How to keep your insurance bill low for your Volvo

No one wants to overpay for insurance on their Volvo, no matter what its age or who is driving it. You do, however, want your Volvo insured with a package of endorsements and coverages that will replace your auto parts and protect your liability properly.

It seems like common sense, and it is, but that sense can be so easily lost in the blizzard of different coverages available in the auto insurance marketplace. You may be over-insured and need to drop endorsements.

So, in order to save money but still cover your Volvo fully, you may want to practice a few of these rules when insuring your Volvo (As always, please consult your auto insurance agent before taking any of these steps.):

  1. Remove youthful drivers from your auto policy who are no longer in the household. Your children have moved out and on their own so you can remove them from your auto insurance as they may have added more than 50% to your overall bill (especially male drivers between the ages of 18-25). Be sure to call them and confirm that they have their own auto insurance policy before taking this step.
  2. Increase your deductible. A low deductible on your Volvo, is definitely a mistake. Higher deductibles not only decrease your policy markedly, but it also is smart to do for older Volvos. It is, however, a gamble, too, as your out-of-pocket expenses are much higher in an accident. Weigh the costs of this one compared to your yearly lower-deductible coverage costs to see an overall savings.
  3. Buy only what you need to cover your Volvo. There are a number of necessary coverages for your Volvo but as it gets older, you may want to drop collision coverage and keep comprehensive which is relatively inexpensive. Check the Kelly Blue Book value of your Volvo and discuss it with your insurance agent before making this decision.
  4. Bring all your insurance policies under one insurer. Most insurance companies apply nice discounts to auto policies that are also combined with other policies such as homeowners, renters and/or boaters and other personal policies.
  5. Evaluate your driving schedule. You may have driven 30+ miles to work for ten years but now you work at home. So, you may be paying more for your auto insurance than you should since you walk to work. Call your agent and have them update your policy. You are no longer the accident risk that you were and it could save you on your policy amount.
There are more ways to save and we will cover them in a future blog. Now, go check your policy and before you do anything, call your insurance agent and get their advice.
Categories: Finance

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