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Our 1995 940 Turbo Wagon with 130K was involved in a very minor accident. There was no damage to the front bumper of our car or the rear bumper of the car in front of us. The police said the car was going well under 5 MPH.
The airbags both opened, breaking the windshield on the right side. My wife was driving and had minor burns/scratches from the airbag.
The estimate to fix the car was over $5K, so now it is sitting in our driveway. I will probably call a charity to see if they will pick it up and we can get a tax deduction.
Volvo originally (in 1995) recommended that the airbags be checked after 10 years, but when I called the dealer in 2005 they said that had since been modified and an inspection was no longer recommended. Given this experience I would suggest getting the airbag and the sensors checked if you have not done so already.
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