2004 Volvo V70 Insurance Cost

Want better auto insurance rates for your Volvo V70? Scraping up a payment for overpriced Volvo V70 insurance can take a big chunk out of your savings account and force you to prioritize other expenses. Doing a price comparison is a smart way to tighten up your finances.

You have so many insurance companies to insure vehicles with, and though it is a good thing to have multiple companies, having more auto insurance companies makes it harder to locate the cheapest rates.

Don’t pay full price with these discounts

The cost of insuring your cars can be expensive, but there could be available discounts to reduce the price significantly. Some discounts apply automatically when you quote, but less common discounts must be specially asked for before being credited.

  • New Vehicle Savings – Adding a new car to your policy can save up to 30% compared to insuring an older model.
  • Braking Control Discount – Anti-lock brake equipped vehicles are safer to drive and will save you 10% or more.
  • Payment Method – If you pay your bill all at once instead of monthly or quarterly installments you can actually save on your bill.
  • Resident Student – Any of your kids who attend school more than 100 miles from home and don’t have a car may be able to be covered for less.
  • Good Student Discount – This discount can get you a discount of up to 25%. This discount can apply well after school through age 25.
  • Theft Prevention Discount – Vehicles equipped with anti-theft or alarm systems are stolen less frequently and qualify for as much as a 10% discount.

As a disclaimer on discounts, some credits don’t apply to the entire policy premium. Some only reduce specific coverage prices like medical payments or collision. So even though they make it sound like it’s possible to get free car insurance, companies wouldn’t make money that way. Any qualifying discounts will bring down your overall premium however.

Insurance companies that possibly offer these discounts include:

Before buying, ask every prospective company which discounts they offer. Savings may not be available in your state.

Why your Volvo V70 might be costing you more

Consumers need to have an understanding of some of the elements that help determine the price you pay for insurance. When you know what positively or negatively determines base rates empowers consumers to make smart changes that will entitle you to better insurance rates.

  • Bump up deductibles to save – Insurance for physical damage to your car, also known as collision and other-than-collision, protects your Volvo from damage. Examples of covered claims would be running into the backend of another car, damage caused by hail, or theft. Your deductibles are the amount of money you are required to spend before your insurance pays a claim. The more money you’re willing to pay, the lower your rates will be for V70 coverage.
  • A lapse in coverage is a bad thing – Letting your insurance expire is a fast way to bump up your insurance costs. And not only will your rates increase, getting caught without coverage will get you a license revocation or jail time.
  • Car features impact rates – Purchasing a vehicle that has an advanced theft prevention system can get you a discount on your insurance. Theft prevention devices such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all aid in stopping auto theft.
  • More miles equals more premium – Driving more miles in a year’s time the more you will pay for insurance. Most insurance companies apply a rate based on their usage. Vehicles not used for work or commuting receive lower rates than those used for commuting. An improperly rated V70 can result in significantly higher rates. Ask your agent if your insurance coverage is rated on the proper vehicle usage, because improper ratings can cost you money.
  • Multi-policy discounts can save money – Many insurers will award you with lower prices to people who have multiple policies with them such as combining an auto and homeowners policy. Discounts can add up to five, ten or even twenty percent. If you currently are using one company, it’s in your best interest to compare other company rates to confirm you are receiving the best rates possible. You may still find a better deal by buying insurance from a different company.

Your personal situation dictates your coverage

When buying adequate coverage, there isn’t really a best way to insure your cars. Every insured’s situation is different and a cookie cutter policy won’t apply. For instance, these questions may help you determine if your insurance needs would benefit from an agent’s advice.

  • Does my insurance cover a custom paint job?
  • Should I rate my 2004 Volvo V70 as pleasure use or commute?
  • Am I insured when driving a different vehicle?
  • Should I sign the liability waiver when renting a car?
  • Is my state a no-fault state?
  • Am I better off with higher deductibles on my 2004 Volvo V70?
  • Do I have newly-aquired coverage?

If you can’t answer these questions then you might want to talk to an insurance agent. To find an agent in your area, simply complete this short form or go to this page to view a list of companies.

Are auto insurance companies telling the truth?

Companies like State Farm and Allstate constantly bombard you with ads in print and on television. All the ads have a common claim that you’ll save big if you switch to their company. How can each company claim to save you money? This is how they do it.

Insurance companies have a preferred profile for the type of customer that makes them money. For example, a driver they prefer could possibly be between 30 and 50, has no driving citations, and drives less than 7,500 miles a year. A driver who matches those parameters will qualify for the lowest rates and most likely will save quite a bit of money when switching.

Potential customers who are not a match for this ideal profile will be quoted a more expensive rate which usually ends up with the driver buying from a lower-cost company. Company advertisements say “people who switch” not “everyone that quotes” save that much money. This is how insurance companies can confidently make those claims.

This emphasizes why drivers should get a wide range of price quotes. It is impossible to predict which auto insurance company will fit your personal profile best.

Coverage specifics

Understanding the coverages of your auto insurance policy aids in choosing the right coverages and the correct deductibles and limits. The coverage terms in a policy can be difficult to understand and even agents have difficulty translating policy wording. Shown next are the normal coverages found on most auto insurance policies.

Coverage for collisions

Collision coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You will need to pay your deductible and then insurance will cover the remainder.

Collision coverage pays for claims such as hitting a mailbox, driving through your garage door and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so consider dropping it from older vehicles. Another option is to bump up the deductible to bring the cost down.

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage protects you and your vehicle’s occupants from other motorists when they either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.

Because many people only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is important protection for you and your family. Most of the time the UM/UIM limits are identical to your policy’s liability coverage.

Auto liability insurance

This coverage will cover injuries or damage you cause to a person or their property in an accident. It protects YOU from legal claims by others. Liability doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have values of 25/50/25 which means a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and $25,000 of coverage for damaged propery. Some companies may use one number which is a combined single limit which combines the three limits into one amount without having the split limit caps.

Liability coverage protects against claims such as structural damage, repair costs for stationary objects, loss of income, court costs and legal defense fees. How much liability coverage do you need? That is your choice, but it’s cheap coverage so purchase as large an amount as possible.

Comprehensive insurance

This covers damage OTHER than collision with another vehicle or object. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage protects against things such as a tree branch falling on your vehicle, hail damage, hitting a bird, vandalism and rock chips in glass. The highest amount a auto insurance company will pay at claim time is the market value of your vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Med pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance kick in for expenses for things like funeral costs, dental work, hospital visits and prosthetic devices. They are utilized in addition to your health insurance plan or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants as well as any family member struck as a pedestrian. PIP coverage is not an option in every state but it provides additional coverages not offered by medical payments coverage

The bottom line

As you prepare to switch companies, you should never buy less coverage just to save a little money. There have been many situations where someone sacrificed physical damage coverage and discovered at claim time that a couple dollars of savings turned into a financial nightmare. Your aim should be to get the best coverage possible at a price you can afford, not the least amount of coverage.

Discount 2004 Volvo V70 insurance can be sourced online as well as from independent agents, and you need to comparison shop both to get a complete price analysis. Some companies don’t offer you the ability to get quotes online and usually these regional insurance providers provide coverage only through local independent agents.

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