- Volvo XC40 insurance cost averages $1,664 per year, $832 for a 6-month policy, or $139 per month, for full coverage insurance.
- The XC40 ranks third out of 37 vehicles in the small luxury SUV class for insurance affordability.
How much does Volvo XC40 insurance cost?
Volvo XC40 insurance rates average $1,664 yearly, or about $139 on a monthly basis. Overall, expect to pay approximately $296 less each year to insure a Volvo XC40 as compared to the average rate for small luxury SUVs, and $64 less per year than the $1,728 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.
The next table details the average car insurance cost, plus a monthly insurance rate, for each Volvo XC40 model trim level.
| Volvo XC40 Trim Level | Annual Policy | Six-Month Policy | Per Month |
|---|---|---|---|
| Core | $1,516 | $758 | $126 |
| Core AWD | $1,554 | $777 | $130 |
| Plus | $1,596 | $798 | $133 |
| Plus AWD | $1,626 | $813 | $136 |
| Ultimate | $1,652 | $826 | $138 |
| Ultimate AWD | $1,682 | $841 | $140 |
| Recharge Core | $1,756 | $878 | $146 |
| Recharge Plus | $1,784 | $892 | $149 |
| Recharge Ultimate | $1,810 | $905 | $151 |
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.
| Model Year and Vehicle | Driver Age 20 | Driver Age 40 | Driver Age 60 |
|---|---|---|---|
| 2023 Volvo XC40 | $3,324 | $1,664 | $1,490 |
| 2022 Volvo XC40 | $3,240 | $1,630 | $1,458 |
| 2021 Volvo XC40 | $2,980 | $1,492 | $1,338 |
| 2020 Volvo XC40 | $2,942 | $1,470 | $1,318 |
| 2019 Volvo XC40 | $2,990 | $1,496 | $1,340 |
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 $1,664 per year to insure for full coverage, while the class average cost is $1,960 annually, a difference of $296 per year.
When average car insurance rates are compared to top-selling vehicles in the small luxury SUV class, the Volvo XC40 costs $154 less per year than the Lexus NX 350, $180 less than the Mercedes-Benz GLC300, $468 less than the BMW X3, and $156 more than the Acura RDX.
The table below shows how average insurance cost for a Volvo XC40 compares to all small luxury SUVs.
| Rank | Make/Model | Insurance Cost | Difference |
|---|---|---|---|
| 1 | Acura RDX | $1,508 | -$156 |
| 2 | Cadillac XT4 | $1,634 | -$30 |
| 3 | Volvo XC40 | $1,664 | -- |
| 4 | Lexus UX 250h | $1,694 | $30 |
| 5 | Mercedes-Benz GLA250 | $1,756 | $92 |
| 6 | Mercedes-Benz GLB 250 | $1,762 | $98 |
| 7 | Lexus NX 250 | $1,786 | $122 |
| 8 | Lexus NX 350h | $1,806 | $142 |
| 9 | Lexus NX 350 | $1,818 | $154 |
| 10 | Lincoln Corsair | $1,820 | $156 |
| 11 | Lexus NX 450h | $1,826 | $162 |
| 12 | BMW X1 | $1,838 | $174 |
| 13 | Alfa Romeo Tonale | $1,842 | $178 |
| 14 | Mercedes-Benz GLC300 | $1,844 | $180 |
| 15 | Lexus RZ 450e | $1,848 | $184 |
| 16 | Volvo XC60 | $1,852 | $188 |
| 17 | Audi Q3 | $1,868 | $204 |
| 18 | Land Rover Evoque | $1,878 | $214 |
| 19 | Volvo C40 | $1,894 | $230 |
| 20 | Infiniti QX55 | $1,958 | $294 |
| 21 | Mercedes-Benz GLA35 AMG | $1,964 | $300 |
| 22 | Genesis GV70 | $1,998 | $334 |
| 23 | Mercedes-Benz EQB 300 | $2,008 | $344 |
| 24 | Genesis GV60 | $2,010 | $346 |
| 25 | Mercedes-Benz GLA45 AMG | $2,020 | $356 |
| 26 | Alfa Romeo Stelvio | $2,028 | $364 |
| 27 | Audi Q5 | $2,042 | $378 |
| 28 | Land Rover Range Rover Velar | $2,050 | $386 |
| 29 | Mercedes-Benz EQB 350 | $2,052 | $388 |
| 30 | BMW X4 | $2,092 | $428 |
| 31 | Land Rover Defender | $2,098 | $434 |
| 32 | Jaguar F-Pace | $2,106 | $442 |
| 33 | Audi Q4 | $2,120 | $456 |
| 34 | Porsche Macan | $2,122 | $458 |
| 35 | BMW X3 | $2,132 | $468 |
| 36 | Jaguar I-Pace | $2,252 | $588 |
| 37 | Aston Martin DBX | $3,514 | $1,850 |
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 $154 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 $180 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 $156 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 $142 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 $156 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 $774 per year for a 30-year-old driver and even $514 per year for a 50-year-old driver.
- Increasing deductibles lowers insurance cost. Raising deductibles from $500 to $1,000 could save around $302 per year for a 40-year-old driver and $600 per year for a 20-year-old driver.
- Decreasing deductibles costs more money. Lowering deductibles from $500 to $250 could cost an additional $316 per year for a 40-year-old driver and $638 per year for a 20-year-old driver.
- XC40 insurance for teen drivers is expensive. Average rates for full coverage XC40 insurance costs $5,730 per year for a 16-year-old driver, $5,442 per year for a 17-year-old driver, and $5,114 per year for an 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 $2,586 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 $261 per year when compared to a lower credit rating of 670-739. Conversely, a weak credit rating could cost around $303 more per year.
