Car Insurance Rates for a Volvo S40 in Anchorage

Everyone knows that insurance companies don’t want you quoting rates from other companies. Consumers who compare price quotes will probably switch to a new company because there is a high probability of finding a lower-priced policy. A recent car insurance study revealed that people who routinely compared quotes saved $850 each year as compared to drivers who don’t make a habit of comparing rates.

If finding the best rates on insurance in Anchorage is your objective, learning how to get free comparison quotes and analyze coverages can save time and make the process easier.

The best way we recommend to get discount Volvo S40 insurance in Anchorage is to begin comparing prices regularly from different companies who sell auto insurance in Alaska. You can shop around by following these guidelines.

Step 1: Spend some time learning about how companies price auto insurance and the things you can change to keep rates low. Many risk factors that result in higher prices such as traffic citations, accidents, and a bad credit rating can be remedied by making minor driving habit or lifestyle changes. Continue reading for instructions to get cheaper rates and find discounts that you may qualify for.

Step 2: Compare prices from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can provide rates from one company like Progressive or Farmers Insurance, while independent agents can quote prices for a wide range of insurance providers.

Step 3: Compare the new rate quotes to your existing coverage and determine if cheaper S40 coverage is available in Anchorage. If you find better rates and make a switch, ensure there is no coverage lapse between policies.

Step 4: Give notification to your current company of your intent to cancel your current auto insurance policy. Submit a completed application and payment to your new agent or company. Once the application is submitted, put the certificate verifying proof of insurance somewhere easily accessible.

The critical component of shopping around is to try to use identical coverages on every quote and and to get price quotes from as many different insurance providers as possible. Doing this guarantees a fair rate comparison and many rates to choose from.

If you have a policy now, you stand a good chance to be able to shop for the lowest rates using the concepts you’re about to learn. The purpose of this post is to teach you a little about the best methods to compare rates and how to save the most money. Nevertheless, Alaska drivers need to have an understanding of how the larger insurance companies price online insurance because it varies considerably.

Many insurance companies provide prices for coverage online. The process is easy for anyone as all you need to do is type in the coverages you want into the quote form. After you complete the form, the company’s rating system pulls information on your driving record and credit history and quotes a price determined by many factors.

Using the web to get rate quotes for Volvo S40 insurance in Anchorage makes it easy to compare insurance prices and it is imperative to perform this step if you are searching for the best car insurance rates.

If you want to find out how much you can save on car insurance, compare rate quotes from the providers shown below. If you have your current policy handy, we recommend you input your coverages exactly as shown on your declarations page. This way, you are getting comparison quotes based on similar coverages.

The companies shown below provide price quotes in Alaska. To get the best cheap auto insurance in Alaska, we suggest you visit two to three different companies in order to find the most affordable rates.

Volvo S40 insurance rate analysis

The table shown next highlights different insurance rates for Volvo S40 models. Having a good understanding how auto insurance prices are determined is important for drivers to make decisions on the best policy to buy.

Table data represents married female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Alaska minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Premium amounts do not factor in Anchorage location which can impact rates considerably.

Analysis of deductible levels

One of the more difficult decisions when buying insurance is at what level do you set your deductibles. The figures shown below highlight the price difference between low and high physical damage coverage deductibles. The first set of rates uses a $100 comprehensive and collision deductible and the second rate table uses a $1,000 deductible.

Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Alaska minimum liability limits. Discounts applied include homeowner, multi-vehicle, safe-driver, claim-free, and multi-policy. Rates do not factor in garaging location in Anchorage which can alter premium rates substantially.

Based on this data, we can arrive at the conclusion that using a $100 deductible costs roughly $31 more each month or $372 a year averaged for all S40 models than opting for the higher $1,000 deductible. Due to the fact that you would have to pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you average at least 29 months between claim filings, you would come out ahead if you opt for a higher deductible. Here is the way you can make your own decision.

The example below shows how different deductible levels and can affect Volvo S40 annual premium costs for different age categories. The price estimates are based on a single male driver, comp and collision included, and no policy discounts are applied.

Impact of age and gender on insurance rates

The illustration below shows the comparison of Volvo S40 insurance costs for male and female drivers. The rate quotes are based on a clean driving record, no claims, comp and collision included, $500 deductibles, drivers are single, and no discounts are applied to the premium.

Liability only or full coverage

The example below shows the comparison of Volvo S40 car insurance costs with full physical damage coverage and with liability coverage only. The data assumes no claims, a clean driving record, $1,000 deductibles, single marital status, and no policy discounts are applied.

Guidelines for dropping full coverage

There is no specific rule of when to exclude comp and collision coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.

For example, let’s assume your Volvo S40 replacement value is $6,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would receive is $5,000 after you pay the deductible. If it’s costing in excess of $500 a year for your policy with full coverage, then you might want to think about dropping full coverage.

There are some conditions where dropping full coverage is not a good plan. If you still have a loan on your vehicle, you have to keep full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should maintain full coverage.

Choosing Volvo S40 insurance is an important decision

Despite the high insurance cost for a Volvo S40 in Anchorage, insuring your vehicle serves a purpose in several ways.

• Almost all states have mandatory insurance requirements which means state laws require a specific minimum amount of liability protection in order to drive the car. 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.
• If your vehicle has a lienholder, most lenders will make it mandatory that you buy insurance to ensure the loan is repaid in case of a total loss. If the policy lapses, the lender may insure your Volvo at a much higher rate and force you to reimburse them the higher premium.
• Insurance protects both your assets and your vehicle. It will also reimburse you for hospital and medical expenses incurred in an accident. Liability coverage will also pay to defend you if you cause an accident and are sued. If you have damage to your Volvo as the result of the weather or an accident, comprehensive and/or collision insurance will pay to repair the damage.

The benefits of insuring your S40 are definitely more than the cost, particularly if you ever have a claim. But the average American driver is wasting up to $830 a year so you should quote rates once a year at a minimum to be sure current rates are still competitive.

When in doubt talk to an agent

When quoting and choosing insurance from an agent or online for your personal vehicles, there really isn’t a “perfect” insurance plan. Every situation is different and your insurance should unique, too.
For instance, these questions can aid in determining if your situation may require specific advice.

• Am I covered when driving on a suspended license?
• If I use my vehicle for business use is it covered?
• Is my ex-spouse still covered by my policy?
• Will I lose any money if I cancel my policy before it expires?
• Do I have ACV or replacement cost coverage?
• Is my custom stereo system covered?
• What is covered by UM/UIM coverage?
• Is pleasure use cheaper than using my Volvo S40 to commute?

If you don’t know the answers to these questions but you know they apply to you then you might want to talk to a licensed insurance agent. If you don’t have a local agent, simply complete this short form or you can go here for a list of companies in your area.

Detailed coverages of your insurance policy

Knowing the specifics of your policy can be of help when determining the right coverages for your vehicles. Policy terminology can be difficult to understand and nobody wants to actually read their policy. Shown next are typical coverage types found on most insurance policies.

Coverage for medical payments

Medical payments and Personal Injury Protection insurance kick in for short-term medical expenses such as X-ray expenses, surgery and rehabilitation expenses. They are utilized in addition to your health insurance policy or if you do not have health coverage. Coverage applies to not only the driver but also the vehicle occupants as well as getting struck while a pedestrian. PIP is not universally available and gives slightly broader coverage than med pay

Collision coverage

Collision insurance covers damage to your S40 from colliding with another vehicle or an object, but not an animal. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision coverage protects against claims such as colliding with a tree, rolling your car and hitting a parking meter. Collision coverage makes up a good portion of your premium, so consider removing coverage from older vehicles. It’s also possible to bump up the deductible on your S40 to get cheaper collision coverage.

Liability car insurance

This coverage can cover damage or injury you incur to people or other property by causing an accident. It protects you from claims by other people. Liability doesn’t cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. As an example, you may have liability limits of 50/100/25 which means a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property. Another option is one limit called combined single limit (CSL) which provides one coverage limit and claims can be made without the split limit restrictions.

Liability coverage pays for claims such as medical expenses, loss of income, attorney fees, court costs and repair bills for other people’s vehicles. How much liability should you purchase? That is your choice, but it’s cheap coverage so purchase as much as you can afford. Alaska state law requires minimum liability limits of 50/100/25 but you should think about purchasing more liability than the minimum.

The next chart demonstrates why low liability limits may not provide you with enough coverage.

Comprehensive coverages

Comprehensive insurance will pay to fix damage that is not covered by collision coverage. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things like damage from getting keyed, damage from flooding, theft and vandalism. The highest amount you can receive from a comprehensive claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Uninsured and underinsured coverage

This provides protection from other drivers when they either have no liability insurance or not enough. It can pay for medical payments for you and your occupants and also any damage incurred to your Volvo S40.

Because many people carry very low liability coverage limits (50/100/25), it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages is a good idea. Usually the UM/UIM limits do not exceed the liability coverage limits.

Which car insurance company is best in Anchorage?

Buying coverage from the highest-rated auto insurance company can be rather challenging considering how many different companies insure vehicles in Alaska. The ranking information in the lists below could help you choose which companies to look at to insure your vehicles.

Top 10 Anchorage Car Insurance Companies Ranked by Value

1. USAA
2. American Family
3. The Hartford
4. The General
5. State Farm
6. AAA Insurance
7. Allstate
8. Esurance
9. Safeco
10. 21st Century

Top 10 Anchorage Car Insurance Companies Overall

1. USAA
2. American Family
3. State Farm
4. The Hartford
5. AAA Insurance
6. GEICO
7. The General
8. Progressive
9. Allstate
10. Liberty Mutual

Persistent drivers can save

We just covered many ways to compare Volvo S40 insurance prices in Anchorage. The most important thing to understand is the more you quote Anchorage car insurance, the better likelihood of getting affordable Anchorage car insurance quotes. You may even discover the biggest savings come from an unexpected company. These smaller insurers often have lower rates on specific markets than the large multi-state companies such as State Farm and Allstate.

When shopping online for car insurance, you should never buy lower coverage limits just to save a few bucks. There are a lot of situations where someone sacrificed comprehensive coverage or liability limits to discover at claim time they didn’t have enough coverage. The proper strategy is to purchase plenty of coverage for the lowest cost while not skimping on critical coverages.

Even more information can be read at these sites:

• Protect Yourself Against Auto Theft (Insurance Information Institute)
• Who Has Affordable Auto Insurance Quotes for a Nissan Sentra in Anchorage? (FAQ)
• What Insurance is Cheapest for Drivers with Accidents in Anchorage? (FAQ)
• Who Has Cheap Auto Insurance for Low Mileage Drivers in Anchorage? (FAQ)
• Who Has Affordable Auto Insurance Quotes for Seniors in Anchorage? (FAQ)
• Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)
• Child Safety FAQ (iihs.org)
• What is Full Coverage? (Allstate)