Are you looking for a better way to compare the cheapest Volvo V50 insurance in Fort Wayne? I can’t think of a single person who loves paying for insurance, especially knowing they could find better prices if they shop around.
Everyone knows that car insurance companies want to keep you from comparing prices. People who shop around annually will probably switch insurance companies because there is a good probability of finding better rates. A recent study showed that people who compared price quotes annually saved over $3,450 over four years as compared to drivers who never shopped around for lower prices.
If finding the cheapest price on Volvo V50 insurance is your objective, then learning about the best way to compare insurance premiums can save money and time. Insurance companies such as Allstate and Progressive increase brand awareness with ad campaigns and it is difficult to ignore the flying pigs and cute green geckos and take the time to shop coverage around.
If you have insurance now or just want cheaper rates, follow these tips to lower your rates and possibly find even better coverage. Locating the best rates in Fort Wayne is not rocket science. Shoppers only need an understanding of the most effective way to compare different rates online.
Buy Fort Wayne Volvo V50 insurance online
The companies shown below are ready to provide free rate quotes in Indiana. If multiple companies are listed, we suggest you visit several of them to find the most affordable car insurance rates.
Auto insurance analysis for a Volvo V50
The premium information below highlights estimates of insurance premium costs for Volvo V50 models. Having a good understanding how insurance rates are formulated can help drivers make decisions when shopping your coverage around.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|V50 AWD T5 R-Design||$226||$400||$368||$22||$110||$1,126||$94|
|Get Your Own Custom Quote Go|
Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Rate information does not factor in your specific Fort Wayne location which can increase or decrease rates substantially.
Auto insurance premiums by gender
The diagram below shows the difference between Volvo V50 auto insurance rates for male and female drivers. The data is based on no violations or claims, comprehensive and collision coverage, $1,000 deductibles, drivers are not married, and no policy discounts are applied.
Cost of full coverage
The diagram below compares Volvo V50 auto insurance rates with full coverage compared to only the Indiana minimum liability coverage. The premium estimates are based on a clean driving record, no at-fault accidents, $100 deductibles, single status, and no discounts are taken into consideration.
When to buy liability coverage only
There is no exact formula of when to phase out physical damage coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the replacement cost minus the deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your Volvo V50 claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, you would only receive $8,000 after you pay the deductible. If you are paying over $800 annually to have full coverage, then you might want to think about dropping full coverage.
There are a few cases where removing full coverage is not recommended. If you still owe a portion of the original loan, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not consider dropping full coverage.
Three reasons insurance is important
Despite the potentially high cost of Volvo V50 insurance, insurance serves a purpose in several ways.
First, just about all states have compulsory liability insurance requirements which means you are required to carry specific minimum amounts of liability insurance coverage in order to drive the car legally. In Indiana these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if your Volvo V50 has a loan, it’s guaranteed your bank will require you to carry insurance to guarantee payment of the loan. If the policy lapses, the bank or lender will purchase a policy for your Volvo at a much higher rate and require you to fork over the higher premium.
Third, insurance preserves both your Volvo and your personal assets. Insurance will also pay for medical bills incurred in an accident. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, collision and comprehensive coverages will pay to restore your vehicle to like-new condition.
The benefits of insuring your V50 definitely exceed the cost, especially when you need to use it. According to a survey of 1,000 drivers, the average driver is currently overpaying as much as $800 each year so we recommend shopping around every year to ensure rates are inline.
Lower-cost Volvo V50 insurance quotes in Fort Wayne
Companies offering auto insurance do not advertise all available discounts in an easy-to-find place, so the following is a list of a few of the more well known and the harder-to-find savings tricks you should be using when you buy Fort Wayne car insurance online.
- One Accident Forgiven – This one is not really a discount per se, but companies like Allstate and GEICO will forgive one accident without raising rates so long as you are claim-free before the accident.
- Seat Belts Save – Drivers who require all vehicle occupants to use their safety belts could save 15% off PIP or medical payments premium.
- Fort Wayne Homeowners Pay Less – Owning a house in Fort Wayne can help you save on auto insurance since home ownership is proof of financial responsibility.
- Professional Organizations – Participating in a professional or civic organization is a good way to get lower rates on your next auto insurance statement.
- Low Mileage – Low mileage vehicles can earn lower prices on the low mileage vehicles.
- Life Insurance Discount – Insurance companies who offer life insurance give a break if you buy life insurance from them.
- Anti-lock Brakes – Cars that have anti-lock braking systems are safer to drive and the ABS can save up to 10%.
- Distant Student Discount – Kids who attend college more than 100 miles from Fort Wayne and do not take a car to college may qualify for this discount.
- Early Payment Discounts – By paying your entire bill at once rather than paying monthly you can avoid monthly service charges.
As a sidenote, most discount credits are not given to the entire policy premium. Most only cut the price of certain insurance coverages like collision or personal injury protection. Even though it may seem like having all the discounts means you get insurance for free, companies wouldn’t make money that way.
The example below visualizes the comparison of Volvo V50 insurance costs with and without discounts applied. The costs are based on a male driver, no claims or driving citations, Indiana state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, homeowner, safe-driver, multi-car, and multi-policy discounts applied.
To see a list of insurers that offer some of these discounts in Indiana, click here.
Are auto insurance agents used anymore?
Many people would prefer to have an agent’s advice and we recommend doing that Professional insurance agents are very good at helping people manage risk and help you file claims. The biggest benefit of comparing insurance online is you may find cheap insurance rates but still work with a licensed agent.
After completing this quick form, your information is sent to agents in your area who will return price quotes to get your business. You won’t even need to find an agent on your own since rate quotes are delivered to the email address you provide. If you want to compare prices for a specific company, just find their quoting web page and complete a quote there.
Finding the right company should depend on more than just the premium amount. These are some valid questions you should ask.
- What discounts might you be missing?
- Are they paid to recommend certain coverages?
- Are they primarily personal or commercial lines agents in Fort Wayne?
- Do they have cheaper tiers of coverage?
- What are the financial ratings for the companies they represent?
Exclusive and independent Fort Wayne car insurance agents
When looking for a reliable insurance agent, there are two types of agencies and how they work. Agents in Fort Wayne are considered either independent or exclusive. Either can do a good job, but it is important to understand the difference in the companies they write for since it can affect your agent selection.
Exclusive Insurance Agents
These type of agents can only provide one company’s prices like Farmers Insurance or State Farm. Exclusive agencies are unable to compare rates from other companies so keep that in mind. These agents are usually quite knowledgeable on their company’s products and that can be a competitive advantage.
Below are exclusive insurance agencies in Fort Wayne who may provide you with price quote information.
Valentine White-Xayarath – State Farm Insurance Agent
5533 S Anthony Blvd – Fort Wayne, IN 46806 – (260) 447-1074 – View Map
Independent Insurance Agencies
Agents that elect to be independent often have many company appointments and that gives them the ability to insure with many different companies enabling the ability to shop coverage around. If prices rise, they can switch companies in-house and you don’t have to do anything. When searching for an agent, you definitely need to check rates from at a minimum one independent agency to get the best comparison.
The following is a short list of independent agencies in Fort Wayne that are able to give rate quotes.
Indiana car insurance companies
Ending up with the highest-rated auto insurance company can be rather challenging considering how many companies sell insurance in Fort Wayne. The company rank data shown below could help you analyze which companies to look at when looking for cheaper rates.
Top 10 Fort Wayne Car Insurance Companies Overall
- 21st Century
- AAA Insurance
- Liberty Mutual
- Safeco Insurance
- State Farm
- American Family
Specific coverage details
Having a good grasp of car insurance aids in choosing appropriate coverage and proper limits and deductibles. The terms used in a policy can be ambiguous and nobody wants to actually read their policy. Below you’ll find the usual coverages found on most car insurance policies.
This pays for damage to your V50 caused by collision with another vehicle or an object, but not an animal. A deductible applies then the remaining damage will be paid by your insurance company.
Collision can pay for things like rolling your car, driving through your garage door and crashing into a building. Collision is rather expensive coverage, so you might think about dropping it from lower value vehicles. Drivers also have the option to raise the deductible on your V50 to bring the cost down.
Liability auto insurance
Liability coverage will cover damage or injury you incur to other’s property or people. Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have liability limits of 25/50/10 which stand for $25,000 in coverage for each person’s injuries, a total of $50,000 of bodily injury coverage per accident, and property damage coverage for $10,000.
Liability can pay for things like pain and suffering, repair bills for other people’s vehicles and loss of income. The amount of liability coverage you purchase is your choice, but buy higher limits if possible. Indiana state law requires minimum liability limits of 25/50/10 but drivers should carry more liability than the minimum.
The chart below demonstrates why minimum state limits may not be high enough to adequately cover claims.
Coverage for uninsured or underinsured drivers
Your UM/UIM coverage gives you protection when the “other guys” either have no liability insurance or not enough. Covered losses include medical payments for you and your occupants and also any damage incurred to your Volvo V50.
Since many Indiana drivers have only the minimum liability required by law (Indiana limits are 25/50/10), it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage should not be overlooked.
Coverage for medical expenses
Coverage for medical payments and/or PIP pay for expenses such as X-ray expenses, funeral costs, rehabilitation expenses, hospital visits and prosthetic devices. They are used to cover expenses not covered by your health insurance plan or if you are not covered by health insurance. It covers you and your occupants as well as getting struck while a pedestrian. PIP coverage is not an option in every state and may carry a deductible
Comprehensive car insurance
Comprehensive insurance coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You need to pay your deductible first and then insurance will cover the rest of the damage.
Comprehensive can pay for claims like vandalism, rock chips in glass and damage from a tornado or hurricane. The highest amount a car insurance company will pay at claim time is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.
Get the best coverage at the best price
Discount Volvo V50 insurance in Fort Wayne can be purchased on the web and from local insurance agents, and you need to price shop both to have the best chance of lowering rates. Some auto insurance companies don’t offer the ability to get quotes online and many times these small insurance companies prefer to sell through independent agents.
We just covered a lot of information how to find cheaper Volvo V50 insurance in Fort Wayne. The key concept to understand is the more rate comparisons you have, the better your comparison will be. Consumers may even find the best price on auto insurance is with some of the lesser-known companies. Regional companies may only write in your state and offer lower prices than their larger competitors like State Farm and Allstate.
Steps to finding more affordable Volvo V50 insurance in Fort Wayne
Really, the only way to get budget Volvo V50 insurance in Fort Wayne is to make a habit of regularly comparing prices from providers in Indiana.
- Step 1: Try to understand how car insurance works and the things you can change to lower rates. Many risk factors that increase rates such as distracted driving and a poor credit score can be improved by making lifestyle changes or driving safer.
- Step 2: Request price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only give rate quotes from a single company like Progressive or Farmers Insurance, while independent agencies can give you price quotes for many different companies. View prices
- Step 3: Compare the new rate quotes to your current policy premium and determine if there is any savings. If you find better rates and switch companies, ensure there is no coverage lapse between policies.
- Step 4: Provide adequate notice to your current company of your intent to cancel your current car insurance policy and submit a down payment along with a signed application to your new insurance company. When you receive it, place your new certificate verifying coverage in an easily accessible location.
A good tip to remember is to make sure you enter similar limits and deductibles on every price quote and to quote with as many companies as possible. Doing this guarantees a fair price comparison and the best price quote selection.
More detailed auto insurance information can be read at these sites:
- Event Data Recorders FAQ (iihs.org)
- Who Has Affordable Fort Wayne Auto Insurance Rates for Drivers Over Age 50? (FAQ)
- How Much are Auto Insurance Quotes for Drivers Under 25 in Fort Wayne? (FAQ)
- What Car Insurance is Cheapest for a Nissan Altima in Fort Wayne? (FAQ)
- What Car Insurance is Cheapest for Teenagers in Fort Wayne? (FAQ)
- Who Has Cheap Car Insurance Quotes for Drivers with Accidents in Fort Wayne? (FAQ)
- Who Has the Cheapest Fort Wayne Auto Insurance for a Dodge Ram? (FAQ)
- Who Has Affordable Auto Insurance for Low Credit Scores in Fort Wayne? (FAQ)
- Teen Driving and Texting (State Farm)
- New Honda safety features benefit drivers of all ages (Insurance Institute for Highway Safety)
- Think You’re a Safe Driver? (State Farm)