6 Guaranteed Tricks to Reduce Volvo V50 Insurance Costs in Nevada
Scraping up a payment for overpriced Volvo V50 insurance can empty your checking account and make it hard to pay other bills. Doing a price comparison is free, only takes a few minutes, and is a good way to lower your monthly bill.
Many auto insurance companies vie for your business, so it’s not easy to compare every provider and uncover the absolute lowest rate
If you currently have a car insurance policy, you will most likely be able to reduce your rates substantially using these techniques. Choosing the best insurance company for you is easy if you know what you’re doing. Although Nevada drivers can benefit by having an understanding of how big insurance companies sell online and use this information to your advantage.
How much can you save with these six discounts?
The cost of insuring your cars can be expensive, but there are discounts available to help bring down the price. Certain discounts will be applied at the time of purchase, but lesser-known reductions have to be inquired about in order for you to get them.
- Clubs and Organizations – Being a member of a qualifying organization could trigger savings on auto insurance on V50 insurance.
- One Accident Forgiven – Certain companies will forgive one accident before your rates go up if you are claim-free for a particular time prior to the accident.
- Military Rewards – Being on active duty in the military could mean lower rates.
- Low Mileage Discounts – Fewer annual miles on your Volvo can qualify you for a substantially lower rate.
- Good Student – Performing well in school can be rewarded with saving of up to 25%. The discount lasts up until you turn 25.
- Life Insurance – Some companies give lower rates if you buy life insurance from them.
Consumers should know that most of the big mark downs will not be given to your bottom line cost. The majority will only reduce the cost of specific coverages such as physical damage coverage or medical payments. So even though they make it sound like all those discounts means the company will pay you, you’re out of luck. Any amount of discount will reduce your premiums.
To choose providers with discount auto insurance rates in Nevada, click here to view.
When should I use an insurance agent?
When it comes to buying coverage for your vehicles, there is no cookie cutter policy. Everyone’s situation is a little different so your insurance needs to address that. These are some specific questions can aid in determining if your situation might need an agent’s assistance.
- What can I do if my company denied a claim?
- Do I really need UM/UIM coverage?
- Is my nanny covered when driving my vehicle?
- Is business property covered if stolen from my car?
- Should I drop comprehensive coverage on older vehicles?
- Do I have coverage when using my vehicle for my home business?
- Do I need rental car coverage?
- What if I total my Volvo V50 and owe more than it’s worth?
If it’s difficult to answer those questions but one or more may apply to you, then you may want to think about talking to a licensed insurance agent. If you don’t have a local agent, fill out this quick form or you can go here for a list of companies in your area.
Car Insurance through a local agent
A small number of people would rather get advice from a local agent. One of the best bonuses of price shopping on the web is you can get better rates and still have an agent to talk to. And supporting small agencies is important particularly in small towns and cities.
To make it easy to find an agent, after completing this form (opens in new window), the coverage information is sent to insurance agents who will battle for your coverage. You don’t have to drive around as quotes are delivered straight to your inbox. How’s that for easy! You’ll get the best rates AND a local agent.
Captive and independent Nevada auto insurance agents
When finding a good Nevada insurance agent, you need to know there are two different agency structures that differ in how they can insure your vehicles. Agents are either captive or independent.
Independent Agents
Independent agencies are not employed by any specific company so they can insure your vehicles with many different companies enabling the ability to shop coverage around. To move your coverage to a new company, the agent simply finds a different carrier and you don’t have to find a new agent.
When comparison shopping, you should always get quotes from at a minimum one independent agency to get the best comparison.
Captive Insurance Agents
Captive agencies work for only one company such as State Farm, AAA and Liberty Mutual. Captives cannot provide prices from multiple companies so always compare other rates. They are trained well in insurance sales and that can be a competitive advantage.
To view a full list of agents in Nevada, view this site.
Picking a car insurance agent requires more thought than just a cheap price. Ask your prospective agent these questions:
- Do the companies they represent have a solid financial rating?
- How long have they worked with personal auto insurance coverage?
- Do they have any clout with companies to ensure a fair claim settlement?
- Do they have adequate Errors and Ommissions coverage? This protects you if they make a mistake.
- Is vehicle damage repaired with OEM or aftermarket parts?
- Do they assist clients in filing claims?
After receiving reasonable responses to these questions and locked in a price quote, you’ve probably found an insurance agent that meets your needs to properly insure your vehicles.
Can switching companies really save?
Auto insurance companies such as State Farm and Allstate constantly bombard you with ads on television and other media. They all seem to have a common claim that you’ll save big if you switch to their company. How do they all say the same thing? It’s all in the numbers.
All companies have a preferred profile for the driver that earns them a profit. A good example of a desirable insured might be between the ages of 40 and 55, a clean driving record, and drives newer vehicles. A customer getting a price quote who meets those qualifications is entitled to the best price and most likely will save quite a bit of money when switching.
Potential customers who don’t qualify for the “perfect” profile will be charged higher rates and this can result in business not being written. The ads state “people who switch” but not “drivers who get quotes” save that much money. This is how companies can truthfully state the savings.
That is why you need to get a wide range of price quotes. Because you never know which auto insurance company will fit your personal profile best.
Some additional reading
More information can be found on the website for the Nevada Division of Insurance. Click here for link. Visitors are able to view a list of available companies, file complaints about a company, read industry bulletins, and get help finding coverage.
These articles may also be worth reading.
Auto insurance coverage breakdown
Having a good grasp of your auto insurance policy can help you determine the right coverages and the correct deductibles and limits. The terms used in a policy can be confusing and nobody wants to actually read their policy. Listed below are typical coverage types offered by auto insurance companies.
Liability car insurance
This coverage provides protection from injuries or damage you cause to people or other property in an accident. It protects you from legal claims by others, and does not provide coverage for damage sustained by your vehicle in an accident.
It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see values of 50/100/50 which means a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged propery. Alternatively, you may have a combined single limit or CSL which combines the three limits into one amount without having the split limit caps.
Liability coverage protects against claims such as attorney fees, repair costs for stationary objects, repair bills for other people’s vehicles and emergency aid. The amount of liability coverage you purchase is up to you, but buy higher limits if possible. Nevada requires drivers to carry at least 15,000/30,000/10,000 but you should think about purchasing more coverage.
Comprehensive (Other than Collision)
This coverage covers damage caused by mother nature, theft, vandalism and other events. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive coverage pays for things like damage from a tornado or hurricane, rock chips in glass, hitting a bird and damage from flooding. The maximum amount you can receive from a comprehensive claim is the cash value of the vehicle, so if it’s not worth much more than your deductible it’s not worth carrying full coverage.
Medical expense insurance
Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses such as pain medications, chiropractic care, ambulance fees and surgery. They are utilized in addition to your health insurance program or if you lack health insurance entirely. It covers all vehicle occupants and also covers being hit by a car walking across the street. PIP is not an option in every state but it provides additional coverages not offered by medical payments coverage
Collision protection
This pays for damage to your V50 from colliding with another car or object. You have to pay a deductible then your collision coverage will kick in.
Collision coverage protects against claims like driving through your garage door, damaging your car on a curb, crashing into a building, backing into a parked car and crashing into a ditch. Paying for collision coverage can be pricey, so consider removing coverage from older vehicles. Drivers also have the option to raise the deductible to save money on collision insurance.
Protection from uninsured/underinsured drivers
Uninsured or Underinsured Motorist coverage gives you protection from other drivers when they either have no liability insurance or not enough. Covered losses include hospital bills for your injuries and also any damage incurred to your Volvo V50.
Since a lot of drivers only purchase the least amount of liability that is required (which is 15/30/10), their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage should not be overlooked. Usually these coverages do not exceed the liability coverage limits.
Shop smart and save
Budget-conscious Volvo V50 insurance is attainable both online and also from your neighborhood Nevada agents, so you should be comparing quotes from both to get a complete price analysis. Some insurance providers may not provide online price quotes and usually these smaller companies provide coverage only through local independent agents.
You just learned a lot of techniques to lower your Volvo V50 insurance rates. The key concept to understand is the more companies you get rates for, the more likely it is that you will get a better rate. You may even discover the best price on auto insurance is with an unexpected company. Regional companies can often provide lower rates in certain areas as compared to the big name companies such as Allstate, GEICO and Progressive.