Aside from finding a low insurance rate for your Volvo, it’s crucial to find a trustworthy insurance company offering coverage that works for you.
The best insurance companies promise their policyholders excellent service, quick claims processing and in many cases, a variety of discounts that reward customers for having a good driving record, low mileage, and taking advantage of automatic bill payment options.
Several elements go into determining your auto insurance rate.
While your age, gender, driving record, and geographic location are a big part of calculating your rate, the make and model of your vehicle are possibly the most significant determining factors.
When you’re comparing quotes, it’s essential to have a good understanding of how insurance companies calculate the risks associated with your specific vehicle.
Safety ratings, the likelihood of theft, and damage thresholds are just some of the elements that go into determining the price of your policy.
Here’s How Much It Might Cost To Insure Your Volvo
If you’re researching the price of Volvo insurance with different companies, you’ll most likely find a vast difference in rates ranging from the frankly economical to the expensive.
How Much Does Volvo Insurance Cost?
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.
Aside from making sure that you fully understand the coverage included in the price quote, it’s a good idea to research the ratings and reviews each company has received as well as its financial strength and discount offerings.
There are several factors related to your specific vehicle that can have an outsized effect on the price of your insurance rate.
Below, you’ll find a breakdown of these 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.
2013 Volvo C70
The 2013 Volvo C70 performed well in IIHS safety tests and received a rating of G in all categories.
Tests were performed on the C70’s Moderate Overlap Front, Side, and Head Restraints and Seats.
2018 Volvo S90
The 2018 Volvo S90 was named the 2018 Top Safety Pick.
It received G ratings in all categories except Headlights and Child Safety Seat Anchors (Ease of Use) which were both rated A.
Additional testing was performed on the S90’s Front Crash Prevention, which was assigned a “Superior” rating.
Comprehensive and Collision Coverage
Volvo insurance rates are also highly dependant on the overall value of your vehicle, 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, year, condition, and any additional features your vehicle may have.
Specific car values can be found using Kelley Blue Book (KBB).
For these examples, values are based on vehicles considered to be in good condition, located within the 90005 zip code, which is in Los Angeles.
According to KBB, the value of a 2013 Volvo C70 Convertible with standard features is between $15,475 and $18,354.
The 2018 Volvo S90 T6 Inscription Sedan is valued considerably higher, with a fair market range between $41,905 and $50,096.
This variation in pricing will result in a considerable disparity between available rates for Volvo insurance.
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.
Many insurance companies reward their customers with discounted 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 newer models come with Intellisafe, which includes features like adaptive cruising, a 360-degree camera, park assist pilot, and blind spot information.
Getting a Quote: What Are the Best Companies for Volvo Insurance?
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.
It’s also wise to research each company to find out how it services customers.
Looking into the company’s reviews, ratings, and complaint data gives a good picture of how well it performs.
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?
What to Know About Volvo
Headquartered in Sweden and sold all over the world, Volvo is a luxury line of family-friendly vehicles.
Its models include convertibles, sedans, and wagons and feature opulent interiors.
Volvo’s signature exteriors are highly recognizable, and the cars have been well-known for excellent safety ratings in recent decades.
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.
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.