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Why is my car insurance more expensive than my car payment?
I recently bought a 2017 Volvo S60. My monthly payments are $300 and my insurance is going to be $400 a month. I have tickets on my record, but no accidents. Why is my insurance so expensive?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The cost of
car insurance
depends on several factors. Tickets, violations, accidents, and the type of vehicle you drive all impact your rate.Since Volvos are considered luxury vehicles, their
actual cash value
is higher. Insurance companies may charge higher rates to offset this since the cost of parts and labor will be higher. Furthermore, your lender requires full coverage on financed vehicles, which drives your insurance costs up.Before purchasing a vehicle, check what insurance will cost on it. You can request
car insurance quotes
with the vehicle’s VIN, which will help you budget and determine if the vehicle is right for you.Since you’ve already purchased the vehicle, the best thing to do is shop around and look for insurance discounts. Even with tickets on your record and a luxury vehicle, you may be able to find a lower rate.
Check rates with a variety of companies in your area. While you may not be able to find
cheap car insurance
, it’s possible to find a rate lower than your car payment. Here is a list of possible discounts to look into:- Defensive Driver discount
- Telematics discount
- Low mileage savings
- Alumni Association discounts
- Professional Organization discounts
If you need help finding discounts and insurance, go to
Jerry
. Jerry is an online insurance broker that gathers quotes from up to 50 of the top insurance providers in seconds!”View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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