How to Save on Volvo S40 Insurance in Minneapolis

Unthinkable but true, a large majority of drivers in Minnesota kept their coverage with the same auto insurance company for well over three years, and almost 40% of drivers have never even shopped around for affordable coverage. With the average auto insurance premium being $1,847, U.S. drivers can save hundreds of dollars each year by just comparing rate quotes, but they just assume it takes a lot of time to compare rates.

Insurance for Volvo S40The most effective way to save on car insurance rates is to regularly compare price quotes from different companies in Minneapolis.

  1. Spend some time learning about car insurance and the modifications you can make to prevent high rates. Many factors that drive up the price like accidents, traffic tickets, and a low credit score can be remedied by making minor driving habit or lifestyle changes. This article provides more details to keep prices down and find possible discounts that are available.
  2. Request rate estimates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can provide rates from one company like GEICO and Allstate, while independent agents can quote rates for a wide range of companies.
  3. Compare the new rate quotes to your existing policy to see if a cheaper price is available. If you find a better price and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.
  4. Tell your current agent or company to cancel the current policy and submit payment and a completed application to your new agent or company. As soon as coverage is bound, safely store the certificate of insurance somewhere easily accessible.

One bit of advice is that you’ll want to make sure you compare similar limits and deductibles on each quote and and to analyze as many different companies as possible. Doing this ensures a fair rate comparison and the best price quote selection.

How to find cheap Volvo S40 insurance in Minneapolis

When shopping for Volvo S40 insurance in Minneapolis there are multiple ways of comparing price quotes from many available car insurance companies in Minnesota. The best method to find affordable Volvo S40 insurance rates consists of obtaining rate quotes online.

When comparison shopping, comparing more rates from different companies gives you a better chance of getting more affordable insurance.

The companies shown below are our best choices to provide free quotes in Minneapolis, MN. To locate cheap auto insurance in Minneapolis, we recommend you visit as many as you can to get the best price comparison.

Discounts for cheap insurance quotes

Companies offering auto insurance don’t always publicize their entire list of discounts very well, so the following is a list of both the well known in addition to some of the lesser obvious discounts that you may qualify for.Discount insurance

As a sidenote, most of the big mark downs will not be given to your bottom line cost. The majority will only reduce individual premiums such as comprehensive or collision. So despite the fact that it appears all the discounts add up to a free policy, nobody gets a free ride.

The illustration below visualizes the comparison of Volvo S40 auto insurance rates with and without discounts being applied to the rates. The data assumes a female driver, no violations or claims, Minnesota state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, multi-car, marriage, safe-driver, claim-free, and homeowner discounts applied.

To see insurance companies offering insurance discounts in Minneapolis, click here to view.

Volvo S40 coverage analysis

The premium table shown below showcases detailed analysis of insurance premium costs for Volvo S40 models. Learning a little about how auto insurance premiums are established is important to be able to make informed coverage decisions.

Volvo S40 Insurance Rates in Minneapolis, MN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
S40 2.4I $280 $534 $326 $20 $98 $1,258 $105
S40 T5 $280 $534 $326 $20 $98 $1,258 $105
S40 T5 AWD R-Design $280 $534 $326 $20 $98 $1,258 $105
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Table data assumes married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Rates do not factor in specific garaging location which can raise or lower premium rates substantially.

How high should deductibles be?

When buying insurance, a common question is what deductibles to buy. The following insurance rates summarize the differences in premium rates of buying low and high physical damage deductibles. The first data table uses a $250 deductible for physical damage and the second price table uses a $500 deductible.

Volvo S40 insurance premium estimates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
S40 2.4I $276 $486 $318 $18 $94 $1,217 $101
S40 T5 $276 $486 $318 $18 $94 $1,217 $101
S40 T5 AWD R-Design $276 $486 $318 $18 $94 $1,217 $101
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Volvo S40 insurance premium estimates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
S40 2.4I $224 $392 $318 $18 $94 $1,046 $87
S40 T5 $224 $392 $318 $18 $94 $1,046 $87
S40 T5 AWD R-Design $224 $392 $318 $18 $94 $1,046 $87
Get Your Own Custom Quote Go

Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Rate quotes do not factor in vehicle location which can raise or lower premiums greatly.

Based on the figures above, using a $250 deductible would cost the average driver about $14 more each month or $168 for a full year averaged for all S40 models than requesting the higher $500 deductible. Because you would be required to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you normally go at least 18 months between claim filings, you would probably come out ahead if you opt for a higher deductible.

How to calculate deductible break even point

Average monthly premium for $250 deductibles: $101
Average monthly premium for $500 deductibles (subtract): – $87
Monthly savings from raising deductible: $14
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $14
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 18 months

Rate increases following a ticket or accident

The example below illustrates how violations and at-fault collisions increase Volvo S40 annual premium costs for each age group. The premiums assume a single female driver, full coverage, $500 deductibles, and no discounts are applied to the premium.

Should you buy full coverage?

The diagram below shows the difference between Volvo S40 insurance premiums with and without full coverage. The prices are based on no tickets, no at-fault accidents, $1,000 deductibles, drivers are not married, and no other discounts are factored in.

When to buy liability coverage only

There is no specific rule of when to drop comp and collision coverage, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.

For example, let’s pretend your Volvo S40 settlement value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $8,000 after you pay the deductible. If premium cost is more than $800 a year for comprehensive and collision coverage, then you might want to think about dropping full coverage.

There are some cases where only buying liability is not a good plan. If you haven’t paid off your loan, you have to keep full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not buy liability only.

What is the best auto insurance company in Minneapolis?

Finding the top auto insurance company can be rather challenging considering how many companies sell insurance in Minnesota. The ranking data shown next may help you select which car insurance companies you want to consider to insure your vehicles.

Top 10 Minneapolis Car Insurance Companies Ranked by Claims Service

  1. Progressive
  2. Travelers
  3. Liberty Mutual
  4. Nationwide
  5. USAA
  6. AAA Insurance
  7. GEICO
  8. Safeco Insurance
  9. Mercury Insurance
  10. Esurance

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

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

Why Informed Consumers Pay Less for Volvo S40 Insurance

Lots of factors are used when you quote your car insurance policy. A few of the factors are predictable such as traffic violations, but some are less apparent such as your marital status or your commute time.

Know your credit score – Your credit score can be an important factor in determining what you pay. Insureds that have very good credit scores tend to file fewer claims as compared to drivers with poor credit scores. Therefore, if your credit history is lower than you’d like, you may save money insuring your Volvo S40 if you improve your credit rating.

Bundle home and auto and save – Most larger companies apply lower prices to customers who have multiple policies with them such as combining an auto and homeowners policy. Even if you already get this discount, it’s still a good idea to get quotes from other companies to make sure you are getting the best deal.

Rates impacted by your city – Living in less populated areas is a positive aspect when talking about insurance. City drivers have to deal with more aggressive driving styles and longer commute times. Less people living in that area corresponds to lower accident rates and lower theft and vandalism rates.

Low stress occupation equals lower prices – Did you know that where you work can have an impact on rates? Careers such as military generals, architects, and emergency personnel tend to have the highest average rates due to intense work situations and extremely grueling work hours. Conversely, careers such as actors, engineers and retirees have lower than average premiums.

Raising coverage deductibles saves money – Your deductibles tell how much you are required to spend if you file a covered claim. Physical damage coverage, termed comprehensive and collision coverage on your policy, is used to repair damage to your car. Examples of some claims that would be covered are collision with another vehicle, animal collisions, or theft of your vehicle. The more the insured is willing to pay, the better rate you will receive.

Gender is a factor – Over time, data shows women are more cautious behind the wheel. However, don’t assume that females are better drivers. Males and females tend to get into fender benders at about the same rate, but the male of the species get into accidents with more damage. Men also get ticketed for serious violations like reckless driving and DUI. Youthful male drivers generally have the highest accident percentage and therefore pay the highest rates.

The illustration below illustrates the difference between Volvo S40 yearly insurance costs for male and female drivers. The data is based on no tickets, no at-fault accidents, full physical damage coverage, $500 deductibles, marital status is single, and no other discounts are factored in.

What type of car do you drive? – The type of car, truck or SUV you own makes a huge difference in determining your rates. Smaller low performance passenger models receive the most favorable rates, but that’s not the only thing that factors into the final price.

The following chart uses these variables: married male driver age 40, full coverage with $250 deductibles, and no discounts or violations. The data compares Volvo S40 rates compared to other models of vehicles that have different performance risks.