Save Money on Volvo V50 Insurance in Oklahoma City

Really, the only way to get cheaper Volvo V50 insurance in Oklahoma City is to begin comparing prices regularly from companies in Oklahoma. Drivers can shop around by following these steps.

  1. Get an understanding of how auto insurance works and the measures you can take to prevent rate increases. Many factors that cause rate increases such as at-fault accidents and a bad credit rating can be rectified by improving your driving habits or financial responsibility.
  2. Compare rates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can provide rates from a single company like GEICO and Allstate, while independent agencies can give you price quotes from multiple companies.
  3. Compare the quotes to the premium of your current policy to determine if you can save on V50 insurance. If you can save some money and make a switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

One key aspect of rate comparisons is to make sure you’re comparing the same physical damage deductibles and liability limits on every quote request and and to look at as many companies as you can. Doing this enables the most accurate price comparison and a complete rate analysis.

Insurance rates Volvo V50 in Oklahoma CityA recent study revealed that most Oklahoma car insurance customers have stayed with the same insurance company for over three years, and 38% of drivers have never compared rates with other companies. American drivers could save themselves $859 a year just by comparing rates, but they don’t understand how simple it is to find cheap insurance by shopping around.

If you’re already insured, you stand a good chance to be able to buy cheaper auto insurance using the concepts you’re about to learn. This information will teach you a little about the best ways to compare prices and how you can save the most money. Nevertheless, Oklahoma car owners do need to understand how big insurance companies market insurance on the web and apply this information to your search.

Five factors that impact insurance prices

Lots of factors are used in the calculation when premium rates are determined. Some of the criteria are obvious such as your driving record, but others are not as apparent such as your marital status or how financially stable you are.

How to buy Oklahoma City Volvo V50 insurance online

To find more affordable rates, there are a couple of ways of comparing price quotes from insurance companies in your area. The fastest way to compare rates consists of obtaining rate quotes online.

When quoting insurance, remember that making a lot of price comparisons provides better odds of finding better pricing. Some companies don’t provide online rate quotes, so it’s important to compare prices from them as well.

The car insurance companies shown below can provide free quotes in Oklahoma. If several companies are displayed, we recommend you get prices from several of them to find the most affordable car insurance rates.

Rates and data analysis

The rate information displayed next showcases estimates of insurance costs for Volvo V50 models. Learning as much as possible about how car insurance premiums are figured can help guide drivers when making informed decisions.

Volvo V50 Insurance Rates in Oklahoma City, OK
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $352 $682 $606 $36 $182 $1,858 $155
V50 AWD T5 R-Design $352 $786 $606 $36 $182 $1,962 $164
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Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Oklahoma minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-vehicle, and multi-policy. Information does not factor in specific location information which can impact price quotes greatly.

Physical damage deductibles

When comparing car insurance rates, the most common question is what deductibles to buy. The premium rates below highlight the differences in premium rates of buying low and high coverage deductibles. The first price estimate table uses a $250 deductible and the second rate chart uses a $500 deductible.

Volvo V50 insurance with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $392 $688 $448 $26 $134 $1,713 $143
V50 AWD T5 R-Design $392 $792 $448 $26 $134 $1,817 $151
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Volvo V50 insurance with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $318 $554 $448 $26 $134 $1,480 $123
V50 AWD T5 R-Design $318 $638 $448 $26 $134 $1,564 $130
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Oklahoma minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Rate information does not factor in garaging location in Oklahoma City which can decrease or increase premiums significantly.

Based on the data above, we can derive that using a $250 deductible will cost in the ballpark of $20 more each month or $240 for a full year averaged for all V50 models than choosing the higher $500 deductible. Because you would pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you tend to have at a minimum 13 months between claims, you would more than likely save some money by going with a higher deductible. The table below illustrates how we made this calculation.

Average monthly premium for $250 deductibles: $147
Average monthly premium for $500 deductibles (subtract): – $127
Monthly savings from raising deductible: $20
Difference between deductibles ($500 – $250): $250
Divide difference by monthly savings: $250 / $20
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 13 months

Cost of full coverage in Oklahoma City

The diagram below compares Volvo V50 premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no claims or violations, $1,000 deductibles, marital status is single, and no discounts are applied.

When to stop buying physical damage coverage

There is no clear-cut formula of when to eliminate full coverage on your policy, but there is a general convention. If the yearly cost of comp and collision coverage is more than around 10% of replacement cost minus your deductible, then you may need to consider dropping full coverage.

For example, let’s assume your Volvo V50 claim settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, you would only receive $8,000 after paying your policy deductible. If you are paying over $800 annually to have full coverage, then it might be time to consider dropping full coverage.

There are some cases where eliminating full coverage is not a good idea. If you still have a loan on your vehicle, you have to carry full coverage in order to keep the loan. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.

It may be expensive, but it’s not optional

Even though Oklahoma City V50 insurance rates can get expensive, insuring your vehicle may be required for several reasons.

The benefits of carrying adequate insurance more than cancel out the cost, particularly if you ever have a claim. On average, a vehicle owner in Oklahoma City is wasting up to $865 each year so compare rates at every renewal to be sure current rates are still competitive.

Discounts for cheaper car insurance rates

Car insurance is expensive, but you can get discounts that can dramatically reduce your bill. Certain reductions will be credited when you complete an application, but some need to be specially asked for before you will receive the discount.Discount car insurance

Drivers should understand that some credits don’t apply to all coverage premiums. Some only reduce specific coverage prices like medical payments or collision. Just because it seems like you can get free auto insurance, companies wouldn’t make money that way.

The illustration below illustrates the difference between Volvo V50 auto insurance costs with and without discounts applied to the policy premium. The prices are based on a male driver, no accidents or driving violations, Oklahoma state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, multi-policy, homeowner, claim-free, multi-car, and marriage discounts applied.

If you would like to choose from a list of companies who offer free Volvo V50 insurance quotes in Oklahoma, click here.

Local Oklahoma City car insurance agents and car insurance

Many people still like to go talk to an agent. A good thing about price shopping on the web is that drivers can save money and get lower rates and still have a local agent. And supporting local agents is definitely important in Oklahoma City.

Insurance agency in Oklahoma CityOnce you complete this short form, the quote information is sent to participating agents in Oklahoma City who want to provide quotes for your coverage. You never need to search for an agent due to the fact that quote results will go to you. You’ll get the best rates without a big time investment. If you want to quote rates from a specific insurance company, just find their quoting web page and give them your coverage information.

When researching a reputable agency, there are a couple of types of agencies and how they can write your policy. Agents can be categorized as either exclusive agents or independent agents.

Independent Car Insurance Agencies or Brokers

Agents that elect to be independent are not locked into one company and that allows them to write policies with multiple insurance companies and find the cheapest rate. If prices rise, they simply move the coverage in-house which is easy for the insured.

When shopping rates, it’s a good idea to include rate quotes from independent agents to ensure the widest selection of prices. Most can insure with smaller companies that can offer cheaper rates than bigger companies.

Featured below are independent agents in Oklahoma City that may be able to give pricing information.

View more Oklahoma City agents

Exclusive Insurance Agents

These agents are contracted to one company and examples are Farmers Insurance, Allstate, or State Farm. Exclusive agencies are unable to provide prices from multiple companies so you might not find the best rates. Exclusive agents are very knowledgeable on what they offer and that can be a competitive advantage. Some consumers prefer to buy from the same agent for years primarily because of loyalty to the company and solid financial strength.

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

View more Oklahoma City agents

Picking the best insurance agent is decision based upon more than just a cheap price. These questions are important to ask:

What insurance coverages do I need?

When it comes to your policy for your vehicles, there isn’t really a one-size-fits-all type of policy. Coverage needs to be tailored to your specific needs so this has to be addressed.Higher deductibles save money
These are some specific questions might point out if your insurance needs might need an agent’s assistance.

If you can’t answer these questions but a few of them apply, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, simply complete this short form or you can go here for a list of companies in your area.

Compare but don’t skimp

In this article, we presented some good ideas how you can find lower-cost Volvo V50 insurance in Oklahoma City. The key concept to understand is the more rate quotes you have, the better chance you’ll have of finding low cost Oklahoma City auto insurance quotes. You may even find the lowest prices are with some of the smallest insurance companies. Regional companies may often insure only within specific states and give better rates than the large multi-state companies such as Progressive or GEICO.

As you prepare to switch companies, do not reduce coverage to reduce premium. In many instances, consumers will sacrifice full coverage only to regret at claim time that it was a big error on their part. Your aim should be to find the BEST coverage at a price you can afford but still have enough coverage for asset protection.

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