Volvo auto insurance overview
Volvo is a Swedish automobile manufacturer known for its luxury vehicles and high safety standards. The company was founded in Gothenburg, Sweden in 1926 around the concept of safety. In fact, Volvo co-founders Assar Gabrielsson and Gustav Larson were quoted as saying “Cars are driven by people. The guiding principle behind everything we make at Volvo, therefore, is and must remain, safety.” To this day, Volvo vehicles continue to be known for their impeccable safety standards.
During its nearly 100-year run, Volvo has manufactured a wide range of vehicles, from the classic Amazon P130 to the sporty S60. Along the way, they have amassed a modest but loyal following of drivers who value safety above all else.
Today, the automaker’s best-selling model is none other than the XC60, already available as a plug-in hybrid. Generally speaking, Volvo’s most popular models tend to be their SUVs - the XC60, XC40, and XC80.
Finally, in recent years, they have introduced several hybrid and electric vehicles into their fleet, including the pure electric C40 Recharge crossover and the XC40 Recharge SUV.
So whether you were drawn to Volvo owing to its Swedish design principles, luxury interiors, or emphasis on safety, purchasing a Volvo can be an excellent decision.
Fun facts about Volvo
- Despite its headquarters remaining in Gothenburg, Sweden, Volvo has production plants all over the world, including Belgium, China, Malaysia, India, Russia, and the United States.
- Volvo has always put safety first, equipping their vehicles with three-point seatbelts before they were ever legally required. They first introduced seatbelts in the Volvo PVS44, which made its debut in 1959, almost a decade before the safety feature became mandatory.
- The Volvo logo is a nod to the chemical symbol for iron. They chose this symbol because the Volvo brand is centred on safety, durability, and strength.
Types of Volvo auto insurance coverage
No matter what Volvo model you purchase, you’ll need to budget for car insurance. When purchasing car insurance, there are several decisions you will need to make. Though certain types of coverage are mandatory in Canada, you’ll need to decide the amount of coverage you want to buy. You’ll also need to choose whether to purchase optional types of coverage, such as comprehensive coverage. To learn more about the types of auto insurance coverage available to Volvo drivers in Canada, keep reading:
Third party liability coverage
Liability coverage is compulsory throughout Canada, with each province setting its own minimum requirement. Liability coverage protects the policyholder if they are found at fault for an accident. This type of coverage can help pay for medical expenses related to bodily injuries, vehicle repair costs, legal counsel, and any applicable court fees.
Unlike liability coverage, collision coverage is optional in Canada, but Volvo drivers may wish to buy it for added protection. This type of coverage protects you whenever you get into an accident with another car or object on the road, regardless of whether you’re at fault for the accident or not. Collision coverage can help cover the costs of any property damage that occurs as a result of the collision, however, it will not pay for hospital bills if you are injured (medical expenses relating to accidental injuries are under the accident benefits portion of your policy, which is mandatory in Canada).
Volvo drivers who value peace of mind may wish to purchase comprehensive insurance coverage. While the types of coverage that are compulsory in Canada may provide adequate coverage in case of an accident, they do not cover other circumstances, such as theft, vandalism, fire, or water damage. Comprehensive coverage, on the other hand, offers just that, providing financial protection against a wide range of circumstances.
Accident forgiveness coverage
Accident forgiveness is another type of optional coverage. When you purchase accident forgiveness, your insurance provider cannot raise your rate after your first at-fault accident.
How are Volvo insurance rates calculated?
As most Canadian drivers know, insurance companies consider a wide range of factors - many of which are out of your control - when calculating insurance premiums. From your age and location to your driving record and the model of Volvo you choose, a list of the most common factors that affect Volvo car insurance rates are as follows:
From an insurer’s perspective, age is a significant factor in determining your car insurance premium. Young drivers with little to no experience behind the wheel typically pay the highest premiums. Senior drivers over the age of 60 may also pay more for car insurance based on statistical data.
Where you plan to drive your Volvo can also influence your car insurance rate. If you live in or near a major Canadian city, such as Toronto, you may pay more for insurance. This is because high-density areas translate to more traffic, which increases your chances of getting into an accident. Conversely, Volvo drivers who live in rural parts of Canada may pay less for car insurance.
Driving history is one of the most influential factors when calculating car insurance. Volvo drivers with years of experience and stellar driving records may be rewarded with lower insurance premiums. In contrast, young drivers with minimal experience or drivers with poor driving records that include speeding tickets, DUIs, and accidents may pay more for auto insurance.
Model and year of Volvo
Which Volvo vehicle you purchase may also influence your insurance premium. Generally speaking, the newer, more expensive a vehicle, the higher the cost of insurance. As Volvos are considered luxury vehicles, they tend to be more expensive, which may mean paying more for insurance. However, if you bought an older model or a used Volvo, your insurance may be less. In addition, buying a Volvo model with lots of custom trims can make insurance more expensive, as it will cost the insurance company more to repair or replace it if necessary. One advantage to purchasing a Volvo is that they are known for their top-of-the-line safety features, and if a new vehicle is equipped with safety features, an insurance company may take this into account and lower your premium.
How to get cheap Volvo car insurance
Car insurance should never break the bank. Here at BrokerLink, we are dedicated to helping drivers find car insurance within their budget. We never want you to pay more than you have to, which is why we are pleased to offer our best tips and tricks for getting cheap Volvo car insurance. Check them out below:
- Purchase car insurance for multiple vehicles together (savings of up to 20%)
- Buy multiple insurance policies (home insuran+ car insurance, leisure vehicle insurance + car insurance, etc…) from the same provider (savings of up to 15%)
- Purchase one of Volvo’s hybrid or electric (buying an eco-friendly vehicle can result in savings of up to 10%)
- Increase your deductible
- Enrol in driving school (for young drivers)
- Pay auto insurance annually rather than monthly
- Consult with an insurance broker
Get in touch for more information on Volvo car insurance
If you still have questions about Volvo car insurance or would like to receive a free quote, BrokerLink can help.
The BrokerLink team is always available to answer your questions, explain the coverage options available to you, and offer tips and tricks for saving money on car insurance.
You can also count on us to share our resources and offer our unbiased expert opinions on the best car insurance policy for you and your family. When you work with us, we make it our top priority to find an auto insurance plan that meets your needs. Let BrokerLink do all the heavy lifting to find you a policy that offers the best coverage at the most affordable price.
Get started by contacting us today. We can be reached by phone, email, or in person at one of our many locations throughout Canada.
We also offer free car insurance quotes to all Volvo drivers. No matter the Volvo model, we invite you to use our online calculator tool to obtain an accurate and competitive quote in as little as five minutes.
If you have any questions about your free BrokerLink quote, you can get in touch at any time. We look forward to hearing from you!
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Volvo car insurance FAQs
Is car insurance mandatory for Volvos?
Car insurance is mandatory for all makes and models of vehicles, including Volvos. Auto insurance is a provincial matter, which means each province and territory dictates the rules surrounding car insurance. All provinces and territories in Canada have made it compulsory, however, the minimum coverage requirements vary. Therefore, no matter which Volvo you choose or which province you live in, you’ll need to purchase car insurance. If you need help doing so, contact a trusted broker in your city.
Used vs. new: Which Volvo is less expensive to insure?
Used cars are generally cheaper to insure than new cars. So if you’re looking to save money on car insurance, buying a used Volvo model may help. That said, buying an older model could cost you more money in other ways. For example, older cars may be less fuel-efficient, less durable, and may not come with warranties. For this reason, when purchasing a vehicle, it’s important to consider a wide range of factors.
What is the least expensive Volvo model to insure?
It’s difficult to answer this question as car insurance depends on a variety of factors, as mentioned above. However, the general rule of thumb is that the less expensive the vehicle, the less it will cost to insure. As Volvos are considered luxury vehicles, the cost of vehicle repairs may be higher, which is why your car insurance may cost more. Luckily, there are several ways to pay less for car insurance, no matter what make of car you buy. Bundling insurance policies together, attending driving school (for young drivers), and paying for car insurance annually can all minimize how much you spend on auto insurance.
Is it safe to buy Volvo car insurance online?
Nowadays, shopping for auto insurance on the internet is incredibly safe. Therefore, you should have no reservations about doing so. That said, shopping for car insurance - whether online or in person, is no easy task. With so many policy options on the market and insurance providers competing for your attention, finding car insurance can be stressful. Thankfully, there’s a solution. By working with a reputable insurance broker like BrokerLink, you can make shopping for car insurance an entirely hassle-free experience. BrokerLink’s team of knowledgeable insurance advisors is always on hand to offer their resources and expertise. We won’t stop working until you are 100% satisfied with your car insurance policy.
*This article is in no way sponsored, endorsed, or associated with Volvo.