While Volvo’s roots lie in Sweden, the brand has been owned by Chinese automaker Geely since 2010. However, Volvo’s headquarters remain in Gothenburg, and it has retained its signature Scandinavian aesthetic and strong reputation for safety. Insurance considerations can differ between Volvo models based on many factors including powertrain complexity, value, trim level, specialized parts and labour costs, and more. External factors can also contribute to quote outcomes such as driver history, location and claim or theft experience.
This guide draws on MyChoice internal quote data to compare Volvo insurance costs between models and Ontario cities, estimate new-versus-used costs and position the brand among its premium rivals. It also highlights coverage questions involving hybrid powertrain components, collision and comprehensive coverage, rental transportation, deductibles and depreciation protection.
Ontario Volvo Auto Insurance at a Glance
Insuring a Volvo costs a median of $2,530 per year in Ontario, which is 8% higher than the $2,345 median for all vehicles. In our model-specific median data, the S60 Momentum T5 is the most affordable model to insure at approximately $2,237 per year, while the XC90 Momentum T6 AWD is the most expensive at $2,896.
| Median Volvo premium (Ontario) | $2,530 |
| Volvo vs Ontario all-vehicle median | +8% |
| Cheapest Volvo model to insure in Ontario | S60 Momentum T5 (~$2,237) |
| Most expensive Volvo model to insure in Ontario | XC90 Momentum T6 (~$2,896) |
| Cheapest alternatives to insure | Infiniti ($2,145), Lexus ($2,422), Tesla ($2,427), BMW ($2,459) |
Volvo Insurance Costs in Ontario by City
According to MyChoice internal quote data on a city-specific median basis, a 2019 S60 Momentum sedan in Brampton has the highest premium at $4,016 per year, while the more expensive 2020 XC60 Inscription SUV in Ottawa is the cheapest at $2,106. That makes the S60 roughly 91% more expensive to insure at an extra $1,910 annually. This data demonstrates that postal code and other external factors can play just as important a role in quote outcomes as vehicle value.
| City | Model | Model Year | List Price | Median Annual Car Insurance Premium |
|---|---|---|---|---|
| Mississauga, ON | XC40 Momentum T5 | 2021 | $44,940 | $3,911 |
| Brampton, ON | S60 Momentum T5 | 2019 | $44,520 | $4,016 |
| Ottawa, ON | XC60 Inscription T6 | 2020 | $63,184 | $2,106 |
| Toronto, ON | XC90 Momentum T6 | 2021 | $71,505 | $3,033 |
Is it Cheaper to Insure a New or Used Volvo in Ontario?
A used Volvo costs approximately $2,426 per year to insure in Ontario, $180 below the $2,606 new-vehicle figure. As Volvo vehicles can vary significantly in value based on their age, model, and trim level, confirm these details as well as deductible, financing and any replacement-cost or rental endorsement with your insurer or broker before selecting optional coverage.
| Vehicle | Median Annual Car Insurance Premium |
|---|---|
| New Volvo | $2,606 |
| Used Volvo | $2,426 |
How Volvo Insurance Measures Up to its Premium Competition
Volvo’s median annual premium of $2,530 is close to those of Audi, Mercedes-Benz, and BMW. Volvo costs only $22 less to insure per year than Audi, $116 less than Mercedes-Benz, and $71 more than BMW. Those differences amount to no more than about $10 per month.
| Car brand | Median Annual Car Insurance Premium |
|---|---|
| Infiniti | $2,145 |
| Lexus | $2,422 |
| Tesla | $2,427 |
| BMW | $2,459 |
| Volvo | $2,530 |
| Audi | $2,552 |
| Mercedes-Benz | $2,646 |
Volvo’s Current Vehicle Line-up in Canada
The Volvo Car Canada website outlines the brand’s current vehicle line-up, which includes a mix of wagons and SUVs with a variety of available powertrains. The two wagons on offer are the compact V60 Cross Country and midsize V90 Cross Country, both of which come with raised ride heights and rugged exterior accents. The gas-powered SUV line includes the subcompact XC40, compact XC60, and midsize three-row XC90, and the latter two models are available with long-range plug-in hybrid powertrains. Volvo also sells five fully electric models: the subcompact EX30 and EX40, the subcompact coupe EC40, the compact EX60, and the midsize three-row EX90.
Volvo Insurance Questions in Ontario
What does Volvo insurance typically cost in Ontario?
Volvo insurance costs a median of $2,530 per year, or about $211 per month, in Ontario based on MyChoice’s internal quote data. That is approximately 8% higher than the $2,345 median for all vehicles.
Are Volvo models reliable and safe?
The 2026 J.D. Power U.S. Vehicle Dependability Study places Volvo second-last in the industry with regard to reliability. On the safety side, the Insurance Institute for Highway Safety (IIHS) rates the 2026 Volvo EX90 with its highest Top Safety Pick+ designation and the 2026 Volvo XC90 as a Top Safety Pick.
Other Volvo models either don’t rate as well in crash testing or have incomplete results. Volvo has a reputation for equipping innovative safety and driver assistance features in its vehicles. Check the specifications for the exact vehicle you’re considering to determine which features are included.