Cheap Quotes for Honda Insight Insurance in Detroit

If you want to save money, the best way to get more affordable Honda Insight insurance in Detroit is to start doing a yearly price comparison from providers in Michigan. Rates can be compared by completing these steps.

• Step 1: It will benefit you to learn about how car insurance works and the things you can control to prevent expensive coverage. Many factors that increase rates like accidents, traffic violations, and poor credit rating can be eliminated by making lifestyle changes or driving safer.
• Step 2: Request rate estimates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can give quotes from a single company like Progressive and State Farm, while agents who are independent can give you price quotes from multiple sources.
• Step 3: Compare the price quotes to your current policy premium to see if a cheaper price is available in Detroit. If you find a lower rate quote and buy the policy, make sure there is no coverage gap between policies.

One key aspect of rate comparisons is to try to use the same deductibles and limits on every quote request and to quote with as many auto insurance providers as possible. Doing this guarantees the most accurate price comparison and and a good selection of different prices.

It’s well known that auto insurance companies don’t want you comparing rates. Insureds who rate shop once a year are inclined to switch auto insurance companies because of the good chance of finding a cheaper policy. Remarkably, a study showed that consumers who faithfully checked for cheaper rates saved an average of $860 a year compared to people who don’t make a habit of comparing rates.

If finding the cheapest rates on Honda Insight insurance in Detroit is your goal, then having an understanding of how to shop for insurance coverage can save money and time.

Detroit Insurance Prices are Influenced by These Factors

It’s important that you understand some of the elements that go into determining the level of your policy premiums. If you have some idea of what determines base rates, this enables you to make decisions that could result in much lower annual insurance costs. Many things are part of the equation when premium rates are determined. Some of the criteria are obvious like an MVR report, but some are more transparent like your continuous coverage or how safe your car is.

The factors shown below are a few of the things insurance companies consider when setting your prices.

• Which gender costs less? – The statistics show that females take fewer risks when driving. It does not mean men are WORSE drivers than women. They both tend to get into accidents in similar numbers, but the male of the species get into accidents with more damage. In addition to higher claims, males also get more serious tickets such as driving while intoxicated (DWI) or driving recklessly. Males from age 16 to 21 tend to get in the most accidents and therefore pay the highest rates.

  The illustration below illustrates the comparison of Honda Insight insurance prices for male and female drivers. The rate quotes are based on no accidents, no driving violations, comp and collision included, $1,000 deductibles, marital status is single, and no policy discounts are applied.

• Don’t buy extra coverages that may not be needed – Insurance companies have many extra coverages that can add up on your Insight policy. Coverages for roadside assistance, accident forgiveness, and Farm Bureau memberships are probably not needed. They may seem like a good idea when talking to your agent, but if they’re wasting money get rid of them and save.
• Save money by having multiple policies – Some insurance companies provide lower prices to insureds that buy multiple policies, otherwise known as a multi-policy discount. Even though this discount sounds good, it’s in your best interest to comparison shop to help ensure you have the lowest rates. You may still save more without the discount by insuring with multiple companies.
• Insurance rates and your employer – Occupations such as real estate brokers, business owners, and accountants usually pay higher premiums than the average policyholder because of intense work-related stress and incredibly demanding work hours. On the flip side, professions such as actors, historians and the unemployed have the lowest average rates.

• Traffic violations are costly – Careful drivers have lower premiums as compared to those with violations. Having just one speeding ticket or other violation may increase your cost by as much as thirty percent. People who have serious tickets like DUI or willful reckless driving may find they need to submit a SR-22 form to the state department of motor vehicles in order to prevent their license from being revoked.

  The information below illustrates how traffic citations and at-fault collisions can increase Honda Insight insurance prices for different age groups of insureds. The premium estimates are based on a single male driver, comprehensive and collision coverage, $500 deductibles, and no additional discounts are factored in.

• Safer vehicles cost less to insure – Vehicles that have high safety ratings cost less to insure. Safer cars help reduce the chance of injuries in an accident and any reduction in injury severity means less money paid by your insurance company and cheaper rates on your policy. If your Honda Insight scored better than four stars on Safercar.gov or an “acceptable” rating on iihs.org it may be receiving lower rates.
• Marriage reduces risk – Having a significant other may save some money on your insurance bill. Marriage is viewed as being more stable financially and statistics show married drivers tend to file fewer claims.

Rates and other information

The data table shown below showcases a range of coverage prices for Honda Insight models. Being aware of how policy premiums are established is important for making smart choices when selecting a policy.

Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Michigan minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Prices do not factor in specific location which can impact insurance rates significantly.

An analysis of deductible level

When comparing auto insurance rates, the most common question is the level to set your comp and collision deductibles. The tables below help summarize the rate differences when you buy lower versus higher comp and collision deductibles. The first set of rates uses a $100 physical damage coverage deductible and the second price table uses a $500 deductible.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Michigan minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Price information does not factor in specific location information which can change price quotes considerably.

Using the premium rates above, we can conclude that using a $100 deductible will cost you about $46 more each month or $552 every year averaged for all Insight models than quoting the higher $500 deductible. Since the policyholder would be required to pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you normally go at a minimum 9 months between claim filings, you would more than likely save some money if you choose a higher deductible.

The example below shows how choosing a deductible and can influence Honda Insight insurance costs for different categories of driver ages. Data assumes a married male driver, comp and collision included, and no discounts are taken into consideration.

Full coverage versus liability-only

The information below visualizes the comparison of Honda Insight insurance rates when comparing full coverage to liability only. The premiums are based on no claims or driving violations, $250 deductibles, drivers are single, and no other discounts are factored in.

Are you wasting money on full coverage?

There is no definitive rule to delete comp and collision coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s assume your Honda Insight replacement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $7,000 after paying your deductible. If it’s costing you more than $700 annually to have full coverage, the it may be a good time to stop paying for full coverage.

There are some circumstances where dropping physical damage coverage is not advised. If you still have a lienholder on your title, you have to keep full coverage in order to prevent your loan from defaulting. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.

Lower rate quotes with discounts

Some providers don’t always publicize every available discount very well, so here is a list some of the best known in addition to some of the lesser obvious discounts that you can inquire about if you buy Detroit auto insurance online. If you don’t get every credit you deserve, you are just wasting money.

• Theft Deterrent – Vehicles equipped with tracking devices and advanced anti-theft systems prevent vehicle theft and that can save you a little bit as well.
• Military Rewards – Being on active deployment in the military can result in better premium rates.
• Student Driver Training – Reduce the cost of insurance for teen drivers by having them take driver’s ed class in school.
• Anti-lock Brakes – Anti-lock brake equipped vehicles prevent accidents and will save you 10% or more on Insight insurance in Detroit.
• Drive Less and Save – Keeping the miles down on your Honda could be rewarded with cheaper rates.
• Telematics Data – Drivers who elect to allow data collection to monitor driving patterns by installing a telematics device such as Allstate’s Drivewise and State Farm’s In-Drive system could possibly reduce rates if they show good driving skills.

As a sidenote, some of the credits will not apply to the overall cost of the policy. Some only apply to the price of certain insurance coverages like liability, collision or medical payments. If you do the math and it seems like adding up those discounts means a free policy, it just doesn’t work that way.

The example below shows the difference between Honda Insight auto insurance costs with and without discounts applied to the policy rates. The information is based on a female driver, no violations or claims, Michigan state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, marriage, multi-policy, multi-car, claim-free, and safe-driver discounts applied.

Companies and a partial list of their discounts are:

• State Farm may offer discounts for safe vehicle, good driver, multiple autos, Drive Safe & Save, driver’s education, and multiple policy.
• Progressive discounts include online quote discount, homeowner, online signing, multi-vehicle, continuous coverage, good student, and multi-policy.
• Travelers has savings for multi-policy, payment discounts, home ownership, continuous insurance, IntelliDrive, hybrid/electric vehicle, and save driver.
• American Family offers discounts for multi-vehicle, good student, good driver, TimeAway discount, early bird, air bags, and accident-free.
• Liberty Mutual policyholders can earn discounts including new move discount, good student, new vehicle discount, multi-car, and teen driver discount.

Before purchasing a policy, check with each insurance company which credits you are entitled to. Discounts might not apply in Detroit.

Shop around and save

When trying to cut insurance costs, do not reduce needed coverages to save money. There are too many instances where consumers will sacrifice comprehensive coverage or liability limits only to find out that their decision to reduce coverage ended up costing them more. Your goal should be to buy enough coverage at the best cost, but do not skimp to save money.

Drivers leave their current company for a number of reasons such as denial of a claim, being labeled a high risk driver, unfair underwriting practices or even extreme rates for teen drivers. Whatever your reason, choosing a new insurance company is pretty simple and you could end up saving a buck or two.

Affordable Honda Insight insurance in Detroit can be purchased from both online companies and with local Detroit insurance agents, and you should compare rates from both to have the best selection. A few companies may not offer the ability to get quotes online and usually these small, regional companies provide coverage only through independent insurance agencies.

Even more information can be found in these articles:

• Neck Injury FAQ (iihs.org)
• Who Has Affordable Detroit Auto Insurance for Business Use? (FAQ)
• Who Has Cheap Auto Insurance Quotes for a Toyota Camry in Detroit? (FAQ)
• Who Has Affordable Auto Insurance for Drivers with a DUI in Detroit? (FAQ)
• Who Has the Cheapest Auto Insurance for High School Students in Detroit? (FAQ)
• What if I Can’t Find Coverage? (Insurance Information Institute)
• Credit and Insurance Scores (Insurance Information Institute)