Cheap Volvo S40 Insurance in Durham

A study showed that a large majority of drivers kept their coverage with the same car insurance company for well over three years, and about 40% of consumers have never quoted rates to find affordable coverage. With the average car insurance premium being $980, North Carolina drivers could save themselves nearly 10% a year by just comparing rate quotes, but most just don’t grasp the big savings they would realize if they replace their high priced policy.

The best way we recommend to find better pricing on auto insurance rates is to regularly compare prices from providers who provide car insurance in Durham.

• Step 1: It will benefit you to learn about policy coverages and the factors you can control to drop your rates. Many risk factors that cause high rates such as careless driving and a less-than-favorable credit rating can be eliminated by making minor driving habit or lifestyle changes. This article provides instructions to get affordable coverage and get discounts that may be overlooked.
• Step 2: Quote rates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can provide rates from one company like Progressive or Farmers Insurance, while agents who are independent can provide price quotes from multiple sources.
• Step 3: Compare the new rate quotes to your existing coverage and determine if cheaper S40 coverage is available in Durham. If you find a better price and decide to switch, make sure coverage is continuous and does not lapse.

A crucial key to this process is to use identical coverages on each quote request and and to get rate quotes from as many companies as feasibly possible. This ensures a fair rate comparison and a good representation of prices.

There are several ways to compare rate quotes from many auto insurance companies in North Carolina. The fastest way to find affordable Volvo S40 insurance rates consists of shopping online.

Doing online quotes comparisons is so easy that it replaces the need to spend time driving to local Durham insurance agencies. Comparing online rate quotes reduces the need to sit down with an agent unless you have a need for the trained advice of a licensed agent. Some companies do allow you to get the lowest quotes online and still use a local agent.

When comparison shopping, having more price comparisons will improve the odds of getting a better price. Not every company allows you to get Durham S40 insurance quotes over the internet, so it’s important to compare price estimates from them as well.

The car insurance companies shown below offer free rate quotes in Durham, NC. If multiple companies are listed, it’s highly recommended you compare several of them to find the most affordable car insurance rates.

Auto insurance discounts are available to cut your rates

Not too many consumers would say auto insurance is affordable, but discounts can save money and there are some available that can help lower your rates. Some of these discounts will be visible at the time of purchase, but a few must be manually applied before you get the savings.

• Drivers Ed for Students – It’s a good idea to have your young drivers complete a driver education course in school or through a local driver safety program.
• College Student – Older children who live away from home at college and won’t have access to an insured vehicle can be insured at a reduced rate.
• Discount for Life Insurance – Not every insurance company offers life insurance, but if they do you may earn a small discount if you purchase a life policy as well.
• Multi-Vehicle Discounts – Insuring multiple cars or trucks with one company can get a discount on all vehicles.
• Bundled Policy Discount – If you combine your auto and homeowners policies with one insurance company you could earn a discount of 10% to 20% off each policy.
• Drive Safe and Save – Drivers who don’t get into accidents could pay up to 40% less than drivers with accident claims.

As a sidenote, most discounts do not apply to your bottom line cost. A few only apply to the price of certain insurance coverages like comp or med pay. Just because it seems like all those discounts means the company will pay you, companies wouldn’t make money that way. But any discount will lower the premium cost.

The example below shows the comparison of Volvo S40 car insurance rates with and without discounts being applied to the rates. The data assumes a male driver, no accidents or driving violations, North Carolina 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-car, claim-free, homeowner, multi-policy, and marriage discounts applied.

The best auto insurance companies and some of the discounts include:

• State Farm may include discounts for Steer Clear safe driver discount, Drive Safe & Save, multiple autos, student away at school, anti-theft, and multiple policy.
• GEICO may offer discounts for defensive driver, federal employee, multi-policy, military active duty, anti-lock brakes, seat belt use, and five-year accident-free.
• SAFECO offers discounts for multi-car, bundle discounts, anti-theft, anti-lock brakes, and homeowner.
• Farmers Insurance may have discounts that include early shopping, switch companies, business and professional, alternative fuel, and bundle discounts.
• AAA discounts include anti-theft, good student, multi-policy, AAA membership discount, good driver, and pay-in-full.
• USAA has discounts for vehicle storage, loyalty savings, military installation, multi-vehicle, and good student.

It’s a good idea to ask each company which credits you are entitled to. Savings may not apply in every state.

Rates and statistics

The information below showcases a range of coverage prices for Volvo S40 models. Learning more about how rate quotes are established can assist in making informed decisions when comparing rate quotes.

Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Estimates do not factor in specific zip code location which can modify auto insurance rates substantially.

Policy deductible comparison

The hardest decision when buying coverage is which deductible level should you buy. The following tables outline the differences in premium rates when you choose different physical damage deductibles. The first price estimate table uses a $100 deductible for comprehensive and collision coverage and the second rate table uses a $500 deductible.

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, claim-free, and multi-vehicle. Prices do not factor in specific Durham garaging location which can decrease or increase premium rates noticeably.

Based on the figures above, using a $100 deductible costs roughly $19 more each month or $228 a year across all Volvo S40 models than buying the higher $500 deductible. Due to the fact that you would have to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you normally go at a minimum 21 months between claims, you would save money if you opt for a higher deductible.

The diagram below illustrates how your deductible choice and can increase or decrease Volvo S40 annual premium costs for different ages of insureds. The information is based on a single male driver, full physical damage coverage, and no discounts are factored in.

How accidents and tickets impact rates

The illustration below illustrates how violations and at-fault claims can drive up Volvo S40 insurance premiums for different age groups of insureds. The information is based on a single male driver, full physical damage coverage, $500 deductibles, and no other discounts are factored in.

Cost comparison with and without full coverage

The example below illustrates the comparison of Volvo S40 yearly insurance costs when comparing full coverage to liability only. The data assumes no accidents or driving violations, $100 deductibles, marital status is single, and no discounts are applied to the premium.

When to drop comprehensive and collision

There is no specific rule to delete full coverage on your policy, but there is a general guideline. If the yearly cost of comp and collision coverage is more than around 10% of the settlement you would receive from your company, then it’s probably a good time to buy liability coverage only.

For example, let’s pretend your Volvo S40 claim settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $6,000 after paying the physical damage deductible. If it’s costing you more than $600 annually for comprehensive and collision coverage, then it might be time to buy liability only.

There are some circumstances where eliminating full coverage is not a good idea. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not opt for liability only.

What Determines Volvo S40 Insurance Prices?

Many factors are used in the calculation when pricing auto insurance. Some are obvious such as traffic violations, but other factors are not as apparent such as your marital status or how safe your car is. Smart consumers have a good feel for the factors that help calculate the rates you pay for insurance. If you understand what determines premiums, this enables informed choices that will entitle you to cheaper rates.

• Are males or females drivers cheaper? – Over the last 30 years, statistics show that men are more aggressive behind the wheel. Now that doesn’t mean females are better drivers. Men and women tend to get into fender benders in similar numbers, but guys tend to have higher claims. Not only are claims higher, but men have more aggressive citations such as driving while intoxicated (DWI) or driving recklessly.

  The example below compares Volvo S40 insurance rates for male and female drivers. The premium estimates are based on no tickets, no at-fault accidents, full physical damage coverage, $1,000 deductibles, drivers are single, and no discounts are factored in.

• Annual mileage and car insurance prices – The higher the miles on your Volvo annually the higher the price you pay to insure it. A lot of companies price each vehicle’s coverage based on their usage. Cars that sit idle most of the time can get a lower rate than those used for commuting. Having an incorrect usage rating on your S40 may be costing you higher rates. Make sure your insurance coverage is showing the right rating data, because it can save money.
• Liability protection preserves assets – Liability insurance is the protection if ever you are responsible for causing personal injury or damage in an accident. Your liability coverage provides legal defense coverage to defend your case. This coverage is relatively inexpensive compared to comp and collision, so drivers should carry high limits.
• Incidental coverages can add up – There are quite a few extra bells and whistles that can add up when buying insurance. Insurance for rental car reimbursement, death and dismemberment, and Farm Bureau memberships are examples of these. They may seem like a good idea when you first buy your policy, but now you might not need them so think about removing them and cutting costs.
• Big cities have higher prices – Living in a rural area can be a good thing when shopping for auto insurance. Residents of big cities have to deal with more auto accidents and more severe claims. Fewer drivers translates into fewer accident claims and lower theft and vandalism rates.
• Rates can drop if you have more than one policy – Most larger insurance companies provide a discount to policyholders who buy several policies from them such as combining an auto and homeowners policy. Even with this discount, it’s still a good idea to check prices from other companies to ensure the best deal.