2001 Volvo V40 Car Insurance Cost – 5 Savings Tips

If you’ve never shopped for car insurance quotes online, you can easily be confused thanks to the incredible selection of companies vying for business.

It’s a good idea to price shop coverage before your policy renews because insurance coverage rates change quite often. If you had the best premium rates for V40 coverage a few years ago there is a good chance you can find better prices now. There is a lot of bad information regarding insurance coverage online but in this article, you’re going to get some proven techniques to lower your insurance coverage premiums.

Buying car insurance is quite easy. In a nutshell, every driver who is shopping for insurance coverage most likely will be able to find lower rates. But consumers must understand how big insurance companies market insurance on the web and use this information to your advantage.

Five discounts for affordable insurance rates

Companies that sell car insurance don’t always list all available discounts very well, so below is a list a few of the more well known as well as the least known ways to save on insurance.

• Safety Restraint Discount – Using a seat belt and requiring all passengers to buckle up can save up to 15% off the medical payments premium.
• Passenger Safety Discount – Factory options such as air bags and/or automatic seat belt systems can get savings of 20% or more.
• Driver’s Ed – Make teen driver coverage more affordable by requiring them to participate in a local driver’s education class in high school.
• Good Student – Getting good grades can get you a discount of up to 25%. The good student discount can last up to age 25.
• Low Mileage Discounts – Maintaining low annual mileage can qualify you for lower prices on the low mileage vehicles.

A little note about advertised discounts, most discount credits are not given to all coverage premiums. Most only cut the cost of specific coverages such as liability, collision or medical payments. If you do the math and it seems like you can get free auto insurance, insurance companies wouldn’t stay in business.

Popular insurance companies and some of the discounts are shown below.

• Farmers Insurance may offer discounts for mature driver, business and professional, teen driver, switch companies, and bundle discounts.
• State Farm offers discounts for good driver, driver’s education, good student, anti-theft, safe vehicle, and Steer Clear safe driver discount.
• Liberty Mutual has discounts for newly retired, preferred payment discount, new move discount, exclusive group savings, new graduate, and new vehicle discount.
• MetLife offers premium reductions for claim-free, good driver, defensive driver, good student, and multi-policy.
• Progressive discounts include online quote discount, good student, multi-vehicle, online signing, multi-policy, continuous coverage, and homeowner.

Before buying, ask every insurance company which discounts you may be entitled to. A few discounts might not apply in your area. To find providers who offer cheap insurance quotes, click here.

Tailor your insurance coverage to you

When it comes to buying proper insurance coverage, there is no best way to insure your cars. Everyone’s situation is a little different.

Here are some questions about coverages that might help in determining whether your personal situation would benefit from professional advice.

• What is covered by UM/UIM coverage?
• Are there companies who specialize in insuring high-risk drivers?
• How does medical payments coverage work?
• How much liability do I need to cover my assets?
• What vehicles should carry emergency assistance coverage?
• How high should my medical payments coverage be?
• What is the difference between comprehensive and collision coverage?
• When should my teen driver be added to my policy?
• I have a DUI can I still get coverage?
• Does having multiple vehicles earn me a discount?

If you don’t know the answers to these questions but you think they might apply to your situation, you may need to chat with an insurance agent. If you don’t have a local agent, simply complete this short form.

Insurance coverages 101

Knowing the specifics of a insurance policy aids in choosing which coverages you need and the correct deductibles and limits. Insurance terms can be ambiguous and even agents have difficulty translating policy wording.

Liability coverage

Liability insurance protects you from injuries or damage you cause to other’s property or people that is your fault. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see liability limits of 100/300/100 which means a $100,000 limit per person for injuries, a per accident bodily injury limit of $300,000, and $100,000 of coverage for damaged propery.

Liability coverage pays for things such as funeral expenses, medical expenses, medical services, court costs and attorney fees. How much coverage you buy is up to you, but you should buy higher limits if possible.

Uninsured or underinsured coverage

Your UM/UIM coverage protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. Covered claims include injuries to you and your family and also any damage incurred to your 2001 Volvo V40.

Because many people have only the minimum liability required by law, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family.

Comprehensive protection

Comprehensive insurance coverage covers damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims like hitting a bird, theft, fire damage and a tree branch falling on your vehicle. The highest amount you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Medical expense coverage

Medical payments and Personal Injury Protection insurance pay for short-term medical expenses like hospital visits, rehabilitation expenses and nursing services. The coverages can be used in conjunction with a health insurance policy or if there is no health insurance coverage. Coverage applies to all vehicle occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is not universally available and gives slightly broader coverage than med pay

Collision protection

Collision coverage pays for damage to your V40 caused by collision with another car or object. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims such as sideswiping another vehicle, damaging your car on a curb, hitting a mailbox and scraping a guard rail. Collision is rather expensive coverage, so you might think about dropping it from older vehicles. It’s also possible to raise the deductible to save money on collision insurance.

A little work can save a LOT of money

The cheapest 2001 Volvo V40 insurance can be sourced online and from local agencies, so you need to shop car insurance with both to have the best selection. Some insurance companies don’t offer rate quotes online and many times these small, regional companies work with independent agents.

People switch companies for a variety of reasons including not issuing a premium refund, unfair underwriting practices, policy cancellation and even lack of trust in their agent. It doesn’t matter why you want to switch switching companies is pretty simple and you could end up saving a buck or two.

As you quote car insurance, make sure you don’t sacrifice coverage to reduce premiums. There have been many cases where consumers will sacrifice uninsured motorist or liability limits only to discover later that saving that couple of dollars actually costed them tens of thousands. Your strategy should be to get the best coverage possible for the lowest price.

More articles

• State Laws for Cellphones and Texting (iihs.org)
• Safe Vehicles for Teens (iihs.org)
• What Does No-Fault Insurance Cover? (Allstate)
• All About Airbag Safety (State Farm)
• Tools for Teen Driving Safety (State Farm)