Want to save money and find the cheapest Volvo V50 insurance in Durham? I can’t think of anyone who rejoices having to buy auto insurance, especially when it costs too dang much.
It’s shocking but a large majority of consumers kept their coverage with the same auto insurance company for well over three years, and about 40% of consumers have never compared rates to find cheaper insurance. Consumers in the United States can cut their rates by $860 a year by just comparing rate quotes, but they don’t believe how much money they would save if they switch to a new company.
Because you have many choices for buying lower-cost insurance for a Volvo V50 in Durham, it can be difficult for people to locate a lower cost auto insurance company.
Premium rates and analysis
The coverage table displayed below outlines different coverage costs for Volvo V50 models. Learning as much as possible about how insurance premiums are determined is important to be able to make smart choices when selecting a policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| V50 2.4I | $160 | $284 | $256 | $16 | $76 | $792 | $66 |
| V50 AWD T5 R-Design | $160 | $326 | $256 | $16 | $76 | $834 | $70 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Premium amounts do not factor in specific Durham garaging location which can revise premiums considerably.
Deductible comparison
One common question asked by Durham drivers is where to set your physical damage deductibles. The rates shown below illustrate the price difference when you choose different comp and collision deductibles. The first table uses a $250 deductible and the second price table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| V50 2.4I | $218 | $382 | $250 | $14 | $74 | $963 | $80 |
| V50 AWD T5 R-Design | $218 | $440 | $250 | $14 | $74 | $1,021 | $85 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| V50 2.4I | $134 | $240 | $250 | $14 | $74 | $712 | $59 |
| V50 AWD T5 R-Design | $134 | $276 | $250 | $14 | $74 | $748 | $62 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Price information does not factor in specific garaging location which can influence rates considerably.
Using the data above, we can ascertain that using a $250 deductible would cost the average driver about $22 more each month or $264 for a full year than quoting the higher $1,000 deductible. Due to the fact that you would have to pay $750 more to file a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to go more than 34 months between claims, you would save money by going with a higher deductible. Here is a better example of how you can do this calculation yourself.
| Average monthly premium for $250 deductibles: | $83 |
| Average monthly premium for $1,000 deductibles (subtract): | – $61 |
| Monthly savings from raising deductible: | $22 |
| Difference between deductibles ($1,000 – $250): | $750 |
| Divide difference by monthly savings: | $750 / $22 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 34 months |
One important caveat is that raising deductibles results in a higher out-of-pocket expense if you have a claim. You will want to have some savings in order to pay the deductible.
The chart below shows how different deductible levels and can impact Volvo V50 insurance rates for each different age group. The costs are based on a married male driver, comprehensive and collision coverage, and no discounts are applied to the premium.
Difference between liability only and full coverage rates
The example below illustrates the difference between Volvo V50 insurance prices with full physical damage coverage compared to only buying the minimum liability limits required in North Carolina. The premiums assume no driving violations, no at-fault accidents, $500 deductibles, single status, and no other discounts are factored in.
When to stop buying comprehensive and collision coverage
There isn’t a written rule for eliminating physical damage insurance, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s assume your Volvo V50 claim settlement value is $7,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $6,000 after paying the physical damage deductible. If you are paying over $600 annually for your policy with full coverage, then it could be time to drop full coverage.
There are a few cases where buying only liability insurance is not financially feasible. If you have an outstanding loan on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not opt for liability only.
How to Lower Your Insurance Rates
Multiple criteria are used when you get your auto insurance bill. Some of the criteria are obvious like a motor vehicle report, but other criteria are not quite as obvious like your vehicle usage and annual miles driven.
The factors shown below are some of the most common factors auto insurance companies consider when setting rates.
Alarms and GPS tracking lower auto insurance rates – Selecting a car model with a theft deterrent system can earn a premium discount. Theft prevention features like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all hinder car theft.
Vocation reflects on premiums – Did you know your occupation can influence how much you pay for auto insurance? Jobs like military generals, architects, and dentists usually pay higher premiums than the average policyholder because of high stress levels and incredibly demanding work hours. Other occupations like professors, athletes and homemakers have the lowest average rates.
Lower rates come with age – Teenage drivers in North Carolina are known to be inattentive and easily distracted with other occupants in the car so they pay higher auto insurance rates. Mature drivers are viewed as being more responsible, cost insurance companies less in claims, and get fewer tickets.
The next chart uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.
Responsible credit equals lower premiums – An insured’s credit rating is a big factor in determining what you pay for auto insurance. If your credit score is not that good, you could potentially save money when insuring your Volvo V50 by repairing your credit. Consumers who have excellent credit tend to file fewer claims than those with bad credit.
Get a ticket, pay higher prices – Your driving citation history has a big impact on rates. Good drivers get better prices than people who have multiple driving citations. Just one citation may increase your cost forty percent or more. Drivers who get dangerous violations such as hit and run, DWI or reckless driving convictions may face state-mandated requirements to complete a SR-22 with their state DMV in order to keep their license.
The diagram below demonstrates how speeding tickets and at-fault fender-benders impact Volvo V50 annual premium costs for different age categories. The data is based on a single male driver, full physical damage coverage, $500 deductibles, and no policy discounts are applied.
Don’t abuse claims – If you’re an insured who likes to file claims you can pretty much guarantee either policy cancellation or increased premiums. Auto insurance companies in North Carolina give the best rates to policyholders who are not frequent claim filers. Insurance coverage is intended for the bigger claims that can’t be paid out-of-pocket.
High performance equals high rates – The type of car, truck or SUV you need insurance for makes a huge difference in your rates. The cheapest insurance rates are for lower cost passenger cars, but many other things help determine your insurance rates.
The following chart is based on a married male driver age 50, full coverage with $250 deductibles, and no discounts or violations. It illustrates Volvo V50 insurance rates compared to other models that have different performance risks.
Which auto insurance company is best in Durham?
Selecting the best insurance company can be difficult considering how many companies provide coverage in North Carolina. The ranking data in the lists below could help you select which insurers to look at when comparing rates.
Top 10 Durham Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+
Quote. Compare. Save.
We just showed you quite a bit of information on how to save on Volvo V50 insurance in Durham. The key thing to remember is the more times you quote, the higher your chance of finding inexpensive Durham auto insurance quotes. You may even discover the biggest savings come from a small local company.
Cheap Volvo V50 insurance in Durham can be found both online in addition to many Durham insurance agents, and you should compare rates from both to have the best rate selection. Some insurance companies do not offer internet price quotes and usually these small, regional companies only sell through independent agents.
Drivers who switch companies do it for many reasons like delays in paying claims, high rates after DUI convictions, policy cancellation and even denial of a claim. Whatever your reason, switching insurance companies can be easier than you think.
How to find cheaper Volvo V50 insurance in Durham
If you want to find the absolute lowest rates, then the best way to get cheaper Volvo V50 insurance is to do a yearly price comparison from insurance carriers who sell insurance in Durham. You can compare rates by completing these steps.
- First, get a basic knowledge of the coverage provided by your policy and the changes you can make to lower rates. Many rating criteria that are responsible for high rates like tickets, at-fault accidents, and a poor credit rating can be controlled by making minor driving habit or lifestyle changes.
- Second, obtain price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only provide price estimates from one company like GEICO and State Farm, while independent agencies can provide prices for many different companies.
- Third, compare the new rates to your current policy and see if you can save money. If you find better rates and switch companies, make sure coverage is continuous and does not lapse.
The most important part of this process is to try to compare similar limits and deductibles on each quote request and and to get prices from as many companies as feasibly possible. Doing this provides a fair price comparison and a complete selection of prices.
For more information, feel free to visit these articles:
- Determining Auto Insurance Rates (GEICO)
- Who Has Affordable Auto Insurance for a Toyota Highlander in Durham? (FAQ)
- Who Has Cheap Auto Insurance Rates for Used Cars in Durham? (FAQ)
- How Much is Durham Auto Insurance with Multiple Speeding Tickets? (FAQ)
- Who Has the Cheapest Durham Auto Insurance for Hybrid Vehicles? (FAQ)
- Booster Seat Ratings (iihs.org)
- What is Covered by GAP Insurance? (Allstate)
- Liability Insurance Coverage (Nationwide)