Cheapest Quotes for Volvo V50 Insurance in Jersey City

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It's amazing but over 70% of drivers kept their policy with the same company for four years or more, and practically 40% of car insurance customers have never quoted rates to find affordable coverage. With the average car insurance premium being $2,009, New Jersey drivers could save $700 each year by just comparing quotes, but they just don't want to compare other rate quotes.

Discount Volvo V50 insuranceTruthfully, the best way to find low-cost Volvo V50 insurance is to do a yearly price comparison from companies who can sell car insurance in Jersey City.

  1. Read and learn about how companies set rates and the steps you can take to keep rates in check. Many policy risk factors that result in higher rates like traffic citations, accidents, and poor credit history can be controlled by making small lifestyle or driving habit changes.
  2. Request rate estimates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give rate quotes from a single company like GEICO or Farmers Insurance, while agents who are independent can quote rates from multiple companies.
  3. Compare the new quotes to your existing coverage and determine if there is any savings. If you find a lower rate quote and make a switch, verify that coverage does not lapse between policies.
  4. Provide notification to your current company to cancel your current car insurance policy and submit the required down payment along with the signed application for the new policy. As soon as you have the new policy, place the new certificate of insurance along with the vehicle's registration papers.

A good piece of advice is to use identical coverages on each quote and and to get quotes from as many carriers as you can. This helps ensure a fair rate comparison and a complete selection of prices.

Finding a better price on insurance is pretty simple and can save money. The only thing you need to do is take a couple of minutes to get quotes online from several insurance companies.

It's so simple to compare insurance rates online replaces the need to waste gas driving to each insurance agency near you. Doing it all online makes this unnecessary unless your situation requires the advice and guidance that only a licensed agent can provide. Although you can comparison shop your insurance online and have a local agent actually service the policy.

The companies shown below offer quotes in Jersey City, NJ. If your goal is to find cheaper auto insurance in Jersey City, we suggest you visit as many as you can to get a more complete price comparison.

Detailed insurance information

The premium information below covers detailed analysis of insurance premium costs for Volvo V50 models. Being able to understand how insurance prices are figured is important for drivers to make informed purchases.

Volvo V50 Insurance Rates in Jersey City, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $254 $534 $582 $34 $174 $1,578 $132
V50 AWD T5 R-Design $254 $614 $582 $34 $174 $1,658 $138
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, homeowner, and claim-free. Price information does not factor in Jersey City location which can impact insurance rates noticeably.

Higher deductibles save money

One of the hardest decisions when shopping for car insurance is where to set your physical damage deductibles. The following tables highlight the costs and benefits of buying low and high physical damage deductibles. The first data table uses a $100 deductible and the second price table uses a $1,000 deductible.

Volvo V50 insurance premium estimates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $466 $880 $480 $28 $144 $2,023 $169
V50 AWD T5 R-Design $466 $1014 $480 $28 $144 $2,157 $180
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Volvo V50 insurance premium estimates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
V50 2.4I $258 $464 $480 $28 $144 $1,374 $115
V50 AWD T5 R-Design $258 $534 $480 $28 $144 $1,444 $120
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Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Information does not factor in Jersey City location which can impact premiums substantially.

Based on the data above, we can derive that using a $100 deductible could cost the average driver approximately $57 more each month or $684 every year averaged for all V50 models than opting for the higher $1,000 deductible. Since you would have to pay $900 more if you file a claim with a $1,000 deductible as compared to a $100 deductible, if you go at least 16 months between claim filings, you would come out ahead going with the higher deductible. Here is how you can do this calculation yourself.

Average monthly premium for $100 deductibles: $175
Average monthly premium for $1,000 deductibles (subtract): - $118
Monthly savings from raising deductible: $57
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $57
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 16 months

The example below illustrates how your choice of deductibles and can impact Volvo V50 insurance costs for different age groups. The price estimates are based on a single female driver, comp and collision included, and no discounts are taken into consideration.

Males versus Females

The diagram below illustrates the comparison of Volvo V50 insurance premiums for male and female drivers. The price estimates are based on no claims or driving violations, comp and collision included, $250 deductibles, drivers are not married, and no discounts are applied to the premium.

Full coverage or liability only

The diagram below visualizes the comparison of Volvo V50 premium costs with full coverage compared to only the New Jersey minimum liability coverage. Data assumes no claims or driving citations, $500 deductibles, single marital status, and no discounts are taken into consideration.

When to drop comprehensive and collision

There isn't a written rule that works best for making the decision to drop comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is more than around 10% of the vehicle's replacement cost less your deductible, then it might be time to consider dropping full coverage.

For example, let's say your Volvo V50 claim settlement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $5,000 after the policy deductible has been paid. If premium cost is more than $500 a year for physical damage coverage, then it's probably a good time to buy liability coverage only.

There are some cases where dropping full coverage is not a good plan. If you still owe money on your vehicle, you have to carry full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle if your current one is in an accident, you should keep full coverage.

Buying the right Volvo V50 insurance in New Jersey is an important decision

Despite the high cost of buying insurance for a Volvo V50 in Jersey City, paying for insurance serves a purpose in several ways.

  • Almost all states have compulsory liability insurance requirements which means it is punishable by state law to not carry a specific level of liability coverage if you want to drive legally. In New Jersey these limits are 15/30/5 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $5,000 of property damage coverage.
  • If you bought your Volvo with a loan, it's most likely the lender will require you to have full coverage to guarantee loan repayment. If coverage lapses or is canceled, the lender may have to buy a policy to insure your Volvo at a significantly higher premium and require you to reimburse them the higher price.
  • Insurance protects both your car and your personal assets. It will also provide coverage for most medical and hospital costs for you, any passengers, and anyone injured in an accident. One policy coverage, liability insurance, also covers legal expenses if you are named as a defendant in an auto accident. If your car is damaged in a storm or accident, your policy will pay all costs to repair after the deductible has been paid.

The benefits of insuring your car definitely exceed the price paid, particularly if you ever have a claim. Despite what companies tell you, the average driver is overpaying over $865 each year so we recommend shopping around once a year at a minimum to make sure the price is not too high.

Coverage specifics

Having a good grasp of your policy can be of help when determining appropriate coverage and proper limits and deductibles. Auto insurance terms can be impossible to understand and even agents have difficulty translating policy wording. Below you'll find the normal coverages offered by auto insurance companies.

Liability auto insurance - This protects you from damages or injuries you inflict on other's property or people. It protects you from claims by other people, and does not provide coverage for damage to your own property or vehicle.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You might see policy limits of 15/30/5 that translate to a limit of $15,000 per injured person, $30,000 for the entire accident, and $5,000 of coverage for damaged property. Another option is one number which is a combined single limit that pays claims from the same limit rather than limiting it on a per person basis.

Liability can pay for claims like attorney fees, loss of income, funeral expenses and repair costs for stationary objects. The amount of liability coverage you purchase is a decision to put some thought into, but buy as much as you can afford. New Jersey state minimum liability requirements are 15/30/5 but you should consider buying more coverage.

The illustration below shows why minimum state limits may not provide you with enough coverage.

Medical costs insurance - Med pay and PIP coverage provide coverage for bills for things like dental work, surgery, hospital visits, pain medications and prosthetic devices. They are used to fill the gap from your health insurance policy or if you lack health insurance entirely. They cover not only the driver but also the vehicle occupants in addition to if you are hit as a while walking down the street. Personal injury protection coverage is not available in all states and gives slightly broader coverage than med pay

Comprehensive or Other Than Collision - Comprehensive insurance will pay to fix damage that is not covered by collision coverage. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things such as hitting a bird, a broken windshield and fire damage. The most you can receive from a comprehensive claim is the market value of your vehicle, so if it's not worth much more than your deductible it's probably time to drop comprehensive insurance.

UM/UIM Coverage - Your UM/UIM coverage provides protection when the "other guys" either have no liability insurance or not enough. It can pay for hospital bills for your injuries as well as damage to your Volvo V50.

Since many New Jersey drivers carry very low liability coverage limits (15/30/5 in New Jersey), their limits can quickly be used up. This is the reason having UM/UIM coverage should not be overlooked. Most of the time the UM/UIM limits are set the same as your liability limits.

Collision - Collision coverage will pay to fix damage to your V50 resulting from a collision with another car or object. A deductible applies and the rest of the damage will be paid by collision coverage.

Collision insurance covers things like sideswiping another vehicle, hitting a parking meter and rolling your car. Collision is rather expensive coverage, so consider dropping it from lower value vehicles. Drivers also have the option to raise the deductible on your V50 to bring the cost down.

Best car insurance in Jersey City

Finding a highly-rated auto insurance provider is hard considering how many companies are available to choose from in Jersey City. The company ratings in the lists below could help you analyze which auto insurance companies you want to consider shopping your coverage with.

Top Car Insurance Companies in New Jersey
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Mercury Insurance 87 96 100 87% A+ 93.4
The Hartford 88 96 91 93% A+ 92.6
Progressive 84 94 99 90% A+ 92.4
Travelers 84 93 100 87% A++ 92.3
State Farm 84 93 95 87% A++ 91
Farmers Insurance 87 92 90 85% A 90.6
Safeco Insurance 85 91 87 86% A 88.4
USAA 71 93 98 87% A++ 88
GEICO 73 93 95 85% A++ 87.1
21st Century 85 85 91 89% A 86.9
Liberty Mutual 72 91 97 83% A 86.4
AAA Insurance 85 85 88 86% A 85.8
Nationwide 71 90 93 83% A+ 84.9
Allstate 69 92 92 83% A+ 84.4
American Family 77 96 80 85% A 83.8
Esurance 70 80 89 77% A+ 79.2
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Data Source: Insure.com Best Car Insurance Companies

You can find cheaper coverage

We just presented a lot of techniques to lower your Volvo V50 insurance auto insurance rates in Jersey City. The most important thing to understand is the more you quote Jersey City auto insurance, the better your comparison will be. Drivers may even discover the biggest savings come from a lesser-known regional company. These companies can often insure niche markets at a lower cost as compared to the big name companies such as State Farm and Allstate.

Cheaper car insurance in Jersey City can be sourced online and with local Jersey City insurance agents, and you should compare rates from both to have the best selection. Some insurance companies may not provide the ability to get a quote online and usually these small, regional companies work with local independent agents.

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