Cheapest Rates for Volvo S40 Insurance in Memphis

The most effective way to find better pricing on Volvo S40 insurance in Memphis is to compare prices regularly from insurance carriers in Tennessee.

1. Learn about the coverage provided by your policy and the modifications you can make to lower rates. Many things that increase rates such as high-risk driving behaviors and poor credit can be remedied by making minor changes in your lifestyle.
2. Get rate quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only quote rates from one company like GEICO and Allstate, while independent agencies can give you price quotes from multiple sources. Click to view companies
3. Compare the new rate quotes to your current policy and determine if there is any savings. If you find a lower rate quote and decide to switch, make sure the effective date of the new policy is the same as the expiration date of the old one.

One important bit of advice is to use similar deductibles and liability limits on each quote and and to compare as many different insurance providers as possible. This guarantees an accurate price comparison and many rates to choose from.

Everyone knows that insurance companies want to keep you from shopping around. People who shop for lower rates will probably buy a new policy because there is a significant possibility of finding lower rate quotes. Remarkably, a study showed that consumers who regularly compared price quotes saved an average of $865 a year as compared to drivers who don’t regularly compare prices.

If saving money on Volvo S40 insurance in Memphis is your objective, then having some knowledge of how to quote prices and compare auto insurance can help simplify the task of finding more affordable coverage.

Components of Your Volvo S40 Insurance Rates

An important part of buying insurance is that you know some of the factors that aid in calculating your policy premiums. If you have some idea of what determines base rates, this allows you to make good choices that could help you find lower premium levels. Many things are taken into consideration when premium rates are determined. Some of the criteria are obvious such as your driving history, although others are not quite as obvious such as whether you are married and annual miles driven.

The factors shown below are some of the most common factors used by your company to calculate premiums.

The type of car makes a difference – The performance level of the car or truck you need to insure makes a substantial difference in your premium level. Economy passenger models usually are quite affordable to insure, but many other things help determine your insurance rates.

The data below is based on a married male driver age 40, full coverage with $100 deductibles, and no discounts or violations. It compares Volvo S40 insurance rates compared to other models that have different performances.

More policies can equal more savings – Most larger companies allow lower prices to people who have multiple policies with them, otherwise known as a multi-policy discount. Even with this discount, it’s still a good idea to comparison shop to help ensure you have the lowest rates.

Extra policy coverages that aren’t used – Policies have extra bells and whistles that can waste your money if you don’t pay attention. Insurance for things like rental car reimbursement, towing coverage, and extra life insurance coverage may be wasting your money. You may think they are a good idea when discussing your needs, but if they’re wasting money think about removing them and cutting costs.

Save money with GPS tracking and theft deterrents – Choosing to buy a car with a theft deterrent system can save you a little every year. Theft prevention devices like GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder your vehicle from being stolen.

Rates increase with driving citations – Even one speeding ticket can bump up the cost by twenty percent. Drivers who don’t get tickets have lower premiums than people who have multiple driving citations. Drivers unfortunate enough to have severe violations such as DUI or willful reckless driving may need to file a proof of financial responsibility form (SR-22) to the state department of motor vehicles in order to keep their license.

The illustration below demonstrates how citations and at-fault claims can influence Volvo S40 yearly insurance costs for each different age category. The rate quotes are based on a married male driver, full coverage, $500 deductibles, and no additional discounts are factored in.

Where you live plays a part – Choosing to live in a rural area can save you money when trying to find low car insurance rates. Less people means less chance of accidents and also fewer theft and vandalism claims. People who live in big cities have to deal with congested traffic and more severe claims. Spending more time driving means higher likelihood of an accident.

Guys are more aggressive – Over the last 30 years, statistics show that females take fewer risks when driving. However, don’t assume that women are BETTER drivers than men. Both sexes are responsible for auto accidents in similar numbers, but the men cause more damage and cost insurance companies more money. Men also get ticketed for serious violations such as driving while intoxicated (DWI) or driving recklessly. Young men ages 16 to 20 tend to get in the most accidents so it costs more to insure them.

The diagram below illustrates the difference between Volvo S40 insurance costs for male and female drivers. The price estimates are based on no claims or violations, comprehensive and collision coverage, $500 deductibles, single status, and no discounts are factored in.

Insurance data for a Volvo S40

The table displayed next showcases estimates of insurance costs for Volvo S40 models. Having insight into how insurance rates are figured is important for drivers to make smart choices when comparing insurance rates.

Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Rate quotes do not factor in the specific area where the vehicle is garaged which can influence prices significantly.

Should you raise deductibles?

When buying insurance, a common question is how high should the physical damage coverage deductibles be. The rates below determine the differences in premium rates of buying low and high physical damage deductibles. The first price estimate table uses a $250 deductible for physical damage and the second rate table uses a $500 deductible.

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include multi-policy, safe-driver, multi-vehicle, claim-free, and homeowner. Rates do not factor in specific location which can impact coverage prices substantially.

Using the data above, we can ascertain that using a $250 deductible will cost you approximately $13 more each month or $156 every year than selecting the higher $500 deductible. Due to the fact that you would have to pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you tend to have at least 19 months between claim filings, you would save more money if you decide on a higher deductible.

An important thing to remember is that increasing deductibles to lower your rates results in having to pay to pay more out-of-pocket at claim time. You should have enough money put aside in the event you need to pay more to get your vehicle repaired.

The chart below illustrates how your deductible choice and can change Volvo S40 insurance premiums for different categories of driver ages. The data is based on a single male driver, full coverage, and no other discounts are factored in.

Full coverage rates compared to liability-only

The example below compares Volvo S40 auto insurance rates with and without full coverage. The costs are based on no claims or driving citations, $1,000 deductibles, single status, and no discounts are applied.

When to eliminate full coverage

There isn’t a steadfast formula for excluding comp and collision coverage, but there is a broad guideline. If the annual cost of having full coverage is more than 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.

For example, let’s assume your Volvo S40 replacement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, you would only receive $8,000 after paying your deductible. If it’s costing you more than $800 a year for full coverage, the it may be a good time to stop paying for full coverage.

There are some conditions where eliminating full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not buy liability only.

Cheaper Volvo S40 insurance in Memphis

Insurance is not inexpensive, but discounts can save money and there are some available to reduce the price significantly. Many discounts should be triggered at the time you complete a quote, but some discounts are required to be asked for before you get the savings.

• Student Discount for Driver Training – Reduce the cost of insurance for teen drivers by having them enroll and complete driver’s education in school.
• Pay Early and Save – By paying your entire bill at once instead of making monthly payments you may have a lower total premium amount.
• Theft Prevention Discount – Vehicles that have factory anti-theft systems prevent vehicle theft and qualify for as much as a 10% discount.
• Defensive Driving Course – Taking a class that teaches safe driver techniques could save 5% or more depending on where you live.
• Seat Belt Discounts – Drivers who require all vehicle occupants to buckle up before driving could save 15% on the medical payments or PIP coverage costs.
• Life Insurance – If the company offers life insurance, you could get a lower insurance rate if you buy a life policy as well.

As is typical with insurance, some credits don’t apply to the entire cost. The majority will only reduce the cost of specific coverages such as comp or med pay. So despite the fact that it appears you can get free auto insurance, it just doesn’t work that way.

The information below shows the comparison of Volvo S40 insurance costs with and without discounts applied to the rates. The rate quotes are based on a male driver, no claims or driving citations, Tennessee state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, claim-free, safe-driver, multi-policy, homeowner, and multi-car discounts applied.

A list of companies and their possible discounts can be found below.

• GEICO may include discounts for military active duty, five-year accident-free, multi-policy, emergency military deployment, defensive driver, seat belt use, and anti-lock brakes.
• MetLife discounts include defensive driver, multi-policy, good driver, good student, and accident-free.
• Progressive includes discounts for online signing, homeowner, continuous coverage, online quote discount, multi-vehicle, multi-policy, and good student.
• Travelers has discounts for multi-policy, save driver, home ownership, multi-car, and good student.
• SAFECO offers premium reductions for anti-theft, drive less, teen safe driver, anti-lock brakes, safe driver, teen safety rewards, and homeowner.
• AAA offers discounts for multi-policy, anti-theft, good student, good driver, and pay-in-full.

Double check with every insurance company how you can save money. Discounts might not apply in Memphis. To locate insurance companies that offer some of these discounts in Tennessee, click here.

In the end, you can save money

Some car insurance companies may not have price quotes online and usually these regional carriers prefer to sell through local independent agencies. Cost effective Volvo S40 insurance is definitely available online and with local Memphis insurance agents, and you need to price shop both in order to have the best chance of saving money.

We just presented a lot of information how to lower your Volvo S40 insurance premium rates in Memphis. The key thing to remember is the more rate comparisons you have, the better your comparison will be. Drivers may even discover the lowest premium rates are with the smaller companies. These companies can often provide lower prices in certain areas than the large multi-state companies such as Progressive or GEICO.

Additional information can be found at these links:

• Speed and Speed Limit FAQ (iihs.org)
• Who Has Affordable Car Insurance Quotes for Felons in Memphis? (FAQ)
• Who Has Affordable Memphis Car Insurance for a Nissan Altima? (FAQ)
• How Much is Memphis Auto Insurance for a Company Car? (FAQ)
• What Car Insurance is Cheapest for Infrequent Drivers in Memphis? (FAQ)
• Red Light Cameras (State Farm)
• Collision Insurance Coverage (Nationwide)
• Teen Driver Licensing Information (iihs.org)
• Auto Insurance FAQ (Farmers Insurance)