Major milestones seem to come in tandem with buying new 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 insurance costs.
One factor to keep in mind is an insurance policy, and looking for reliable car insurance providers doesn’t have to be difficult. It’s 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 insurance premiums– the make, model, trim packages, mileage, safety features, and personal information such as your driving record, age, credit score.
Even your geographic location is a key component of your car insurance quote. Of those factors, the 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 and get quotes from at least three 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. There are more well-known companies such as State Farm, Allstate, and Geico, but don’t forget to check out smaller independent agencies as well.
We suggest asking a few of the following questions. 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 motorist safety one of its company’s 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 S60 and SUV XC40 were both awarded IIHS’s highest safety pick cars of 2020. This follows decades of previously 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. This is where your geographical location can play a key role in your insurance premium costs.
For example, if you happen to live in the Pacific Northwest, Subaru’s and Toyota’s are specifically targeted, but if you happen to live in New York, Hondas and Jeeps are likely targets.
Because Volvo is a foreign luxury car similar to BMW or Mercedes, they have unique parts preventing 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. If you choose to add on higher-priced trim levels, your insurance will likely be.
Let’s look at the Volvo XC90 and the three trim packages available: Momentum, R-Design, and Inscription. Within each package, you may choose a different engine labeled the T5, T6, and T8 plug-in hybrid.
Once you have what specific engine power you have in mind, you may choose interior luxury and space. The Momentum comes with many standard features, but if you want a sports car feel, go with the R-Design. The Inscription is Volvo’s most luxurious SUV, earning a high price tag.
Damage Liability
Because Volvos are built with safety in mind, insurance companies understand there is a lesser risk of bodily injury in the event of an accident due to impactful safety features.
Choosing between collision or comprehensive coverage typically impacts your auto insurance. Collision covers you in the event of property damage due to a collision with another car or object. Comprehensive coverage covers not only collision costs, but also vandalism, hail, or fire damage.
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. Personal injury 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 Volvo models 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 SUV. We all walked away with barely any property damage, not even deploying our airbags. After it was all said and done, my family and I left the scene with just a dent in the driver’s side door.
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.