Compare the Cost of Volvo XC40 Insurance by Model Year and Company

Q: What company has the cheapest car insurance for a Volvo XC40?

Travelers has the cheapest car insurance for a Volvo XC40 at $1,207 per year. Volvo XC40 insurance costs tend to be moderate compared to other car models, averaging $1,627 per year. However, factors like the model year of the car and the driver’s age will also impact how much it costs to insure a Volvo XC40.

Q: What company offers the best car insurance for a Volvo XC40?

Travelers offers the best Volvo XC40 insurance , balancing affordable rates and service quality. Among the insurers in our analysis, including State Farm and Farmers, Travelers had the most affordable rates. Travelers also received high scores in customer satisfaction and coverage, meaning policyholders get good service and essential coverages at reasonable rates.

Volvo XC40 insurance costs an average of $1,627 per year, which is a moderate rate. GEICO is the cheapest insurer for a Volvo XC40, but factors like the driver’s age and car model year also impact rates.

By Mark Fitzpatrick

Edited by Victoria Copans

Updated: October 25, 2024

Advertising & Editorial Disclosure

Volvo XC40 insurance rates can vary greatly depending on the car model year and driver’s age. Older models are cheaper to insure — a policy for a 2019 model costs an average of $1,403 per year, while insuring a 2022 model costs an average of $1,740. In addition, Volvo XC40 insurance is cheaper for older drivers. A 40-year-old can expect to pay an average of $1,573 per year, while a 16-year-old pays around $7,097 per year.

MoneyGeek also analyzed the best insurers for balancing affordability with service and claims experience to help you find the top provider.

Car Insurance CostsVolvo XC40

2024

Table of Contents

Cheapest Insurer - GEICO

Best Insurer - Travelers

Runner-Up - State Farm

Costs by Model Year

Costs by Driver Age

Costs by Location

Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze the average rates for a Volvo XC40.

These rates were updated to reflect the average cost of car insurance for a Volvo XC40 as of 2023.

10Companies Compared

17,928Quotes Analyzed

Average Cost and Cheapest Companies for Insuring a Volvo XC40

Volvo XC40 insurance costs $1,627 per year on average, but your choice of insurer can have a big impact on how much you pay. Travelers and GEICO offer the cheapest full coverage policies at $1,207 per year, while Farmers is the most expensive option at $2,236 per year.

For minimum coverage, State Farm offers the cheapest car insurance at $431 per year, while Farmers has the most expensive rates at $731 per year.

Data filtered by:Results filtered by:

Age

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Age:40

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Coverage:Full Coverage


Travelers	$1,207
GEICO	$1,207
State Farm	$1,224
Progressive	$1,452
Nationwide	$1,508
Allstate	$1,945
Farmers	$2,236

Is a Volvo XC40 Expensive to Insure?

When determining insurance costs for a particular car model, insurance companies consider various factors. The Volvo XC40 is a luxury crossover SUV with a moderate MSRP of $39,352 for a 2022 model. While this vehicle has a strong safety record, its relatively high value means that repair costs tend to be high, so it's not cheap to insure. However, it's still not as expensive to insure as some other luxury and high-value vehicles.

Best Companies for Insuring a Volvo XC40

While cost is important, it's also wise to consider an insurer's customer service reputation when looking for the best Volvo XC40 insurance.

Based on our analysis, the best car insurance companies for Volvo XC40 insurance are:

Travelers: MoneyGeek score 91 out of 100 ($1,207 per year)
State Farm: MoneyGeek score 90 out of 100 ($1,224 per year)

Travelers ranked first for affordability and also earned a high coverage score, indicating that it offers most essential coverages to policyholders at a reasonable rate.

MoneyGeek Top Pick: Travelers

pros

Ranked first for affordability

Has above-average coverage and customer satisfaction scores

Offers gap insurance and new car replacement coverage

cons

Doesn’t offer deductible modification coverage

Has a slightly below average claims management score

COMPANY HIGHLIGHTS

Travelers emerged as the best insurer in our study for a Volvo XC40. This provider balances affordable rates with good customer service and a broad set of coverages.

If you have a new Volvo XC40, the new car replacement coverage from Travelers can help you protect your investment. With this add-on, if your new car is totaled in a covered incident in the first five years, your policy will pay to replace it with a brand new car of the same make and model.

Travelers also offers gap insurance, which is a valuable add-on if you are leasing or financing your car. This coverage ensures that your policy will cover the difference between the actual value of the car and the amount you still owe in case of a total loss. In addition, you can get essential coverages like roadside assistance to pay for emergency services like towing if your Volvo XC40 breaks down.

Read MoneyGeek's Travelers Auto Insurance Review

MoneyGeek Runner-Up: State Farm

pros

Offers affordable rates

Earned the second-highest customer satisfaction score

cons

Has a low claims handling score

Offers limited coverage options

COMPANY HIGHLIGHTS

State Farm is our runner-up pick for the best Volvo XC40 insurance. This insurer is the third-cheapest among the companies we evaluated and ranks second for customer satisfaction.

Although State Farm does not offer unique add-ons, essential coverages like roadside assistance are available. If you opt for this coverage, your policy will cover emergency services in case your Volvo XC40 breaks down and you're stranded on the road. This includes services like mechanical labor, gas delivery and towing. Tire changes and oil or battery delivery are also covered, but the cost of the items is not included in the coverage.

State Farm also offers rental car and travel reimbursement coverage. This add-on helps to cover expenses that you may incur while your car is undergoing repairs like rental car expenses, lodging and meals.

Read MoneyGeek's State Farm Auto Insurance Review

Cost of Insuring a Volvo XC40 by Model Year

A 2019 model Volvo XC40 costs $1,403 per year to insure, on average, which is $337 cheaper than the cost to insure a 2022 model. The average cost of car insurance for newer models is higher since the value of older models has depreciated more.

Data filtered by:Results filtered by:

Age

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Age:40

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Coverage:Full Coverage


2022	$1,740
2021	$1,566
2020	$1,423
2019	$1,403

Average car insurance rates for a Volvo XC40 can also vary considerably depending on the insurer and car model year. GEICO offers the cheapest rates for a 2019 model at $1,164 per year, while Travelers is the cheapest option for a 2022 model at $1,211 per year.

Data filtered by:Results filtered by:

Model Year

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Model Year:2022

Age

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Age:40

Coverage

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Coverage:Full Coverage


Travelers	$1,211
GEICO	$1,243
State Farm	$1,264
Progressive	$1,413
Nationwide	$1,493
Allstate	$2,166
Farmers	$2,864

Cost of Insuring a Volvo XC40 for 16- to 25-Year-Olds

Teens and drivers in their 20s pay more for car insurance compared to drivers over 30. Volvo XC40 insurance for a 16-year-old driver costs an average of $7,097 per year for full coverage, but a 40-year-old will only pay $1,573 per year for a similar policy.

The cost of teen car insurance decreases as the driver ages out of their teens and then stabilizes in their 20s.

Data filtered by:Results filtered by:

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Coverage:Full Coverage


16	$7,097
17	$5,753
18	$5,100
19	$3,551
20	$3,230
21	$2,490
22	$2,308
23	$2,153
24	$2,051
25	$1,844

The most affordable option for teen car insurance is to include them on a family policy since individual plans can be quite expensive. Plus, in most cases, teens under 18 legally need a parent or guardian to cosign in order to purchase an individual policy. State Farm offers the cheapest individual policy for teens at $4,057 per year for full coverage. For a similar policy, Farmers is the most expensive provider at $13,496 per year.

Teens and their families should shop around and compare quotes to get the most affordable car insurance.

Data filtered by:Results filtered by:

Age

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Age:16

Model Year

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Model Year:2022

Coverage

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Coverage:Full Coverage


State Farm	$4,057
Travelers	$4,968
GEICO	$5,744
Nationwide	$6,199
Progressive	$7,948
Allstate	$9,385
Farmers	$13,496

How Does Location Affect the Cost of Volvo XC40 Insurance?

Although car model year and driver’s age impact car insurance rates, location can be even more significant. The cheapest provider and rates can vary by state. On average, New York is the most expensive state for car insurance, while Idaho is the cheapest. You can compare quotes from the cheapest insurers in your state to get the best rate on your Volvo XC40 insurance.

Data filtered by:Results filtered by:

Age Group

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Age Group:30-59

Coverage

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Coverage:Full Coverage


Alabama	Nationwide	$709	$59
Alaska	State Farm	$699	$58
Arizona	Root Insurance Company	$682	$57
Arkansas	State Farm	$629	$52
California	AAA California	$1,001	$83
Colorado	American National P&C	$541	$45
Connecticut	GEICO	$693	$58
Delaware	State Farm	$881	$73
District of Columbia	GEICO	$662	$55
Florida	State Farm	$1,058	$88
Georgia	Country Financial	$665	$55
Hawaii	GEICO	$565	$47
Idaho	American National P&C	$299	$25
Illinois	Country Financial	$663	$55
Indiana	American Family	$555	$46
Iowa	State Farm	$509	$42
Kansas	Nationwide	$670	$56
Kentucky	Nationwide	$790	$66
Louisiana	Louisiana Farm Bureau	$1,048	$87
Maine	Concord Group	$521	$43
Maryland	Progressive	$938	$78
Massachusetts	State Farm	$483	$40
Michigan	GEICO	$898	$75
Minnesota	State Farm	$797	$66
Mississippi	Direct General Insurance	$723	$60
Missouri	Nationwide	$909	$76
Montana	Progressive	$437	$36
Nebraska	American National P&C	$405	$34
Nevada	CSAA	$940	$78
New Hampshire	State Farm	$540	$45
New Jersey	Plymouth Rock Assurance	$895	$75
New Mexico	State Farm	$644	$54
New York	Kemper	$781	$65
North Carolina	Erie	$630	$52
North Dakota	American Family	$616	$51
Ohio	Nationwide	$485	$40
Oklahoma	State Farm	$662	$55
Oregon	State Farm	$706	$59
Pennsylvania	Nationwide	$580	$48
Rhode Island	State Farm	$700	$58
South Carolina	American National P&C	$463	$39
South Dakota	Allstate	$746	$62
Tennessee	State Farm	$579	$48
Texas	State Farm	$699	$58
Utah	Nationwide	$725	$60
Vermont	State Farm	$493	$41
Virginia	American Family	$601	$50
Washington	PEMCO	$534	$44
West Virginia	Erie	$784	$65
Wisconsin	GEICO	$556	$46
Wyoming	State Farm	$745	$62

Frequently Asked Questions About Volvo XC40 Insurance

MoneyGeek answered frequently asked questions to help you learn more about Volvo XC40 insurance.

What company has the cheapest car insurance for a Volvo XC40?

Travelers has the cheapest car insurance for a Volvo XC40 at $1,207 per year. Volvo XC40 insurance costs tend to be moderate compared to other car models, averaging $1,627 per year. However, factors like the model year of the car and the driver’s age will also impact how much it costs to insure a Volvo XC40.

What company offers the best car insurance for a Volvo XC40?

Travelers offers the best Volvo XC40 insurance, balancing affordable rates and service quality. Among the insurers in our analysis, including State Farm and Farmers, Travelers had the most affordable rates. Travelers also received high scores in customer satisfaction and coverage, meaning policyholders get good service and essential coverages at reasonable rates.

About Mark Fitzpatrick

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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