It’s hard to believe, but 70% of consumers renewed their policy with the same company for at least the last four years, and almost half have never shopped around. Most drivers in Oklahoma could save themselves roughly 35% a year, but they just feel it’s too hard to compare rates online.
The best way to get cheaper Volvo S40 insurance in Oklahoma City is to compare prices annually from companies who can sell car insurance in Oklahoma. You can shop around by completing these steps.
- Step 1: Learn about what coverages are included in your policy and the factors you can control to drop your rates. Many rating criteria that result in higher prices like your driving record and an imperfect credit score can be remedied by paying attention to minor details.
- Step 2: Compare prices from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give rate quotes from one company like GEICO and State Farm, while agents who are independent can provide price quotes from multiple sources. View companies
- Step 3: Compare the new rates to your existing coverage and see if you can save money. If you find better rates and switch companies, make sure coverage does not lapse between policies.
- Step 4: Provide notification to your current agent or company of your intent to cancel your existing policy. Submit the completed application along with a down payment to your new agent or company. Don’t forget to keep the new certificate verifying coverage somewhere easily accessible.
A tip to remember is that you’ll want to make sure you compare the same liability limits and deductibles on each quote request and and to get price estimates from as many carriers as you can. This enables the most accurate price comparison and the most accurate and complete price analysis.
When comparing car insurance rates, know that having more price comparisons provides better odds of finding the best rates.
The companies in the list below can provide price comparisons in Oklahoma City, OK. If several companies are displayed, we recommend you visit two to three different companies in order to find the most competitive rates.
Cheaper Oklahoma City insurance quotes with discounts
Not many people think insurance is cheap, but discounts can save money and there are some available to help offset the cost. Certain reductions will be credited at the time of purchase, but some may not be applied and must be requested specifically prior to getting the savings.
- Low Miles Discount – Driving fewer miles can earn lower premium rates on the low mileage vehicles.
- Save with More Vehicles Insured – Having multiple cars with the same insurance company may reduce the rate for each vehicle.
- Multi-line Discount – Insurance carriers who offer life insurance give a discounted price on car insurance if you buy some life insurance too.
- Oklahoma City Homeowners Discount – Owning a house in Oklahoma City can save you money since owning and maintaining a home means you have a higher level of financial diligence.
- Air Bag Discount – Options like air bags and/or automatic seat belt systems may get savings of more than 20%.
- Military Deployment Discount – Being deployed in the military could trigger a small discount.
- Anti-lock Brake Discount – Cars with ABS braking systems or traction control have fewer accidents and qualify for as much as a 10% discount.
- Government Employees – Having worked for a branch of the government could cut as much as 10% off with some insurance companies.
As is typical with insurance, most credits do not apply to the whole policy. Some only reduce individual premiums such as comp or med pay. Despite the fact that it seems like you could get a free insurance policy, it doesn’t quite work that way.
The example below shows the difference between Volvo S40 insurance rates with and without discounts applied to the policy premium. The premiums assume a male driver, no accidents or driving violations, Oklahoma state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, homeowner, claim-free, marriage, multi-policy, and multi-car discounts applied.
Larger insurance companies and a selection of discounts are detailed below.
- Esurance has savings for anti-theft, claim free, renters, defensive driver, multi-policy, online quote, and DriveSense.
- The Hartford may have discounts that include driver training, defensive driver, air bag, anti-theft, and vehicle fuel type.
- AAA offers premium reductions for multi-policy, multi-car, pay-in-full, good driver, and education and occupation.
- GEICO may offer discounts for good student, anti-lock brakes, multi-vehicle, anti-theft, federal employee, membership and employees, and emergency military deployment.
- State Farm offers discounts including multiple autos, anti-theft, good student, passive restraint, and student away at school.
Double check with each company or agent which discounts they offer. Discounts may not be offered in Oklahoma City.
Insurance coverage analysis
The price information shown next highlights estimates of insurance policy prices for Volvo S40 models. Understanding how policy rates are figured is important for making informed coverage decisions.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|S40 T5 AWD R-Design||$336||$674||$506||$30||$152||$1,698||$142|
|Get Your Own Custom Quote Go|
Prices above based on single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Oklahoma minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Rate quotes do not factor in your specific Oklahoma City location which can alter auto insurance rates greatly.
Rate difference between full and liability-only coverage
The illustration below illustrates the difference between Volvo S40 yearly insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Oklahoma. The information is based on no claims or driving violations, $500 deductibles, single status, and no discounts are taken into consideration.
When to switch to liability coverage only
There isn’t a written rule of when to drop physical damage coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is 10% or more of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s pretend your Volvo S40 claim settlement value is $7,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $6,000 after the policy deductible has been paid. If premiums are more than $600 a year for physical damage coverage, then you might want to think about dropping full coverage.
There are some scenarios where buying only liability insurance is not advised. If you still have a loan on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not opt for liability only.
Oklahoma City Insurance Premiums are Influenced by These Factors
Consumers need to have an understanding of the factors that go into determining auto insurance rates. When you understand what positively or negatively impacts your premiums, this allows you to make good choices that may reward you with lower premium levels. Many different elements are taken into consideration when you get a price on insurance. A few of the factors are predictable like your driving record, but others are not quite as obvious like where you live or your vehicle rating.
The itemized list below are some of the major factors auto insurance companies consider when setting premiums.
Buy as much liability insurance as you can afford – Liability coverage will provide protection when you are ruled to be at fault for an accident. This coverage provides for a legal defense to attempt to prove you were not liable. Liability insurance is pretty cheap compared to comp and collision, so do not cut corners here.
Minor frequent claims are not good – Companies in Oklahoma give the lowest premiums to people who are not frequent claim filers. If you’re an insured who likes to file claims you can expect higher rates. Auto insurance is designed for the bigger claims that can’t be paid out-of-pocket.
Save money by raising coverage deductibles – Physical damage coverage, termed comprehensive and collision coverage on your policy, insures against damage to your Volvo. Some coverage claims could be collision with another vehicle, hitting a deer, or theft. Your deductibles are the amount of money you are willing to pay out-of-pocket if a claim is determined to be covered. The more expense the insured has to pay upfront, the bigger discount you will receive.
Single drivers take more risk – Having a wife or husband helps lower the price on your auto insurance policy. Marriage usually means you are more stable financially and statistics prove married couples file fewer claims.
Five star crash test rating saves money – Safer cars tend to have lower insurance rates. Safe vehicles reduce occupant injuries and lower injury rates means less money paid by your insurance company which can mean better rates for you. If your Volvo has ratings of a minimum an “acceptable” rating on the Insurance Institute for Highway Safety website you may qualify for a discount.
Bundle policies to earn discounts – Most larger insurers apply discounts to policyholders that have more than one policy in the form of a multi-policy discount. If you currently are using one company, it’s always a smart idea to compare other company rates to make sure you are getting the best deal.
Incidental coverages that may not be needed – There are a ton of optional add-on coverages that you can buy when buying auto insurance. Insurance for coverage for rental cars, high-cost glass coverage, and Farm Bureau memberships could be just wasting money. They may sound like good ideas when talking to your agent, but if you don’t need them get rid of them and save.
Can a thief steal your car? – Choosing a vehicle that has a built-in theft deterrent system can help lower your rates. Systems that thwart thieves like GM’s OnStar, tamper alarm systems and vehicle immobilizers all help stop your vehicle from being stolen.
Local Oklahoma City insurance agencies
Some people still prefer to visit with an insurance agent. One of the great benefits of comparing rates online is you may find cheap car insurance quotes and still have a local agent. And providing support for local agents is important especially in Oklahoma City.
To make it easy to find an agent, after completing this form (opens in new window), your insurance data gets sent to companies in Oklahoma City who will give you bids for your coverage. You won’t need to even leave your home since price quotes are sent to you. You’ll get the best rates and a licensed agent to talk to. If you wish to get a comparison quote from a specific insurance company, you can always jump over to their website and submit a quote form there.
Finding the right company shouldn’t rely on just the premium amount. Here are some questions you should ask.
- If they are an independent agency in Oklahoma City, which companies do they recommend?
- Which members of your family are coverage by the policy?
- Will your rates increase after a single accident?
- Is their price quote a firm figure or are their hidden costs?
- Are they in the agency full-time?
Upon receiving positive feedback to all your questions as well as offering an affordable quote, it’s a good possibility that you have found an provider that can insure your vehicles. Just understand that it’s your coverage and you can cancel a policy whenever you choose to so never feel that you are permanently stuck with a policy with no way out.
Insurance agents can help
When choosing insurance from an agent or online for your vehicles, there really is no one-size-fits-all type of policy. You are unique.
These are some specific questions could help you determine if you might need an agent’s assistance.
- Is extra glass coverage worth it?
- What if I owe more than I can insure my car for?
- Is upholstery damage covered by car insurance?
- Is motorclub coverage worth it?
- Is other people’s property covered if stolen from my vehicle?
- Am I covered if I hit someone who is not insured?
- When does my teenage driver need to be added to my policy?
- Am I insured when driving a different vehicle?
If you don’t know the answers to these questions then you might want to talk to a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form.
Cheaper coverage is out there
You just read many ways to find cheap Volvo S40 insurance in Oklahoma City. The most important thing to understand is the more times you quote, the better your chances of lowering your car insurance rates. Consumers may even find the lowest rates come from some of the smallest insurance companies.
When getting Oklahoma City auto insurance quotes online, it’s very important that you do not buy less coverage just to save a little money. In too many instances, an accident victim reduced uninsured motorist or liability limits only to regret at claim time that a couple dollars of savings turned into a financial nightmare. Your objective should be to buy a smart amount of coverage for the lowest cost, but don’t skip important coverages to save money.
The cheapest Volvo S40 insurance in Oklahoma City is possible both online and with local Oklahoma City insurance agents, and you should be comparing both in order to have the best chance of saving money. There are still a few companies who may not offer online price quotes and many times these small, regional companies prefer to sell through local independent agencies.
For more information, feel free to browse these articles:
- What Does No-Fault Insurance Cover? (Allstate)
- What Insurance is Cheapest for Teenagers in Oklahoma City? (FAQ)
- Who Has Affordable Auto Insurance Quotes for Immigrants in Oklahoma City? (FAQ)
- What to do at the Scene of an Accident (Insurance Information Institute)
- Learn About Car Insurance (GEICO)
- Vehicle Safety Ratings (iihs.org)