How many years has it been since you compared lower-priced car insurance rates in Newark, NJ? Newark buyers have options when searching for low-cost Volvo V50 insurance. You can either spend your time calling around trying to get quotes or leverage the internet to get rate quotes. There are both good and bad ways to compare car insurance rates so we’re going to tell you the proper way to price shop coverage for a Volvo and get the lowest possible price either online or from Newark insurance agents.
Buying the cheapest car insurance in Newark is easy if you know what you’re doing. If you are insured now, you will surely be able to reduce premiums using the techniques covered below. Drivers just need to learn the proper methods to quote multiple rates from multiple carriers.
Best Volvo V50 insurance price quotes in New Jersey
The companies shown below have been selected to offer comparison quotes in New Jersey. To locate cheap auto insurance in Newark, NJ, we recommend you get price quotes from several of them to get the best price comparison.
Insurance coverage details
The rate information displayed below showcases detailed analysis of prices for Volvo V50 models. Being able to understand how prices are figured can assist in making informed decisions when shopping around for a new policy.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| V50 2.4I | $294 | $582 | $544 | $32 | $162 | $1,614 | $135 |
| V50 AWD T5 R-Design | $294 | $670 | $544 | $32 | $162 | $1,702 | $142 |
| Get Your Own Custom Quote Go | |||||||
Cost estimates assume single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Jersey minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, safe-driver, and multi-policy. Table data does not factor in garaging location in Newark which can revise coverage rates significantly.
Raise deductibles and save
One of the more difficult decisions when buying insurance is where should you set your physical damage deductibles. The premium rates below summarize the rate fluctuation when you choose different deductibles. The first set of rates uses a $100 deductible for physical damage and the second rate chart uses a $1,000 deductible.
| 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 |
| Get Your Own Custom Quote Go | |||||||
| 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 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Estimates do not factor in specific garaging location which can affect insurance rates greatly.
Using the data above, we can ascertain that using a $100 deductible will cost you roughly $57 more each month or $684 annually than selecting the higher $1,000 deductible. Since you would have to pay $900 more to settle a claim with a $1,000 deductible as compared to a $100 deductible, if you normally average more than 16 months between claims, you would save more money going with the higher deductible. The numbers below show the way we made this calculation.
| 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 |
One thing to be aware of is that raising deductibles to get cheaper rates results in more money out-of-pocket when you have a physical damage claim. That will necessitate enough disposable savings in the event you need to pay the higher deductible.
The example below demonstrates how deductibles and can change Volvo V50 insurance prices for each age group. The premiums assume a single male driver, full coverage, and no additional discounts are factored in.
Cost of full coverage
The illustration below shows the difference between Volvo V50 premium costs with full physical damage coverage compared to only buying liability only. The costs are based on no claims, a clean driving record, $250 deductibles, single marital status, and no discounts are factored in.
Deciding between full coverage and liability only
There is no exact formula of when to exclude full coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is more than around 10% of the settlement you would receive from your company, the it may be a good time to stop paying for full coverage.
For example, let’s assume your Volvo V50 replacement value is $6,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $5,000 after paying your policy deductible. If you are currently paying more than $500 annually for comprehensive and collision coverage, then you might want to consider buying only liability coverage.
There are some cases where eliminating full coverage is not a good idea. If you still have a lienholder on your title, you have to maintain full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should keep full coverage in place.
These discounts can cut Volvo V50 insurance rates
The price of auto insurance can be rather high, but you can get discounts that many consumers don’t even know exist. Certain credits will be shown at the time of quoting, but lesser-known reductions have to be specifically requested prior to getting the savings.
- Federal Employees – Active or retired federal employment may reduce rates when you quote Newark car insurance with select insurance companies.
- Active Service Discounts – Having a family member in the military may qualify for rate reductions.
- Air Bags and Passive Restraints – Vehicles with factory air bags could see savings of 20 to 30 percent.
- Defensive Driver Discounts – Taking part in a driver safety course could cut 5% off your bill and also improve your driving technique.
- Theft Deterrent – Vehicles equipped with tracking devices and advanced anti-theft systems prevent vehicle theft and will qualify for a discount on a Newark car insurance quote.
- Discount for Life Insurance – Insurance companies who offer life insurance give a discount if you purchase auto and life insurance together.
- Claim-Free Discount – Drivers who don’t have accidents can save substantially when compared with accident-prone drivers.
- Organization Discounts – Being a member of a qualifying organization can get you a small discount on your bill.
- ABS and Traction Control Discounts – Cars, trucks, and SUVs with ABS and/or traction control can reduce accidents and therefore earn up to a 10% discount.
Please keep in mind that some credits don’t apply to the overall cost of the policy. Most only apply to the cost of specific coverages such as medical payments or collision. So when it seems like it’s possible to get free car insurance, nobody gets a free ride.
The chart below illustrates the comparison of Volvo V50 auto insurance costs with and without some available policy discounts. The premiums are based on a female driver, a clean driving record, no at-fault accidents, New Jersey state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, safe-driver, claim-free, multi-policy, homeowner, and marriage discounts applied.
Companies and the discounts they provide are included below.
- Farm Bureau has discounts for youthful driver, good student, multi-policy, driver training, and multi-vehicle.
- Liberty Mutual offers discounts including newly retired, new graduate, preferred payment discount, hybrid vehicle, newly married, multi-policy, and multi-car.
- State Farm offers premium reductions for defensive driving training, safe vehicle, accident-free, driver’s education, and multiple policy.
- Auto-Owners Insurance includes discounts for safe driver, company car, teen driver, anti-theft, paperless, and good student.
- GEICO may have discounts that include membership and employees, seat belt use, anti-theft, federal employee, and defensive driver.
- SAFECO has savings for anti-lock brakes, teen safety rewards, homeowner, drive less, safe driver, multi-car, and anti-theft.
Before purchasing a policy, check with all the companies how you can save money. Savings might not be offered on policies in your area.
Your car insurance coverage should be tailored to you
Keep in mind that when it comes to choosing coverage for your personal vehicles, there is no “perfect” insurance plan. Your needs are unique to you.
For instance, these questions can help discover if you could use an agent’s help.
- Do I need special endorsements for business use of my vehicle?
- Is my Volvo V50 covered for smoke damage?
- Is my nanny covered when transporting my kids?
- Are combined or split liability limits better?
- Where can I find DUI or SR-22 insurance?
- Do I need roadside assistance coverage?
- Will I be non-renewed for getting a DUI or other conviction?
- What if an uninsured driver hits me?
- Are my friends covered when driving my Volvo V50?
- What is UM/UIM insurance?
If you’re not sure about those questions but a few of them apply, then you may want to think about talking to an agent. To find lower rates from a local agent, take a second and complete this form. It’s fast, free and can provide invaluable advice.
Buying from car insurance agents
Some consumers would rather get advice from a local agent and often times that is recommended Insurance agents are very good at helping people manage risk and will help you if you have claims. The biggest benefit of comparing rates online is that you can find lower rates and still have an agent to talk to.
Upon completion of this short form, your insurance coverage information is sent to local insurance agents who will gladly provide quotes for your auto insurance coverage. You won’t need to do any legwork as quotes are delivered straight to your inbox. If you wish to quote rates from one company in particular, feel free to find their quoting web page and fill out the quote form the provide.
Finding the right company shouldn’t rely on just the bottom line cost. These are some valid questions you should ask.
- How is replacement cost determined on your vehicle?
- How much will you save each year by using a higher deductible?
- Is their price quote a firm figure or are their hidden costs?
- What are their preferred companies if they are an independent agency?
- What kind of financial rating does the company have?
- Do they get extra compensation for selling add-on coverages?
Types of auto insurance agents
If you are searching for a local Newark insurance agency, you should know the types of insurance agents and how they operate. Auto insurance agencies can be described as either independent (non-exclusive) or exclusive. Both types can write policy coverage, but we need to point out the difference in how they write coverage since it may influence the selection process.
Exclusive Agents
These type of agents can only write with one company like AAA, Allstate, and State Farm. Exclusive agents are unable to shop your coverage around so they have to upsell other benefits. They are usually quite knowledgeable on what they offer which helps them compete with independent agents. Consumers often use the same agent mainly due to the brand legacy rather than low price.
Below are exclusive insurance agencies in Newark willing to provide price quotes.
- Allstate Insurance: Celia Caro
66 Wilson Ave – Newark, NJ 07105 – (973) 690-6400 – View Map - State Farm: Greg Daniels
681 1/2 Mt Prospect Ave – Newark, NJ 07104 – (973) 484-5772 – View Map - Farmers Insurance: Anthony Pugliese
217 Chestnut St – Newark, NJ 07105 – (973) 536-2060 – View Map
Independent Auto Insurance Agents
Agents of this type are not employed by any specific company and that enables them to quote your coverage with lots of companies and get the cheapest rates. To transfer your coverage to a different company, your agent can just switch to a different company and you don’t have to find a new agent. When searching for an agent, you will definitely want to include a couple of independent agencies so that you have a good selection of quotes to compare. Most also write with companies that do not advertise much which may have better rates.
Listed below is a list of independent insurance agents in Newark willing to provide rate quotes.
- Goker and Associates Insurance Agency
121 Elizabeth Ave #101 – Newark, NJ 07108 – (908) 344-7577 – View Map - Milwaukee Insurance Co
10 Park Pl – Newark, NJ 07102 – (973) 648-3000 – View Map - Morais Insurance Agency, Inc.
217 Ferry St – Newark, NJ 07105 – (973) 344-2000 – View Map
After receiving reasonable responses to any questions you have as well as an affordable premium quote, it’s a good possibility that you have found an insurance agency that meets the requirements to service your policy.
One last thing about your coverage
People who switch companies do it for many reasons like poor customer service, being labeled a high risk driver, high rates after DUI convictions or even high prices. Regardless of your reason, finding a great new company is less work than it seems.
Some insurance providers don’t offer the ability to get quotes online and most of the time these small, regional companies sell through independent agencies. Lower-priced auto insurance in Newark is possible on the web as well as from independent agents in Newark, and you need to comparison shop both to have the best chance of lowering rates.
When shopping online for auto insurance, never skimp on critical coverages to save a buck or two. In many instances, someone dropped uninsured motorist or liability limits and found out when filing a claim that their decision to reduce coverage ended up costing them more. The proper strategy is to purchase plenty of coverage for the lowest cost while not skimping on critical coverages.
How to find lower priced Volvo V50 insurance in Newark
Really, the only way to find low-cost car insurance rates is to compare prices annually from insurance carriers in Newark. Rates can be compared by completing these steps.
- Step 1: Try to learn a little about the coverage provided by your policy and the changes you can make to keep rates down. Many risk factors that cause rate increases like speeding tickets, careless driving and an unacceptable credit score can be controlled by improving your driving habits or financial responsibility.
- Step 2: Request rate estimates from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only quote rates from a single company like GEICO or State Farm, while agents who are independent can provide rate quotes from multiple insurance companies.
- Step 3: Compare the new rate quotes to your current policy premium to see if a cheaper price is available in Newark. If you find a lower rate quote and decide to switch, make sure there is no lapse between the expiration of your current policy and the new one.
A good tip to remember is to make sure you enter similar limits and deductibles on each quote and and to get rate quotes from every company you can. This enables a level playing field and the most accurate and complete price analysis.
More tips and info about auto insurance can be found in these articles:
- Comprehensive Coverage (Liberty Mutual)
- Who Has Cheap Newark Car Insurance for a Kia Optima? (FAQ)
- What Auto Insurance is Cheapest for Drivers Over Age 60 in Newark? (FAQ)
- Who Has Cheap Auto Insurance Rates for High Risk Drivers in Newark? (FAQ)
- Top Signs Your Brakes are Giving Out (State Farm)
- Understanding your Policy (NAIC.org)