Buying cheap insurance for a Honda Accord hinges on a very complex rating algorithm that uses multiple factors such as how many years you have been driving, your claims history, and your choice of physical damage deductibles. Michigan drivers will pay on average $1,952 a year to insure their Accord, but that is using a 40-year-old married male driver with full comprehensive and collision coverage and $250 deductibles.
When projecting a rate like this, the problem is that you aren’t exactly 40 years old or even a male, single instead of married, or maybe you live in a different area as the quoted rates. Insurance is an individual thing, so the best way to find cheap insurance rates for your Honda is to do your own rate comparisons.
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The specific trim level has an effect on the insurance rate, so the rate you pay to insure a Accord LX 4-Dr Sedan will be $692 less than the price to insure the more expensive Accord EX-L 2-Dr Coupe model, as demonstrated by the prices below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Accord LX 4-Dr Sedan | $422 | $680 | $604 | $36 | $180 | $1,922 | $160 |
| Accord EX 4-Dr Sedan | $422 | $680 | $604 | $36 | $180 | $1,922 | $160 |
| Accord LX-P 4-Dr Sedan | $422 | $680 | $604 | $36 | $180 | $1,922 | $160 |
| Accord EX-L 4-Dr Sedan | $486 | $828 | $604 | $36 | $180 | $2,134 | $178 |
| Accord EX 2-Dr Coupe | $486 | $974 | $804 | $48 | $240 | $2,552 | $213 |
| Accord LX-S 2-Dr Coupe | $486 | $974 | $804 | $48 | $240 | $2,552 | $213 |
| Accord EX-L 2-Dr Coupe | $548 | $974 | $804 | $48 | $240 | $2,614 | $218 |
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Cost estimates assume married male driver age 40, no speeding tickets, no at-fault accidents, $250 deductibles, and Michigan minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Rate information does not factor in specific location which can impact premiums considerably.
Detroit car insurance companies ranked
Ending up with a highly-rated insurance provider can be rather challenging considering how many companies provide coverage in Michigan. The ranking information shown below could help you pick which car insurance providers to look at when trying find the best insurance for a Honda Accord.
These rankings include the companies with a significant amount of written premium nationwide, so smaller companies that only insure vehicles in Michigan are not factored into these rankings. To check rates from these and other companies in Michigan, follow this link.
Top 10 Major Auto Insurers in Detroit Ranked by Claims Service
- Progressive
- USAA
- Liberty Mutual
- State Farm
- GEICO
- Nationwide
- Allstate
- The Hartford
- 21st Century
- Farmers Insurance
The illustration below illustrates how your choice of deductibles can affect insurance prices when getting quotes for cheap insurance for a Honda Accord. The data is based on a single male driver, full physical damage coverage, and no policy discounts are applied.
In the chart above, a 30-year-old driver could cut expenses by $638 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $962 by switching to a $1,000 deductible. Young drivers, like the 20-year-old example, could possibly save up to $1,862 each year by choosing a higher deductible. When choosing a higher deductible, it is necessary to have additional savings on hand to enable you to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.
The importance of shopping around
Detroit, MI car insurance rates are calculated based on many things which can substantially change the cost of your policy. Simply having another birthday, increasing liability limits, or getting a reckless driving citation can produce rate changes that can cause some rates to be more affordable than the competition.
Not only may your situation change, but companies file new rates as often as every quarter in order to protect their financial rating. Heavy losses can cause rate hikes, while less frequent claims can produce lower-priced Accord insurance rates.
To help illustrate this point, the chart below shows which company has the cheapest car insurance in Detroit, MI for a 30-year-old female driver with a clear driving record, no claims, and excellent credit. When comparing rates based on her current risk factors, USAA may have the lowest car insurance rates in Detroit at $2,301 a year. This is $92 less than the average policy premium paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and Chubb are the remainder of the most affordable Detroit, MI auto insurance companies.
Now we will pretend the driver in the first chart an at-fault accident, poor credit, and a stop sign violation. Since every car insurance company has a proprietary method for determining prices, getting updated rate quotes will most likely result in a slightly different list of the cheapest companies as shown below.
Safeco now has the cheapest insurance rate in Detroit, MI with GEICO, Pioneer State Mutual, Hastings Mutual, and USAA also having competitive pricing. This demonstrates why consumers need to take the time to take the time to shop around to get the most budget-friendly auto insurance rates for a Honda Accord. Rates consist of many risk factors and change substantially, so the most economical option two years ago may now be quite expensive.
How to find more affordable insurance for a Honda Accord
Below you’ll find some of the better penny-pinching ideas that can help you quote cheap coverage.
- Buy your auto and home insurance from the same company and save
- Safer vehicles cost less to insure
- Staying accident-free helps keep rates low
- Be a safe driver
- Avoid filing small claims
- Compare rates regularly and switch companies to save money
The last suggestion is remarkably valuable, as was discussed in this piece. Insurance prices can change significantly in a year, so don’t hesitate to switch to a new company if a more affordable rate is found. Many drivers have brand loyalty and that’s fine, but is isn’t recommended if your bullheadedness ends up costing you major coinage every year. Now is a great time to compare prices and find cheaper insurance for a Honda Accord in Detroit.
The agents listed below can most likely help you make a decision which coverage meets your needs best, as lots of people like to get some help when buying car insurance for an Accord. It can be challenging to find the best policy on your own, and a licensed agent can provide you peace of mind knowing your coverage gives you sufficient coverage at claim time. To find an auto insurance agency nearest to you, click the link after the list.
- Michelle Sims – State Farm Insurance Agent
24970 W Outer Dr – Lincoln Park, MI 48146 – (313) 928-1348 - PD Dandnaik – State Farm Insurance Agent
W, 7725 Vernor Hwy – Detroit, MI 48209 – (313) 554-1500 - L.A. Insurance Agency
15607 Grand River Ave – Detroit, MI 48227 – (313) 835-4000 - L.A. Insurance
17516 Livernois Ave – Detroit, MI 48221 – (313) 863-6000