It’s an obvious statement that auto insurance companies don’t want their customers to go rate shopping. Drivers who shop around for cheaper price quotes will, in all likelihood, switch car insurance companies because they have good chances of finding coverage at a cheaper rate. A recent car insurance study discovered that consumers who compared rate quotes regularly saved on average $3,500 over four years compared to other drivers who never compared prices.
If finding the lowest price for car insurance is your goal, then learning about the best way to quote and compare insurance can help make the process easier.
The easiest way to get more affordable Volvo XC70 insurance in Lincoln is to compare prices annually from different companies who sell auto insurance in Nebraska. This can be done by completing these steps.
- First, spend some time learning about coverages and the measures you can control to lower rates. Many rating factors that cause rate increases like at-fault accidents, speeding tickets, and an unacceptable credit rating can be controlled by making minor changes to your lifestyle. Keep reading for additional ideas to get affordable coverage and find available discounts that you may qualify for.
- Second, get rate quotes from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like Progressive or Allstate, while independent agencies can quote prices for a wide range of insurance providers.
- Third, compare the quotes to your existing policy to see if a cheaper rate is available in Lincoln. If you find a lower rate, make sure coverage is continuous and does not lapse.
An important note is that you’ll want to make sure you compare identical limits and deductibles on each quote request and and to get price estimates from as many car insurance companies as possible. This provides an apples-to-apples comparison and many rates to choose from.
Insurance statistics and figures
The coverage information displayed next highlights a range of insurance premium costs for Volvo XC70 models. Learning a little about how auto insurance premiums are calculated can benefit drivers when making decisions when shopping around.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| XC70 3.2 AWD Station Wagon | $280 | $520 | $440 | $26 | $132 | $1,398 | $117 |
| XC70 T6 AWD 4-Dr | $280 | $598 | $440 | $26 | $132 | $1,476 | $123 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Nebraska minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, homeowner, and claim-free. Rate quotes do not factor in specific Lincoln garaging location which can impact insurance rates substantially.
Choosing deductibles
When comparing insurance rates, the most common question is where should you set your physical damage deductibles. The rates below can help you understand the premium difference when you choose different policy deductibles. The first pricing table uses a $250 deductible for comp and collision and the second price table uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| XC70 3.2 AWD Station Wagon | $292 | $460 | $338 | $20 | $102 | $1,237 | $103 |
| XC70 T6 AWD 4-Dr | $292 | $530 | $338 | $20 | $102 | $1,307 | $109 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| XC70 3.2 AWD Station Wagon | $236 | $370 | $338 | $20 | $102 | $1,066 | $89 |
| XC70 T6 AWD 4-Dr | $236 | $428 | $338 | $20 | $102 | $1,124 | $94 |
| Get Your Own Custom Quote Go | |||||||
Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Nebraska minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Price estimates do not factor in specific garaging location which can lower or raise premiums considerably.
Based on this data, using a $250 deductible costs roughly $14 more each month or $168 for a full year than choosing the higher $500 deductible. Since you would pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you average at a minimum 18 months between claims, you would probably be better off if you choose a higher deductible. Here is an example of how you can do this calculation yourself.
| Average monthly premium for $250 deductibles: | $106 |
| Average monthly premium for $500 deductibles (subtract): | – $92 |
| Monthly savings from raising deductible: | $14 |
| Difference between deductibles ($500 – $250): | $250 |
| Divide difference by monthly savings: | $250 / $14 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 18 months |
One important note is that increasing deductibles to save money means you pay more out-of-pocket at claim time. You need enough money in the bank in the event you have to pay the deductible to have repairs made.
The chart below demonstrates how choosing different deductibles and can change Volvo XC70 insurance rates for different age categories. The price estimates are based on a single male driver, comp and collision included, and no policy discounts are applied.
Volvo XC70 liability-only versus full coverage
The information below shows the difference between Volvo XC70 insurance costs with full physical damage coverage and with liability coverage only. The premiums assume a clean driving record, no at-fault accidents, $1,000 deductibles, drivers are not married, and no other discounts are factored in.
When to stop buying full coverage
There is no definitive formula to stop buying physical damage coverage, but there is a general school of thought. If the annual cost of having full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
For example, let’s pretend your Volvo XC70 replacement value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most your company will settle for is $2,000 after paying your policy deductible. If it’s costing you more than $200 a year to have full coverage, then it may be the right time to buy liability only.
There are a few cases where buying only liability insurance is not a good plan. 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 if your current one is damaged, you should not eliminate full coverage.
Lower Insurance Rates with These Tips
When buying auto insurance it’s important to understand the rating factors that help determine your premiums. If you know what influences your rates, this enables you to make decisions that may reward you with lower auto insurance prices. Many things are taken into consideration when premium rates are determined. Some are obvious such as your driving history, but other factors are less obvious like where you live or how financially stable you are.
Driver age impacts rates – Youthful drivers in Nebraska are known to be inattentive behind the wheel so they pay higher auto insurance rates. Older drivers have been proven to be more responsible, statistically cause fewer accidents, and usually have better credit.
The following chart uses these assumptions: single driver, full coverage with $500 deductibles, and no discounts or violations.
City dwellers may pay more – Living in small towns and rural areas has it’s advantages when shopping for auto insurance. Fewer drivers on the road corresponds to lower accident rates and lower theft and vandalism rates. Drivers in populated Nebraska areas regularly have congested traffic and higher rates of accident claims. More time on the road can result in more accidents.
Higher rates for policy lapses – Not having insurance is illegal and auto insurance companies will penalize you for letting your insurance lapse for non-payment. In addition to paying higher rates, getting caught without coverage may result in a revoked license or a big fine.
Get married and get cheaper costs – Having a spouse actually saves money when buying auto insurance. Having a significant other may mean you are more mature and insurance companies like that drivers who are married file infrequent claims.
Pay more by driving carelessly – Careful drivers get better prices than their less careful counterparts. Getting just one citation may increase your cost substantially. People who have careless tickets such as DUI or reckless driving may be required to maintain a SR-22 with their state in order to drive a vehicle legally.
The diagram below highlights how speeding tickets and at-fault collisions can drive up Volvo XC70 car insurance rates for different age groups. The rate quotes are based on a single female driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied to the premium.
Volvo XC70 historical loss data – Insurance companies use claims history to help set a rate to offset losses. Models that the data determines to have high amounts or severity of claims will have a higher cost to insure. The table below illustrates the collected loss data for Volvo XC70 vehicles.
For each policy coverage, the statistical loss for all vehicles, regardless of make, model or trim level, is equal to 100. Percentages below 100 mean the vehicle has better than average losses, while values over 100 indicate higher probability of having a loss or tendency to have larger claims.
| Specific Volvo Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Volvo XC70 Station Wagon 2WD | 69 | |||||
| Volvo XC70 Station Wagon 4WD | 79 | 70 | 94 | 45 |
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Find cheaper auto insurance rates by comparing often
Low-cost Volvo XC70 insurance in Lincoln can be found both online and from local agencies, so get free Lincoln auto insurance quotes from both of them to get a complete price analysis. Some auto insurance companies may not have rates over the internet and most of the time these small, regional companies provide coverage only through independent agents.
While you’re price shopping online, you should never reduce needed coverages to save money. There are many occasions where someone sacrificed full coverage only to discover later that it was a big error on their part. Your objective should be to get the best coverage possible for the lowest cost, but don’t skip important coverages to save money.
Insureds switch companies for many reasons like lack of trust in their agent, high rates after DUI convictions, policy non-renewal and even extreme rates for teen drivers. It doesn’t matter why you want to switch switching companies is less work than it seems.
Other information
- Insurance losses by make and model (Insurance Institute for Highway Safety)
- Who Has Affordable Auto Insurance Quotes for High Risk Drivers in Lincoln? (FAQ)
- How Much are Auto Insurance Quotes for College Students in Lincoln? (FAQ)
- Who Has Cheap Lincoln Car Insurance Quotes for Drivers with a DUI? (FAQ)
- Who Has Cheap Lincoln Auto Insurance Quotes for Veterans? (FAQ)
- Who Has Cheap Auto Insurance Quotes for Retired Military in Lincoln? (FAQ)
- Who Has Affordable Lincoln Car Insurance for Low Credit Scores? (FAQ)
- How to Avoid Common Accidents (State Farm)
- Auto Insurance Basics (Insurance Information Institute)
- Collision Coverage (Liberty Mutual)
- Red Light Cameras (State Farm)