the statistics show to have higher loss trends will have a higher cost to insure. The information below illustrates the insurance loss data used by companies for Volvo XC60 vehicles.

For each type of coverage, the statistical loss for all vehicles, regardless of make or model, equals 100. Percentage numbers below 100 represent a good loss history, while numbers shown that are more than 100 indicate more frequent claims or a tendency for losses to be larger than average.

Car Insurance Loss Data for Volvo XC60 Models
Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Volvo XC60 4dr 2WD 79 74 70 60 53 55
Volvo XC60 4dr 4WD 93 82 75 66 64 57

Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Best car insurance in Kentucky

Picking a good quality insurance provider can be a challenge considering how many companies there are in Kentucky. The company rank data in the next section could help you analyze which car insurance providers you want to consider comparing rates from.

Top 10 Lexington Car Insurance Companies Overall

  1. Travelers
  2. USAA
  3. AAA Insurance
  4. Nationwide
  5. Allstate
  6. State Farm
  7. The Hartford
  8. Safeco Insurance
  9. Progressive
  10. American Family

Top 10 Lexington Car Insurance Companies by A.M. Best Rank

  1. Travelers – A++
  2. USAA – A++
  3. GEICO – A++
  4. State Farm – A++
  5. Erie Insurance – A+
  6. Esurance – A+
  7. Progressive – A+
  8. Nationwide – A+
  9. The Hartford – A+
  10. Allstate – A+

Shop smart and save

As you restructure your insurance plan, you should never sacrifice coverage to reduce premiums. There have been many cases where someone sacrificed full coverage and found out when filing a claim that their decision to reduce coverage ended up costing them more. The ultimate goal is to purchase a proper amount of coverage at an affordable rate and still be able to protect your assets.

Consumers leave their current company for a number of reasons such as delays in responding to claim requests, policy cancellation, delays in paying claims or policy non-renewal. Whatever your reason, finding a great new company is actually quite simple.

In this article, we covered a lot of techniques to shop for Volvo XC60 insurance online. The key thing to remember is the more you quote Lexington car insurance, the better chance you’ll have of finding low cost Lexington car insurance quotes. Consumers could even find that the lowest priced car insurance comes from the smaller companies.

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