Save Money on Volvo V50 Insurance in Minneapolis

Insurance rates Volvo V50 in MinneapolisLocating better insurance prices for a Volvo V50 in Minnesota can normally be a lot of work, but you can learn these tips and make it easy. There are more efficient ways to shop for auto insurance so you’re going to learn the absolute fastest way to get price quotes for a Volvo and get the lowest possible price from both online companies and Minneapolis agents.

You Can Change Your Insurance Prices

Consumers need to have an understanding of some of the elements that help calculate car insurance rates. When you understand what positively or negatively impacts your premiums, this empowers consumers to make smart changes that could help you find big savings.

The factors shown below are some of the most rate-impacting factors used by insurance companies to determine rates.

Lower rates with a multi-policy discount – Many companies will award discounts to policyholders who carry more than one policy, otherwise known as a multi-policy discount. Even though this discount sounds good, you still need to check prices from other companies to help ensure you have the lowest rates.

Pay more if you have a long commute – Having an address in a small town may provide you with better prices when talking about car insurance. Less people living in that area means reduced accidents. City drivers regularly have more auto accidents and more time behind the wheel. More time commuting statistically corresponds to a higher accident and claim rate.

Better drivers pay lower prices – Being a careful driver influences premium rates substantially. Just one driving citation can increase the cost of insurance substantially. Drivers who don’t get tickets get better prices compared to bad drivers. Drivers who have serious violations such as hit and run, DWI or reckless driving convictions may be required to prove financial responsibility with their state’s licensing department in order to prevent their license from being revoked.

The diagram below demonstrates how speeding tickets and at-fault claims can raise Volvo V50 auto insurance costs for different age groups. The premiums are based on a single female driver, full physical damage coverage, $100 deductibles, and no policy discounts are applied.

Choose high NHTSA crash test ratings and save – Vehicles with good safety scores can get you lower premiums. The safest vehicles help reduce the chance of injuries in an accident and better occupant protection translates into fewer and smaller insurance claims and cheaper rates on your policy. If your Volvo V50 earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it is probably cheaper to insure.

Never allow your car insurance to lapse – Driving with no insurance can get you a ticket and you may have a hard time finding new coverage because you let your insurance coverage expire. And not only will your rates increase, getting caught without coverage could result in fines and jail time. You may need to submit proof of financial responsibility or a SR-22 with the Minnesota motor vehicle department.

Incidental coverages that may not be needed – Insurance companies have many add-on coverages that can waste your money on your car insurance policy. Insurance for roadside assistance, towing, and extra equipment coverage could be just wasting money. They may sound like good ideas when you first buy your policy, but if you’ve never needed them in the past think about removing them and cutting costs.

Certain vocations raise rates – Occupations like doctors, airline pilots, and emergency personnel have the highest rates because of intense work situations and long work days. Other jobs like scientists, historians and retirees get better rates.

How much liability coverage – A critical coverage on your policy, liability insurance kicks in in the event that you are determined to be liable for physical damage or personal injury to other. It provides you with a defense in court to attempt to prove you were not liable. Liability is cheap when compared to the cost of physical damage coverage, so do not cut corners here.

Finding more affordable Volvo V50 insurance rates can be surprisingly simple. The only thing you need to do is invest a few minutes comparing free Minneapolis auto insurance quotes to find the company with affordable Volvo V50 insurance quotes.

The companies in the list below have been selected to offer price quotes in Minneapolis, MN. If multiple companies are listed, we recommend you get prices from several of them in order to get a fair rate comparison.

Facts and figures for Volvo V50 insurance

The rate table below covers detailed analysis of prices for Volvo V50 models. Being able to understand how auto insurance policy rates are determined can assist in making smart buying decisions.

Volvo V50 Insurance Rates in Minneapolis, MN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $146 $316 $358 $22 $108 $950 $79
V50 AWD T5 R-Design $146 $362 $358 $22 $108 $996 $83
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Prices based on single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, safe-driver, and multi-vehicle. Prices do not factor in specific zip code location which can revise auto insurance rates greatly.

Physical damage deductibles

When buying insurance, a common question is which deductible level should you buy. The rates below outline the cost difference between high and low physical damage coverage deductibles. The first set of prices uses a $250 comprehensive and collision deductible and the second price chart uses a $1,000 deductible.

Volvo V50 insurance with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $276 $486 $318 $18 $94 $1,217 $101
V50 AWD T5 R-Design $276 $560 $318 $18 $94 $1,291 $108
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Volvo V50 insurance with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $170 $306 $318 $18 $94 $906 $76
V50 AWD T5 R-Design $170 $352 $318 $18 $94 $952 $79
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Information does not factor in vehicle garaging location which can decrease or increase coverage prices substantially.

Using the data above, we can ascertain that using a $250 deductible will cost you about $27 more each month or $324 every year averaged for all V50 models than quoting the higher $1,000 deductible. Since you would pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you normally go at a minimum 28 months between claim filings, you would probably come out ahead going with the higher deductible.

The example below shows how different deductible levels and can change Volvo V50 insurance costs for each different age category. The premium estimates are based on a married male driver, comprehensive and collision coverage, and no discounts are applied to the premium.

Comparison of full coverage and liability-only policies

The chart below shows the comparison of Volvo V50 insurance prices with full coverage compared to only the Minnesota minimum liability coverage. The premium estimates are based on no tickets, no at-fault accidents, $250 deductibles, single status, and no discounts are applied.

When to buy liability coverage only

There is no clear-cut rule of when to exclude full coverage on your policy, but there is a guideline you can use. If the annual cost of coverage is more than about 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.

For example, let’s assume your Volvo V50 replacement value is $6,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $5,000 after the deductible is paid. If it’s costing you more than $500 a year for comprehensive and collision coverage, then it might be time to consider dropping full coverage.

There are some scenarios where buying only liability insurance is not in your best interest. If you still owe money on your vehicle, you have to carry full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should keep full coverage on your policy.

Three good reasons to insure your Volvo vehicle

Even though it’s not necessarily cheap to insure a Volvo in Minneapolis, buying insurance may not be optional for several reasons.

The benefits of insuring your V50 more than cancel out the cost, particularly if you ever have a claim. An average driver in America overpays more than $850 per year so compare quotes from several companies at least once a year to make sure the price is not too high.

Get affordable rates on Volvo V50 insurance in Minneapolis with these insurance discounts

Insurance can be prohibitively expensive, but you may qualify for discounts that may help make it more affordable. Most are applied when you purchase, but once in a while a discount must be manually applied before you will receive the discount.Discount insurance

It’s important to note that many deductions do not apply to your bottom line cost. Most only reduce individual premiums such as comprehensive or collision. If you do the math and it seems like you can get free auto insurance, you’re out of luck.

The illustration below shows the difference between Volvo V50 premium costs with and without discounts applied. The prices are based on a male driver, no violations or accidents, Minnesota state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, marriage, homeowner, multi-policy, multi-car, and claim-free discounts applied.

To locate insurance companies that have a full spectrum of discounts in Minneapolis, click here.

Compare prices but still have a local Minneapolis insurance agency

Many drivers just want to visit with an insurance agent and that is just fine! Experienced insurance agents are trained risk managers and help file insurance claims. A good thing about comparing rates online is the fact that you can find cheap auto insurance quotes and still have a local agent.

Minneapolis insurance agentsAfter completing this quick form, your information is immediately sent to local insurance agents in Minneapolis that provide free Minneapolis auto insurance quotes for your insurance coverage. You won’t even need to find an agent on your own since price quotes are sent to you instantly. If for some reason you want to get a comparison quote from one company in particular, you just need to navigate to their website and fill out the quote form the provide.

Deciding on a company is decision based upon more than just the premium amount. Below are some questions you should ask.

Two types of auto insurance agents

If you want to buy auto insurance from an insurance agent, it helps to know the two types of agencies and how they can write your policy. Minneapolis agents may be either independent or exclusive. Either can insure your vehicles, but it is a good idea to know how they are different because it may have an impact on buying decisions.

Exclusive Auto Insurance Agencies

Exclusive agencies can usually just insure with one company and some examples include American Family, State Farm, and Allstate. Exclusive agents cannot provide other company’s prices so they have no alternatives for high prices. Exclusive agencies are well trained on what they offer which helps overcome the inability to quote other rates. Drivers often buy insurance from these agents mostly because of the brand legacy and the convenience of having all coverages with one company.

The following is a list of exclusive agents in Minneapolis that can give you price quotes.

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Independent Insurance Agents

Independent agencies often have affiliation with several companies so they can write business through many different auto insurance companies and find the cheapest rate. If they find a cheaper price, they can switch companies in-house which makes it simple for you.

If you are trying to find cheaper rates, you will want to contact several independent insurance agents so that you can do a thorough price comparison. Many independent agencies also insure through smaller regional carriers which may have better rates.

The following is a list of independent insurance agencies in Minneapolis that are able to give price quote information.

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Find affordable rates by being thorough

We just presented many ways to save on Volvo V50 insurance in Minneapolis. The key concept to understand is the more times you quote, the better chance you’ll have of finding cheaper Minneapolis auto insurance quotes. Drivers may even discover the best auto insurance rates are with an unexpected company.

Discount Volvo V50 insurance in Minneapolis can be sourced online as well as from insurance agents, and you should compare price quotes from both in order to have the best chance of saving money. Some insurance providers do not offer rate quotes online and these small, regional companies prefer to sell through independent agencies.

As you go through the steps to switch your coverage, don’t be tempted to reduce needed coverages to save money. In many instances, an insured cut liability limits or collision coverage and learned later that a couple dollars of savings turned into a financial nightmare. The aim is to purchase plenty of coverage at the best price, but do not skimp to save money.

Steps to finding low-cost rates for Volvo V50 insurance in Minneapolis

If you want to save money, the best way to save on Volvo V50 insurance in Minneapolis is to regularly compare quotes from providers in Minnesota.

  1. Try to learn a little about how companies set rates and the steps you can take to prevent high rates. Many rating criteria that are responsible for high rates such as traffic citations and a low credit score can be eliminated by making minor driving habit or lifestyle changes.
  2. Get rate quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only quote rates from one company like Progressive or State Farm, while agents who are independent can quote prices for many different companies. Select a company
  3. Compare the price quotes to your current policy to see if a cheaper price is available. If you find a lower rate and switch companies, ensure coverage does not lapse between policies.
  4. Tell your current agent or company to cancel your current policy. Submit a signed application and payment to your new company or agent. Once the paperwork is finalized, keep your new proof of insurance paperwork above your visor, in the console, or in the glove compartment.

An important note is that you use identical coverages on each price quote and and to get quotes from as many different companies as possible. Doing this ensures a fair rate comparison and many rates to choose from.

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