How long has it been since you compared low-cost Volvo V50 insurance in Cleveland? Using the web to shop for Cleveland car insurance quotes online might sound like a lofty goal if you have never used online quotes. Don’t let the process intimidate you because finding better rates for Volvo V50 insurance in Cleveland is actually fairly simple.
We don’t have to tell you that car insurance companies don’t want policyholders to compare prices from other companies. Drivers who compare rates annually will most likely buy a different policy because there is a good probability of finding discount prices. Remarkably, a study showed that drivers who regularly shopped around saved an average of $72 a month as compared to drivers who don’t make a habit of comparing rates.
If finding discount rates on car insurance is your objective, then having some insight into how to get price quotes and compare coverage rates can help you succeed in saving money.
If you’re already insured, you should be able to shop for the lowest rates using the concepts covered in this article. This article will let you in on the best way to buy inexpensive insurance. Nevertheless, Ohio drivers must know the way companies sell online and use this information to your advantage.
When looking for cheaper Cleveland car insurance quotes, there are a couple ways to compare rate quotes from many available car insurance companies in Ohio. The easiest way by far to find competitive Volvo V50 insurance rates involves getting comparison quotes online.
It’s important to know that comparing a large number of companies increases the chance that you will find a lower rate.
The companies shown below are ready to provide price quotes in Ohio. In order to find the best cheap car insurance in OH, we recommend you visit two to three different companies in order to get a fair rate comparison.
Coverage analysis
The rate information shown below outlines a range of insurance rates for Volvo V50 models. Learning as much as possible about how insurance prices are calculated can help drivers make smart choices when purchasing an insurance policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| V50 2.4I | $152 | $288 | $214 | $12 | $64 | $730 | $61 |
| V50 AWD T5 R-Design | $152 | $332 | $214 | $12 | $64 | $774 | $65 |
| Get Your Own Custom Quote Go | |||||||
Price data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Table data does not factor in specific zip code location which can influence premiums significantly.
Auto insurance deductibles
One frequently asked question is how low should you set your deductibles. The comparisons below help summarize the premium difference when you buy lower versus higher insurance deductibles. The first set of rates uses a $250 physical damage coverage deductible and the second price grid uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| V50 2.4I | $198 | $348 | $226 | $14 | $68 | $879 | $73 |
| V50 AWD T5 R-Design | $198 | $400 | $226 | $14 | $68 | $931 | $78 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| V50 2.4I | $160 | $280 | $226 | $14 | $68 | $748 | $62 |
| V50 AWD T5 R-Design | $160 | $324 | $226 | $14 | $68 | $792 | $66 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Rate information does not factor in the specific area where the vehicle is garaged which can influence auto insurance rates greatly.
We can estimate from the data above that using a $250 deductible will cost you roughly $12 more each month or $144 every year than choosing the higher $500 deductible. Since you would have to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you normally go at least 21 months between claims, you would probably be better off going with the higher deductible. The numbers below show how you can perform this determination yourself.
| Average monthly premium for $250 deductibles: | $76 |
| Average monthly premium for $500 deductibles (subtract): | – $64 |
| Monthly savings from raising deductible: | $12 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $12 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 21 months |
Impact of speeding/accidents on auto insurance rates
The illustration below demonstrates how citations and accidents can drive up Volvo V50 car insurance costs for different age groups of insureds. The premiums are based on a married female driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied to the premium.
Cost difference between full coverage and liability
The diagram below visualizes the comparison of Volvo V50 car insurance costs with liability coverage only compared to full coverage. The rate quotes are based on no claims or driving citations, $1,000 deductibles, single marital status, and no discounts are applied.
Deciding between full coverage and liability only
There is no clear-cut rule for excluding full coverage on your policy, but there is a general school of thought. If the annual cost of comprehensive and collision coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your Volvo V50 replacement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would receive is $5,000 after the policy deductible has been paid. If it’s costing you more than $500 a year for full coverage, then it might be time to consider dropping full coverage.
There are a few cases where dropping physical damage coverage is not recommended. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not remove full coverage.
Why you need quality insurance for your vehicle
Despite the potentially high cost of Volvo V50 insurance, auto insurance serves several important purposes.
First, most states have minimum liability requirements which means it is punishable by state law to not carry a specific level of liability if you drive a vehicle. In Ohio these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if you bought your Volvo V50 with a loan, most lenders will require you to buy insurance to ensure the loan is repaid in case of a total loss. If you do not pay your insurance premiums, the bank will be required to insure your Volvo at a significantly higher premium and force you to pay a much higher amount than you were paying before.
Third, auto insurance protects not only your Volvo V50 but also your assets. It also can pay for many types of medical costs for not only you but also any passengers injured in an accident. Liability insurance also covers legal expenses if you are named as a defendant in an auto accident. If your Volvo gets damaged, collision and comprehensive coverages will pay to restore your vehicle to like-new condition.
The benefits of having auto insurance outweigh the cost, particularly for liability claims. Unknowingly, the average driver is currently overpaying as much as $855 a year so compare rate quotes at least once a year to make sure the price is not too high.
The Volvo V50 Insurance Price Equation
Lots of things are taken into consideration when pricing auto insurance. A few of the factors are predictable such as traffic violations, but others are not quite as obvious like your continuous coverage and annual miles driven.
- Consolidate policies with the same company – Most larger insurance companies give a discount to people that have more than one policy, otherwise known as a multi-policy discount. Even if you’re getting this discount you may still want to compare Volvo V50 rates in Cleveland to confirm you are receiving the best rates possible.
- Car insurance liability limits – Liability coverage will provide protection if ever you are found to be at fault for an accident. Liability provides for a legal defense up to the limits shown on your policy. Liability insurance is pretty cheap as compared to coverage for physical damage, so drivers should carry high limits.
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Insurance is expensive for younger drivers – Teenage drivers in Ohio have been known to be inattentive and easily distracted when behind the wheel therefore car insurance rates are much higher. Adding a young driver to your car insurance policy can really hurt. Older drivers are viewed as being more responsible, cause fewer claims and accidents, and usually have better credit.
The data below is based on a single driver, full coverage with $100 deductibles, and no discounts or violations.
- Improve your credit rating and save – Having a bad credit rating will be a significant factor in determining your rates. People with very good credit scores tend to file fewer claims as compared to drivers with worse credit. If your credit history can be improved, you may save money insuring your Volvo V50 by improving your credit score.
- Where you reside is a factor – Having an address in smaller towns and rural areas of the country has definite advantages when it comes to car insurance. Drivers who live in large cities have to deal with more auto accidents and more severe claims. Fewer drivers and short commutes means fewer accidents and a lower car theft rate.
- Get married and pay lower rates – Having a wife or husband can get you a discount on your car insurance bill. Having a significant other generally demonstrates drivers are more mature than a single person and it’s statistically proven that married couples file fewer claims.
- Frequent car insurance claims increase car insurance rates – If you tend to file frequent claims, you can look forward to either higher rates or even cancellation. Auto insurance companies in Ohio generally give most affordable rates to policyholders that do not abuse their auto insurance. Auto insurance is designed for the bigger claims that can’t be paid out-of-pocket.
Get lower-cost rates by taking advantage of discounts
Companies that sell car insurance don’t necessarily list every discount available in a way that’s easy to find, so the below list has some of the best known in addition to some of the lesser obvious discounts that may be available.
- Discounts for New Vehicles – Insuring a vehicle that is new can cost up to 25% less because newer models have to meet stringent safety requirements.
- Anti-lock Brake System – Vehicles with anti-lock braking systems can reduce accidents and therefore earn up to a 10% discount.
- Waiver for an Accident – Not really a discount, but certain companies will forgive one accident without the usual rate increase as long as you don’t have any claims for a particular time prior to the accident.
- Life Insurance Discount – Larger insurance companies have a discount if you purchase a life policy as well.
- Drive Safe and Save – Insureds without accidents can save up to 40% or more on their Cleveland car insurance quote than drivers with accidents.
- Telematics Discount – Insureds that choose to allow their company to track their driving habits by using a telematics device in their vehicle such as State Farm’s In-Drive may get a rate reduction if they show good driving skills.
While discounts sound great, it’s important to understand that most of the big mark downs will not be given to the entire cost. Some only reduce the price of certain insurance coverages like medical payments or collision. Even though it may seem like it’s possible to get free car insurance, companies don’t profit that way.
The illustration below shows the comparison of Volvo V50 yearly insurance costs with and without discounts applied. The premiums assume a male driver, no claims or violations, Ohio state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, marriage, safe-driver, homeowner, multi-policy, and claim-free discounts applied.
A list of companies and some of their more popular discounts are detailed below.
- State Farm includes discounts for driver’s education, Steer Clear safe driver discount, passive restraint, multiple policy, and safe vehicle.
- Nationwide may offer discounts for accident-free, easy pay, anti-theft, good student, and family plan.
- GEICO policyholders can earn discounts including five-year accident-free, air bags, daytime running lights, good student, military active duty, and emergency military deployment.
- AAA discounts include AAA membership discount, good driver, good student, pay-in-full, multi-car, anti-theft, and multi-policy.
- 21st Century offers discounts including homeowners, teen driver, anti-lock brakes, defensive driver, good student, and automatic seat belts.
- The Hartford may include discounts for vehicle fuel type, good student, driver training, bundle, defensive driver, and anti-theft.
If you are trying to find affordable Volvo V50 insurance quotes, ask every prospective company which discounts can lower your rates. Some discounts listed above may not apply to policies in Cleveland. If you would like to see a list of insurance companies with significant discounts in Cleveland, click this link.
How do I know if I need professional advice?
Keep in mind that when it comes to choosing the right insurance coverage for your personal vehicles, there really isn’t a perfect coverage plan. You are unique.
For example, these questions might point out whether your personal situation may require specific advice.
- What is UM/UIM insurance?
- Do they offer discounts for home and auto coverage?
- Am I covered if I back into my garage door?
- Is my camper covered by my car insurance policy?
- How high should deductibles be on a Volvo V50?
- Should I have combined single limit or split liability limits?
- Does medical payments coverage apply to all occupants?
If you don’t know the answers to these questions but a few of them apply, you might consider talking to an agent. If you want to speak to an agent in your area, complete this form.
What if I want to buy from local Cleveland insurance agencies?
Many drivers just prefer to sit down with an agent and that is a smart decision A good thing about getting online price quotes is that you can find cheap rate quotes and also buy local.
After completing this form (opens in new window), the coverage information is immediately sent to participating agents in Cleveland who will return price quotes for your coverage. You never need to search for any insurance agencies since price quotes are sent to you. You can find better rates without having to waste a lot of time. If you need to compare rates for a specific company, you would need to find their quoting web page and fill out the quote form the provide.
Finding the right insurance company should include more criteria than just a low price. Some important questions to ask are:
- Has the agent ever had any license suspensions?
- Will their companies depreciate repairs to your car based on the mileage?
- Is working in the agency their full-time job?
- Does the agent help file claims?
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
When finding a local agent, you must know there are a couple types of agencies and how they differ in how they can insure your vehicles. Car insurance agencies can either be exclusive or independent.
Exclusive Agents
Agents that choose to be exclusive can only provide pricing for a single company like American Family, State Farm, and Allstate. They usually cannot provide prices from multiple companies so always compare other rates. They are very knowledgeable on what they offer which helps offset the inability to provide other markets. A lot of people buy from the same agent for years partially due to the brand legacy rather than low rates.
Below is a short list of exclusive insurance agencies in Cleveland willing to provide comparison quotes.
- Farmers Insurance – Earl Soroka
1621 Euclid Ave #408 – Cleveland, OH 44115 – (216) 452-0885 – View Map - Allstate Insurance: Eslick Insurance and Financial Services
2775 S Moreland Blvd Ste 203 – Cleveland, OH 44120 – (216) 283-5570 – View Map - Justin Ragor – State Farm Insurance Agent
3878 Rocky River Dr Ste 4 – Cleveland, OH 44111 – (216) 251-5300 – View Map
Independent Car Insurance Agencies
Agents that elect to be independent are not limited to a single company and that is an advantage because they can write policies through lots of different companies and possibly get better coverage at lower prices. To move your coverage to a new company, the agent simply finds a different carrier without you having to go to a different agency.
If you need lower rates, it’s recommended you include price quotes from a couple of independent agencies for maximum quote selection. They often place coverage with different regional companies that many times have cheaper rates.
Below is a list of independent agents in Cleveland that are able to give comparison quotes.
- Abc Auto Insurance Agency Inc.
1970 E 55th St – Cleveland, OH 44103 – (216) 881-2600 – View Map - Nationwide Insurance: Hec Wyatt Hixson
15705 Lorain Ave – Cleveland, OH 44111 – (216) 941-4400 – View Map - United Agencies
1422 Euclid Ave # 900 – Cleveland, OH 44115 – (216) 696-8044 – View Map
Be persistent and save
When shopping online for car insurance, it’s a bad idea to skimp on critical coverages to save a buck or two. There are many occasions where someone sacrificed collision coverage and discovered at claim time that they should have had better coverage. Your aim should be to purchase a proper amount of coverage at the best cost.
We’ve covered a lot of techniques to lower your Volvo V50 insurance prices in Cleveland. The most important thing to understand is the more rate quotes you have, the more likely it is that you will get a better rate. Drivers may even discover the lowest prices come from a small mutual company.
People change insurance companies for any number of reasons including policy non-renewal, questionable increases in premium, extreme rates for teen drivers and even high rates after DUI convictions. No matter why you want to switch, finding a new company is easier than you think.
How to buy lower priced Volvo V50 insurance in Cleveland
If you want to save money, the best way to get budget Volvo V50 insurance is to make a habit of comparing prices annually from different companies in Cleveland. Price quotes can be compared by completing these steps.
- Gain an understanding of how insurance works and the measures you can control to keep rates down. Many things that are responsible for high rates like accidents, careless driving, and an unacceptable credit rating can be improved by making minor changes to your lifestyle.
- Compare rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like GEICO or Allstate, while agents who are independent can quote prices from multiple sources.
- Compare the new rate quotes to your existing rates to see if a cheaper rate is available. If you find a lower rate quote and buy the policy, make sure there is no coverage gap between policies.
- Provide notification to your current company of your intention to cancel your current coverage. Submit the application along with any required down payment to your new carrier. When you receive it, put the new proof of insurance paperwork with your registration paperwork.
An essential thing to point out is to try to compare similar coverage information on every quote request and and to get rates from as many companies as possible. This enables the most accurate price comparison and a better comparison of the market.
More information is available below:
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- How Much are Cleveland Car Insurance Quotes for a 20 Year Old Male? (FAQ)
- Who Has the Cheapest Auto Insurance for Drivers with Good Credit in Cleveland? (FAQ)
- Who Has Cheap Cleveland Car Insurance for a Toyota Tacoma? (FAQ)
- Who Has Affordable Auto Insurance Quotes for a Subaru Forester in Cleveland? (FAQ)
- Who Has the Cheapest Car Insurance for High Mileage Drivers in Cleveland? (FAQ)
- Who Has Cheap Auto Insurance Quotes for 16 Year Olds in Cleveland? (FAQ)
- How Much are Cleveland Auto Insurance Quotes for a Toyota Corolla? (FAQ)
- How Much are Car Insurance Rates for Handicapped Drivers in Cleveland? (FAQ)
- How Does Hitting a Deer Impact Insurance Rates? (Allstate)
- Credit and Insurance Scores (Insurance Information Institute)
- What if I Can’t Find Coverage? (Insurance Information Institute)