Compare Volvo V50 Insurance Rate Quotes in Anchorage

Smart shoppers know that auto insurance companies don’t want you to look at other companies. Consumers who shop for lower prices are very likely to switch to a new company because there is a good chance of finding discount prices. Remarkably, a study showed that drivers who regularly compared rates saved over $865 a year compared to other drivers who never compared prices.

If saving the most money on car insurance in Anchorage is why you’re reading this, then learning about how to shop for insurance can save time and money.

Truthfully, the best way to find affordable quotes for Volvo V50 insurance in Anchorage is to regularly compare prices from providers in Alaska. Rates can be compared by completing these steps.

First, read about how car insurance works and the measures you can take to prevent expensive coverage. Many rating criteria that cause rate increases such as multiple speeding tickets and an imperfect credit rating can be improved by paying attention to minor details.

Second, compare prices from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only quote rates from one company like GEICO or State Farm, while independent agencies can quote rates from multiple insurance companies.

Third, compare the price quotes to your existing policy and determine if cheaper V50 coverage is available. If you find better rates and make a switch, make sure there is no lapse in coverage.

Fourth, provide notification to your current company of your decision to cancel your current policy. Submit a completed policy application and payment for your new coverage. As soon as you have the new policy, store the certificate verifying proof of insurance in your vehicle.

A key point to remember is that you’ll want to make sure you compare the same amount of coverage on every price quote and and to get price quotes from as many different companies as possible. This ensures the most accurate price comparison and a thorough selection of prices.

When shopping for low cost Anchorage auto insurance quotes, there are a couple of ways to compare quotes from many different Alaska insurance companies. One of the best ways to find affordable insurance rates is to get quotes online. When comparison shopping, getting more free quotes helps increase your odds of locating the best price.

The companies shown below are ready to provide comparison quotes in Anchorage, AK. If your goal is to find cheap auto insurance in AK, we recommend you visit as many as you can to get the most affordable price.

Auto insurance statistics and figures

The coverage table displayed next outlines detailed analysis of prices for Volvo V50 models. Learning as much as possible about how insurance rates are figured is important for making smart policy decisions.

Above prices assume single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Alaska minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Price information does not factor in specific Anchorage garaging location which can alter insurance rates considerably.

Raise deductibles and save

One of the more difficult decisions when buying auto insurance is what deductibles to buy. The following tables can help you understand the cost difference when you select higher and lower physical damage coverage deductibles. The first data table uses a $250 physical damage coverage deductible and the second data table uses a $500 deductible.

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Alaska minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Prices do not factor in garaging location in Anchorage which can revise auto insurance rates significantly.

Based on this data, using a $250 deductible could cost the average driver approximately $14 more each month or $168 every year than choosing the higher $500 deductible. Since you would pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you go more than 18 months between claims, you would more than likely save some money by going with a higher deductible. Here is an example of how you can come to your own conclusion.

Males versus Females

The information below shows the difference between Volvo V50 auto insurance rates for male and female drivers. The costs are based on no accidents or driving violations, comp and collision included, $500 deductibles, drivers are not married, and no discounts are factored in.

Does it make sense to buy full coverage?

The chart below shows the difference between Volvo V50 premium costs with full physical damage coverage compared to only buying liability only. The premiums are based on no tickets, no at-fault accidents, $500 deductibles, drivers are not married, and no discounts are taken into consideration.

Are you wasting money on full coverage?

There is no exact rule for phasing out full coverage on your policy, but there is a guideline you can consider. If the annual cost of coverage is about 10% or more of the settlement you would receive from your company, then you might want to think about dropping full coverage.

For example, let’s pretend your Volvo V50 replacement value is $8,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $7,000 after paying the physical damage deductible. If you are currently paying more than $700 annually for comprehensive and collision coverage, then you might want to consider buying only liability coverage.

There are some scenarios where dropping full coverage is not recommended. If you still have a lienholder on your title, 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 if your current one is damaged, you should not opt for liability only.

How Your V50 Insurance Costs are Determined

Lots of factors are used when you quote your car insurance policy. A few of the factors are predictable like an MVR report, but others are not quite as obvious like your continuous coverage or how safe your car is.

• Liability claims can be big – The liability section of your policy kicks in when a court rules you are at fault for damages caused by your negligence. Liability provides for a legal defense starting from day one. It is affordable coverage when compared with rates for comp and collision, so buy as much as you can afford.
• Do safer cars cost less to insure? – Cars with high safety ratings are cheaper to insure. Safe vehicles protect occupants better and lower rates of occupant injuries means lower claim amounts and cheaper rates on your policy. If your Volvo scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website you are probably receiving a discount.

• Performance impacts insurance rates – The type of vehicle you own makes a substantial difference in how high your rates are. Lower performance four cylinder passenger models usually have the lowest premiums, but many other things help determine your insurance rates.

  The following chart is based on a single male driver age 20, full coverage with $500 deductibles, and no discounts or violations. The chart compares Volvo V50 rates compared to other models that have different risk factors.

• Your address can modify prices – Living in small towns and rural areas has definite advantages when trying to find low car insurance rates. City drivers regularly have more road rage incidents and longer commute times. Fewer drivers means less chance of accidents and a lower car theft rate.
• Having a spouse is a good thing – Walking down the aisle can get you a discount on your auto insurance policy. It is viewed as being more mature and insurance companies reward insureds because drivers who are married are more cautious.

Choosing Volvo vehicle insurance is an important decision

Despite the high insurance cost for a Volvo V50 in Anchorage, insurance is required by state law in Alaska and it also provides benefits you may not be aware of.

First, the majority of states have minimum liability requirements which means state laws require specific limits of liability insurance in order to be legal. In Alaska these limits are 50/100/25 which means you must have $50,000 of bodily injury coverage per person, $100,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.

Second, if your Volvo V50 has a loan, most lenders will make it a condition of the loan that you have full coverage to guarantee their interest in the vehicle. If you do not pay your insurance premiums, the lender may have to buy a policy to insure your Volvo at a much higher premium rate and require you to reimburse them for it.

Third, insurance preserves both your assets and your car. Insurance will also pay for most medical and hospital costs for both you and anyone you injure as the result of an accident. One of the most valuable coverages, liability insurance, will also pay attorney fees if anyone sues you for causing an accident. If you have damage to your Volvo as the result of the weather or an accident, collision and comprehensive coverages will cover the damage repairs after a deductible is paid.

The benefits of carrying adequate insurance outweigh the cost, especially with large liability claims. According to a recent study, the average American driver is wasting up to $855 a year so shop around once a year at a minimum to help ensure money is not being wasted.