How Much is Volvo XC40 Insurance? – Rates Updated for 2023

We compared average rates for the Core trim level up to the Recharge Ultimate model to look at how the XC40 compares to other small luxury SUVs.

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How much does Volvo XC40 insurance cost?

Volvo XC40 insurance rates average $1,622 yearly, or about $135 on a monthly basis. Overall, expect to pay approximately $287 less each year to insure a Volvo XC40 as compared to the average rate for small luxury SUVs, and $63 less per year than the $1,685 national average.

The chart below shows how Volvo XC40 car insurance rates for the 2023 model year fluctuate based on the age of the rated driver and the policy deductibles.

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Chart Data Details: Chart shows average insurance cost for a 2023 Volvo XC40 with safe driver and claim-free discounts applied. Rates are for full-coverage insurance and averaged for all U.S. states and all Volvo XC40 trim levels.Data last updated on January 23, 2023
Volvo XC40 Insurance Cost Summary
Volvo XC40 Insurance Cost by Driver Age and Deductibles
Driver Age Deductible Annual Cost Monthly Cost
20$1,000$2,654$221
$500$3,240$270
$250$3,858$322
30$1,000$1,410$118
$500$1,732$144
$250$2,068$172
40$1,000$1,326$111
$500$1,622$135
$250$1,932$161
50$1,000$1,212$101
$500$1,478$123
$250$1,756$146
60$1,000$1,192$99
$500$1,454$121
$250$1,728$144

The next table details the average car insurance cost, plus a monthly insurance rate, for each Volvo XC40 model trim level.

2023 Volvo XC40 Insurance Cost by Trim Level
Volvo XC40 Trim Level Annual Policy 6-month Policy Per Month
Core$1,478$739$123
Core AWD$1,514$757$126
Plus$1,556$778$130
Plus AWD$1,586$793$132
Ultimate$1,612$806$134
Ultimate AWD$1,638$819$137
Recharge Core$1,714$857$143
Recharge Plus$1,740$870$145
Recharge Ultimate$1,764$882$147

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Table Data Details: Average rates are for a 2023 Volvo XC40, 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to policy premium. Physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on January 23, 2023
Volvo XC40 Insurance Cost by Trim Level

The table below shows average XC40 full coverage car insurance rates for the 2019 through 2023 model years broken down for drivers aged 20 through 60.

Volvo XC40 Insurance Cost by Model Year
Model Year and Vehicle Driver Age 20 Driver Age 40 Driver Age 60
2023 Volvo XC40$3,240$1,622$1,454
2022 Volvo XC40$3,156$1,588$1,422
2021 Volvo XC40$2,906$1,454$1,306
2020 Volvo XC40$2,866$1,432$1,286
2019 Volvo XC40$2,910$1,458$1,308

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Table Data Details: Average rates for each driver age group are for a 12-month period and assume a clean driving record and no at-fault accidents. Full coverage physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on January 23, 2023
Volvo XC40 Insurance Cost by Model Year

How does XC40 insurance cost rank?

The Volvo XC40 ranks third out of 37 comparison vehicles in the small luxury SUV category. The XC40 costs an average of $1,622 per year to insure for full coverage, while the class average cost is $1,909 annually, a difference of $287 per year.

When average car insurance rates are compared to top-selling vehicles in the small luxury SUV class, the Volvo XC40 costs $148 less per year than the Lexus NX 350, $176 less than the Mercedes-Benz GLC300, $454 less than the BMW X3, and $150 more than the Acura RDX.

The table below shows how average insurance cost for a Volvo XC40 compares to all small luxury SUVs.

Insurance Cost Comparison: Volvo XC40 vs Small Luxury SUVs
Rank Make/Model Insurance Cost Difference
1Acura RDX$1,472-$150
2Cadillac XT4$1,592-$30
3Volvo XC40$1,622--
4Lexus UX 250h$1,650$28
5Mercedes-Benz GLA250$1,712$90
6Mercedes-Benz GLB 250$1,718$96
7Lexus NX 250$1,740$118
8Lexus NX 350h$1,760$138
9Lexus NX 350$1,770$148
10Lincoln Corsair$1,772$150
11Lexus NX 450h$1,776$154
12BMW X1$1,788$166
13Alfa Romeo Tonale$1,790$168
14Mercedes-Benz GLC300$1,798$176
15Lexus RZ 450e$1,802$180
16Volvo XC60$1,806$184
17Audi Q3$1,820$198
18Land Rover Evoque$1,828$206
19Volvo C40$1,846$224
20Infiniti QX55$1,908$286
21Mercedes-Benz GLA35 AMG$1,914$292
22Genesis GV70$1,944$322
23Mercedes-Benz EQB 300$1,954$332
24Genesis GV60$1,958$336
25Mercedes-Benz GLA45 AMG$1,968$346
26Alfa Romeo Stelvio$1,978$356
27Audi Q5$1,990$368
28Land Rover Range Rover Velar$1,996$374
29Mercedes-Benz EQB 350$2,000$378
30BMW X4$2,038$416
31Land Rover Defender$2,044$422
32Jaguar F-Pace$2,054$432
33Audi Q4$2,066$444
34Porsche Macan$2,070$448
35BMW X3$2,076$454
36Jaguar I-Pace$2,194$572
37Aston Martin DBX$3,424$1,802

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are based on 2023 model year, 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to policy premium, which is averaged for all vehicle trim levels. Full coverage physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on January 23, 2023
Insurance Cost Comparison: Volvo XC40 vs Small Luxury SUVs

Comparing the average cost of car insurance on a Volvo XC40 to compact luxury SUV models with similar average prices gives additional insight into how average rates compare within the segment.

With an average MSRP of $47,728, the cost to buy a new 2023 Volvo XC40 ranges from $37,645 to $60,595, depending upon trim level and package.

The five models closest in cost to the XC40 are the Lexus NX 350, Mercedes-Benz GLC300, Acura RDX, Lexus NX 350h, and Lincoln Corsair. The list below shows how those vehicles compare to a 2023 Volvo XC40 both by sticker price and average insurance cost.

  • Compared to the Lexus NX 350 – The 2023 Lexus NX 350 has an average MSRP of $47,415 ($43,515 to $50,965), which is $313 cheaper than the average sticker price for the XC40. Insurance on the XC40 costs an average of $148 less annually than the Lexus NX 350.
  • Compared to the Mercedes-Benz GLC300 – Having an average purchase price of $47,400 ($43,850 to $52,500), the Mercedes-Benz GLC300 costs $328 less than the average cost for the XC40. Drivers can expect to pay around $176 more every 12 months to insure the Mercedes-Benz GLC300 compared to a XC40.
  • Compared to the Acura RDX – The average MSRP for a 2023 Volvo XC40 is $728 more expensive than the Acura RDX, at $47,728 compared to $47,000. Insuring a Volvo XC40 compared to the Acura RDX costs an average of $150 more every 12 months.
  • Compared to the Lexus NX 350h – The 2023 Volvo XC40 has an average MSRP that is $790 more expensive than the Lexus NX 350h ($47,728 versus $46,938). Full-coverage insurance for the Lexus NX 350h costs an average of $138 more each year than the Volvo XC40.
  • Compared to the Lincoln Corsair – New off the lot, the MSRP for the 2023 Lincoln Corsair averages $1,067 more than the average cost for the XC40 ($48,795 compared to $47,728). Insuring a 2023 Volvo XC40 compared to the Lincoln Corsair costs an average of $150 less annually.

Additional Rates and Information

We covered a lot of concepts in the prior data, so the list below makes some summary points plus expands on some of the earlier concepts.

  • Fewer accidents means cheaper Volvo XC40 insurance. At-fault accidents raise insurance rates, potentially up to $756 per year for a 30-year-old driver and even $498 per year for a 50-year-old driver.
  • Increasing deductibles lowers insurance cost. Raising deductibles from $500 to $1,000 could save around $296 per year for a 40-year-old driver and $586 per year for a 20-year-old driver.
  • Decreasing deductibles costs more money. Lowering deductibles from $500 to $250 could cost an additional $310 per year for a 40-year-old driver and $618 per year for a 20-year-old driver.
  • XC40 insurance for teen drivers is expensive. Average rates for full coverage XC40 insurance costs $5,586 per year for a 16-year-old driver, $5,302 per year for a 17-year-old driver, and $4,982 per year for a 18-year-old driver.
  • High-risk drivers pay much more for XC40 insurance. For a 20-year-old driver, having too many driving record violations or accidents could trigger a rate increase of $2,516 or more per year.
  • Bring up your credit score to save money. In states that have regulations allowing a policyholder’s credit score to be used for policy pricing purposes, drivers who have credit scores over 800 could save a minimum of $255 per year when compared to a lower credit rating of 670-739. Conversely, a weak credit rating could cost around $295 more per year.