The preferred way to find lower priced Volvo V60 insurance in Oklahoma City is to do a yearly price comparison from insurers who sell insurance in Oklahoma. This can be done by following these steps.
First, it will benefit you to learn about policy coverages and the factors you can control to prevent expensive coverage. Many things that drive up the price such as traffic violations and a not-so-good credit score can be eliminated by improving your driving habits or financial responsibility. Continue reading for more ideas to help reduce premium rates and get discounts that may be overlooked.
Second, compare rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can provide rates from a single company like Progressive or State Farm, while independent agencies can give you price quotes for a wide range of companies.
Third, compare the new rates to your current policy to determine if switching companies saves money. If you can save some money and decide to switch, ensure coverage does not lapse between policies.
The most important part of shopping around is to try to use similar limits and deductibles on every quote request and and to get price estimates from as many companies as feasibly possible. This helps ensure an apples-to-apples comparison and many rates to choose from.
Amazingly, a recent NerdWallet.com study showed that most auto insurance customers have remained with the same auto insurance company for more than four years, and about 40% of consumers have never quoted rates to find cheap coverage. With the average auto insurance premium being $1,777, Oklahoma drivers can save hundreds of dollars each year by just comparing quotes, but they think it’s difficult to compare rates online.
How to get free Volvo V60 insurance quotes online
Reducing your Volvo V60 insurance rates is not rocket science. Consumers just need to spend a few minutes on the computer to get quotes online with multiple companies.
The car insurance companies shown below offer free quotes in Oklahoma. If several companies are displayed, we recommend you get prices from several of them in order to get a fair rate comparison.
Insurance is an important decision
Even though it’s not necessarily cheap to insure a Volvo in Oklahoma City, buying insurance may be mandatory for several reasons.
- Just about all states have mandatory liability insurance requirements which means it is punishable by state law to not carry a specific minimum amount of liability insurance coverage in order to get the vehicle licensed. 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 took out a loan on your Volvo V60, more than likely the lender will require that you carry insurance to protect their interest in the vehicle. If you default on your policy, the bank may buy a policy for your Volvo at a much higher rate and require you to fork over for the much more expensive policy.
- Insurance preserves your car and your assets. It will also reimburse you for all forms of medical expenses incurred in an accident. One of the most valuable coverages, liability insurance, also pays expenses related to your legal defense if you are sued as the result of an accident. If your Volvo gets damaged, collision and comprehensive coverages will pay to repair the damage.
The benefits of having insurance definitely exceed the price paid, especially for larger claims. According to a survey of 1,000 drivers, the average driver is overpaying over $865 each year so we recommend shopping around once a year at a minimum to save money.
Components of Your Volvo V60 Insurance Costs
The best way to find cheaper car insurance is to take a look at some of the elements that play a part in calculating your premiums. When you understand what determines base rates, this helps enable you to make changes that may result in big savings. Multiple criteria are used when pricing auto insurance. Most are fairly basic like a motor vehicle report, but other criteria are more transparent such as your marital status or your vehicle rating.
Listed below are some of the most common factors that factor into your rate level.
- Your credit rating is important – Your credit history is a big factor in determining what you pay for car insurance. If your credit rating leaves room for improvement, you could pay less to insure your Volvo V60 if you improve your credit rating. Drivers who have very high credit ratings tend to file fewer claims and have better driving records than drivers with poor credit scores.
- Your car’s features help determine premiums – Selecting a car model with advanced anti-theft systems can get you a discount on your car insurance. Theft deterrent systems like vehicle immobilizer systems, OnStar, and tracking devices like LoJack help track and prevent auto theft and help lower rates.
- Youthful drivers cost more – Mature drivers have been proven to be more responsible, tend to cause fewer accidents, and are safer drivers. Inexperience drivers have a tendency to be more careless when at the wheel of a vehicle so they pay higher car insurance rates.
- Choose high IIHS safety ratings and save – Safer cars tend to be cheaper to insure. Safer cars reduce occupant injuries and fewer serious injuries translates directly to fewer claims and more competitive rates for policyholders. If your Volvo is rated at a minimum four stars on Safercar.gov it may be receiving lower rates.
- How many coverages with the same company – Most larger insurance companies apply better rates to clients who buy several policies from them. It’s known as a multi-policy discount. Discounts can amount to five, ten or even twenty percent. Even if you’re getting this discount it’s in your best interest to check prices from other companies to help ensure you have the lowest rates.
- A coverage lapse can increase prices – Having a gap between insurance policy dates can be a quick way to increase your renewal premiums. Not only will you pay more, the inability to provide proof of insurance may earn you a revoked license or a big fine.
Insurance losses for a Volvo V60 – Insurance companies include the past claim history for a vehicle to help calculate a profitable premium rate. Models that tend to have a trend towards higher claim severity or frequency will have a higher premium rate. The table below shows the compiled insurance loss statistics for Volvo V60 vehicles.
For each coverage type, the claim probability for all vehicles, without regard to make or model, is represented as 100. Percentages below 100 suggest losses that are better than average, while numbers that are greater than 100 point to more losses or tendency to have larger claims.
Volvo V60 Insurance Claim Statistics Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Volvo V60 2WD 68 53 Volvo V60 4WD 136 75BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Affordable car insurance rates are possible
We just showed you a lot of ways to save on Volvo V60 insurance in Oklahoma City. It’s most important to understand that the more quotes you get, the higher your chance of finding low cost Oklahoma City auto insurance quotes. Consumers may even find the lowest priced car insurance comes from a lesser-known regional company.
Consumers leave their current company for a variety of reasons including high prices, being labeled a high risk driver, lack of trust in their agent or policy cancellation. Whatever your reason, finding a great new company is easier than you think.
When buying insurance coverage, you should never sacrifice coverage to reduce premiums. In many instances, an insured dropped liability limits or collision coverage and found out when filing a claim that they should have had better coverage. Your strategy should be to get the best coverage possible at the best cost, but do not sacrifice coverage to save money.
Additional car insurance information can be read on the following sites:
- Auto Theft Statistics (Insurance Information Institute)
- Who Has the Cheapest Auto Insurance Rates for a Chevrolet Equinox in Oklahoma City? (FAQ)
- What Insurance is Cheapest for Teenagers in Oklahoma City? (FAQ)
- How Much are Oklahoma City Car Insurance Quotes for Inexperienced Drivers? (FAQ)
- Should I Buy a New or Used Car? (Allstate)
- Choosing a Car for Your Teen (State Farm)