Volvo Car Insurance Prospectus
The Volvo Car Corporation is a multinational company with headquarters in Sweden. The Swedish company started building cars in 1927 and was founded by Assar Gabrielsson and Gustav Larson. The Volvo Group core business is sales, production, and distribution of truck, buses and construction equipment. Volvo has sponsored many innovative safety technologies and one of them is the 3 point safety belt that has protected millions of passengers since 1959.
Ford bought the car segment of Volvo in 1999. Later, Geely Holding Group bought Volvo cars from Ford in 2010. Some of the popular Volvo models include S60, V60, V70, and S80. Volvo vehicle lineup includes station wagons, sedans, sports utility and coupes and has a big market in North America.
Volvo Car Insurance Impact
Insurance companies calculate premium rates based on many factors related to a car apart from the driver. There are some Volvo models with statistics showing high claim costs. But, on an average, Volvos are considered as cars with good safety performance. The Volvo V70 4WD station wagon has a lower cost of insurance based on insurance losses estimated by the Highway Loss Data Institute. Another Volvo model that received very good safety ratings in all criteria by the Insurance Institute for Highway Safety was the SUV Volvo XC90.
Also, certain Volvo models were prone to engine failures and this increases the cost of insurance for those models. These variants included Volvo S60, V70, S80 and XC70 and the cause was the R5 and R6 engines that were mounted transverse. It is interesting to know that the same S60 and V70 models have no issues when fitted with manual transmission and gasoline powered engine.
Volvo Accident Benefit Performance
The Volvo cars are generally considered to have average to above average statistics for accident benefit claims. Some of the Volvo models with good accident benefits are V50, V70, XC60 and XC70 station wagons. On the other hand, the Volvo S40 models produced in the years 2002 and 2004 do have a higher rate of injury claims. Volvo has given importance to safety standards over many decades with the level of safety becoming better in newer models.
Volvos are considered cheaper in terms of ownership costs when compared to other brands in the same segment. There is a general opinion that Volvo car ownership costs with insurance may be cheaper than other German makes but still more expensive than Japanese and American brands. In the end, a lot of repairs and replacement may depend on how well a car is driven, maintained, the road conditions and the annual mileage.
Volvo Collision And Comprehensive Claim Costs
The Volvo model S40 produced from 2006 to 2008 had more than average collision costs. The parts availability for Volvo cars is better for some models compared to the rest. While dealerships may charge more for the genuine parts, some may prefer to buy cheaper parts online. But in the long run, genuine parts outlast and considering that factor would reduce claims costs. Volvo has been in North America for a long time and used parts are quite easy to purchase.