It’s easy to assume that car insurance companies don’t want you shop around. Consumers who shop around for the cheapest rate are very likely to switch auto insurance companies because they have good chances of finding a policy with more affordable rates. A recent survey revealed that drivers who compared price quotes annually saved $3,500 over four years as compared to drivers who don’t make a habit of comparing rates.
If finding the best price on Volvo V50 insurance is the reason for your visit, knowing how to compare car insurance can save time, money, and frustration.
The recommended way to get budget car insurance rates is to compare quotes annually from providers who provide car insurance in Miami.
- It will benefit you to learn about coverages and the measures you can control to prevent expensive coverage. Many things that are responsible for high rates like speeding tickets, accidents and an unfavorable credit rating can be rectified by making lifestyle changes or driving safer.
- Compare rates from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only give prices from one company like Progressive and State Farm, while independent agencies can give you price quotes for many different companies.
- Compare the quotes to your existing coverage and see if there is a cheaper rate. If you find better rates and make a switch, make sure there is no lapse between the expiration of your current policy and the new one.
- Tell your current agent or company to cancel your current auto insurance policy and submit a completed policy application and payment to the new company. Once the paperwork is finalized, place your new proof of insurance certificate along with the vehicle’s registration papers.
The critical component of shopping around is that you’ll want to compare the same coverage limits and deductibles on every price quote and and to get price estimates from every insurance company. Doing this provides the most accurate price comparison and a complete price analysis.
Where can I get affordable Miami Volvo V50 insurance?
When price shopping your coverage, comparing more rates from different companies helps locate lower pricing.
The providers in the list below can provide price comparisons in Florida. If you want to find the best auto insurance in FL, we suggest you visit two to three different companies to get a more complete price comparison.
Volvo V50 insurance charts and tables
The data table below covers different insurance premium costs for Volvo V50 models. Learning as much as possible about how auto insurance prices are formulated helps drivers make informed decisions when shopping around for a new policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| V50 2.4I | $250 | $496 | $564 | $34 | $168 | $1,512 | $126 |
| V50 AWD T5 R-Design | $250 | $570 | $564 | $34 | $168 | $1,586 | $132 |
| Get Your Own Custom Quote Go | |||||||
Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Rate information does not factor in specific location which can raise or lower price quotes considerably.
Physical damage deductibles
One of the most common auto insurance questions is how high should the deductibles for physical damage be. The rates below summarize the rate fluctuation when you select higher and lower comp and collision deductibles. The first set of rates uses a $100 deductible for physical damage and the second rate table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| V50 2.4I | $406 | $764 | $418 | $24 | $124 | $1,761 | $147 |
| V50 AWD T5 R-Design | $406 | $880 | $418 | $24 | $124 | $1,877 | $156 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| V50 2.4I | $224 | $402 | $418 | $24 | $124 | $1,192 | $99 |
| V50 AWD T5 R-Design | $224 | $464 | $418 | $24 | $124 | $1,254 | $105 |
| Get Your Own Custom Quote Go | |||||||
Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Price information does not factor in specific Miami garaging location which can alter auto insurance rates substantially.
Based on this data, using a $100 deductible could cost the average driver approximately $50 more each month or $600 each year than selecting the higher $1,000 deductible. Because you would pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go at a minimum 18 months between claim filings, you would save money going with the higher deductible.
How to calculate deductible break even period
| Average monthly premium for $100 deductibles: | $152 |
| Average monthly premium for $1,000 deductibles (subtract): | – $102 |
| Monthly savings from raising deductible: | $50 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $50 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 18 months |
An important thing to remember is that a higher deductible level results in more money out-of-pocket when you have a claim. It will be required that you have access to more funds in the event you need to pay more to get your vehicle repaired.
Why you need to buy car insurance
Even though Miami V50 insurance rates can get expensive, car insurance serves several important purposes.
- Almost all states have mandatory liability insurance requirements which means the state requires specific minimum amounts of liability coverage if you want to drive legally. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
- If your Volvo has a loan, most banks will force you to have comprehensive coverage to ensure the loan is repaid in case of a total loss. If you cancel or allow the policy to lapse, the bank may buy a policy for your Volvo at an extremely high rate and require you to reimburse them much more than you were paying before.
- Car insurance protects not only your vehicle but also your financial assets. It also can pay for many types of medical costs for both you and anyone you injure as the result of an accident. Liability insurance will also pay for a defense attorney if you are sued as the result of your driving. If damage is caused by hail or an accident, comprehensive and collision coverage will cover the repair costs.
The benefits of having insurance greatly outweigh the cost, especially for larger claims. An average driver in America is wasting up to $820 a year so smart consumers compare quotes at every renewal to make sure the price is not too high.
Volvo V50 Insurance Premium Factors
Part of the car insurance buying process is learning some of the things that are used to determine the level of your policy premiums. When consumers understand what determines base rates, this enables you to make decisions that could help you find cheaper rates.
The items below are some of the most common factors companies use to determine your premiums.
Annual mileage impacts prices – The more miles you rack up on your Volvo every year the more you’ll pay to insure it. The majority of insurers calculate rates partially by how you use the vehicle. Cars and trucks that are left in the garage get more affordable rates as compared to vehicles used primarily for driving to work. Verify your vehicle rating is showing the correct driver usage. Incorrect rating for your V50 is throwing money out the window.
Prices may be higher where you live – Having an address in smaller towns and rural areas of the country is a positive aspect if you are looking for the lowest rates. City drivers have much more traffic and much longer commute distances. Fewer drivers and short commutes translates into fewer accident claims and also fewer theft and vandalism claims.
Tickets and citations cost more than a fine – Whether or not you get tickets can have a huge impact on auto insurance premiums. Careful drivers get better prices than people who have multiple driving citations. Even one speeding ticket can bump up the cost by as much as twenty percent. People who have serious violations like reckless driving, hit and run or driving under the influence may find they need to submit a SR-22 or proof of financial responsibility with their state’s licensing department in order to legally drive.
The illustration below shows how traffic citations and at-fault claims increase Volvo V50 insurance prices for different age groups of insureds. The rates are based on a single female driver, full physical damage coverage, $1,000 deductibles, and no discounts are factored in.
Safer cars save money – Safe vehicles are cheaper to insure. Highly rated vehicles result in less severe injuries and fewer serious injuries translates into savings for insurance companies and more competitive rates for policyholders. If your Volvo V50 scored better than four stars on Safercar.gov you are probably receiving a discount.
There’s no such thing as the perfect insurance policy
When it comes to insurance from an agent or online for your vehicles, there isn’t really a one size fits all plan. Your needs are not the same as everyone else’s and your insurance should unique, too.
For instance, these questions might help in determining whether or not you will benefit from professional help.
- Do I pay less for low miles?
- What does roadside assistance cover?
- Do I have coverage when pulling a U-Haul trailer?
- Why am I required to buy high-risk coverage?
- Does having multiple vehicles earn me a discount?
- Should I rate my vehicle as business use?
- Does my insurance cover damage caused when ticketed for reckless driving?
If it’s difficult to answer those questions, you might consider talking to an insurance agent. To find lower rates from a local agent, fill out this quick form or go to this page to view a list of companies.
Miami car insurance company ratings
Selecting a high-quality insurer is hard considering how many companies provide coverage in Miami. The ranking data shown below could help you pick which auto insurers to look at comparing rates with.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| Mercury Insurance | 97 | 96 | 88 | 89% | A+ | 93.4 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
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Data Source: Insure.com Best Car Insurance Companies
Cheap coverage is out there
We just presented a lot of tips how to save on Volvo V50 insurance in Miami. The key thing to remember is the more times you quote, the higher your chance of finding the cheapest Volvo V50 rate quotes. You may even discover the lowest car insurance rates come from a company that doesn’t do a lot of advertising. These smaller insurers may often insure only within specific states and give better rates compared to the large companies like State Farm, GEICO and Nationwide.
Discount Volvo V50 insurance in Miami is attainable on the web and also from your neighborhood Miami agents, so you need to quote Miami car insurance with both to have the best selection. Some companies do not provide online rate quotes and many times these small insurance companies provide coverage only through independent insurance agents.
When searching for low cost Miami car insurance quotes, you should never sacrifice coverage to reduce premiums. In many cases, drivers have reduced physical damage coverage and discovered at claim time that saving that couple of dollars actually costed them tens of thousands. Your strategy should be to find the BEST coverage at a price you can afford but still have enough coverage for asset protection.
Additional detailed information can be found by following these links:
- Credit Impacts Car Insurance Rates (State Farm)
- What Car Insurance is Cheapest for First-time Drivers in Miami? (FAQ)
- Who Has Affordable Miami Auto Insurance for 17 Year Olds? (FAQ)
- Cellphones, Texting and Driving (iihs.org)
- Crash Avoidance Technologies FAQ (iihs.org)
- How to Avoid Staged Accidents (State Farm)