Finding economical auto insurance for a Honda Accord is usually pretty straightforward, but it hinges on a whole bunch of factors such as the age of the Accord, the likelihood of vehicle theft, and violations on your driving record. Drivers pay approximately $825 a year for Accord insurance, but that cost is an approximation calculated based on a 30-year-old married male driver with full coverage and $250 deductibles.
But there is a high likelihood that you aren't exactly 30 years old or even a male, maybe you are single instead of married, and maybe you have sub-par credit that needs to be factored in. Everone's needs are different, and this illustrates why the way we recommend to find cheap car insurance rates for your Honda is to put in the effort to do a thorough rate comparison. Get a free quote now and you can get rates from some of the best companies around.
Vehicle trim level will be a contributing factor to the cost of insurance, so the rate you pay to insure a Accord LX 4-Dr Sedan model will be $292 lower than the insurance cost for the more expensive Accord EX-L 2-Dr Coupe model, as shown in the chart below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Accord LX 4-Dr Sedan||$188||$300||$238||$14||$72||$812||$68|
|Accord EX 4-Dr Sedan||$188||$300||$238||$14||$72||$812||$68|
|Accord LX-P 4-Dr Sedan||$188||$300||$238||$14||$72||$812||$68|
|Accord EX-L 4-Dr Sedan||$216||$366||$238||$14||$72||$906||$76|
|Accord EX 2-Dr Coupe||$216||$430||$318||$18||$94||$1,076||$90|
|Accord LX-S 2-Dr Coupe||$216||$430||$318||$18||$94||$1,076||$90|
|Accord EX-L 2-Dr Coupe||$244||$430||$318||$18||$94||$1,104||$92|
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Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Indiana minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Price information does not factor in vehicle garaging location which can lower or raise coverage rates greatly.
Figuring out which companies have the best insurance rates for a Honda Accord in Indiana takes a little more effort in order to find the most economical policy. Each insurer uses a little different formula to establish rates, so we'll take a look at the most affordable insurance companies in Indiana.
It's a good idea to be aware that Indiana insurance rates are determined by lots of factors that will increase or decrease the price you have to pay for coverage. Getting older, getting divorced, or getting a ticket for careless driving can trigger changes in premium resulting in some companies being affordable when they were higher priced.
Compare Cheap Insurance Quotes for Your Accord
Travelers may offer some of the lowest car insurance rates in Indiana at around $602 each year. USAA, Cincinnati Insurance, Erie, and Indiana Farmers Mutual also rank well as some of the cheapest Indiana car insurance companies.
In the above rates, if you have coverage with USAA and switched to Travelers, you could earn annual savings of roughly $79. Insureds with Cincinnati Insurance may save as much as $82 a year, and Erie customers might reduce rates by $103 a year.
Remember that these premiums are averages for all insureds and vehicles and and are not figured with a specific rating modification for a Honda Accord. So the auto insurance company that fits your situation best may not even be in the top 36 companies shown above. That affirms the importance of why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.
The example below illustrates how your choice of deductibles can impact annual premium costs when trying to find cheap insurance for a Honda Accord in Indiana. Data assumes a single female driver, full coverage, and no discounts are applied to the premium.
A 40-year-old driver could pocket $222 a year by increasing from a $100 deductible up to a $500 deductible, or save $334 by changing to a $1,000 deductible. Young drivers, such as the 20-year-old chart data, could drop their prices $566 each year by using higher deductibles when buying full coverage.
If you do decide to increase your deductibles, it will be important to have plenty of savings on hand to enable you to pay the extra out-of-pocket expense that comes with higher deductibles.
How much more does full coverage cost in Indiana?
Paying less for insurance should be important to most drivers, and one of the fastest ways to save on the cost of insurance for a Honda Accord in Indiana is to only pay for liability coverage. The example below shows the comparison of auto insurance costs when comparing full coverage to liability only. The premiums assume no claims or driving citations, $1,000 deductibles, single marital status, and no discounts are taken into consideration.
If all age groups are averaged, comp and collision coverage costs $1,184 per year more than just buying liability only. Many of you may wonder if physical damage coverage is worth the money. There is no set rule to delete comprehensive and collision coverage on your policy, but there is a general school of thought. If the yearly cost for physical damage coverage is more than 10% of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.
For example, let's assume your vehicle's book value is $3,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would receive is $2,000 after paying your policy deductible. If it's costing you more than $200 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
There are a few cases where dropping full coverage is not a good idea. If you still have a loan on your vehicle, you are required to maintain full coverage to protect the lienholder's interest in the vehicle. Also, if you don't have enough money to buy a different vehicle if your current one is totaled, you should not eliminate full coverage.
Get discounts on Indiana car insurance
Insurance providers that sell policies for a Honda Accord may also offer discounts that may potentially lower prices by 30% or more if you can meet the requirements. Companies and some of the discounts can be read below.
- State Farm discounts include safe vehicle, anti-theft, Drive Safe & Save, accident-free, driver's education, and passive restraint.
- GEICO may include discounts for daytime running lights, emergency military deployment, good student, membership and employees, and five-year accident-free.
- Allstate may have discounts that include passive restraint, farm vehicle, safe driver, good payer, eSmart discount, auto/life discount, and premier discount.
- SAFECO may offer discounts for anti-lock brakes, bundle discounts, teen safety rewards, homeowner, anti-theft, safe driver, and multi-car.
- Farm Bureau policyholders can earn discounts including 55 and retired, good student, youthful driver, safe driver, multi-policy, driver training, and renewal discount.
- Progressive includes discounts for good student, homeowner, online quote discount, online signing, continuous coverage, and multi-policy.
- AAA offers discounts including pay-in-full, anti-theft, good student, multi-car, AAA membership discount, and education and occupation.
The chart below compares yearly insurance costs with and without discounts. The information is based on a female driver, no violations or claims, Indiana state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with multiple vehicle, homeowner, anti-theft, safe-driver, claim-free, and accident-free discounts applied. When taking advantage of discounts, the average savings per year on insurance for a Honda Accord is 28% or $527.