Cheapest Volvo S80 Insurance in Oklahoma City

Insurance for Volvo S80It’s an obvious conclusion that auto insurance companies don’t want their policyholders to compare prices. Insureds who shop around annually will most likely switch companies because of the good chance of finding a policy with more affordable rates. A recent study showed that drivers who shopped around saved an average of $3,400 over four years compared to other drivers who never shopped around for cheaper prices.

If finding the lowest price on auto insurance in Oklahoma City is why you’re here, then having some insight into how to find and compare cheaper coverage can save time and money.

To save the most money, the best way to find lower priced car insurance rates is to start doing a yearly price comparison from different companies who provide car insurance in Oklahoma City.

First, gain an understanding of how companies set rates and the steps you can take to lower rates. Many policy risk factors that result in higher rates like accidents, traffic tickets, and a less-than-favorable credit history can be remedied by paying attention to minor details.

Second, compare prices from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can give quotes from a single company like Progressive or State Farm, while independent agencies can quote prices from multiple insurance companies.

Third, compare the quotes to your existing policy to determine if you can save on S80 insurance in Oklahoma City. If you find a lower rate quote and make a switch, ensure coverage does not lapse between policies.

Fourth, give notification to your current company of your intent to cancel your current auto insurance policy. Submit any necessary down payment along with the completed application to your new insurance company. As soon as coverage is bound, keep the new proof of insurance certificate above your visor, in the console, or in the glove compartment.

The most important part of shopping around is to make sure you enter identical deductibles and limits on each quote request and and to get rates from as many auto insurance providers as possible. This enables a level playing field and the most accurate and complete price analysis.

Which Volvo S80 insurance is cheapest in Oklahoma City?

Most of the larger companies provide coverage price quotes from their websites. Comparing prices online for Volvo S80 insurance in Oklahoma City doesn’t take a lot of time as you just enter the coverages you want into the quote form. Behind the scenes, the company’s rating system sends out for reports for credit and driving violations and returns pricing information determined by many factors.

This makes it simple to compare prices and it’s necessary to perform this step in order to get the cheapest price.

To use this form to compare rates, consider comparing rates from the companies shown below. If you currently have coverage, we recommend you complete the form with coverages and limits as shown on your current policy. Doing this guarantees you will have a rate comparison based on the exact same insurance coverage.

The auto insurance companies shown below are ready to provide price comparisons in Oklahoma. If more than one company is shown, we suggest you compare several of them in order to find the most competitive rates.

Car insurance analysis for a Volvo S80

The data table shown below highlights detailed analysis of policy rates for Volvo S80 models. Learning a little about how rates are formulated can help drivers make decisions on the best policy to buy.

Volvo S80 Insurance Rates in Oklahoma City, OK
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
S80 3.2 $272 $530 $422 $24 $126 $1,374 $115
S80 T6 AWD $272 $530 $422 $24 $126 $1,374 $115
S80 Executive AWD $272 $600 $422 $24 $126 $1,444 $120
S80 V8 AWD $300 $600 $422 $24 $126 $1,472 $123
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Above prices assume married female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Oklahoma minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, multi-vehicle, and safe-driver. Rates do not factor in specific garaging location which can lower or raise auto insurance rates substantially.

Physical damage deductibles

A question often asked by Oklahoma City drivers is where should you set your physical damage deductibles. The comparisons below highlight the rate fluctuation when you choose different physical damage deductibles. The first set of prices uses a $100 deductible and the second price grid uses a $500 deductible.

Volvo S80 insurance prices with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
S80 3.2 $486 $946 $448 $26 $134 $2,065 $172
S80 T6 AWD $486 $946 $448 $26 $134 $2,065 $172
S80 Executive AWD $486 $1070 $448 $26 $134 $2,189 $182
S80 V8 AWD $536 $1070 $448 $26 $134 $2,239 $187
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Volvo S80 insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
S80 3.2 $354 $638 $448 $26 $134 $1,600 $133
S80 T6 AWD $354 $638 $448 $26 $134 $1,600 $133
S80 Executive AWD $354 $722 $448 $26 $134 $1,684 $140
S80 V8 AWD $390 $722 $448 $26 $134 $1,720 $143
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Oklahoma minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, safe-driver, and multi-vehicle. Premium costs do not factor in specific Oklahoma City garaging location which can influence insurance rates greatly.

Based on this data, we can arrive at the conclusion that using a $100 deductible costs an average of $41 more each month or $492 a year than buying the higher $500 deductible. Since you would pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you tend to go at a minimum 10 months between claims, you would more than likely save some money if you decide on a higher deductible.

How to determine if higher deductibles are a good idea

Average monthly premium for $100 deductibles: $178
Average monthly premium for $500 deductibles (subtract): – $137
Monthly savings from raising deductible: $41
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $41
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 10 months

One thing to be aware of is that raising deductibles means you will have to cover more of the damage yourself when you have to file a claim. That will require some non-essential savings in order to pay more to get your vehicle repaired.

Rate increases following a ticket or accident

The information below demonstrates how traffic citations and at-fault accidents can raise Volvo S80 auto insurance rates for different categories of driver ages. The premiums are based on a single female driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.

Comparison of car insurance rates by age and gender in Oklahoma City

The chart below shows the difference between Volvo S80 car insurance costs for male and female drivers. The information is based on no violations or claims, comprehensive and collision coverage, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.

Four Tips to Get Cheaper Oklahoma City Insurance Rates

Multiple criteria are part of the equation when pricing auto insurance. Some are pretty understandable such as traffic violations, but other criteria are not as apparent such as your credit history or your vehicle rating.

Shown below are just a few of the factors used by your company to calculate rates.

What’s your car’s IIHS safety rating? – Cars with high safety ratings tend to be cheaper to insure. These vehicles protect occupants better and lower rates of occupant injuries translates into savings for insurance companies which can result in lower premiums. If your Volvo S80 scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.

Too many policy claims and you’ll pay more – Car insurance companies in Oklahoma provide better rates to policyholders that do not abuse their auto insurance. If you file claims often, you can expect higher premiums or even policy non-renewal. Your car insurance is meant to be used in the event of the bigger claims that can’t be paid out-of-pocket.

Single drivers take more risk – Your spouse actually saves money on your auto insurance policy. Having a spouse demonstrates that you tend to be more mature than a single person and insurance companies like that drivers who are married file infrequent claims.

High performance equals high premiums – The performance level of the vehicle you need insurance for makes a substantial difference in how high your rates are. Lower cost passenger cars usually have the lowest rates, but there are many factors that impact the final cost.

The following data assumes a single female driver age 40, full coverage with $1000 deductibles, and no discounts or violations. It illustrates Volvo S80 policy rates compared to other models that have a range of performance risks.

Volvo S80 claim data – Companies analyze historical claim data when setting premium rates. Vehicles that statistically have high amounts or severity of claims will have higher rates. The table below demonstrates the historical loss data for Volvo S80 vehicles.

For each coverage type, the loss probability for all vehicles averaged together is equal to 100. Values that are under 100 suggest losses that are better than average, while numbers above 100 indicate frequent claims or an increased chance of larger losses than average.

Insurance Loss Ratings for Volvo S80 Vehicles
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Volvo S80 4dr 2WD 82
Volvo S80 4dr 4WD 93

Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Why you need vehicle insurance in Oklahoma

Despite the potentially high cost of Volvo S80 insurance, insuring your vehicle is a good idea for several reasons.

First, most states have compulsory liability insurance requirements which means state laws require specific limits of liability if you want to drive legally. 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.

Second, if your car has a lienholder, it’s guaranteed your bank will require that you have insurance to ensure they get paid if you total the vehicle. If you do not keep the policy in force, the lender may insure your Volvo at a more expensive rate and require you to reimburse them for it.

Third, car insurance preserves not only your vehicle but also your assets. Insurance will also pay for most medical and hospital costs for you, your passengers, and anyone else injured in an accident. Liability insurance, one of your policy coverages, also covers legal expenses if you are named as a defendant in an auto accident. If you have damage to your Volvo as the result of the weather or an accident, comprehensive and/or collision insurance will cover the damage repairs after a deductible is paid.

The benefits of insuring your S80 definitely exceed the cost, especially when you need to use it. But the average American driver is wasting up to $700 annually so smart consumers compare quotes at least once a year to ensure rates are inline.