Paying for high-priced Volvo S60 insurance in Colorado Springs can deplete your accounts and put a big crunch on your finances. Price shopping at each renewal can lower your rates and help to reduce premiums and put more money in your pocket.
It’s safe to assume that auto insurance companies don’t want customers comparing rates. Consumers who shop rates annually are very likely to buy a different policy because there is a significant possibility of finding a policy with more affordable rates. Surprisingly, a recent survey revealed that people who regularly shopped around saved an average of $3,500 over four years compared to those who don’t make a habit of comparing rates.
If finding the lowest price for auto insurance is your intention, then learning about the best ways to find and compare insurance premiums can make the process more efficient. Multiple insurance companies compete for your insurance dollar, so it’s not easy to compare every company to find the best price available on Volvo S60 insurance in Colorado Springs.
How Your S60 Insurance Premiums are Determined
Lots of things are part of the calculation when quoting car insurance. Some of the criteria are obvious like your driving record, but other criteria are not as apparent like your continuous coverage or your commute time.
Get hitched and pay less – Being married actually saves money on your policy. Having a spouse usually means you are more mature than a single person and it’s statistically proven that married drivers tend to have fewer serious accidents.
Raise coverage deductibles and save – Comp and collision deductibles represent how much money the insured will be required to pay if a claim is determined to be covered. Physical damage protection, also known as collision and other-than-collision, is used to repair damage to your car. Some examples of covered claims are a windshield broken by a bird, vandalism, and damage from wind. The more money the insured has to pay upfront, the lower your rates will be.
Bad credit hurts insurance costs – Having a bad credit rating can be a huge factor in your rate calculation. Consumers who have high credit ratings tend to be more responsible as compared to drivers with poor credit. So if your credit score is lower than you’d like, you could pay less to insure your Volvo S60 by improving your credit score.
Performance influences costs – The type of car, truck or SUV you are insuring makes a substantial difference in your premium level. The lowest premiums are usually found on the lowest performance passenger cars, but your final cost has many other factors.
Your vocation can affect rates – Jobs such as military personnel, air traffic controllers, and dentists tend to have the highest rates because of intense work requirements and long work days. Conversely, occupations like actors, students and the unemployed have lower than average premiums.
Never let your policy expire – Not maintaining insurance is against the law and your next policy will cost more because you let your insurance expire. In addition to paying higher rates, getting caught without coverage may earn you a license revocation or jail time.
Claims cost money – If you frequently file small claims, you can look forward to much higher rates or policy non-renewal. Insurance companies in Colorado give better rates to insureds who file claims infrequently. Auto insurance is designed for more catastrophic claims.
Battle of the sexes – Over time, data shows that women are safer drivers than men. This data doesn’t prove that males are worse at driving than females. Females and males cause fender benders in similar percentages, but the males cause more damage and cost insurance companies more money. Not only that, but men also have more aggressive citations such as DWI and reckless driving.
Volvo S60 historical loss data – Companies analyze the history of losses when they calculate premium rates for each model. Vehicles that have higher frequency or amount of claims will be charged more to insure. The table below illustrates the collected loss data for Volvo S60 vehicles.
For each policy coverage, the statistical loss for all vehicles compiled together is represented as 100. Percentage values below 100 indicate better than average losses, while values over 100 indicate frequent claims or tendency to have larger claims.
|Vehicle Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Volvo S60 4dr 2WD||103||85||83||76||72||65|
|Volvo S60 4dr 4WD||111||73||90||65||66|
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Colorado Springs insurance discounts for a Volvo S60
The cost of insuring your cars can be expensive, but there may be some discounts that many consumers don’t even know exist. Larger premium reductions will be automatically applied at quote time, but a few must be specially asked for before you will receive the discount.
- Life Insurance – Not all companies offer life insurance, but some may give you better prices if you take out a life insurance policy as well.
- Resident Student – Older children who are enrolled in a college that is more than 100 miles from Colorado Springs and don’t have a car could qualify for this discount.
- Federal Employees – Active or retired federal employment can earn a discount up to 10% with certain companies.
- Passive Restraint Discount – Factory options such as air bags or automatic seat belts can qualify for discounts of up to 25% or more.
- Military Deployment Discount – Being on active duty in the military could qualify you for better prices.
- Switch and Save Discount – A few companies allow discounts for switching to them before your current S60 insurance policy expires. This discount can save up to 10%.
- No Claim Discounts – Insureds with no claims or accidents have much lower rates when compared with bad drivers.
- Discount for Good Grades – Getting good grades can get you a discount of up to 25%. The discount lasts up to age 25.
Remember that most discount credits are not given to all coverage premiums. Most only reduce the price of certain insurance coverages like medical payments or collision. So even though it sounds like it’s possible to get free car insurance, that’s just not realistic.
Some of the larger companies that may offer these discounts include:
It’s a good idea to ask every insurance company which discounts you qualify for. Some credits may not apply to policyholders in Colorado Springs. To see providers with the best Volvo S60 insurance discounts in Colorado Springs, click this link.
Which auto insurance company is best in Colorado Springs?
Choosing the best car insurance company can be a challenge considering how many companies sell insurance in Colorado Springs. The company ratings shown below could help you pick which car insurance companies to look at comparing rates with.
Top 10 Colorado Springs Car Insurance Companies Overall
- American Family
- State Farm
- The Hartford
- AAA Insurance
- The General
- Titan Insurance
- Mercury Insurance
Frequent quotes can save
We just presented a lot of techniques to lower your Volvo S60 insurance car insurance rates in Colorado Springs. The key thing to remember is the more companies you get premium rates for, the better likelihood of getting affordable Volvo S60 insurance quotes. You may even discover the lowest priced insurance comes from the smaller companies. These companies may have significantly lower premium rates on certain market segments than their larger competitors like State Farm or Progressive.
There are still a few companies who do not offer online rate quotes and these small insurance companies sell through independent insurance agencies. Budget-conscious Volvo S60 insurance is possible online in addition to local insurance agencies, and you need to price shop both in order to have the best chance of saving money.
How to find cheaper rates for Volvo S60 insurance in Colorado Springs
The easiest way to get the cheapest Volvo S60 insurance is to compare quotes once a year from insurers that sell auto insurance in Colorado Springs. You can compare rates by following these guidelines.
- Learn about what coverages are included in your policy and the steps you can take to keep rates low. Many factors that increase rates like traffic violations, accidents, and poor credit can be rectified by making minor changes to your lifestyle.
- Compare rates from direct carriers, independent agents, and exclusive agents. Direct and exclusive agents can only give prices from one company like GEICO and State Farm, while independent agencies can quote rates for a wide range of insurance providers.
- Compare the new rates to your existing rates to see if switching to a new carrier will save money. If you can save money, make sure coverage is continuous and does not lapse.
- Provide adequate notice to your current company of your intention to cancel your current car insurance policy and submit a down payment along with a signed application for the new policy. Immediately keep the new certificate verifying coverage in an accessible location in your vehicle.
The most important part of this process is to use identical limits and deductibles on every price quote and and to get rates from as many companies as feasibly possible. This provides a fair rate comparison and the most accurate and complete price analysis.
Much more information about insurance in Colorado can be read on the following sites:
- New vehicle ratings focus on headlights (Insurance Institute for Highway Safety)
- Who Has Affordable Car Insurance Quotes for College Graduates in Colorado Springs? (FAQ)
- Who Has Affordable Car Insurance Quotes for Drivers with a DUI in Colorado Springs? (FAQ)
- Who Has Cheap Car Insurance Quotes for Teachers in Colorado Springs? (FAQ)
- Who Has the Cheapest Car Insurance Rates for 18 Year Olds in Colorado Springs? (FAQ)
- Who Has Affordable Car Insurance Quotes for Inexperienced Drivers in Colorado Springs? (FAQ)
- Smart Auto Insurance Tips (Insurance Information Institute)
- Preventing Carjacking and Theft (Insurance Information Institute)
- Insurance losses by make and model (Insurance Institute for Highway Safety)