Major milestones seem to come in tandem with buying cars. Your first car with a newly minted driver’s license, a new baby equaling an upgrade to a roomier space, empty nesters looking to downsize.
Volvo offers a model to fit virtually every phase of life, so you can drive the right car for your situation and budget. But choosing the right car for your situation means looking at several different cost factors.
One factor to keep in mind is car insurance, and looking for a reliable car insurance company doesn’t have to be difficult. It’ important to make sure the company you choose offers quality coverage and service at a reasonable price.
Are Volvos Expensive to Insure?
Yes and No.
Insurance companies use several factors to determine your rates– the make, model, trim packages, mileage, your driving record, age, credit score, and even your geographic location. Of those factors, make and model impact your rates the most.
Known for safety, Volvos are less risky for companies to insure, however choosing a more expensive model can cause your rates to climb up towards other luxury car rates.
Car insurance companies assign Volvos a wide range of rates from budget-worthy to budget-busting.
Best Volvo Insurance Companies
It’s important to research companies. The saying “too good to be true” holds weight in all areas of life, including car insurance. Don’t always go with the cheapest quote. Comprehending the coverage offered in the quote is essential.
It’s also important to check out several company reviews and ratings. Is the provider financially sound? Does the company offer discounts? Are you comfortable with the agent?
How Are Volvo Insurance Rates Determined?
The car you choose has a heavy impact on your assigned rates. Here’s what companies look at in regards to Volvo car insurance rates.
Safety
Volvo cornered the market as early as 1927 for car safety. The Swedish-made company made safety one of its companies greatest core values.
The Insurance Institute for Highway Safety (IIHS) awards one of the following ratings to each car: G (Good), A (Acceptable), M (Marginal), P (Poor). The Volvo S40 and XC40 were both awarded IIHS’s highest safety pick cars of 2020. This follows decades of previous G awarded Volvo models.
Probability of Theft
Volvo isn’t a highly targeted car for thieves. They usually go for average cost cars such as Hondas or Toyotas. Because Volvo’s car parts are unique, they aren’t a target for black market sellers to make a quick buck.
MSRP
This is the sticker price of your car. Volvos straddle two fences–midrange and luxury vehicle levels. Insurance companies will raise your premiums based on the sticker price–the higher the price, the higher your premiums will be.
Volvos can be a wonderful mid-range family car.
Damage Liability
Because Volvos are built with safety in mind, insurance companies understand there is a lesser risk of bodily harm in the event of an accident while. As a company, Volvos overall are not the cheapest nor the most expensive to repair, so collision repair costs are a wash.
Volvo Puts Safety First
On April 14th, 1927, roughly 20 years after the Ford Model T changed mobility for Americans, Sweden launched the Volvo OV4 in Gothenburg. Safety was the core value of Volvo from the very beginning, quickly gaining a reputation for being an anomaly–a vehicle capable of safety, with an affinity for families, and yet, still a luxury car.
Volvo’s 3-Point Safety Belt
In 1959, Nihl Bohlin, an engineer for Volvo, created the 3 point safety belt. Not wanting to keep this life-saving technology to just Volvo, company leaders quickly removed all patent rights, ensuring any and all car manufacturers could install seat belts for safety.
According to the Association for Safe International Road Travel, there are over 1.25 million traffic fatalities a year. That roughly averages to 3,287 deaths per day, half of those falling between the ages of 15-44. Over 20-50 million people are either injured or disabled by traffic accidents yearly. Traffic deaths are the 9th leading cause of deaths worldwide, the leading cause of death for ages 15-29. Overall traffic accidents cost $518 billion USD each year.
Fully understanding these sobering statistics, Volvo has continued to pave the way towards safer cars, creating side airbags, Roll Over Protection Systems, Blindspot Info Systems, and Full Auto Braking when sensing an impending accident.
Reduced Emissions
Also concerned with exhaust emissions, in 1976, Volvo created the Lambda Sound, effectively reducing all emissions by 90%. Within years, every car manufactured procured the Lambda Sound for their own cars.
Continued Innovation
Volvo is known as an innovative company. Not only is Volvo safe for your family and environment, but it also leads in integrating the newest technology.
Amazon recently partnered with Volvo to offer “In Car Delivery” for any Volvo model after 2015. As long as you have Amazon Prime, you can pair it with your Volvo On Call and have your purchases delivered right to your car.
My Experience with Volvo
Personally, my family and I were t-boned by a Mac truck going 45 miles per hour while riding in a Volvo XC90. We all walked away with barely a dent in our car, not even deploying our airbags.
Volvo won my trust in that accident. My wife only drives our four children around in her Volvo XC90, finding comfort in the idea of driving around in a tank.
Let’s go back to the original question. Are Volvos expensive to insure? Depending on the make and model, they can be. However, know that no matter what model you choose, you will be driving around in one of the safest cars in the world.