Besides helping you find low insurance rates for your Volvo, we also intend to help you find a trustworthy insurer that can provide you with all the coverages you’ll need and deliver outstanding customer service.
All insurance companies promise insurance shoppers low rates, excellent rates, great claims service, and instant coverage, but not all can make good on that promise. Car insurance is a very competitive industry which is good for consumers since it will keep rates affordable, but just like with any industry, some companies do much better than others.
It makes financial sense to pay as little as possible for the insurance on your Volvo, but cheap insurance loses its value if you’re dealing with an insurance company that isn’t highly-rated or appears to be unconcerned about your business once they’ve been paid.
Is Car Insurance for a Volvo Expensive?
Sorry, but the answer is: “it depends.” Car insurance policies from most insurance companies are very similar but when it comes to rates, they can be all over the place. Just like any other insurance product, the devil is always in the details.Here are the underwriting factors that will affect the cost to insure your Volvo:
|The year, make, and model of your Volvo||Most insurance companies consider two primary things about your car: Does it have all the best safety features and what is the value of the model you own (or will own)|
|Information about you and other listed drivers||Your rates can be impacted by your age, marital status, driving record, claims history, insurance score, and how many miles you drive each year. Some companies will even consider your occupation and how or where your car is garaged.|
|The Coverages you Need||Car insurance policies are sold as a package of coverages that you can either select or refuse. If your care is financed, your lender will require full coverage, but if it’s paid for, it’s up to you. There are also optional coverages like Towing and Rental that you may or may not want to add.|
|Deductibles and Limits||Deductibles (typically for comp and collision) is the amount you have to pay to have your car repaired or replaced after a claim. The lower the deductible – the higher the premium and vice versa. Limits are the maximum your policy will pay for a liability claim. The higher the limit – the higher your rate. Your state’s insurance department will have a minimum liability limit they require but having low limits can be financially risky if you’re in an at-fault accident.|
|The Discounts you qualify for||Fortunately, almost every insurance company offers multiple discounts for things like bundling, pay in full, claim-free, and defensive driver certificate. The more you qualify for – the lower your rate will be.|
|The State You Live In||The state you live in can also have a substantial impact on your car insurance rates. Typically this is the result of the minimum liability limits each state requires.|
The Model You Drive Matters
Volvo, like other vehicle manufacturers, puts out a plethora of models and sub-models and the one you choose can have a major impact on your insurance rates.
Car insurance claims (comp and collision) are paid out based on the actual cash value of your vehicle at the time of the claim so if you drive a luxury vehicle with a high sticker price, it’s likely to cost more to repair or replace no matter when your claim is filed.
For example, a Volvo XC90 starts at about $50,000. So if this vehicle is stolen or totaled by the owner in an at-fault accident, it’s going to cost the insurance company a lot more to replace than it would if you had a Volvo C30 which starts at about $28,000. And if you purchased your insurance for either model in New York City rather than Columbus, Ohio, your insurance rates would probably double.
The Insurance Company You Choose Matters
Just like life insurance, health insurance, or home insurance, the insurance company you choose to do business with matters a great deal. There are many great companies out there that offer great value in car insurance and there are some that have tarnished reputations.
Fortunately, to help you make an informed decision about which companies will likely deliver the best service and affordable rates, there are online rating services like J.D. Power and Consumer Reports who are continually surveying consumers to find out which companies are the cream of the crop and which companies aren’t. After all, what good is a cheap insurance rate if the company gives you nothing but grief when you file a claim?Here are the 10 most popular insurance companies that are rated by overall claims service satisfaction by J.D. Power:
|Insurance Company||Rating (1 to 5 stars)|
|Erie Insurance Company||5 Stars|
|Amica Mutual||5 Stars|
|Auto Club of Southern CA||3 Stars|
|The Hartford||3 Stars|
|State Farm||3 Stars|
The Overall Satisfaction rating is based on an average of the following: First Notice of Loss – Estimation Process – Repair Process – Rental Experience – Claims Service – Settlement.
What about Rates?
As we mentioned earlier in the article, the cost to insure a Volvo depends on many factors. All the way from the model you own to the state you live in. This means providing the lowest rates for your Volvo insurance would need a completed questionnaire specifically for you. We can, however, provide you with a list of the ten cheapest insurance companies for the largest state – California.Here are the 10 cheapest auto insurers for the state of California:
|Rank||Insurance Company||Semi-Annual Premium|
Premium Data Provided By ValuPenguin.com
What’s the Bottom Line for the Cost to Insure a Volvo?
The bottom line for purchasing insurance for a Volvo or any other vehicle for that matter is this: do you want to pay the lowest rates or do you want to do business with the best company? Are you buying insurance because you have to, or are you buying insurance because you want to financially protect yourself and your vehicle?
When you review the data provided in the above-listed charts, you’ll likely find that cheap insurance and great auto insurance are not the same things.