Save on Volvo V50 Insurance in Indianapolis

It’s a fact that car insurance companies don’t want you to look at other companies. People who get price quotes annually will most likely switch auto insurance companies because they have good chances of finding more affordable rates. A study showed that consumers who compared rates regularly saved $3,500 over four years compared to other drivers who don’t regularly compare prices.

If finding the lowest rates on Volvo V50 insurance in Indianapolis is the reason you’re reading this, then having some knowledge of how to shop and compare insurance premiums can help you be more efficient.

Discount Volvo V50 insuranceIf saving the most money is your goal, then the best way to find better pricing on Volvo V50 insurance in Indianapolis is to start doing an annual price comparison from insurance carriers who can sell car insurance in Indiana. This can be done by completing these steps.

  1. Get an understanding of car insurance and the things you can control to prevent expensive coverage. Many rating criteria that increase rates such as careless driving and an imperfect credit rating can be improved by being financially responsible and driving safely.
  2. Get rate quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can give quotes from one company like Progressive and State Farm, while independent agencies can provide price quotes from multiple companies. View companies
  3. Compare the new rates to your existing rates and determine if there is any savings. If you can save some money and change companies, make sure there is no lapse in coverage.

A good tip to remember is that you’ll want to compare the same physical damage deductibles and liability limits on every price quote and and to compare all possible companies. This enables a fair rate comparison and maximum price selection.

Smart Buyers Can Lower Their Insurance Premiums

Multiple criteria are part of the equation when pricing auto insurance. Some of the criteria are obvious such as your driving record, although others are more transparent like your vehicle usage or how safe your car is. It’s important that you understand the rating factors that play a part in calculating your auto insurance rates. If you have some idea of what influences your rates, this enables you to make decisions that can help you get big savings.

The factors shown below are some of the items used by insurance companies to determine your rate level.

Rates and information analytics

The table below outlines different policy rates for Volvo V50 models. Having a better understanding of how auto insurance prices are calculated can assist in making smart choices when purchasing an insurance policy.

Volvo V50 Insurance Rates in Indianapolis, IN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $168 $334 $380 $22 $114 $1,018 $85
V50 AWD T5 R-Design $168 $384 $380 $22 $114 $1,068 $89
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Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Rates do not factor in specific Indianapolis garaging location which can lower or raise price quotes significantly.

Car insurance deductibles

One of the more difficult decisions when buying car insurance is where to set your physical damage deductibles. The data tables below sum up the rate differences when you select higher and lower coverage deductibles. The first rate table uses a $100 deductible for physical damage and the second price chart uses a $500 deductible.

Volvo V50 insurance premium rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $272 $514 $280 $16 $84 $1,191 $99
V50 AWD T5 R-Design $272 $592 $280 $16 $84 $1,269 $106
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Volvo V50 insurance premium rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $200 $348 $280 $16 $84 $928 $77
V50 AWD T5 R-Design $200 $400 $280 $16 $84 $980 $82
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Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, and Indiana minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Information does not factor in specific location which can change insurance rates greatly.

Based on this data, we can arrive at the conclusion that using a $100 deductible would cost the average driver about $23 more each month or $276 every year averaged for all V50 models than quoting the higher $500 deductible. Because you would be required to pay $400 more if you turn in a claim with a $500 deductible as compared to a $100 deductible, if you tend to have at a minimum 17 months between claim filings, you would save more money if you choose a higher deductible.

The information below demonstrates how deductible levels and can affect Volvo V50 yearly insurance costs for different age categories. The premiums are based on a married female driver, full coverage, and no discounts are applied to the premium.

Violations and accidents raise rates

The diagram below demonstrates how speeding tickets and at-fault fender-benders impact Volvo V50 insurance costs for different age groups. The premium estimates are based on a married male driver, comp and collision included, $250 deductibles, and no additional discounts are factored in.

Cost difference between full coverage and liability

The diagram below shows the comparison of Volvo V50 insurance rates with full coverage compared to only the Indiana minimum liability coverage. The data is based on no violations or accidents, $100 deductibles, single marital status, and no policy discounts are applied.

When to stop buying physical damage coverage

There is no clear-cut formula that is best for determining when to drop full coverage, but there is a guideline you can consider. If the yearly cost of full coverage is more than around 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.

For example, let’s pretend your Volvo V50 replacement value is $5,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $4,000 after paying your deductible. If premium cost is more than $400 annually for full coverage, then you might want to consider buying only liability coverage.

There are some cases where dropping physical damage coverage is not in your best interest. If you haven’t paid off your loan, you must maintain physical damage coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not eliminate full coverage.

Save a ton by receiving discounts

Some insurers do not advertise all available discounts in an easy-to-find place, so we researched a few of the more well known as well as the least known savings tricks you should be using when you buy Indianapolis car insurance online.Cheaper auto insurance with discounts

Policy discounts save money, but most credits do not apply to your bottom line cost. A few only apply to specific coverage prices like comp or med pay. So despite the fact that it appears adding up those discounts means a free policy, you’re out of luck.

The information below illustrates the difference between Volvo V50 car insurance rates with and without some available policy discounts. The rate quotes are based on a male driver, no tickets, no at-fault accidents, Indiana state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, marriage, homeowner, multi-car, claim-free, and multi-policy discounts applied.

To locate companies that can offer you the previously mentioned discounts in Indiana, follow this link.

One last thing to lower rates

Lower-priced car insurance in Indianapolis can be purchased online and from local agencies, and you need to comparison shop both to have the best chance of lowering rates. A few companies do not offer online rate quotes and many times these smaller providers provide coverage only through independent insurance agencies.

We just covered a lot of information how to get a better price on Volvo V50 insurance in Indianapolis. The most important thing to understand is the more you quote Indianapolis car insurance, the higher the chance of saving money. Consumers may even find the most savings is with the smaller companies. Some small companies often have lower prices on specific markets than their larger competitors like Allstate or State Farm.

As you shop your coverage around, don’t be tempted to skimp on critical coverages to save a buck or two. In too many instances, drivers have reduced full coverage and discovered at claim time that it was a big mistake. Your aim should be to buy the best coverage you can find at the best cost, but do not skimp to save money.

Much more information about car insurance in Indiana can be read on the following sites: