Cheap Volvo Auto Insurance in 2024 (Save Big With These 10 Companies!)

Erie, USAA, and State Farm are the top three companies for cheap Volvo auto insurance, with policies starting at $22/month for minimum auto coverage.  Volvo auto insurance rates can be expensive and vary by vehicle model and driver, but Volvo drivers can still find cheap auto insurance for their vehicles.  Volvo owners can save money on coverage by applying discounts, removing add-on coverages, and raising auto insurance deductibles.

However, shopping around is the best way to save on Volvo car insurance. Enter your ZIP code into our free quote tool above to find the best auto insurance providers for your needs and budget.

Our Top 10 Company Picks: Cheap Auto Insurance for Volvo

Keep reading to learn more about auto insurance for your Volvo and how to get the Volvo insurance coverage you need at the lowest cost.

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#1 – Erie: Top Overall Pick

Pros

• Coverage Options: Erie offers coverage such as pet injury protection, which is not provided with every company. You can learn more with our Erie auto insurance review.
• Erie Auto Plus: An add-on that provides perks such as a diminishing deductible and increased coverage limits.
• Accident Forgiveness: This allows your first accident to not count against you as long as you’ve been a claim-free Erie customer for three years.

Cons

• Poor Credit, Higher Rates: Drivers with poor credit will see higher rates than competitors.
• Availability: Erie auto insurance is not available in all 50 states.

#2  – USAA: Cheapest for Military Members and Family

Pros

• SR-22 Insurance: High-risk drivers will sometimes need this coverage.
• Low Monthly Rates: Average rates begin around $60/month, and USAA is known for competitive pricing. Learn more with our USAA auto insurance review.
• Personal Injury Protection: Also known as PIP, it covers medical expenses after an accident.

Cons

• Military Only: Coverage is only offered to military, veterans, and their families.
• No BBB Rating: Currently USAA has no rating with the Better Business Bureau.

#3 – State Farm: Cheapest After Accidents

Pros

• Cheapest After Accidents: State Farm has some of the most affordable rates for drivers with accidents on their record (Learn More: Cheap Auto Insurance After an Accident).
• Customer Satisfaction: Drivers report excellent customer service with claims and questions. Read more with our State Farm auto insurance review.
• Medical Payment Coverage: This helps pay for any medical payments you will need after an accident.

Cons

• Accident Forgiveness Not Offered: In the event of an accident, no matter who is at fault, your rates will increase.
• Poor Credit, High Rates: Drivers will pay almost double for coverage with bad credit.

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#4 – Travelers Cheapest for Safe Drivers

Pros

• Non-Owner Auto Insurance: This coverage is good to have if you don’t own a vehicle but you rent or borrow one often.
• Wide Variety of Discounts: You can save money with driver training, being a good student, and even by owning an electric or hybrid vehicle.
• IntelliDrive Program: You could save up to 30% on coverage with this usage-based program. Learn more with our Travelers auto insurance review.

Cons

• No SR-22 Insurance: If you’re a higher risk driver, you won’t be able to obtain SR-22 coverage with Travelers.
• IntelliDrive Program: Your rates might increase if your driving habits are poor.

#5 – Progressive: Cheapest for Older Drivers

Pros

• Snapshot Program: Usage-based program that provides up to 20% off your auto insurance. Read more with our Progressive auto insurance review.
• Affordable High-Risk Coverage: Drivers with an accident on record will still see high rates, but less than some competitors.
• Discount Options: More than a dozen opportunities to save money, from bundling to signing documents online.

Cons

• High Teen Rates: Young drivers will pay more with Progressive under the age of 25.
• Low Customer Satisfaction: Drivers report poor customer service with claims and assistance.

#6 – Nationwide: Cheapest for Teen Drivers

Pros

• Low Rates for Teens: Younger drivers will pay less than the national average for auto insurance. Learn more with our Nationwide auto insurance review.
• Bodily Injury Liability: Helps cover the cost of legal fees and other costs associated with injuries to others in the event of an accident you cause.
• Financial Strength: Nationwide has an A+ rating with A.M. Best.

Cons

• High Risk, High Rates: Drivers with a single DUI will see their rates nearly double.
• Rideshare Not Available: If you drive for Lyft or Uber, Nationwide does not provide additional coverage.

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#7 – American Family: Cheapest for Drivers With Poor Credit

Pros

• Uninsured Motorist Coverage: Helps cover costs associated with an accident if the other driver doesn’t have insurance.
• Poor Credit, Affordable Rates: Drivers with poor credit can save around $520 per year against the national average. Read more with our American Family auto insurance review.
• Accident Forgiveness: You must be accident-free for five years, but your rates will not increase after your first accident.

Cons

• Availability: Auto insurance can’t be purchased in every state.
• Claim Handling: Drivers report long wait times and poor customer service with claims.

#8 – Farmers: Cheapest With Discounts

Pros

• Farmers App: Makes it easy to get quotes, report claims, and request roadside assistance. Read more with our Farmers auto insurance review.
• Signal Discount: Drivers can save up to 15% on auto insurance, with an immediate 5% discount.
• Claim Handling: You can file a claim easily with an agent, through the website, or with the app.

Cons

• Limited Rental Coverage: Farmers only covers rentals should you need one while your vehicle is in the shop.
• No Gap Insurance: Gap coverage pays the difference between what is still owed and what your vehicle is worth in the event it’s totaled after an accident.

#9 – Allstate: Cheapest With Bundled Insurance

Pros

• Rideshare Insurance: Covers you while you’re working as a rideshare driver.
• Claim Satisfaction Guarantee: Offers money back if you think you haven’t gotten enough from your claim settlement. You can learn more with our Allstate auto insurance review.
• Bundling Insurance: You can save money by bundling multiple insurance policies together.

Cons

• Expensive Rates: Auto insurance rates are a little higher than the national average.
• Claim Satisfaction: Drivers report lower than average satisfaction with claim handling.

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#10 – Liberty Mutual: Cheapest for Drivers With Clean Records

Pros

• Availability: You can purchase Liberty Mutual auto insurance in all 50 states.
• RightTrack Program: Monitors driving habits and provides a discount accordingly.
• Medical Payment Coverage: Provides assistance with medical bills following an accident. You can learn more with our Liberty Mutual auto insurance review.
• ByMile: This is a usage-based insurance program, where you only pay for coverage based on mileage.

Cons

• Teens Pay More: Younger drivers will pay over $100 more than the national average.
• High Risk, High Price: Drivers with infractions will pay more than the national average as well.

Volvo Auto Insurance Cost

While numerous factors affect Volvo car insurance rates, the model you choose is one of the most significant. So, it’s important to compare auto insurance rates by vehicle make and model to find the best car insurance for your Volvo.

The body style and safety features play a part in the cost of Volvo insurance. For example, Volvo models with expensive repair costs and sports cars have higher Volvo insurance rates.

Check out the table below to compare Volvo insurance rates by model:

Volvo Auto Insurance Monthly Rates by Model & Coverage Type

Auto insurance rates for Volvo will vary widely by model. For example, the Volvo S90 auto insurance rates are the highest of the available models. On the other hand, however, the Volvo XC60 has the lowest rates on the market.

While Volvos are considered luxury cars, MSRPs put them on the more affordable end of the category. Volvos come with enhanced technology and safety features that can be expensive to repair, which increases auto insurance rates. However, you can always find the best auto insurance for luxury cars by comparing Volvo insurance quotes and locating eligible discounts.

In addition, some vehicle models come with higher car insurance rates. For example, insurance companies charge higher rates for sports cars since drivers tend to speed or drive recklessly and cause more accidents.

Volvo Auto Insurance Coverage Options

You must meet state minimum auto insurance requirements to drive your Volvo legally. However, the minimum standards typically only include liability insurance and have low limits. Some states also require medical payment or personal injury protection auto insurance to pay for accident-related medical bills.

Volvo liability auto insurance pays for bodily injuries and property damage to others if you cause an accident. Coverage includes medical costs and vehicle and other property repairs but doesn’t pay for damage to your car.

Drivers need to add collision and comprehensive coverage to protect their Volvo. Collision auto insurance pays for damage to your car if you cause an accident, and comprehensive auto insurance pays for your vehicle damage unrelated to an accident, such as damage related to theft, vandalism, and acts of nature like floods, hail, and tornados.

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Although minimum coverage meets state insurance requirements, Volvo full coverage auto insurance offers protection for your vehicle by including collision and comprehensive coverage. Unless you pay cash for your Volvo, you’ll need full coverage. In addition, most lenders require more coverage if you have a loan or lease.

In addition to full coverage, you’ll need gap insurance if you have an auto loan or lease. Gap insurance pays the difference between what you owe on your Volvo and its worth if your car gets totaled. Without gap insurance, you’d pay the difference yourself. Gap insurance for your loan or lease is optional but can sometimes save you money in the long run.

Volvo drivers may consider policy add-ons, such as roadside assistance, rental car reimbursement, and new car replacement coverage. While these Volvo insurance coverages give valuable protection, adding coverages can make your cheap Volvo auto insurance rates more expensive.

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Factors Affecting Volvo Auto Insurance Rates

There are many factors that affect auto insurance rates besides your vehicle make and model. While your Volvo model impacts your car insurance quotes, other factors may increase rates significantly.

Factors impacting affordable Volvo auto insurance rates include:

• Age: Young drivers pay higher Volvo car insurance rates since they lack experience behind the wheel. Fortunately, rates decrease as drivers age. Read more about comparing average auto insurance rates by age.
• Driving Record: Finding affordable Volvo auto insurance quotes can be challenging if you have an accident, ticket, or DUI, since rates are higher. However, in most states, accidents and tickets stop affecting rates in three to five years, but auto insurance for drivers with a DUI can be higher for up to 10 years. Read how auto insurance companies check driving records here.
• Coverage: Your Volvo rates depend on the types of auto insurance you have. Minimum Volvo insurance coverage is the cheapest and meets state auto insurance requirements. However, full coverage also covers your vehicle, but rates are higher.
• Credit Score: When it comes to auto insurance and your credit score, drivers with higher credit scores tend to avoid filing claims and pay for damages themselves. On the other hand, drivers with a low score typically can’t pay for repairs out of pocket.
• Location: Drivers living in areas with theft, a high traffic volume, or extreme weather conditions pay higher Volvo auto insurance rates since their vehicle is more likely to be stolen or damaged.

While the best Volvo auto insurance companies use these factors to determine rates, each has its own formula. For example, one Volvo car insurance company may not look closely at your credit score while another considers it.

In addition, auto insurance companies may consider your insurance history, mileage, and how you use your vehicle when calculating Volvo insurance premiums. However, some states, like California, don’t allow insurance companies to use credit scores to determine rates.

Tips to Get the Best Volvo Auto Insurance Rates

Even if Volvo insurance rates are higher than average, there are ways to save on car insurance.

First, add auto insurance discounts to help significantly lower Volvo insurance costs. Most insurance companies offer multiple discounts based on the driver, policy, and vehicle. For example, since Volvo prides itself on safety, you may qualify for vehicle safety feature discounts.

You may be eligible for discounts by paying your policy in full, bundling insurance policies, and completing a defensive driving course. Specific discounts and savings amounts vary by the insurance company.

In addition, you can save money on your Volvo car insurance coverage by participating in your insurer’s telematics program. Typically, the insurer uses an app to monitor specific driving habits, such as speed and distracted driving. Then, you receive a discount based on your safe driving behavior. Your insurance company may also offer usage-based auto insurance.

Next, adjust your auto insurance policy. Drop coverages you may not need, such as roadside assistance and rental car reimbursement. In addition, increasing your deductible lowers overall Volvo insurance rates. While your rates will be lower, you’ll also have to pay more out of pocket if your vehicle gets damaged.

You could also insure a certain Volvo model to get cheap Volvo car insurance quotes. For example, while Volvo S90 insurance averages $162 per month, the average Volvo XC90 insurance cost is $152.

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Finally, shopping around is the best way to find affordable Volvo auto insurance. Compare multiple companies’ coverage, rates, and discounts to find the best deal for your Volvo.

Explore Volvo Vehicle Comparison

In this comparison, we evaluate the safety ratings of Volvo’s midsize luxury SUVs against those of Lexus, BMW, and Infiniti. The focus is on determining how Volvo’s safety measures stack up, providing insights into which brand leads in ensuring passenger safety within the competitive luxury SUV segment.

Are Volvos cheap to insure? The cheapest Volvo to insure will be the one that comes with plenty of safety features, though your rates will also depend on what type of coverage you choose.

Cost of Auto Insurance For Volvo Models

This table provides a detailed comparison of the auto insurance rates for various Volvo models, including the Volvo S90, Volvo XC40 Recharge, and Volvo XC90. It aims to help potential buyers and existing owners understand the insurance cost differences among these luxury vehicles.

Is Volvo insurance expensive? This will all depend on the sort of coverage you choose and which model you drive. For example, Volvo S60 insurance costs will be much different than Volvo XC40 insurance. Your rates will also depend on vehicle age, and parts used as well.

The Final Word on Finding Cheap Volvo Auto Insurance Quotes

Volvo auto insurance rates are higher than average, but specific models have lower rates. Insurance rates also vary by driver, and inexperienced drivers pay the highest rates.

Additionally, the type of coverage you need affects your rates. While minimum coverage is the cheapest, most Volvo drivers need full coverage. To find the best car insurance for Volvo, take advantage of car insurance discounts and compare cheap Volvo car insurance rates. Find your cheapest auto insurance quotes by entering your ZIP code below into our free comparison tool.

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