If saving money is your primary concern, then the best way to get the cheapest Volvo V50 insurance is to regularly compare price quotes from companies in Detroit.
- Try to comprehend car insurance and the measures you can control to prevent expensive coverage. Many factors that drive up the price such as traffic violations and a poor credit rating can be controlled by improving your driving habits or financial responsibility.
- Request rate estimates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from a single company like Progressive or Allstate, while independent agencies can provide rate quotes from many different companies.
- Compare the new rates to the premium of your current policy and determine if cheaper V50 coverage is available in Detroit. If you find a lower rate quote and change companies, make sure there is no lapse between the expiration of your current policy and the new one.
An important part of this process is to try to compare the same amount of coverage on every price quote and and to get quotes from as many car insurance companies as possible. Doing this ensures a fair price comparison and a thorough price selection.
It’s astonishing, but the majority of drivers have stayed with the same insurance company for a minimum of four years, and approximately 38% of consumers have never compared rates with other companies. Many consumers in Michigan could pocket about 65% a year by just comparing quotes, but they just feel it’s too hard to compare other rate quotes.
How to buy Volvo V50 insurance online
The auto insurance companies shown below are ready to provide quotes in Detroit, MI. If you want the best cheap auto insurance in Detroit, MI, we recommend you compare several of them in order to find the lowest rates.
Coverage statistics and figures
The coverage table below showcases detailed analysis of insurance policy prices for Volvo V50 models. Learning how insurance policy premiums are established can help customers make informed decisions when shopping around for a new policy.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|V50 AWD T5 R-Design||$670||$1456||$690||$40||$206||$3,062||$255|
|Get Your Own Custom Quote Go|
Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Michigan minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Estimates do not factor in Detroit location which can change auto insurance rates significantly.
How careless driving impacts auto insurance rates
The chart below illustrates how violations and at-fault accidents raise Volvo V50 insurance prices for different ages of insureds. The costs are based on a single female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are taken into consideration.
Auto insurance cost for men versus women
The information below shows the difference between Volvo V50 insurance costs for male and female drivers. The rates are based on no claims or driving citations, comprehensive and collision coverage, $250 deductibles, single status, and no other discounts are factored in.
Insurance is an important decision
Even though it can be expensive, maintaining insurance serves a purpose in several ways.
- Just about all states have mandatory liability insurance requirements which means it is punishable by state law to not carry a specific minimum amount of liability coverage in order to drive the car legally. In Michigan these limits are 20/40/10 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your V50 has a loan, most lenders will make it a condition of the loan that you buy insurance to guarantee payment of the loan. If you do not pay your insurance premiums, the bank or lender will purchase a policy for your Volvo at a significantly higher premium and force you to pay a much higher amount than you were paying before.
- Insurance safeguards both your car and your personal assets. It will also cover hospital and medical expenses for you, your passengers, and anyone else injured in an accident. One of the most valuable coverages, liability insurance, will also pay to defend you if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay to restore your vehicle to like-new condition.
The benefits of buying insurance definitely exceed the cost, especially for larger claims. On average, a vehicle owner in Detroit is overpaying more than $850 per year so you should quote rates at least once a year to ensure rates are competitive.
Specifics of your auto insurance policy
Knowing the specifics of a auto insurance policy can help you determine the right coverages for your vehicles. The coverage terms in a policy can be confusing and nobody wants to actually read their policy. These are typical coverages found on the average auto insurance policy.
Protection from uninsured/underinsured drivers – This protects you and your vehicle when the “other guys” do not carry enough liability coverage. Covered claims include injuries sustained by your vehicle’s occupants and damage to your Volvo V50.
Since a lot of drivers only carry the minimum required liability limits (20/40/10), their limits can quickly be used up. So UM/UIM coverage is very important.
Coverage for liability – This protects you from injuries or damage you cause to people or other property by causing an accident. It protects YOU against claims from other people, and does not provide coverage for damage to your own property or vehicle.
It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 20/40/10 which means $20,000 bodily injury coverage, a per accident bodily injury limit of $40,000, and a limit of $10,000 paid for damaged property.
Liability coverage protects against claims such as loss of income, court costs, bail bonds and medical services. How much liability coverage do you need? That is your choice, but you should buy as large an amount as possible. Michigan state minimum liability requirements are 20/40/10 but drivers should carry more coverage.
The next chart shows why minimum state limits may not be adequate.
Collision coverage – Collision insurance pays to fix your vehicle from damage from colliding with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.
Collision can pay for claims such as crashing into a ditch, crashing into a building, rolling your car, damaging your car on a curb and scraping a guard rail. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. Drivers also have the option to choose a higher deductible on your V50 to save money on collision insurance.
Comprehensive (Other than Collision) – Comprehensive insurance covers damage from a wide range of events other than collision. You first have to pay a deductible and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers things such as hitting a bird, falling objects and damage from getting keyed. The maximum amount you’ll receive from a claim is the cash value of the vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.
Medical expense insurance – Coverage for medical payments and/or PIP pay for bills for doctor visits, surgery and X-ray expenses. They are often used in conjunction with a health insurance policy or if you are not covered by health insurance. They cover you and your occupants and also covers if you are hit as a while walking down the street. Personal injury protection coverage is not universally available but can be used in place of medical payments coverage
Affordable auto insurance premiums are possible
Affordable Volvo V50 insurance in Detroit is available online in addition to local insurance agencies, so you should be comparing quotes from both in order to have the best chance of saving money. Some auto insurance companies may not offer the ability to get a quote online and these regional carriers only sell coverage through independent insurance agencies.
We just showed you a lot of techniques to get a better price on Volvo V50 insurance in Detroit. The key thing to remember is the more providers you compare, the better likelihood of getting affordable Detroit auto insurance quotes. Consumers may even find the best premium rates are with some of the smallest insurance companies. These companies may often insure only within specific states and give better rates than their larger competitors like Progressive or GEICO.
Much more information about auto insurance in Michigan is available on the following sites:
- Uninsured Motorists: Threats on the Road (Insurance Information Institute)
- Who Has Affordable Detroit Auto Insurance for Uninsured Drivers? (FAQ)
- Who Has Cheap Detroit Auto Insurance for a Nissan Sentra? (FAQ)
- Who Has Cheap Detroit Auto Insurance for College Graduates? (FAQ)
- Who Has the Cheapest Detroit Auto Insurance for a 20 Year Old Female? (FAQ)
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- Distracted Driving (Insurance Information Institute)
- New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)