2002 Volvo S60 Car Insurance Rates

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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Written by Jeffrey Johnson
Insurance Lawyer Jeffrey Johnson

UPDATED: May 12, 2022

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Are you tired of scraping the payment together to insure your Volvo every month? You’re in the same situation as many other drivers.

You have so many auto insurance companies to insure vehicles with, and even though it’s nice to have multiple companies, it makes it harder to adequately compare rates.

You need to get comparison quotes on a regular basis since insurance rates tend to go up over time. Just because you had the best rates on S60 coverage six months ago you can probably find a better price now. So just forget all the misinformation about insurance because you’re about to learn one of the easiest ways to save on insurance.

Discounts are available to cut your rates

Insuring your fleet can be pricey, but you can get discounts to help bring down the price. Certain discounts will be triggered automatically when you quote, but less common discounts must be specially asked for prior to receiving the credit.

  • One Accident Forgiven – Some insurance companies will forgive one accident without raising rates as long as you don’t have any claims for a certain period of time.
  • Theft Prevention Discount – Vehicles equipped with anti-theft or alarm systems are stolen less frequently and earn discounts up to 10%.
  • Safe Drivers – Safe drivers may receive a discount up to 45% less on S60 coverage than their less cautious counterparts.
  • 55 and Retired – Mature drivers can possibly qualify for a discount up to 10% on S60 coverage.
  • Driver’s Ed – Make teen driver coverage more affordable by requiring them to successfully complete driver’s ed class if it’s offered in school.
  • Anti-lock Brakes – Vehicles with anti-lock braking systems can reduce accidents and therefore earn up to a 10% discount.
  • Passive Restraints – Factory air bags or motorized seat belts can receive discounts up to 30%.
  • Homeowners Discount – Owning a home can help you save on auto insurance because owning a home shows financial diligence.

Keep in mind that many deductions do not apply to your bottom line cost. Some only reduce the cost of specific coverages such as collision or personal injury protection. So even though they make it sound like adding up those discounts means a free policy, you’re out of luck. Any amount of discount will help reduce the cost of coverage.

To see a list of providers offering auto insurance discounts, click here to view.

Finding Insurance

Performing a rate comparison can take time and effort if you don’t understand the most efficient way to do it. You can waste a lot of time talking to insurance companies in your area, or you can stay home and use the internet to accomplish the same thing much quicker.

Most car insurance companies participate in a marketplace where prospective buyers submit one quote, and at least one company returns a competitive quote for coverage. This eliminates the need for form submissions to each company.

To compare 2002 Volvo S60 rates now click here (opens in new window).

The one downside to using this type of form is you cannot specify the providers to receive prices from. So if you want to choose from a list of companies to request quotes from, we have a page of the cheapest insurance companies in your area. Click here for list of insurance companies.

It doesn’t matter which method you choose, just make sure you use identical coverage information for every quote you compare. If the quotes have different deductibles then you won’t be able to find the best deal for your Volvo S60. Having just a slight variation in coverage limits could mean much higher rates. And when price shopping your coverage, comparing more company’s prices will increase your chances of finding the best rates.

Complexity of Volvo S60 insurance rates

It’s important that you understand the rating factors that play a part in calculating insurance coverage rates. When you know what positively or negatively determines base rates enables informed choices that can help you get lower insurance coverage prices.

  • How credit affects insurance coverage rates – Having a bad credit score is a big factor in your rate calculation. If your credit is lower than you’d like, you could save money insuring your 2002 Volvo S60 by spending a little time repairing your credit. Drivers who have good credit tend to be better drivers and file fewer claims than drivers who have poor credit.
  • Don’t buy coverages you don’t need – There are many additional coverages that you can buy on your insurance coverage policy. Coverages like rental car reimbursement, towing coverage and motor club memberships may be wasting your money. These may sound like a good investment initially, but if you don’t need them get rid of them and save.
  • Proper usage rating affects rates – The more miles you rack up on your Volvo in a year the higher your rate. Almost all companies rate vehicles based on how the vehicle is used. Vehicles not used for work or commuting get more affordable rates as compared to vehicles used primarily for driving to work. Ask your agent if your insurance coverage policy is rated on how each vehicle is driven. If your policy improperly rates your S60 can result in significantly higher rates.
  • Liability insurance protects assets – Liability insurance will protect you if you are found to be at fault for personal injury or accident damage. Liability provides legal defense coverage which can be incredibly expensive. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so drivers should carry high limits.
  • Never allow your policy to lapse – Driving with no insurance is illegal and your next policy will cost more because you let your insurance lapse. Not only will rates go up, getting caught without coverage can result in a steep fine or even jail time.
  • Frequent insurance coverage claims increase rates – Companies give cheaper rates to drivers who file claims infrequently. If you tend to file frequent claims, you can expect higher rates. Insurance coverage is intended to be relied upon for the large, substantial claims.
  • How your age affects price – Older insureds are viewed as being more responsible, tend to cause fewer accidents and tend to be better behind the wheel. Teenage drivers have a tendency to be more careless when behind the wheel therefore insurance coverage rates are much higher.
  • Do you qualify for a multi-policy discount? – Some insurance coverage companies will give a discount to customers who consolidate policies with them, otherwise known as a multi-policy discount. Even if you’re getting this discount it’s still a good idea to compare rates to confirm you are receiving the best rates possible. Drivers may still find better rates by insuring with multiple companies.

Everyone needs different coverages

When it comes to choosing the right insurance coverage, there really is no cookie cutter policy. Each situation is unique and a cookie cutter policy won’t apply. For instance, these questions may help you determine whether your personal situation will benefit from professional help.

  • Should I buy only the required minimum liability coverage?
  • Is pleasure use cheaper than using my 2002 Volvo S60 to commute?
  • What is PIP insurance?
  • Is my camper covered by my car insurance policy?
  • Should I buy full coverage?
  • Can I afford to pay high deductible claims out of pocket?
  • Is my 2002 Volvo S60 covered for flood damage?

If it’s difficult to answer those questions but a few of them apply, you may need to chat with an agent. If you don’t have a local agent, simply complete this short form or click here for a list of insurance coverage companies in your area.

Don’t believe everything you hear

Car insurance companies such as State Farm, GEICO and Progressive constantly bombard you with television and radio advertisements. They all seem to say the same thing that you can save if you switch to them. How do they all claim to save you money?

Insurance companies have a certain “appetite” for the type of customer that earns them a profit. An example of a desirable insured might be between the ages of 40 and 55, has no prior claims, and drives newer vehicles. Any new insured that hits that “sweet spot” gets the lowest rates and most likely will save when they switch companies.

Drivers who fall outside this ideal profile will be charged higher premiums which leads to business not being written. The ads state “people who switch” not “everybody who quotes” save that much. That’s the way insurance companies can confidently advertise the way they do.

That is why you should get quotes from several different companies. It’s just too difficult to predict which insurance companies will fit your personal profile best.

Auto insurance coverages

Having a good grasp of a insurance policy aids in choosing which coverages you need at the best deductibles and correct limits. Insurance terms can be impossible to understand and coverage can change by endorsement. Shown next are typical coverage types found on most insurance policies.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills for doctor visits, nursing services and chiropractic care. They are utilized in addition to your health insurance plan or if there is no health insurance coverage. Coverage applies to both the driver and occupants in addition to being hit by a car walking across the street. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Comprehensive coverage

Comprehensive insurance coverage pays for damage from a wide range of events other than collision. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like rock chips in glass, damage from a tornado or hurricane, a broken windshield, theft and damage from getting keyed. The highest amount a insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Collision coverage

This will pay to fix damage to your S60 resulting from colliding with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.

Collision coverage pays for claims like scraping a guard rail, sideswiping another vehicle and hitting a mailbox. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are 8 years or older. Another option is to increase the deductible to save money on collision insurance.

Uninsured/Underinsured Motorist coverage

This protects you and your vehicle’s occupants from other drivers when they are uninsured or don’t have enough coverage. Covered claims include injuries sustained by your vehicle’s occupants and damage to your Volvo S60.

Since many drivers only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages should not be overlooked. Frequently the UM/UIM limits are similar to your liability insurance amounts.

Liability coverage

Liability coverage protects you from damage or injury you incur to a person or their property by causing an accident. This coverage protects you from legal claims by others. Liability doesn’t cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see policy limits of 100/300/100 which means a limit of $100,000 per injured person, $300,000 for the entire accident, and a limit of $100,000 paid for damaged property. Occasionally you may see one limit called combined single limit (CSL) that pays claims from the same limit without having the split limit caps.

Liability can pay for claims like medical expenses, repair costs for stationary objects, medical services, court costs and attorney fees. How much liability should you purchase? That is your choice, but consider buying as large an amount as possible.

Be a penny pincher

As you shop your coverage around, don’t be tempted to buy lower coverage limits just to save a few bucks. In many instances, drivers have reduced liability limits or collision coverage and learned later that the small savings ended up costing them much more. Your focus should be to purchase a proper amount of coverage for the lowest price, not the least amount of coverage.

You just read quite a bit of information on how to compare 2002 Volvo S60 insurance prices online. It’s most important to understand that the more rate quotes you have, the higher your chance of finding lower rates. Consumers may even find the lowest premiums are with a lesser-known regional company. These smaller insurers often have lower prices on specific markets than the large multi-state companies such as State Farm or Progressive.

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