Affordable Volvo V50 Insurance in Cincinnati

Unimaginable but true, over 70% of drivers have been with the same company for at least four years, and roughly 40% of drivers have never compared rate quotes at all. Ohio drivers can save hundreds of dollars each year by just comparing quotes, but they just don’t understand how easy it is to compare rate quotes.

If you want to save money, the best way to get affordable Volvo V50 insurance in Cincinnati is to do an annual price comparison from providers in Ohio.

1. Try to learn about policy coverages and the changes you can make to prevent expensive coverage. Many rating factors that result in higher prices such as inattentive driving and a negative credit history can be eliminated by making minor driving habit or lifestyle changes.
2. Quote rates from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only give prices from one company like GEICO or Allstate, while agents who are independent can quote rates for a wide range of insurance providers. Compare rates now
3. Compare the price quotes to your current policy premium to see if you can save by switching companies. If you can save some money and switch companies, ensure coverage does not lapse between policies.

A good tip to remember is that you use the same deductibles and limits on every quote request and and to look at as many different companies as possible. Doing this helps ensure an apples-to-apples comparison and the best price selection.

If you already have coverage or are shopping for new coverage, you will benefit by learning to cut your premiums without sacrificing coverage. Finding and comparing cheaper policy in Cincinnati is easy if you know what you’re doing. You just have to learn the quickest method to compare company rates online.

Insurance rate breakdown

The table shown next highlights a range of insurance prices for Volvo V50 models. Having insight into how insurance policy rates are calculated is important for drivers to make smart choices when choosing a car insurance company.

Cost estimates assume married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Ohio minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, claim-free, and multi-vehicle. Prices do not factor in the specific area where the vehicle is garaged which can influence prices considerably.

Deductible analysis

One frequently asked question is at what level do you set your deductibles. The comparisons below show the rate differences of buying low and high policy deductibles. The first rate estimation uses a $250 deductible and the second rate table uses a $500 deductible.

Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Prices do not factor in vehicle location which can increase or decrease insurance rates considerably.

Based on the above data, using a $250 deductible costs about $12 more each month or $144 every year averaged for all V50 models than buying the higher $500 deductible. Because you would be required to pay $250 more out of your own pocket with a $500 deductible as compared to a $250 deductible, if you normally average more than 21 months between claim filings, you would come out ahead going with the higher deductible.

Volvo V50 insurance rates: Men versus women

The example below compares Volvo V50 insurance premiums for male and female drivers. The rate quotes are based on no claims or violations, comprehensive and collision coverage, $500 deductibles, single marital status, and no other discounts are factored in.

Cost comparison with and without full coverage

The information below compares Volvo V50 insurance prices with and without full coverage. The price estimates are based on no accidents, no driving violations, $100 deductibles, single marital status, and no additional discounts are factored in.

When to eliminate full coverage

There is no clear-cut formula to eliminate physical damage coverage, but there is a guideline you can consider. If the annual cost of coverage is more than 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.

For example, let’s pretend your Volvo V50 book value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $5,000 after paying your policy deductible. If you are currently paying more than $500 a year for your policy with full coverage, then it could be time to drop full coverage.

There are some conditions where dropping full coverage is not in your best interest. If you still owe money on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is in an accident, you should maintain full coverage.

Which auto insurance company is best in Cincinnati?

Buying coverage from a good quality company can be rather challenging considering how many companies sell insurance in Cincinnati. The rank data displayed below may help you decide which auto insurance companies to look at comparing rate quotes with.

Top 10 Cincinnati Car Insurance Companies Ranked by Claims Service

1. Progressive
2. Travelers
3. Liberty Mutual
4. Nationwide
5. USAA
6. GEICO
7. AAA Insurance
8. Safeco Insurance
9. Esurance
10. The General

Top 10 Cincinnati Car Insurance Companies Ranked by Customer Satisfaction

1. USAA – 92%
2. Erie Insurance – 88%
3. American Family – 88%
4. State Farm – 88%
5. Nationwide – 88%
6. 21st Century – 88%
7. AAA Insurance – 87%
8. Liberty Mutual – 87%
9. Farmers Insurance – 87%
10. The Hartford – 87%

Coverages available on your car insurance policy

Knowing the specifics of your policy helps when choosing the right coverages and proper limits and deductibles. The terms used in a policy can be ambiguous and reading a policy is terribly boring.

Medical payments coverage and PIP – Personal Injury Protection (PIP) and medical payments coverage kick in for expenses such as funeral costs, EMT expenses, ambulance fees, rehabilitation expenses and dental work. They are used in conjunction with a health insurance plan or if you do not have health coverage. Coverage applies to all vehicle occupants and also covers any family member struck as a pedestrian. PIP is not available in all states and gives slightly broader coverage than med pay

Coverage for liability – This coverage can cover damage that occurs to people or other property. Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have policy limits of 25/50/25 which means $25,000 bodily injury coverage, a limit of $50,000 in injury protection per accident, and a limit of $25,000 paid for damaged property. Occasionally you may see one limit called combined single limit (CSL) which provides one coverage limit with no separate limits for injury or property damage.

Liability coverage pays for claims like loss of income, bail bonds, attorney fees and emergency aid. The amount of liability coverage you purchase is a personal decision, but consider buying as much as you can afford. Ohio state minimum liability requirements are 25/50/25 but you should consider buying more liability than the minimum.

The chart below shows why buying minimum limits may not provide you with enough coverage.

Comprehensive coverage – This covers damage that is not covered by collision coverage. You first have to pay a deductible then your comprehensive coverage will pay.

Comprehensive coverage pays for things such as fire damage, damage from a tornado or hurricane, damage from getting keyed and a tree branch falling on your vehicle. The maximum payout you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.

Uninsured/Underinsured Motorist coverage – Your UM/UIM coverage protects you and your vehicle’s occupants when the “other guys” either have no liability insurance or not enough. This coverage pays for medical payments for you and your occupants and also any damage incurred to your Volvo V50.

Since many Ohio drivers carry very low liability coverage limits (25/50/25 in Ohio), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is a good idea. Normally the UM/UIM limits are similar to your liability insurance amounts.

Collision coverage – This coverage covers damage to your V50 from colliding with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.

Collision coverage protects against things such as driving through your garage door, sustaining damage from a pot hole and damaging your car on a curb. Collision coverage makes up a good portion of your premium, so consider removing coverage from lower value vehicles. You can also bump up the deductible on your V50 to bring the cost down.

One last note

A few companies may not provide online quoting and usually these smaller providers work with independent agents. More affordable car insurance in Cincinnati is possible online and from local insurance agents, so you should compare both so you have a total pricing picture.

Throughout this article, we presented many ideas to find affordable Volvo V50 insurance in Cincinnati. The key concept to understand is the more price quotes you have, the better chance you’ll have of finding inexpensive Cincinnati auto insurance quotes. Consumers could even find that the best auto insurance rates are with a smaller regional carrier.

When buying insurance coverage, it’s a bad idea to skimp on coverage in order to save money. There have been many cases where consumers will sacrifice uninsured motorist or liability limits and learned later that their decision to reduce coverage ended up costing them more. Your focus should be to purchase plenty of coverage at the lowest possible cost, but do not skimp to save money.

For more information, feel free to browse the articles below:

• Teen Driver Statistics (Insurance Information Institute)
• What Insurance is Cheapest for College Students in Cincinnati? (FAQ)
• Safety Features for Your New Car (State Farm)
• Dangers of fake or stolen airbags (Insurance Institute for Highway Safety)
• How to Avoid Buying a Flooded Car (Insurance Information Institute)