2005 Volvo V50 Insurance Cost – 7 Ideas for Best Prices

Trying to come up with a payment for pricey car insurance can bottom out your monthly budget and force you to make sacrifices. Doing a rate comparison is a great way to lower your bills every month.

Because you have many companies to choose from, it is hard for the average consumer to find the best insurance company.

Finding affordable insurance is simple if you know the tricks. In a nutshell, anyone who is required by state law to have insurance will most likely be able to reduce their rates. Nevertheless, car owners need to have an understanding of the way companies sell online and take advantage of how the system works.

Earn discounts to get lower-cost insurance rates

Companies that sell car insurance do not advertise every policy discount in an easy-to-find place, so we took the time to find a few of the more well known and also the more inconspicuous discounts that you can inquire about if you buy insurance coverage online.

• New Car Discount – Buying coverage on a new vehicle can get you a discount since new model year vehicles have better safety ratings.
• Distant Student Discount – Any of your kids living away from home attending college and leave their car at home can be insured at a reduced rate.
• Driver’s Education for Students – Have your child successfully complete driver’s ed class as it can save substantially.
• No Claims – Claim-free drivers get the best insurance rates in comparison to accident-prone drivers.
• Good Student – Getting good grades can save 20 to 25%. Most companies allow this discount up to age 25.
• Theft Deterent – Cars that have factory anti-theft systems have a lower chance of being stolen so companies will give you a small discount.
• Discounts for Seat Belt Usage – Drivers who always wear seat belts and also require passengers to buckle up before driving can save 10% or more off the personal injury premium cost.

Just know that most credits do not apply to all coverage premiums. Most only apply to the price of certain insurance coverages like comprehensive or collision. So when the math indicates you would end up receiving a 100% discount, it doesn’t quite work that way.

To view companies who offer online insurance quotes, click here to view.

Tailor your car insurance coverage to you

When buying coverage for your vehicles, there really is not a perfect coverage plan. Every insured’s situation is different and a cookie cutter policy won’t apply. These are some specific questions might help in determining if your insurance needs might need professional guidance.

• When can I cancel my policy?
• Do I benefit by insuring my home with the same company?
• Does my liability insurance cover pulling a trailer or camper?
• What can I do if my company won’t pay a claim?
• What is an SR-22 filing?
• How many claims can I have before being cancelled?
• Why do I need rental car insurance?
• Do I have coverage for damage caused while driving under the influence?

If you’re not sure about those questions but you know they apply to you, you may need to chat with a licensed agent. If you want to speak to an agent in your area, fill out this quick form or you can also visit this page to select a carrier

Parts of your insurance policy

Understanding the coverages of your policy helps when choosing the best coverages and the correct deductibles and limits. Policy terminology can be ambiguous and nobody wants to actually read their policy. Listed below are typical coverage types offered by insurance companies.

Collision insurance

Collision coverage will pay to fix damage to your V50 from colliding with an object or car. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things such as crashing into a building, scraping a guard rail, hitting a mailbox and crashing into a ditch. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are 8 years or older. Drivers also have the option to raise the deductible to get cheaper collision coverage.

Comprehensive protection

This covers damage OTHER than collision with another vehicle or object. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for claims such as a tree branch falling on your vehicle, damage from getting keyed, falling objects and hail damage. The highest amount your insurance company will pay is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Medical expense coverage

Med pay and PIP coverage reimburse you for short-term medical expenses for funeral costs, chiropractic care, nursing services, ambulance fees and EMT expenses. They can be used in conjunction with a health insurance plan or if there is no health insurance coverage. Medical payments and PIP cover you and your occupants as well as any family member struck as a pedestrian. Personal Injury Protection is only offered in select states and may carry a deductible

Uninsured or underinsured coverage

This coverage protects you and your vehicle’s occupants from other motorists when they are uninsured or don’t have enough coverage. It can pay for injuries sustained by your vehicle’s occupants and damage to your Volvo V50.

Since many drivers carry very low liability coverage limits, it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Normally these limits do not exceed the liability coverage limits.

Coverage for liability

This will cover damage or injury you incur to other’s property or people in an accident. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 25/50/25 which stand for a limit of $25,000 per injured person, a per accident bodily injury limit of $50,000, and a limit of $25,000 paid for damaged property. Another option is a combined limit which limits claims to one amount with no separate limits for injury or property damage.

Liability insurance covers claims such as medical expenses, pain and suffering, legal defense fees and medical services. How much liability should you purchase? That is a decision to put some thought into, but buy as high a limit as you can afford.

Make an honest buck

When you buy insurance coverage online, it’s a bad idea to reduce coverage to reduce premium. In many instances, an insured cut collision coverage to discover at claim time that it was a big mistake. Your goal is to buy the best coverage you can find for the lowest cost but still have enough coverage for asset protection.

The cheapest 2005 Volvo V50 insurance is definitely available both online and with local insurance agents, so you need to shop insurance coverage with both to have the best chance of lowering rates. Some insurance companies do not provide rate quotes online and most of the time these smaller companies sell through local independent agencies.

More detailed auto insurance information is located at these sites:

• Tools for Teen Driving Safety (State Farm)
• Help Your Teen Be a Better Driver (State Farm)
• Safety Features for Your New Car (State Farm)
• What is Gap Insurance? (Insurance Information Insitute)