Save Money on Honda CR-V Insurance in Detroit

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Insurance rates Honda CR-V in DetroitIt's safe to conclude that car insurance companies don't want you shop around. People who shop around for the cheapest price will probably move their business because the odds are good of finding a lower-priced policy. A recent auto insurance study discovered that people who compared rate quotes regularly saved over $70 a month compared to other drivers who never shopped around for better prices.

If finding the lowest rates on Honda CR-V insurance is your ultimate objective, then having an understanding of how to shop for insurance coverage can help make the process easier and more efficient.

To save the most money, the best way to get cheaper car insurance rates in Detroit is to compare quotes annually from insurance carriers that insure vehicles in Michigan.

  • Step 1: Spend some time learning about how car insurance works and the factors you can control to keep rates low. Many factors that drive up the price like tickets, at-fault accidents, and an unacceptable credit rating can be eliminated by improving your driving habits or financial responsibility.
  • Step 2: Obtain price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only quote rates from a single company like GEICO and State Farm, while agents who are independent can quote rates from multiple insurance companies.
  • Step 3: Compare the price quotes to your existing rates to determine if you can save on CR-V insurance in Detroit. If you find a better price, make sure there is no coverage gap between policies.

One key aspect of rate comparisons is to make sure you enter the same deductibles and limits on every quote request and and to get quotes from as many car insurance companies as possible. This provides a fair rate comparison and the best price selection.

This information will help educate you on how car insurance quotes work and some money-saving tips. If you already have coverage, you stand a good chance to be able to cut your premiums using the ideas covered in this article. Although Michigan drivers do need to understand how the larger insurance companies price insurance differently because it varies considerably.

When price shopping your coverage, having more price comparisons increases the chance that you will find a better price. Some insurance companies are not set up to provide Detroit CR-V insurance quotes online, so you need to compare price estimates from those companies as well.

The companies shown below provide price comparisons in Detroit, MI. If your goal is to find cheap auto insurance in Detroit, we suggest you visit two to three different companies to get the best price comparison.

You may qualify for discounts for Honda CR-V insurance in Detroit

Some providers don't always advertise the complete list of policy discounts in a way that's easy to find, so the following is a list of a few of the more common and the more hidden discounts you could be receiving when you buy Detroit car insurance online.Cheaper car insurance with discounts

  • Multi-line Discount - Companies who offer life insurance give a break if you buy a life insurance policy as well.
  • Low Miles Discount - Fewer annual miles on your Honda could be rewarded with lower prices due to less chance of an accident.
  • Buy New and Save - Adding a new car to your policy can get you a discount because new vehicles have to meet stringent safety requirements.
  • Seat Belts Save more than Lives - Drivers who always wear seat belts and also require passengers to buckle their seat belts could cut 10% or more off the PIP or medical payment premium.
  • Driver's Ed - Make teen driver coverage more affordable by requiring them to enroll in driver's education in school or through a local driver safety program.

A little disclaimer on discounts, most credits do not apply to the whole policy. Most only apply to the cost of specific coverages such as medical payments or collision. Despite the fact that it seems like all those discounts means the company will pay you, car insurance companies aren't that generous.

The illustration below shows the comparison of Honda CR-V insurance prices with and without discounts. The premiums assume a male driver, no claims or violations, Michigan state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, multi-car, marriage, claim-free, homeowner, and safe-driver discounts applied.

If you would like to see a list of companies that offer some of these discounts in Michigan, click this link.

Analysis of Honda CR-V rates

The rate information shown next showcases estimates of insurance rates for Honda CR-V models. Having insight into how auto insurance premiums are formulated can benefit drivers when making decisions on the best policy to buy.

Honda CR-V Insurance Rates in Detroit, MI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $246 $478 $664 $40 $198 $1,626 $136
CR-V EX 2WD $246 $478 $664 $40 $198 $1,626 $136
CR-V LX 4WD $246 $478 $664 $40 $198 $1,626 $136
CR-V EX 4WD $284 $478 $664 $40 $198 $1,664 $139
CR-V EX-L 2WD $284 $478 $664 $40 $198 $1,664 $139
CR-V EX-L 4WD $284 $478 $664 $40 $198 $1,664 $139
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Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Michigan minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Price estimates do not factor in specific garaging location which can modify coverage rates significantly.

Higher deductibles save money

One of the most common car insurance questions is where to set your physical damage deductibles. The comparison tables below highlight the rate fluctuation between high and low coverage deductibles. The first rate estimation uses a $100 comprehensive and collision deductible and the second set of prices uses a $500 deductible.

Honda CR-V insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $518 $882 $586 $34 $176 $2,221 $185
CR-V EX 2WD $518 $882 $586 $34 $176 $2,221 $185
CR-V LX 4WD $518 $882 $586 $34 $176 $2,221 $185
CR-V EX 4WD $594 $882 $586 $34 $176 $2,297 $191
CR-V EX-L 2WD $594 $882 $586 $34 $176 $2,297 $191
CR-V EX-L 4WD $594 $882 $586 $34 $176 $2,297 $191
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Honda CR-V insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $378 $596 $586 $34 $176 $1,770 $148
CR-V EX 2WD $378 $596 $586 $34 $176 $1,770 $148
CR-V LX 4WD $378 $596 $586 $34 $176 $1,770 $148
CR-V EX 4WD $434 $596 $586 $34 $176 $1,826 $152
CR-V EX-L 2WD $434 $596 $586 $34 $176 $1,826 $152
CR-V EX-L 4WD $434 $596 $586 $34 $176 $1,826 $152
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Michigan minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Estimates do not factor in zip code location which can affect premium rates significantly.

Using the data above, we can ascertain that using a $100 deductible costs approximately $38 more each month or $456 a year across all Honda CR-V models than opting for the higher $500 deductible. Due to the fact that you would have to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you normally average at least 11 months between claim filings, you would probably save some money if you opt for a higher deductible.

How to determine when to raise your deductibles

Average monthly premium for $100 deductibles: $188
Average monthly premium for $500 deductibles (subtract): - $150
Monthly savings from raising deductible: $38
Difference between deductibles ($500 - $100): $400
Divide difference by monthly savings: $400 / $38
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 11 months

One thing to note is that higher deductibles results in more money out-of-pocket when you do file a claim. That will necessitate enough money put aside in the event you have to pay the higher deductible.

The chart below highlights how deductible selection and can impact Honda CR-V insurance costs for different age categories. The premiums assume a married male driver, comp and collision included, and no discounts are applied to the premium.

Cost comparison with and without full coverage

The information below illustrates the comparison of Honda CR-V insurance rates with full physical damage coverage and with liability coverage only. The rate quotes are based on no violations or claims, $100 deductibles, single status, and no additional discounts are factored in.

When to stop buying full coverage

There is no clear-cut rule of when to exclude comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.

For example, let's pretend your Honda CR-V replacement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $2,000 after you pay the deductible. If you are paying in excess of $200 annually for full coverage, then it might be time to buy liability only.

There are a few cases where eliminating full coverage is not advised. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don't have enough money to buy a different vehicle in the even your car is totaled, you should not consider dropping full coverage.

When should I talk to a local insurance agent?

A lot of people still like to go talk to an agent and that is recommended in a lot of cases A good thing about comparing insurance prices online is that drivers can save money and get better rates and also buy local. And supporting local insurance agents is important particularly in Detroit.

Insurance agency in DetroitUpon completion of this form (opens in new window), your information is transmitted to agents in your area who will give you bids for your business. It makes it easy because there is no need to leave your house since rate quotes are delivered immediately to you. You'll get the best rates and a licensed agent to talk to. If you want to get a price quote from one company in particular, feel free to go to their quote page and give them your coverage information.

Finding a good insurer requires more thought than just a cheap quote. The answers to these questions are important, too.

  • Will one accident increase rates?
  • Do you need full coverage on every vehicle?
  • What companies can they write with?
  • Do they prorate repair cost based on vehicle mileage?
  • Will the agent help in case of a claim?
  • Can they help ensure a fair claim settlement?

Once you have received positive responses for all questions you ask in addition to an acceptable price estimate, you've probably found an insurance company that will insure your vehicles.

Special considerations

When quoting and choosing your policy for your personal vehicles, there is no single plan that fits everyone. Every situation is different.Drive safe and save

For example, these questions might point out whether your personal situation would benefit from professional advice.

  • Are split liability limits better than a combined single limit?
  • Do I need to call my car insurance company before buying a new car?
  • Should I bundle my homeowners policy with my auto?
  • Does my policy pay for OEM or aftermarket parts?
  • Which companies are cheaper for teen drivers?
  • Am I covered when using my vehicle for business?
  • What if I owe more than I can insure my car for?

If you don't know the answers to these questions but one or more may apply to you then you might want to talk to an insurance agent. If you don't have a local agent, simply complete this short form.

Seven Things That Influence Your Insurance Rates

Many different elements are taken into consideration when you get your auto insurance bill. Some are pretty understandable like your driving record, although others are less apparent such as your marital status or your commute time.

The factors shown below are most of the major factors utilized by car insurance companies to help set your rate level.

  • Prevent auto insurance lapses - Not having insurance is a big no-no and your next policy will cost more because you let your coverage have a gap. Not only will you pay higher rates, getting caught without coverage might get you a revoked license or a big fine.
  • City traffic equals higher costs - Having an address in a rural area can be a good thing if you are looking for the lowest rates. Drivers in populated areas tend to have congested traffic and a longer drive to work. Fewer drivers corresponds to lower accident rates.
  • Cautious drivers pay the best costs - Attentive drivers tend to pay less for car insurance compared to bad drivers. Even one speeding ticket may cause rates to rise twenty percent or more. Drivers who have severe violations like DWI, reckless driving or hit and run convictions might be required by their state to file a proof of financial responsibility form (SR-22) with the DMV in their state in order to drive a vehicle legally.

    The illustration below illustrates how traffic citations and at-fault collisions increase Honda CR-V car insurance rates for each age group. The premium estimates are based on a single female driver, comp and collision included, $500 deductibles, and no other discounts are factored in.

  • Cars with good safety ratings mean better auto insurance rates - Cars with five star safety ratings tend to be cheaper to insure. Safer cars reduce injuries and fewer serious injuries means your insurance company pays less and lower rates for you.
  • Insurance claims cost money - Auto insurance companies in Michigan give lower rates to policyholders who only file infrequent claims. If you are a frequent claim filer, you can definitely plan on higher premiums or even policy non-renewal. Your car insurance is intended for the bigger claims that can't be paid out-of-pocket.
  • Why do you need liability coverage? - Liability insurance provides coverage when a jury decides you are liable for causing damage or personal injury in an accident. Your policy's liability insurance provides for a legal defense which can cost thousands of dollars. Carrying liability coverage is mandatory and cheap when compared with rates for comp and collision, so drivers should buy more than the minimum limits required by law.
  • Multiple policies with one company can save - Many insurers apply lower prices to buyers that have more than one policy in the form of a multi-policy discount. If you currently are using one company, consumers should still check prices from other companies to help ensure you have the lowest rates.There is a good possibility that you can find a better deal by buying auto insurance from a different company.
  • Honda CR-V insurance loss probability - Auto insurance companies factor in insurance loss information to help calculate a profitable premium price. Models that the data shows to have higher losses will have higher rates for specific coverages. The table below illustrates the historical loss data for Honda CR-V vehicles.

    For each insurance policy coverage type, the statistical loss for all vehicles, as a total average, is equal to 100. Values that are under 100 are indicative of better than average losses, while numbers above 100 indicate more frequent claims or tendency to have higher losses.

    Honda CR-V Insurance Loss Statistics
    Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Honda CR-V 4dr 2WD 68 81 58 93 86 77
    Honda CR-V 4dr 4WD 69 82 69 90 87 78
    BETTER
    AVERAGE
    WORSE

    Statistics from IIHS.org for 2013-2015 Model Years

Car insurance does more than just protect your car

Despite the high insurance cost for a Honda CR-V in Detroit, buying car insurance is required for several reasons.

First, the majority of states have minimum liability requirements which means the state requires a specific minimum amount of liability protection in order to license the vehicle. In Michigan these limits are 20/40/10 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if your vehicle has a loan, almost all lenders will have a requirement that you have insurance to protect their interest in the vehicle. If you default on your policy, the bank will be required to insure your Honda at a much higher premium rate and require you to fork over for it.

Third, insurance protects both your Honda and your personal assets. Insurance will pay for all forms of medical expenses for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance will also pay for a defense attorney if you are sued as the result of your driving. If your Honda gets damaged, collision and comprehensive coverages will cover the repair costs.

The benefits of carrying adequate insurance more than offset the price you pay, particularly when you have a large claim. According to a 2015 survey, the average American driver is overpaying over $825 a year so you should quote your policy with other companies at every renewal to be sure current rates are still competitive.

Quote more to save more

In this article, we covered a lot of tips how to compare Honda CR-V insurance prices in Detroit. The key thing to remember is the more times you quote, the better chance you'll have of finding low cost Detroit car insurance quotes. You may even be surprised to find that the lowest priced auto insurance comes from an unexpected company.

Drivers switch companies for any number of reasons including questionable increases in premium, extreme rates for teen drivers, being labeled a high risk driver and even not issuing a premium refund. Regardless of your reason, switching auto insurance companies can be pretty painless.

As you restructure your insurance plan, make sure you don't skimp on critical coverages to save a buck or two. In too many instances, someone sacrificed physical damage coverage only to discover later that they should have had better coverage. The aim is to find the BEST coverage for the lowest cost while still protecting your assets.

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