Affordable Insurance for a Volvo XC60 in Greensboro

Insurance for Volvo XC60Vehicle owners who just recently started price shopping insurance coverage online can find sourcing cheap XC60 insurance is tougher than they thought.

How to find low-cost Volvo XC60 insurance in Greensboro

If saving money is your primary concern, then the best way to get affordable car insurance rates is to do a yearly price comparison from different companies who sell insurance in Greensboro. You can compare prices by following these guidelines.

Step 1: Take a few minutes and learn about how auto insurance works and the measures you can control to keep rates low. Many rating factors that drive up the price like at-fault accidents and a bad credit score can be remedied by improving your driving habits or financial responsibility. Continue reading for instructions to lower rates and find available discounts that you may qualify for.

Step 2: Quote rates from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only give rate quotes from one company like GEICO and State Farm, while independent agents can give you price quotes from many different companies.

Step 3: Compare the new rate quotes to your existing rates to determine if you can save on XC60 insurance in Greensboro. If you can save some money, make sure the effective date of the new policy is the same as the expiration date of the old one.

The critical component of shopping around is that you’ll want to make sure you compare the same deductibles and limits on each price quote and and to look at as many companies as you can. Doing this guarantees a fair price comparison and plenty of rates choose from.

Unbelievable but true, a large majority of drivers kept their policy with the same company for over three years, and nearly the majority have never compared auto insurance rates at all. Consumers in Greensboro can save hundreds of dollars each year just by shopping around, but most just don’t grasp the large savings they would see if they changed companies.

To get affordable Greensboro auto insurance quotes, there a variety of ways to obtain and compare prices from different companies. The best method to lower the rate you pay for Volvo XC60 insurance consists of obtaining rate quotes online.

When comparing car insurance rates, know that obtaining a wide range of quotes helps you find a lower rate than you’re paying now.

The following companies are ready to provide comparison quotes in North Carolina. If you want the best cheap car insurance in North Carolina, we suggest you visit as many as you can to find the lowest car insurance rates.

Rates and data analysis

The premium table displayed next outlines estimates of insurance coverage prices for Volvo XC60 models. Having a good understanding how insurance premiums are determined can benefit drivers when making smart choices when purchasing an insurance policy.

Volvo XC60 Insurance Rates in Greensboro, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
XC60 3.2 2WD $102 $210 $240 $14 $72 $638 $53
XC60 3.2 AWD $116 $210 $240 $14 $72 $652 $54
XC60 T6 AWD AWD $116 $248 $240 $14 $72 $690 $58
XC60 T6-R AWD AWD $128 $248 $240 $14 $72 $702 $59
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Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and North Carolina minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, multi-vehicle, and safe-driver. Rate quotes do not factor in vehicle garaging location which can revise rates noticeably.

Physical damage deductibles: Should you raise them?

When shopping for auto insurance, a common question is where to set your physical damage deductibles. The figures shown below summarize the difference in cost between high and low policy deductibles. The first table uses a $100 deductible for comprehensive and collision coverage and the second price chart uses a $500 deductible.

Volvo XC60 insurance premium estimates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
XC60 3.2 2WD $214 $386 $212 $12 $64 $913 $76
XC60 3.2 AWD $242 $386 $212 $12 $64 $941 $78
XC60 T6 AWD AWD $242 $456 $212 $12 $64 $1,011 $84
XC60 T6-R AWD AWD $270 $456 $212 $12 $64 $1,039 $87
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Volvo XC60 insurance premium estimates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
XC60 3.2 2WD $156 $262 $212 $12 $64 $706 $59
XC60 3.2 AWD $176 $262 $212 $12 $64 $726 $61
XC60 T6 AWD AWD $176 $308 $212 $12 $64 $772 $64
XC60 T6-R AWD AWD $196 $308 $212 $12 $64 $792 $66
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Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Information does not factor in vehicle garaging location which can impact rates substantially.

Based on the data above, we can derive that using a $100 deductible could cost the average driver approximately $18 more each month or $216 each year than opting for the higher $500 deductible. Since you would pay $400 more to settle a claim with a $500 deductible as compared to a $100 deductible, if you tend to go more than 22 months between claims, you would save more money if you choose the higher deductible. The table below illustrates how you can decide this on your own policy.

Average monthly premium for $100 deductibles: $81
Average monthly premium for $500 deductibles (subtract): – $63
Monthly savings from raising deductible: $18
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $18
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 22 months

Impact of speeding/accidents on Greensboro auto insurance rates

The diagram below illustrates how violations and at-fault collisions impact Volvo XC60 insurance prices for different age groups of insureds. The data is based on a single male driver, full physical damage coverage, $250 deductibles, and no discounts are applied to the premium.

Cost of full coverage

The example below visualizes the comparison of Volvo XC60 insurance rates with full physical damage coverage and with liability coverage only. The rate quotes are based on no claims or driving violations, $100 deductibles, single status, and no additional discounts are factored in.

Should you pay for full coverage?

There is no definitive guideline of when to stop paying for comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is more than about 10% of the replacement cost minus the deductible, then you might consider buying liability only.

For example, let’s assume your Volvo XC60 replacement value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would receive is $8,000 after the policy deductible has been paid. If premium cost is more than $800 a year for comprehensive and collision coverage, then it might be time to consider dropping full coverage.

There are a few cases where buying only liability insurance is not financially feasible. If you have an outstanding loan on your vehicle, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not remove full coverage.

What Determines Volvo XC60 Insurance Premiums?

Lots of factors are taken into consideration when you get a price on insurance. Some of the criteria are obvious such as your driving history, but some are less apparent like your vehicle usage or your vehicle rating.

Occupation reflects on rates – Careers such as real estate brokers, air traffic controllers, and financial analysts have higher rates than average because of job stress and lengthy work days. Other careers like professors, athletes and performers get better rates.

Gender and insurance coverage costs – Over the last 30 years, statistics show that men are more aggressive behind the wheel. It does not mean women are better drivers. Males and females are responsible for fender benders at about the same rate, but the male of the species cause more damage. In addition to higher claims, males also have more aggressive citations like reckless driving and DUI. Young males tend to get in the most accidents and thus pay the highest rates.

The information below shows the difference between Volvo XC60 auto insurance rates for male and female drivers. The premiums assume no claims or driving citations, comprehensive and collision coverage, $250 deductibles, marital status is single, and no other discounts are factored in.

Do you really need to file those insurance claims? – If you tend to file frequent claims, you can look forward to higher rates. Companies in North Carolina generally give lower rates to people who are not frequent claim filers. Your insurance policy is designed for major claims that would cause financial hardship.

Lower performance equals lower insurance costs – The performance level of the car you are insuring makes a big difference in how high your rates are. The lowest base rates will generally be found on low performance passenger cars, but other factors influence the final cost greatly.

The following chart assumes a single female driver age 40, full coverage with $500 deductibles, and no discounts or violations. It shows Volvo XC60 insurance premiums compared to other vehicles that have different performance rating factors.

With age comes lower costs – Young drivers in North Carolina have a tendency to be less responsible with other occupants in the car so insurance rates are higher. If you’ve ever had to add a inexperienced driver to your policy can cause a big jump in price. Older people are more cautious drivers, file fewer claims, and tend to be get fewer driving tickets.

The following chart uses these variables: single driver, full coverage with $250 deductibles, and no discounts or violations.

Deter car thieves – Driving a car with anti-theft technology or alarm system can earn a premium discount. Anti-theft devices like OnStar found on GM vehicles, advanced tracking like LoJack, and vehicle immobilization systems all help stop car theft.

Volvo XC60 insurance loss probability – Companies analyze historical claim data when they set coverage costs for each model. Vehicles that the data shows to have higher number or severity of losses will cost more for coverage. The data below shows the collected loss data for Volvo XC60 vehicles.

For each insurance policy coverage type, the loss probability for all vehicles averaged together is represented as 100. Values that are under 100 mean the vehicle has better than average losses, while percentages above 100 point to more frequent losses or statistically larger claims.

Volvo XC60 Insurance Claim Statistics
Specific Volvo Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Volvo XC60 4dr 2WD 79 74 70 60 53 55
Volvo XC60 4dr 4WD 93 82 75 66 64 57

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

It may be expensive, but it’s not optional

Even though it can be expensive, auto insurance is required by state law in North Carolina and it also provides benefits you may not be aware of.

First, just about all states have mandatory insurance requirements which means it is punishable by state law to not carry a minimum amount of liability coverage in order to license the vehicle. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.

Second, if you have a lien on your XC60, almost every bank will require you to have comprehensive coverage to guarantee loan repayment. If you do not keep the policy in force, the lender may insure your Volvo at a much higher premium rate and require you to pay much more than you were paying before.

Third, insurance safeguards your vehicle and your assets. Insurance will pay for all forms of medical expenses for not only you but also any passengers injured in an accident. One policy coverage, liability insurance, also covers all legal expenses up to the policy limit in the event you are sued. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will pay all costs to repair after the deductible has been paid.

The benefits of having insurance outweigh the cost, especially for larger claims. On average, a vehicle owner in Greensboro is overpaying over $825 a year so we recommend shopping around at least once a year to ensure rates are competitive.