Penny Pincher's Guide to Insuring a Volvo S40
If searching for lower car insurance rates was a good time, we'd have no problem finding the best rate. But most likely we pay more than we want to and don't really enjoy the buying process. Finding insurance for your Volvo S40 that you can actually afford is probably no different.
Step One: Compare Rates from Multiple Companies
The antiquated method of shopping for car insurance included a high pressure visit to the office of your local insurance agent. Now that we have the internet, shopping for car insurance online is a snap!
All the major car insurance companies sell insurance for a Volvo S40 and you don't even have to visit each individual website!
To start, click the link below to begin entering your information. After you complete the form, you will receive comparison rates from different companies so you easily determine if you can save money.
Important Tip! In order to accurately compare rates for your S40, it's critical that you use the same limits and deductibles for liability and physical damage coverages like comprehensive and collision. If you use different limits, you will not be able to accurately compare rates between carriers.
Step Two: How to Lower your S40 Insurance Premium
What you actually pay to insure your Volvo is determined by many factors, some of which you have no control over.
- You can check your credit score for free once a year, and it's a good idea to address any problems you find. Better credit results in better insurance rates.
- If you've recently completed a driver's training or safety course, tell your insurance company. You may qualify for a 5-10% discount.
- Letting your car insurance expire without having new coverage in place is called a "lapse" and will cause your next policy premiums to be higher.
- If you rent rather than own a home, you may be paying more for car insurance. Homeowners often get lower rates.
- Being a senior citizen can qualify you for a small discount on your insurance rates. Older drivers are generally more cautious so they get a lower rate.
- Before a comprehensive or collision claim is paid by your company, you have to pay a deductible first. The more you're willing to pay, the lower your rates will be. Consider raising your deductibles to $500 or even $1,000.
- Teen drivers have a tendancy to learn the hard way when driving, and that means having a few fender-benders. Rating them on a high profile newer vehicle can be very expensive so you might consider buying an older model vehicle for them to drive and only insure it with liability coverage.
- If you think the only financial impact of a speeding ticket is a fine and court costs, think again. Insurance companies will raise your rates for up to three years for a single ticket.
- Equipping your Volvo with available safety features such as air bags and passive restraints allows you to take advantage of additional discounts.
- If you can afford to pay for small claims like a broken windshield out of pocket, it will keep small claims off your record and give you a claim-free discount.
- If your S40 ranks on the list of vehicles that are frequently stolen, that can result in a higher rating class and a more expensive rate.
Step Three: Bind Coverage and Cancel your Old Policy
Choosing a new car insurance company is not easy. But hopefully you have a handful of quotes for your S40 that will give you a good idea of how much it will cost, as well as some idea of any coverage changes you may want to make.
If you didn't have a prior policy, then you can make the new policy effective any time. But if you're moving bewteen companies and don't want a lapse in coverage, make sure the effective date of the new policy is exactly the same as the cancellation date of the old policy.
Coverage will extend from your current policy if you're buying a Volvo S40, but if you don't have a policy, you will need to make sure you have coverage in place before you drive it off the dealership lot. Be sure to have a new policy ready to go if you are buying a new S40. If you've never had car insurance or don't have a policy now, you won't have any protection on the vehicle until you add it to your policy.
Be sure to replace any old proof-of-insurance cards in your car. You must always have the current card in your vehicle as required by state law. An SR-22 filing may be required by your state's DMV if you've been convicted of a serious driving offense such as DUI, DWI or reckless driving. If this applies to you, make sure the car insurance company complies with the SR-22 requirement.
Car Insurance Resources
The Insurance Information Institute has a great resource of car insurance articles where you can learn more about coverages and money saving tips. Visit iii.org.
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