I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent

UPDATED: Jan 22, 2021

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Headquartered in Sweden and sold all over the world, Volvo is a luxury car line of family-friendly vehicles. Volvo’s signature exteriors are highly recognizable and well-known for excellent safety ratings in recent decades.

The Volvo brand goes toe to toe with environmentally safe brands like Subaru and Toyota, having one of the first technological breakthroughs with the invention of the Lambda Sound catalytic converter in 1976.

Aside from finding a low insurance premium for your Volvo, it’s crucial to find a trustworthy car insurance company offering coverage that works for you.

The best insurance companies promise their policyholders excellent service and quick claims processing. In many cases, these providers offer a variety of discounts that reward customers for having a good driving record, low mileage, and taking advantage of automatic bill payment options.

While your personal information like your age, gender, credit score, driving history, and geographic location is a big part of calculating your rate, the make and model of your vehicle are possibly the most significant determining factors.

Are Volvos Expensive to Insure?

volvo

If you’re researching the price of Volvo insurance with different car insurance companies, you’ll most likely find a vast difference in rates ranging from the frankly economical cars to the expensive cars.

Volvo’s land in the luxury vehicle category along with Mercedes, Audi, and BMW and can come with an expensive price tag. A Volvo 4 door sedan is more than likely going to cost more than say a Nissan minivan, despite being a smaller car.

Several elements go into determining your auto insurance rate.

Safety ratings, the likelihood of theft, and damage thresholds are just some of the factors that go into determining the price of your policy.

When you’re comparing car insurance quotes, it’s essential to have a good understanding of how insurance companies calculate the risks associated with your specific vehicle.

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How Much Does Volvo Insurance Coverage Cost?

There are several factors related to your specific vehicle that can have an outsized effect on the cost of insurance.

Below, you’ll find a breakdown of these insurance cost factors and some other important things to consider when driving and insuring your Volvo.

Safety Ratings and Damage Threshold

The Insurance Institute for Highway Safety (IIHS) performs safety testing on hundreds of passenger vehicles every year and publishes the results for consumers and insurance companies.

The IIHS rates vehicles in many safety categories and provides one of four ratings: “G” (Good), “A” (Acceptable), “M” (Marginal), or “P” (Poor).

Here are some examples of recent Volvo safety ratings.

2020 Volvo XC90

The 2020 Volvo XC90 SUV performed well in IIHS safety tests and received a rating of G in all categories.

Tests were performed on the XC90’s Moderate Overlap Front, Side, Roof Strength and Head Restraints and Seats.

2020 Volvo S60

The 2018 Volvo S60 was named the 2020 Top Safety Pick. Because Volvo doesn’t make sports cars, the S60 is the closest model to this category. Known for its T8 Twin Engine, this car can get to 62 mph in 4.4 seconds.

It received G ratings in all categories except Headlights and Child Safety Seat Anchors (Ease of Use) which were rated M and A.

Additional testing was performed on the S60’s Front Crash Prevention, which was assigned a “Superior” rating.

The Volvo will most likely not hit inside the average cost range like a Honda or Toyota. However, with Volvo, you’re paying for a brand that values car safety more than any other ideal within the company.  Even Volvo’s older cars come with high safety ratings, despite missing some of the latest technology.

Comprehensive and Collision Coverage

Volvo car insurance rates are also highly dependent on the overall value of your vehicle, or MSRP, which dictates the price your insurance company will need to pay you in the event of a total loss.

The cost of your car is based on several elements which include the make and model, trim level, year, condition, and any additional features your vehicle may have.

Specific car values can be found using the Kelley Blue Book (KBB).

For these examples, values are based on vehicles considered to be in good condition, located within the 10065, zip code, which is in Manhattan, New York.

According to KBB, the value of a 2020 Volvo XC90 T5 Momentum SUV with standard features and in “good” condition has a trade in value of $29,833-$32,554.

Volvo has several different trim packages that increase the MSRP depending on what interior, wheels, and technology package you choose. The more you upgrade your car, the higher the typical insurance premium will go.

Claims Frequency and Potential to Cause Damage

The IIHS also collects claims data and publishes ratings on these insurance losses as they pertain to specific vehicles each year: Collision, Property Damage, Comprehensive, Personal Injury, Medical Payments, and Bodily Injury.

In the IIHS’s Insurance Loss Report on vehicles manufactured between 2015 and 2017, the Volvo S60 was rated across more categories when compared with other models built by Volvo.

It was rated “Average” in Collision, Property Damage and Comprehensive.

It did slightly better in Personal Injury and Medical Payments with a “Better than Average” rating and a rating of “Substantially Better than Average” in Bodily Injury.

These ratings may result in a lower insurance rate for drivers of the Volvo S60.

Volvo Insurance Discounts

Many insurance companies reward their customers with discounted insurance policy rates when they drive a vehicle equipped with the latest safety features.

Drivers of newer Volvo models should be able to take advantage of these discounts, as many new car and SUV models come with Intellisafe, which includes features like adaptive cruising, a 360-degree camera, park assist pilot, and blind-spot information. Airbags, seatbelts, and anti-theft technology are standard in all models.

What Are the Best Companies for Volvo Insurance?

While the rate that’s easier on your pocket is probably tempting, it’s important to do your research on the company before purchasing a policy. You can look at larger companies such as Geico, State Farm, and Allstate, but don’t forget to check out smaller, independent agencies as well.

Aside from making sure that you fully understand the coverage included in the price quote, it’s a good idea to research the customer ratings and reviews each company has received as well as its financial strength and discount offerings.

When you’re shopping for car insurance for your Volvo—or any other make of vehicle—it’s a good idea to obtain quotes from at least three companies.

Some other important factors you may want to take into consideration when choosing your insurance provider include:

  • Financial strength
  • Company/agent licensing
  • Customer service
  • Your comfort level with the representative

When you’re ready to meet with a representative from your insurance provider of choice, make sure to ask some of the following questions to obtain the best rate for your insurance:

  • Do you offer a “good driver” discount?
  • Will I qualify for a lower rate if I drive less?
  • Do you offer discounts for paying in full or setting up automatic payments?
  • Do the safety features of my vehicle make me eligible for any discounted rates?

Shopping for Volvo Insurance

After reading the above information, you should have a better understanding of how insurance companies calculate risk and insurance rates.

By using the details in this article, you should feel confident enough to negotiate the best price for your Volvo insurance.