The most effective way to get affordable auto insurance rates in New Orleans is to regularly compare quotes from companies in Louisiana.
First, try to comprehend the coverage provided by your policy and the measures you can control to keep rates in check. Many factors that result in higher prices such as tickets, at-fault accidents, and a less-than-favorable credit rating can be improved by paying attention to minor details.
Second, compare prices from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only quote rates from a single company like GEICO or State Farm, while independent agencies can provide price quotes from multiple insurance companies.
Third, compare the new rate quotes to your current policy premium to see if you can save by switching companies. If you find a better price and buy the policy, ensure there is no coverage lapse between policies.
The most important part of shopping around is to use identical deductibles and limits on each price quote and and to get price quotes from as many car insurance companies as possible. Doing this provides a fair rate comparison and a complete price analysis.
Unthinkable but true, a large majority of drivers kept their policy with the same company for at least four years, and approximately 38% of consumers have never even compared quotes to find cheap rates. Louisiana insurance shoppers could save up to $897 every year, but most undervalue the big savings they would realize if they replace their high priced policy.
Locating the best rates in New Orleans can really be easy if you know what you’re doing. Nearly every car owner who is looking for a better price on insurance should find a lower price. But Louisiana consumers do need to know how companies compete online because it can help you find the best coverage.
How Insurance Companies Calculate Volvo V60 Insurance Premiums
Many different elements are part of the equation when premium rates are determined. A few of the factors are predictable like your driving record, but others are less apparent like your vehicle usage or your financial responsibility.
Better prices for no policy lapses – Letting your insurance expire is a sure-fire way to increase your rates. In addition to paying higher rates, the inability to provide proof of insurance will get you a fine, jail time, or a revoked license. You will then be forced to prove you have insurance by filing a SR-22 with the Louisiana department of motor vehicles.
What type of car do you drive? – The type of car you need to insure makes a huge difference in your rates. The cheapest rates are for economy passenger cars, but other factors influence the final cost greatly.
Youthful drivers cost more – More mature drivers are shown to be more cautious, tend to file fewer claims, and receive fewer citations. Young drivers are proven to be inattentive and easily distracted when driving and because of this, their auto insurance rates are much higher.
Women tend to cost less – Over the last 50 years, statistics have shown females are less aggressive when driving. This data doesn’t prove that females are better at driving than males. Men and women have fender benders in similar percentages, but guys tend to have more serious accidents. In addition to higher claims, males also receive more major tickets like reckless driving and DUI.
Premiums are affected by your credit rating – Having a good credit score is a big factor in determining your rates. Insureds that have high credit ratings tend to file fewer claims as compared to drivers with lower credit ratings. Therefore, if your credit rating could use some work, you could potentially save money when insuring your Volvo V60 by repairing your credit.
High comp and collision deductibles cost less – The deductibles are the amount of money you are required to pay if a claim is determined to be covered. Protection for physical damage, commonly called comprehensive (or other-than-collision) and collision coverage, is used to repair damage to your car. Examples of covered claims would be rear-ending another vehicle, hail damage, and having a roll-over accident. The more the insured is willing to pay, the lower your rates will be.
Insurance loss data for Volvo V60 vehicles – Companies analyze historical claim data to help calculate a profitable premium rate. Models that statistically have high amounts or severity of claims will have increased rates. The next table illustrates the actual insurance loss data for Volvo V60 vehicles.
For each coverage type, the loss probability for all vehicles, as an average, is a value of 100. Values below 100 mean the vehicle has better than average losses, while values that are above 100 point to more frequent losses or an increased chance of a larger loss.
|Vehicle Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Volvo V60 2WD||68||53|
|Volvo V60 4WD||136||75|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
The quickest way to compare insurance rates from multiple companies is to know most insurance companies allow for online access to compare rate quotes. All consumers are required to do is provide the companies a bit of rating information such as your general credit rating, coverage limits, if you require a SR-22, and if you went to college. The data is instantly sent to multiple auto insurance providers and they return quotes immediately.
To start a rate quote now, click here and enter your zip code.
The companies shown below provide price quotes in Louisiana. If you wish to find cheaper auto insurance in Louisiana, we suggest you compare several of them to get the most affordable price.
Insurance is not optional in Louisiana
Even though it’s not necessarily cheap to insure a Volvo in New Orleans, paying for insurance is mandatory in Louisiana but it also protects more than you think.
- The majority of states have minimum mandated liability insurance limits which means the state requires specific limits of liability coverage in order to be legal. In Louisiana these limits are 15/30/25 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you took out a loan on your V60, it’s most likely the lender will have a requirement that you have full coverage to guarantee loan repayment. If the policy lapses, the bank or lender will purchase a policy for your Volvo at a much higher premium rate and require you to reimburse them the higher price.
- Insurance protects not only your Volvo but also your financial assets. It will also pay for all forms of medical expenses for yourself as well as anyone injured by you. One policy coverage, liability insurance, will also pay for a defense attorney if you are named as a defendant in an auto accident. If your vehicle suffers damage from an accident or hail, collision and comprehensive coverages will cover the repair costs.
The benefits of buying insurance more than offset the price you pay, especially with large liability claims. The average driver in Louisiana is overpaying more than $750 every year so smart consumers compare quotes every year to be sure current rates are still competitive.
Don’t neglect these discounts
Insurance is not cheap nor is it fun to buy but there are discounts available that you may not even be aware of. A few discounts will automatically apply when you purchase, but some discounts are required to be requested specifically before they will apply.
- Military Discounts – Being on active duty in the military may qualify for rate reductions.
- Discount for Low Mileage – Low mileage vehicles could be rewarded with discounted rates on garaged vehicles.
- Homeowners Savings – Just being a homeowner can get you a discount since home ownership is proof that your finances are in order.
- Multi-car Discount – Drivers who insure primary and secondary vehicles with the same insurance company can get a discount on all vehicles.
- Sign Online – Many companies will discount your bill up to fifty bucks get New Orleans auto insurance on their website.
- Passive Restraints – Factory options such as air bags and/or automatic seat belt systems may get savings of up to 25% or more.
- Discounts for Responsible Drivers – Safe drivers could pay up to 40% less than drivers with accidents.
- Claim-Free Discount – Drivers who don’t have accidents can save substantially as compared to accident-prone drivers.
- Telematics Devices – Drivers who elect to allow their insurance company to spy on driving habits through the use of a telematics system such as State Farm’s In-Drive could see a rate decrease if they show good driving skills.
- Discounts for Federal Employees – Active or former government employment could provide a small rate reduction depending on your insurance provider.
Discounts save money, but please remember that most credits do not apply to your bottom line cost. Most cut specific coverage prices like liability, collision or medical payments. So despite the fact that it appears all the discounts add up to a free policy, companies wouldn’t make money that way.
The best insurance companies and a summarized list of policyholder discounts can be read below.
- Progressive has discounts for online signing, continuous coverage, good student, multi-vehicle, homeowner, and multi-policy.
- GEICO may include discounts for driver training, multi-policy, daytime running lights, seat belt use, five-year accident-free, and membership and employees.
- State Farm may offer discounts for accident-free, multiple policy, passive restraint, anti-theft, Drive Safe & Save, student away at school, and safe vehicle.
- Esurance includes discounts for anti-lock brakes, defensive driver, DriveSense, multi-car, good driver, Pac-12 alumni, and online quote.
- The Hartford policyholders can earn discounts including bundle, good student, vehicle fuel type, defensive driver, and driver training.
When getting free New Orleans auto insurance quotes, it’s a good idea to every company the best way to save money. Some of the earlier mentioned discounts may not apply in every state. If you would like to see a list of insurers that have a full spectrum of discounts in New Orleans, click here.
You may need advice from a local insurance agent
A small number of people still like to sit down and talk to an agent and doing so can bring peace of mind The best thing about comparing insurance prices online is that you can obtain better rates and still have an agent to talk to.
Once you complete this form (opens in new window), your insurance data is immediately sent to insurance agents in New Orleans who can give free rate quotes for your coverage. You won’t even need to contact any agents because quoted prices will be sent to you directly. You can find better rates and a licensed agent to talk to. If you have a need to compare prices for a specific company, feel free to search and find their rate quote page and fill out their quote form.
Finding the right insurance company is decision based upon more than just the quoted price. Get answers to these questions too.
- Do they feel the quoted coverages are adequate?
- Does the agency provide any after hours assistance?
- Does the agent have professional designations like CIC, CPCU or AIC?
- Did they already check your driving record and credit reports?
- Are all drivers listed on the coverage quote?
If you are wanting to purchase insurance from a local insurance agency, it helps to know the two types of agencies and how they differ in how they can insure your vehicles. Agencies in New Orleans are classified as either independent agents or exclusive agents.
These type of agents can only place business with one company and examples are Farmers Insurance or State Farm. These agents are not able to place coverage with different providers so it’s a take it or leave it situation. Exclusive agencies are well schooled on their company’s products which helps them compete with independent agents.
Shown below are New Orleans exclusive insurance agencies who can help you get price quotes.
Independent Insurance Agents
Agents in the independent channel are not employed by one company so they can insure your vehicles with a variety of different insurance companies depending on which coverage is best. If prices rise, the business is moved internally which is easy for the insured. If you need lower rates, it’s a good idea to get quotes from a few independent agents in order to compare the most rates.
Below is a list of independent insurance agencies in New Orleans that can give you price quote information.
Quote more and you will save more
As you shop your coverage around, do not skimp on critical coverages to save a buck or two. There have been many cases where an insured cut collision coverage and found out when filing a claim that the savings was not a smart move. The aim is to buy the best coverage you can find at the lowest possible cost, but do not sacrifice coverage to save money.
We covered many ways to save on Volvo V60 insurance in New Orleans. The key concept to understand is the more price quotes you have, the more likely it is that you will get a better rate. Consumers could even find that the most savings is with some of the smallest insurance companies. Smaller companies often have lower premium rates on specific markets compared to the large companies like Progressive or GEICO.
More detailed auto insurance information can be read in these articles:
- Determining Auto Insurance Rates (GEICO)
- What Car Insurance is Cheapest for Drivers with a Bad Driving Record in New Orleans? (FAQ)
- How Much are New Orleans Car Insurance Rates for Handicapped Drivers? (FAQ)
- What Auto Insurance is Cheapest for Felons in New Orleans? (FAQ)
- Child Safety FAQ (iihs.org)
- Five Mistakes to Avoid (Insurance Information Institute)
- Five Tips to Save on Auto Insurance (Insurance Information Institute)