Are you looking for more affordable Volvo S40 insurance in Chicago? Are you irritated from not being able to afford to buy auto insurance? You have the same problem as most other vehicle owners in Illinois.
Surprisingly, a recent survey revealed that a large majority of drivers kept buying from the same company for four years or more, and almost half have never compared quotes from other companies. Illinois drivers can cut their rates by nearly $586 a year, but they think it’s difficult to compare rate quotes.
Insurance companies such as GEICO, Farmers Insurance and State Farm continually hit you with ads and it is challenging if not impossible to ignore the propaganda and take the time to shop coverage around.
All major insurance companies such as Allstate, GEICO and Progressive make it easy to get coverage price quotes on their websites. The process is pretty easy because it’s just a matter of typing in your required coverages into a form. Once you submit the form, their system orders credit information and your driving record and returns pricing information. Using the web to get rates for Volvo S40 insurance in Chicago makes it easy to compare insurance prices and it’s necessary to do this if you want to find the cheapest possible prices on insurance.
If you want to compare pricing, take a look at the companies shown below. If you have coverage now, it’s recommended that you enter deductibles and limits just like they are on your policy. This helps ensure you are getting a rate comparison for the exact same coverage.
The following companies are our best choices to provide free rate quotes in Chicago, IL. If several companies are displayed, we suggest you visit two to three different companies to get the best price comparison.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|S40 T5 AWD R-Design||$208||$368||$268||$16||$80||$940||$78|
|Get Your Own Custom Quote Go|
Data based on married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Information does not factor in zip code location which can decrease or increase auto insurance rates greatly.
Tickets and at-fault accidents raise rates
The example below highlights how speeding tickets and at-fault collisions influence Volvo S40 premium costs for different categories of driver ages. The premiums assume a single female driver, comp and collision included, $500 deductibles, and no discounts are applied.
Liability only or full coverage
The information below shows the difference between Volvo S40 insurance costs with full physical damage coverage compared to only buying liability only. The data assumes no tickets, no at-fault accidents, $1,000 deductibles, married male driver, and no additional discounts are factored in.
Are you wasting money paying for full coverage?
There is no definitive guideline of when to exclude full coverage on your policy, but there is a guideline you can consider. If the yearly cost of full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s pretend your Volvo S40 replacement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is totaled in an accident, you would only receive $5,000 after paying your policy deductible. If you are paying more than $500 annually for comprehensive and collision coverage, then it may be the right time to buy liability only.
There are some scenarios where removing full coverage is not recommended. If you still owe money on your vehicle, you are required to maintain 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 in place.
Why you need quality insurance for your Volvo vehicle
Despite the fact that car insurance is not cheap in Chicago, car insurance serves an important purpose.
- Almost all states have minimum liability requirements which means it is punishable by state law to not carry specific limits of liability coverage in order to drive the car. In Illinois these limits are 20/40/15 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If your Volvo has a lien holder, most banks will force you to have physical damage coverage to guarantee loan repayment. If you let the policy lapse, the lender may insure your Volvo at an extremely high rate and force you to pay much more than you were paying before.
- Insurance safeguards your Volvo S40 and your assets. It will also provide coverage for all forms of medical expenses incurred in an accident. Liability insurance also pays for attorney fees and expenses if you cause an accident and are sued. If damage is caused by hail or an accident, your policy will pay to repair the damage.
The benefits of carrying adequate insurance greatly outweigh the cost, especially when you need to use it. Despite what companies tell you, the average driver is currently overpaying as much as $865 each year so it’s recommended you shop around each time the policy renews to help ensure money is not being wasted.
Insurance companies are expert advertisers
Insurance providers like Allstate, GEICO and Progressive seem to constantly run television, radio, and online ads. All the companies seem to make the promise that drivers will save a bundle if you move to their company. That’s great but how can every company say the same thing? You have to listen carefully.
Insurance companies have underwriting criteria for the type of customer that will not have excessive claims. For example, a profitable risk profile may be between the ages of 30 and 45, has a low-risk occupation, and drives less than 7,500 miles a year. Anybody that meets those criteria may get the lowest car insurance rates in Chicago and will save when they switch companies.
Potential insureds who fall outside those criteria must pay higher premium rates and this results in the customer buying from a different company. The ads state “people that switch” not “all people who quote” will save that much if they switch. This is how companies can make it sound like they have such great prices. Each company has different criteria, so you really need to get Chicago auto insurance quotes from several different companies. It is just not possible to predict which insurance companies will provide the lowest Volvo S40 insurance in Chicago.
These eight discounts can lower your insurance rates
Insuring your vehicles can cost a lot, but you might be missing out on some discounts to help offset the cost. Many of these discounts will be applied automatically when you purchase, but a few need to be inquired about in order for you to get them.
- Discounts for Government Workers – Employees or retirees of the government may qualify for a discount when you quote Chicago auto insurance with some insurance companies.
- Student in College – Kids who are enrolled in a college that is more than 100 miles from Chicago and leave their car at home may be insured at a cheaper rate.
- Policy Bundle Discount – When you have multiple policies with the same insurance company they may give you a discount of 10% to 20% off each policy.
- ABS Braking Discount – Cars, trucks, and SUVs that have anti-lock braking systems can avoid accidents and earn discounts up to 10%.
- Good Student Discount – This discount can be rewarded with saving of up to 25%. This discount can apply up until you turn 25.
- Payment Method – By making one initial payment rather than spreading payments over time you can actually save on your bill.
- Theft Prevention System – Vehicles that have factory anti-theft systems are stolen with less frequency and qualify for as much as a 10% discount.
- Discount for Home Ownership – Being a homeowner can save a few bucks because maintaining a house is proof that your finances are in order.
One thing to note about discounts is that most discounts do not apply to the whole policy. Some only reduce the price of certain insurance coverages like medical payments or collision. If you do the math and it seems like you can get free auto insurance, it doesn’t quite work that way.
Some of the insurance companies that may include these discounts include:
If you need lower rates, check with each insurance company to give you their best rates. Depending on the company, some discounts might not be available to policyholders in Chicago. To view insurers that offer multiple discounts in Illinois, click here to view.
Local agents and car insurance
Many people just prefer to visit with an insurance agent and that is OK! A good thing about getting free rate quotes online is the fact that drivers can get the lowest rates and still buy from a local agent.
To make it easy to find an agent, after completing this short form, your insurance coverage information is sent to companies in Chicago that give free quotes for your coverage. It makes it easy because there is no need to even leave your home since price quotes are sent straight to your inbox. You can find better rates AND a local agent. If you need to compare rates from a specific company, don’t hesitate to visit that company’s website and fill out their quote form.
Finding the right provider should depend on more than just a cheap price. The questions below may impact your decision as well.
- How long has their agency been open in Chicago?
- Are they properly licensed to sell insurance in Illinois?
- Do they see any coverage gaps in your plan?
- When do they do policy reviews?
- Do they have designations such as AIC, CPCU, or CIC?
- Do they carry Errors and Omissions coverage?
- Is every driver in your family covered?
- Are you getting all the discounts the company offers?
What types of auto insurance agents are in Chicago?
If you’re trying to find a reliable agent, you must know there are a couple types of insurance agents and how they can quote your rates. Car insurance agencies are classified as either exclusive or independent agents depending on their company appointments.
Exclusive Insurance Agencies
These agents can only provide pricing for a single company and examples are Allstate, State Farm and Farm Bureau. Exclusive agencies are unable to shop your coverage around so if the price isn’t competitive there isn’t much they can do. These agents are well schooled on their company’s products which helps offset the inability to provide other markets.
Below are Chicago exclusive insurance agencies who may provide you with comparison quotes.
Independent Agents (or Brokers)
Independent agents are normally appointed by many insurers and that allows them to write policies with lots of companies and find the cheapest rate. If they find a lower price, they simply move the coverage in-house and you can keep the same agent. When comparison shopping, you will definitely want to compare prices from at a minimum one independent agency for the best price selection.
Below is a short list of independent insurance agencies in Chicago who can help you get comparison quotes.
Do I need special coverages?
Always keep in mind that when comparing adequate coverage, there is no cookie cutter policy. Coverage needs to be tailored to your specific needs and a cookie cutter policy won’t apply.
These are some specific questions might point out if your situation could use an agent’s help.
- What is PIP insurance?
- Am I covered if I hit someone who is not insured?
- What does medical payments cover?
- What does UM/UIM cover?
- Can my teen driver be rated on a liability-only vehicle?
- Do I need to call my car insurance company before buying a new car?
If you’re not sure about those questions but one or more may apply to you, then you may want to think about talking to an agent. To find an agent in your area, complete this form or click here for a list of car insurance companies in your area.
Parts of your insurance policy
Understanding the coverages of your insurance policy can be of help when determining the right coverages and proper limits and deductibles. Insurance terms can be impossible to understand and nobody wants to actually read their policy. Listed below are the usual coverages offered by insurance companies.
Comprehensive or Other Than Collision
Comprehensive insurance coverage pays to fix your vehicle from damage OTHER than collision with another vehicle or object. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for things such as rock chips in glass, a tree branch falling on your vehicle, falling objects, damage from flooding and theft. The maximum payout a insurance company will pay at claim time is the ACV or actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.
Auto collision coverage
This coverage will pay to fix damage to your S40 resulting from a collision with an object or car. A deductible applies and the rest of the damage will be paid by collision coverage.
Collision coverage protects against things like sideswiping another vehicle, crashing into a building, hitting a mailbox, colliding with another moving vehicle and crashing into a ditch. Paying for collision coverage can be pricey, so consider dropping it from lower value vehicles. It’s also possible to increase the deductible on your S40 to bring the cost down.
This protects you and your vehicle from other drivers when they do not carry enough liability coverage. Covered claims include hospital bills for your injuries as well as your vehicle’s damage.
Since many Illinois drivers carry very low liability coverage limits (20/40/15 in Illinois), their limits can quickly be used up. This is the reason having UM/UIM coverage is important protection for you and your family.
Medical costs insurance
Medical payments and Personal Injury Protection insurance kick in for expenses for funeral costs, hospital visits, rehabilitation expenses, surgery and dental work. The coverages can be used to cover expenses not covered by your health insurance program or if you are not covered by health insurance. They cover you and your occupants and will also cover being hit by a car walking across the street. PIP coverage is not available in all states but can be used in place of medical payments coverage
Liability insurance protects you from injuries or damage you cause to other people or property in an accident. It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see liability limits of 20/40/15 that translate to a limit of $20,000 per injured person, $40,000 for the entire accident, and a limit of $15,000 paid for damaged property.
Liability coverage protects against claims like legal defense fees, emergency aid and funeral expenses. How much coverage you buy is a decision to put some thought into, but consider buying as large an amount as possible. Illinois state minimum liability requirements are 20/40/15 but you should think about purchasing higher limits.
Quote more to save more
Throughout this article, we presented a lot of information how to compare Volvo S40 insurance rates in Chicago. The key thing to remember is the more rate comparisons you have, the better likelihood of getting affordable Volvo S40 insurance quotes. Consumers could even find that the best price on insurance is with a smaller regional carrier. These companies can often insure niche markets at a lower cost than their larger competitors like Progressive or GEICO.
Cheaper Volvo S40 insurance in Chicago can be found both online in addition to many Chicago insurance agents, so you should compare both in order to have the best price selection to choose from. Some insurance companies do not provide rates over the internet and most of the time these smaller providers provide coverage only through local independent agencies.
To read more, link through to the resources below:
- Driving in Bad Weather (Insurance Information Institute)
- Who Has the Cheapest Chicago Auto Insurance for a Nissan Rogue? (FAQ)
- What Car Insurance is Cheapest for Hybrid Vehicles in Chicago? (FAQ)
- Who Has the Cheapest Chicago Auto Insurance for a Chevrolet Silverado? (FAQ)
- What Auto Insurance is Cheapest After a Speeding Ticket in Chicago? (FAQ)
- New head restraint design cuts injuries (Insurance Institute for Highway Safety)
- Information for Teen Drivers (GEICO)
- Distracted Driving Statistics (Insurance Information Institute)
- Auto Insurance 101 (About.com)