Sick and tired of not being able to afford to pay your car insurance bill each month? You are in the same boat as many other consumers. Big companies like Allstate and Progressive all claim big savings with ad campaigns and it is challenging if not impossible to ignore the flashy ads and find the best price available.
How to Compare Car Insurance
Cutting your car insurance rates isn’t really that difficult. The only requirement is to spend a few minutes comparing rate quotes provided by online insurance companies. This can be accomplished in just a few minutes using one of these methods.
- One of the best ways to compare a lot of rates at once is an all-inclusive rate comparison (click to open form in new window). This method eliminates the need for separate quotation requests for every car insurance company. Filling out one form will return quotes from multiple low-cost companies.
- Another way to analyze rates requires you to visit each individual company website to request a price quote. For instance, let’s assume you want rates from Allstate, GEICO and American Family. To find out each rate you need to go to every website and enter your information, which is why the first method is more popular.
To view a list of companies in your area, click here.
Whichever way you use, ensure you are comparing identical coverage limits for every company. If you compare mixed coverages you can’t possibly determine the lowest rate for your Volvo V70.
Save money by taking advantage of these discounts
Companies offering auto insurance do not advertise every available discount in a way that’s easy to find, so we researched both the well known and also the lesser-known ways to save on car insurance. If you aren’t receiving every discount available, you are throwing money away.
- Save over 55 – If you’re over the age of 55, you may be able to get a small decrease in premiums for V70 coverage.
- Seat Belts Save more than Lives – Requiring all passengers to use a seat belt could save 15% off your PIP or medical payments premium.
- Auto/Home Discount – If you insure your home and vehicles with the same insurance company you may earn up to 20% off your total premium.
- Drivers Education – Require your teen driver to successfully complete driver’s ed class in high school.
- Life Insurance – Select insurance companies reward you with a discount if you purchase auto and life insurance together.
As a disclaimer on discounts, most of the big mark downs will not be given to your bottom line cost. Most only apply to the cost of specific coverages such as liability, collision or medical payments. So when it seems like you would end up receiving a 100% discount, it doesn’t quite work that way.
For a list of insurers with the best car insurance discounts, follow this link.
Why you might be paying too much to insure your Volvo V70
It’s important that you understand the rating factors that play a part in calculating the price you pay for car insurance. Knowing what determines base rates enables informed choices that will entitle you to big savings.
- Better crash test results mean better rates – Safer cars tend to have better insurance rates. The safest vehicles protect occupants better and any reduction in injury severity translates into fewer and smaller insurance claims and more competitive rates for policyholders. If the Volvo V70 earned at least an “acceptable” rating on the Insurance Institute for Highway Safety website you are probably receiving a discount.
- Performance influences rates – The type of vehicle you drive makes a significant difference in determining your rates. Due to the fact that the Volvo V70 falls in the sedan class, insurance will be about the same when compared to the average rates. Low performance passenger cars usually have the lowest rates, but other factors influence the final cost greatly.
- Your car’s features help determine rates – Driving a car with an alarm system can get you a discount on your car insurance. Theft prevention features like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all hinder your vehicle from being stolen.
- Never allow your policy to lapse – Letting your insurance expire is a quick way to bump up your car insurance costs. And not only will insurance be more expensive, but not being able to provide proof of insurance might get you a revoked license or a big fine.
- How many coverages with the same company – The majority of insurers will give a discount to policyholders who consolidate policies with them in the form of a multi-policy discount. Even though this discount sounds good, it’s still a good idea to comparison shop to verify if the discount is saving money. Consumers may find a better deal by buying insurance from more than one company.
- Your stress level may be raising your rates – Did you know your car insurance rates can be affected by your occupation? Occupations such as judges, business owners and accountants tend to have higher rates than average attributed to stressful work requirements and lots of time spent at work. On the flip side, occupations such as farmers, athletes and homemakers receive lower rates for V70 coverage.
- Lower rates come with age – Older drivers are viewed as being more responsible, file fewer claims and receive fewer citations. Youthful drivers are statistically proven to be less responsible behind the wheel therefore car insurance rates are much higher.
Cheap Volvo V70 insurance is possible on the web and with local insurance agents, so you should be comparing quotes from both to have the best chance of lowering rates. There are still a few companies who do not offer online price quotes and most of the time these small insurance companies sell through independent agents.
As you prepare to switch companies, make sure you don’t reduce coverage to reduce premium. There are too many instances where consumers will sacrifice uninsured motorist or liability limits only to regret at claim time that they should have had better coverage. Your strategy should be to purchase plenty of coverage at a price you can afford, not the least amount of coverage.