The best way we recommend to get cheaper Volvo S40 insurance is to annually compare prices from insurers who sell auto insurance in Lexington.
First, spend some time learning about how car insurance works and the factors you can control to prevent expensive coverage. Many rating factors that cause rate increases such as traffic citations and a not-so-good credit rating can be eliminated by making minor changes in your lifestyle.
Second, compare prices from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can provide rates from one company like Progressive or Farmers Insurance, while independent agencies can quote prices from multiple companies.
Third, compare the new quotes to your existing rates and determine if there is any savings. If you find a better price and make a switch, make sure there is no coverage gap between policies.
Fourth, provide proper notification to your current company of your intent to cancel the current policy and submit a down payment along with a completed application for the new coverage. Once received, store the proof of insurance paperwork in your vehicle’s glove compartment or console.
One key aspect when comparing rates is that you’ll want to compare the same physical damage deductibles and liability limits on each quote request and and to get quotes from every insurance company. Doing this provides an apples-to-apples comparison and a complete price analysis.
It’s a known fact that car insurance companies want to keep your business as long as possible. Consumers who get comparison quotes at least once a year are highly likely to switch to a new company because there are good odds of finding lower prices. A recent survey discovered that drivers who compared rates regularly saved approximately $3,400 over four years compared to policyholders who never shopped around for cheaper prices.
If finding the lowest price for car insurance is the reason you’re reading this, then learning a little about the best way to compare insurance can make it easier to shop your coverage around.
If you’re already insured or just want cheaper rates, you can use these tips to save money while maintaining coverages. Quoting and buying the lowest cost auto insurance policy in Lexington is not as difficult as people think. Vehicle owners only need to know the quickest way to compare prices online.
Insurance discounts are available to get cheap rates
Companies offering auto insurance don’t necessarily list all possible discounts in a way that’s easy to find, so we took the time to find a few of the more common as well as some of the hidden discounts that you may qualify for. If you do not check that you are getting every discount available, you could be getting lower rates.
- Full Payment Discount – If you can afford to pay the entire bill as opposed to paying monthly you may reduce your total bill.
- Data Collection Discounts – Lexington drivers who agree to allow their company to study vehicle usage by using a telematics device such as Snapshot from Progressive or Drivewise from Allstate might see lower rates as long as they are good drivers.
- Drivers Education – Reduce the cost of insurance for teen drivers by having them enroll and complete driver’s education in high school.
- 55 and Retired – If you’re over the age of 55, you may receive a small decrease in premiums.
- Active Service Discounts – Being on active deployment in the military could qualify you for better rates.
A quick disclaimer, many deductions do not apply to the whole policy. Most only apply to the cost of specific coverages such as collision or personal injury protection. So even though they make it sound like all those discounts means the company will pay you, you won’t be that lucky.
The example below compares Volvo S40 yearly insurance costs with and without discounts applied to the premium. The premiums assume a male driver, no driving violations, no at-fault accidents, Kentucky state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-policy, claim-free, multi-car, safe-driver, and homeowner discounts applied.
If you would like to choose from a list of insurance companies offering insurance discounts in Lexington, click this link.
The most recommended method to get policy rate comparisons for Volvo S40 insurance in Lexington is to know most insurance companies actually pay money for the chance to give rate comparisons. All consumers are required to do is provide a small amount of information including whether you are single or married, your education level, if you have a valid license, and an estimate of your credit level. That rating information is instantly submitted to many of the top insurers and they return quotes within a short period of time.
To find lower lower-cost Volvo S40 insurance rates now, click here and find out if you can get cheaper insurance in Lexington.
The providers in the list below have been selected to offer price comparisons in Kentucky. If you want to find the best cheap car insurance in Lexington, KY, it’s a good idea that you compare several of them in order to find the most competitive rates.
Insurance coverage analysis
The information shown below showcases different coverage prices for Volvo S40 models. Learning a little about how prices are formulated can help you make decisions on which insurance to purchase.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| S40 2.4I | $136 | $262 | $306 | $18 | $92 | $814 | $68 |
| S40 T5 | $136 | $262 | $306 | $18 | $92 | $814 | $68 |
| S40 T5 AWD R-Design | $136 | $262 | $306 | $18 | $92 | $814 | $68 |
| Get Your Own Custom Quote Go | |||||||
Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Prices do not factor in Lexington location which can impact prices greatly.
Analysis of deductible levels
When buying car insurance, a common question is which deductibles should you choose. The comparisons below may help you to understand the cost difference when you select higher and lower physical damage deductibles. The first price estimate table uses a $100 deductible for comprehensive and collision coverage and the second rate table uses a $1,000 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| S40 2.4I | $318 | $598 | $326 | $20 | $98 | $1,385 | $115 |
| S40 T5 | $318 | $598 | $326 | $20 | $98 | $1,385 | $115 |
| S40 T5 AWD R-Design | $318 | $598 | $326 | $20 | $98 | $1,385 | $115 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| S40 2.4I | $176 | $316 | $326 | $20 | $98 | $936 | $78 |
| S40 T5 | $176 | $316 | $326 | $20 | $98 | $936 | $78 |
| S40 T5 AWD R-Design | $176 | $316 | $326 | $20 | $98 | $936 | $78 |
| Get Your Own Custom Quote Go | |||||||
Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, homeowner, and multi-policy. Prices do not factor in specific zip code location which can affect premium rates considerably.
We can derive from the above data that using a $100 deductible will cost you roughly $37 more each month or $444 for a full year than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you normally go at least 24 months between claim filings, you would probably save some money going with the higher deductible.
Calculation for raising deductibles
| Average monthly premium for $100 deductibles: | $115 |
| Average monthly premium for $1,000 deductibles (subtract): | – $78 |
| Monthly savings from raising deductible: | $37 |
| Difference between deductibles ($1,000 – $100): | $900 |
| Divide difference by monthly savings: | $900 / $37 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 24 months |
Your situation helps dictate your coverage
When it comes to buying a policy for your vehicles, there really is not a one size fits all plan. Your financial needs are unique and your insurance should be unique as well. These are some specific questions can aid in determining if you may require specific advice.
- Are combined or split liability limits better?
- What is medical payments coverage?
- Do I need PIP coverage since I have good health insurance?
- How can I get high-risk coverage after a DUI?
- Am I covered when driving in Canada or Mexico?
- Are there any extra discounts I can get?
- Am I covered when driving on a suspended license?
- Does my insurance cover damage caused when ticketed for reckless driving?
- Are my company tools covered if they get stolen?
If it’s difficult to answer those questions but a few of them apply, you may need to chat with an insurance agent. To find an agent in your area, fill out this quick form or go to this page to view a list of companies. It is quick, free and you can get the answers you need.
Are auto insurance agents a thing of the past?
A small number of people still prefer to have an agent’s advice and often times that is recommended Professional agents can point out coverage gaps and help file insurance claims. A nice benefit of getting online price quotes is that you can obtain cheap insurance quotes and also buy local. Buying from local agencies is especially important in Lexington.
To help locate an agent, after submitting this short form, your insurance data is transmitted to local insurance agents who will return price quotes for your insurance coverage. You won’t even need to search for any insurance agencies since price quotes are sent instantly to you. If you want to compare rates from a particular provider, you would need to navigate to their website and submit a quote form there.
Car insurance agents in Lexington come in two varieties
If you are searching for a reputable agency, there are two different agency structures and how they can write your policy. Lexington agents can be categorized as either exclusive or independent (non-exclusive). Both sell and service insurance coverage, but it’s worth learning the subtle differences since it can affect the selection process.
Independent Insurance Agencies or Brokers
Independent insurance agents often have many company appointments and that allows them to write policies through lots of different companies and potentially find a lower price. If they find a lower price, an independent agent can move your coverage and you don’t have to do anything. When shopping rates, we highly recommend that you include price quotes from several independent insurance agents so that you can do a thorough price comparison. Most can insure with smaller mutual companies which could offer lower prices.
Below is a partial list of independent agencies in Lexington who may be able to give you free rate quotes.
- Kentucky Insurance Group-Joe Downs
989 Governors Ln – Lexington, KY 40513 – (859) 277-8877 – View Map - Nationwide Insurance: McGuire Insurance Agency, Inc
185 Pasadena Dr Ste 235 – Lexington, KY 40503 – (859) 268-2542 – View Map - Elite Insurance
2408 Sir Barton Way # 375 – Lexington, KY 40509 – (859) 264-9400 – View Map
Exclusive Agencies
Agents in the exclusive channel work for only one company and some examples include American Family, State Farm, and Allstate. They generally cannot give you multiple price quotes so they have no alternatives for high prices. These agents are well schooled on their company’s products which aids in selling service over price. A lot of people buy from exclusive agents partially due to the brand legacy and strong financial ratings.
Listed below are Lexington exclusive insurance agencies willing to provide rate quotes.
- Dwight McCarty – State Farm Insurance Agent
3620 Walden Dr #211 – Lexington, KY 40517 – (859) 971-0266 – View Map - State Farm: Clint Conrad
201 Ruccio Way #120 – Lexington, KY 40503 – (859) 276-4366 – View Map - Stewart Perry – State Farm Insurance Agent
2128 Nicholasville Rd – Lexington, KY 40503 – (859) 277-7195 – View Map
Finding the right auto insurance agent requires you to look at more than just a cheap price quote. These are some questions you should get answers to.
- Does their agency support local causes in Lexington?
- How much will you save each year by using a higher deductible?
- Does the agent have a valid license to sell insurance in Kentucky?
- Can they provide you with a list of referrals?
- Is the agent CPCU or CIC certified?
If you feel you receive acceptable answers to any questions you have and the cheapest Volvo S40 insurance in Lexington quotes, you may have just found an insurance agency that can be relied on to properly insure your vehicles. It’s important to know that it’s your coverage and you can cancel your policy when you choose so never assume that you are obligated to any particular company with no way to switch.
Auto insurance is not optional but you don’t have to overpay
Even though Lexington S40 insurance rates can get expensive, maintaining insurance serves an important purpose.
First, most states have mandatory insurance requirements which means state laws require specific minimum amounts of liability insurance coverage if you don’t want to risk a ticket. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
Second, if you bought your Volvo S40 with a loan, most lenders will force you to carry insurance to ensure the loan is repaid in case of a total loss. If the policy lapses, the lender may have to buy a policy to insure your Volvo at a much higher rate and force you to pay for the expensive policy.
Third, insurance safeguards both your Volvo S40 and your assets. It also can pay for most medical and hospital costs that are the result of an accident. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit if anyone sues you for causing an accident. If your Volvo gets damaged, your auto insurance policy will pay to repair the damage.
The benefits of carrying adequate insurance outweigh the cost, especially for larger claims. According to a recent study, the average American driver is overpaying over $700 annually so compare quotes from several companies at every policy renewal to ensure rates are competitive.
Detailed coverages of your car insurance policy
Understanding the coverages of your car insurance policy can be of help when determining which coverages you need at the best deductibles and correct limits. The terms used in a policy can be impossible to understand and coverage can change by endorsement. Shown next are the usual coverages available from car insurance companies.
Comprehensive coverage – Comprehensive insurance 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 can pay for claims such as hitting a deer, falling objects and hail damage. The highest amount you can receive from a comprehensive claim is the actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.
Collision – This coverage pays for damage to your S40 from colliding with a stationary object or other vehicle. A deductible applies and the rest of the damage will be paid by collision coverage.
Collision insurance covers things like scraping a guard rail, hitting a mailbox and hitting a parking meter. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to bump up the deductible on your S40 to save money on collision insurance.
Uninsured/Underinsured Motorist coverage – This gives you protection when the “other guys” either are underinsured or have no liability coverage at all. It can pay for hospital bills for your injuries as well as damage to your Volvo S40.
Since many Kentucky drivers only purchase the least amount of liability that is required (which is 25/50/10), their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is a good idea. Most of the time these limits are similar to your liability insurance amounts.
Medical payments coverage and PIP – Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills for hospital visits, chiropractic care, ambulance fees and nursing services. The coverages can be used in conjunction with a health insurance program or if you do not have health coverage. Coverage applies to you and your occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not available in all states and may carry a deductible
Liability insurance – Liability insurance provides protection from injuries or damage you cause to other’s property or people. It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You might see values of 25/50/10 that translate to $25,000 in coverage for each person’s injuries, a limit of $50,000 in injury protection per accident, and a total limit of $10,000 for damage to vehicles and property. Alternatively, you may have one number which is a combined single limit which limits claims to one amount with no separate limits for injury or property damage.
Liability coverage pays for claims like medical expenses, repair bills for other people’s vehicles, structural damage, court costs and bail bonds. How much coverage you buy is a decision to put some thought into, but buy as high a limit as you can afford. Kentucky state minimum liability requirements are 25/50/10 but drivers should carry better liability coverage.
The illustration below demonstrates why minimum state limits may not be high enough to adequately cover claims.
Kentucky car insurance company ratings
Selecting a good quality auto insurance company can be challenging considering how many choices you have in Lexington. The company rank data below could help you analyze which auto insurers to look at comparing rates from.
Top 10 Lexington Car Insurance Companies Ranked by Claims Service
- Travelers
- Allstate
- Nationwide
- State Farm
- GEICO
- Liberty Mutual
- American Family
- Esurance
- AAA Insurance
- The Hartford
Cover all your bases
We just showed you many tips how you can lower your Volvo S40 insurance auto insurance rates in Lexington. The most important thing to understand is the more rate quotes you have, the better your chances of lowering your premium rates. You may even find the lowest auto insurance rates are with the least-expected company. Smaller companies may cover specific market segments cheaper than their larger competitors like State Farm and Allstate.
Cheaper Volvo S40 insurance in Lexington is definitely available online and from local agencies, and you need to comparison shop both to have the best selection. Some car insurance companies do not offer rates over the internet and most of the time these smaller companies only sell through independent insurance agents.
More learning opportunities
- Safety Belts FAQ (iihs.org)
- Who Has Cheap Auto Insurance for Teenage Males in Lexington? (FAQ)
- What Insurance is Cheapest for a Ford F-150 in Lexington? (FAQ)
- Liability Insurance Coverage (Nationwide)
- Think You’re a Safe Driver? (State Farm)