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.

A recent NerdWallet.com 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.

• City dwellers may pay more – Living in less populated areas has it’s advantages when it comes to car insurance. Fewer drivers translates into fewer accident claims as well as less vandalism and auto theft. Urban drivers regularly have traffic congestion and longer commute times. Longer commute distances means more chances of being involved in an auto accident.
• Cheaper rates with high deductibles – Insurance for physical damage, also known as collision and other-than-collision, is used to repair damage to your Volvo. Some coverage claims are a broken windshield, damage from fire, or theft. The deductibles you choose represent how much money you are required to pay before a claim is paid by your company. The more expense the insured has to pay upfront, the less money you will pay for car insurance.
• Never let your car insurance policy expire – Driving any period of time without insurance is not a good idea and any future policy may cost more because you let your coverage have a gap. Not only will you pay higher rates, not being able to provide proof of insurance could result in fines and jail time.

• Do women or men drive better? – Statistics show women are more cautious behind the wheel. However, this does not mean men are worse drivers. Males and females tend to get into auto accidents in similar percentages, but men cause more damage. Not only that, but men also have more aggressive citations like driving under the influence (DUI). Young men ages 16 to 20 have the highest risk to insure so it costs more to insure them.

  The diagram below visualizes the comparison of Volvo V50 insurance costs for male and female drivers. The price estimates are based on no driving violations, no at-fault accidents, full coverage, $100 deductibles, single marital status, and no discounts are factored in.

• Remove unneeded extra policy coverages – Insurance companies have many additional coverages that you can buy on your V50 policy. Coverage for things like personal injury protection, better glass coverage, and extra equipment coverage are probably not needed. They may seem good when buying your policy, but your needs may have changed so consider taking them off your policy.

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.

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.

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.

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.

• Most states have minimum mandated liability insurance limits which means you are required to buy a specific level of liability insurance in order to drive the car. In Oklahoma these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
• If you have a loan on your vehicle, almost all lenders will make it mandatory that you carry insurance to guarantee loan repayment. If you do not pay your insurance premiums, the lender may have to buy a policy to insure your Volvo at a much higher rate and force you to pay for it.
• Insurance protects both your assets and your vehicle. Insurance will pay for all forms of medical expenses for you, any passengers, and anyone injured in an accident. Liability coverage will also pay attorney fees if someone files suit against you as the result of an accident. If mother nature or an accident damages your car, your policy will pay to repair the damage.

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.

• Smart Student Discounts – Maintaining excellent grades can earn a discount of 20% or more. Many companies even apply the discount to college students up until you turn 25.
• Theft Prevention Discount – Cars with anti-theft systems are stolen with less frequency and that can save you a little bit as well.
• Passive Restraint Discount – Vehicles equipped with air bags and/or automatic seat belt systems may get savings up to 30%.
• Paper-free Discount – Some of the larger companies will discount your bill up to fifty bucks simply for signing on the web.
• Military Deployment Discount – Being on active duty in the military may lower your rates slightly.
• ABS and Traction Control Discounts – Vehicles with anti-lock braking systems have fewer accidents and therefore earn up to a 10% discount.

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.

Once 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.

• Perimeter Insurance
  4200 Perimeter Center Dr – Oklahoma City, OK 73112 – (405) 778-8880 – View Map
• Dan Ryan Insurance
  6300 S Western Ave – Oklahoma City, OK 73139 – (405) 631-6300 – View Map
• Centennial Insurance Group, Inc.
  2814 W Britton Rd – Oklahoma City, OK 73120 – (405) 286-4179 – View Map

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.

• Mike Earles – State Farm Insurance Agent
  12220 S Western Ave – Oklahoma City, OK 73170 – (405) 691-1115 – View Map
• Claire Faulkner-Truong – State Farm Insurance Agent
  840 NW 50th St – Oklahoma City, OK 73118 – (405) 787-2626 – View Map
• Ken Whitt – State Farm Insurance Agent
  4430 N W 50th M – Oklahoma City, OK 73112 – (405) 947-2812 – View Map

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:

• Is there a Errors and Omissions policy in force?
• What are the financial ratings for the companies they represent?
• Will high miles depreciate repair valuations?
• If your car is in the repair shop, do you have coverage for a rental car?
• If your car is totaled, how to they determine the replacement cost?

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.
These are some specific questions might point out if your insurance needs might need an agent’s assistance.

• Will I lose any money if I cancel my policy before it expires?
• I have health insurance so do I need medical payments coverage?
• Are rock chip repairs covered?
• Is a blown tire covered by insurance?
• Is extra glass coverage worth it?
• Am I covered when driving a rental car?
• What are the best liability limits?
• Does my personal policy cover me when driving out-of-state?
• Is water damage covered by my policy?

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.

For more information, take a look at the following helpful articles:

• Vehicle Insurance (Wikipedia)
• How Much are Car Insurance Rates for Low Mileage Drivers in Oklahoma City? (FAQ)
• Who Has Cheap Auto Insurance for a Ford Escape in Oklahoma City? (FAQ)
• How Much are Oklahoma City Auto Insurance Quotes for a Hyundai Sonata? (FAQ)
• Who Has Affordable Auto Insurance Rates for Felons in Oklahoma City? (FAQ)
• Who Has Affordable Oklahoma City Car Insurance Rates for a Subaru Outback? (FAQ)
• How Much are Car Insurance Rates for Teenage Males in Oklahoma City? (FAQ)
• Who Has Cheap Auto Insurance for First-time Drivers in Oklahoma City? (FAQ)
• Who Has the Cheapest Oklahoma City Auto Insurance for Good Students? (FAQ)
• Rental Reimbursement Coverage (Allstate)
• Can I Drive Legally without Insurance? (Insurance Information Institute)