No one in their right mind likes paying for auto insurance, in particular when the cost is way too high. With so many online and local companies to choose from, it can be challenging to find the right insurance company.
An important part of buying insurance is that you know some of the elements that go into determining the price you pay for insurance coverage. Knowing what impacts premium levels helps enable you to make changes that may reward you with better insurance coverage rates.
The cost of insuring your cars can be expensive, but there are discounts available to help bring down the price. Certain discounts will be triggered automatically at the time you complete a quote, but some must be manually applied before they will apply. If you’re not getting every credit possible, you are throwing money away.
Keep in mind that most of the big mark downs will not be given the the whole policy. Most only apply to the cost of specific coverages such as liability, collision or medical payments. So despite the fact that it appears all the discounts add up to a free policy, auto insurance companies aren’t that generous. Any qualifying discounts will help reduce the amount you have to pay.
To see a list of insurance companies offering auto insurance discounts, follow this link.
Consumers can’t get away from ads for the lowest price auto insurance from the likes of Progressive, Allstate and GEICO. All the ads make an identical promise about savings if you switch your coverage to them.
How can each company make the same claim?
Insurance companies are able to cherry pick for the type of customer they prefer to insure. A good example of a preferred risk could be between the ages of 30 and 50, insures multiple vehicles, and has excellent credit. A customer getting a price quote who meets those qualifications will get the preferred rates and most likely will pay quite a bit less when switching companies.
Drivers who don’t meet these standards will have to pay a more expensive rate which usually ends up with the driver buying from a lower-cost company. The ads say “drivers who switch” but not “drivers who get quotes” save that kind of money. That’s the way companies can truthfully advertise the savings.
Because of the profiling, drivers must compare many company’s rates. You cannot predict the company that will provide you with the cheapest Volvo S60 insurance rates.
When it comes to buying adequate coverage, there really is not a “best” method to buy coverage. Everyone’s needs are different and your policy should reflect that. Here are some questions about coverages that might point out if you would benefit from an agent’s advice.
If you can’t answer these questions, you might consider talking to an insurance agent. If you want to speak to an agent in your area, fill out this quick form or go to this page to view a list of companies. It’s fast, doesn’t cost anything and may give you better protection.
Knowing the specifics of a insurance policy can help you determine which coverages you need for your vehicles. The coverage terms in a policy can be impossible to understand and coverage can change by endorsement. Listed below are typical coverages found on most insurance policies.
Coverage for uninsured or underinsured drivers – Your UM/UIM coverage protects you and your vehicle’s occupants when other motorists are uninsured or don’t have enough coverage. It can pay for injuries to you and your family and damage to your Volvo S60.
Because many people only carry the minimum required liability limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Most of the time the UM/UIM limits are similar to your liability insurance amounts.
Liability – This coverage will cover injuries or damage you cause to a person or their property. It protects YOU from legal claims by others, and does not provide coverage for your injuries or vehicle damage.
Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 100/300/100 which means a $100,000 limit per person for injuries, a total of $300,000 of bodily injury coverage per accident, and $100,000 of coverage for damaged propery. Some companies may use one number which is a combined single limit which combines the three limits into one amount without having the split limit caps.
Liability can pay for claims such as loss of income, medical services and court costs. How much liability coverage do you need? That is your choice, but consider buying higher limits if possible.
Comprehensive insurance – This coverage covers damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.
Comprehensive coverage protects against things such as a broken windshield, theft and fire damage. The most you’ll receive from a claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.
Coverage for medical expenses – Med pay and PIP coverage pay for short-term medical expenses for things like funeral costs, doctor visits and EMT expenses. They can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover all vehicle occupants as well as if you are hit as a while walking down the street. Personal Injury Protection is not available in all states and may carry a deductible
Collision coverages – Collision insurance will pay to fix damage to your S60 resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.
Collision coverage protects against claims such as driving through your garage door, scraping a guard rail, crashing into a building, hitting a mailbox and rolling your car. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. Drivers also have the option to bump up the deductible to save money on collision insurance.
We just showed you a lot of ways to reduce 2014 Volvo S60 insurance prices online. The key thing to remember is the more price quotes you have, the better your comparison will be. Consumers may even find the best prices are with a lesser-known regional company. These smaller insurers may often insure only within specific states and give getter rates than the large multi-state companies such as Progressive and GEICO.
As you restructure your insurance plan, don’t be tempted to sacrifice coverage to reduce premiums. In many cases, drivers have reduced collision coverage only to discover later that they should have had better coverage. Your focus should be to find the BEST coverage at an affordable rate, not the least amount of coverage.
Additional information can be found at the links below