How to Save on Newark Honda Accord Insurance

It takes a few minutes, but the best way to save money on Honda Accord insurance is to start doing an annual price comparison from companies that insure vehicles in Newark.

• First, try to learn a little about the coverage provided by your policy and the measures you can take to prevent high rates. Many factors that cause high rates such as traffic citations, accidents, and your credit history can be remedied by making minor driving habit or lifestyle changes.
• Second, compare price quotes from exclusive agents, independent agents, and direct providers. Direct and exclusive agents can only give prices from a single company like GEICO or Farmers Insurance, while independent agencies can quote prices for many different companies. Get quotes now
• Third, compare the new rates to your current policy to see if a cheaper price is available in Newark. If you can save money, make sure coverage is continuous and does not lapse.
• Fourth, give proper notification to your current agent or company to cancel your current car insurance policy and submit the signed application along with the required initial payment for the new coverage. As soon as you receive it, keep your new certificate of insurance in an accessible location in your vehicle.

A good tip to remember is that you’ll want to make sure you compare similar deductibles and liability limits on each quote and and to get quotes from as many companies as you can. This ensures a fair rate comparison and the best price selection.

It’s a known fact that car insurance companies don’t want you to compare rates. Insureds who compare other prices are highly likely to move their business because they have good chances of finding coverage at a more affordable price. A recent survey revealed that consumers who compared prices regularly saved over $3,450 over four years as compared to drivers who don’t make a habit of comparing rates.

If finding the lowest price for Honda Accord insurance is the reason you’re here, then having some knowledge of how to get rate quotes and compare insurance can make shopping around easier.

Educated Choices Result in Lower Insurance Rates

It’s important that you understand some of the things that help calculate the rates you pay for insurance. When you know what positively or negatively determines base rates, this enables you to make decisions that could help you find lower premium levels. Many different elements are used in the calculation when you get your auto insurance bill. A few of the factors are predictable like a motor vehicle report, but other factors are less apparent like where you live or how safe your car is.

Male premiums may be higher – Statistics demonstrate that men are more aggressive behind the wheel. However, don’t assume that males are worse at driving than females. Males and females cause auto accidents in similar numbers, but the male of the species cause more damage. Not only are claims higher, but men get cited for more serious violations such as reckless driving.

The information below shows the comparison of Honda Accord auto insurance costs for male and female drivers. The premium estimates are based on no tickets, no at-fault accidents, comprehensive and collision coverage, $500 deductibles, single status, and no policy discounts are applied.

Credit score impact insurance costs – Having a bad credit rating is a large factor in calculating your premium rate. People with very high credit ratings tend to be more responsible than those with lower credit scores. If your credit score could use some work, you could potentially save money when insuring your Honda Accord if you improve your credit rating.

Safety ratings are a factor – Cars with five star safety ratings tend to be cheaper to insure. The safest vehicles help reduce the chance of injuries in an accident and any reduction in injury severity means less claims paid and cheaper rates on your policy. If your Honda Accord has at least an “acceptable” rating on the Insurance Institute for Highway Safety website it may be receiving lower rates.

Your address can impact prices – Having an address in less populated areas has it’s advantages when trying to find low car insurance rates. Residents of big cities regularly have more auto accidents and higher rates of accident claims. Less people means less chance of accidents and lower theft and vandalism rates.

Cheaper prices using GPS tracking and theft deterrents – Purchasing a vehicle that has a built-in theft deterrent system can earn a premium discount. Anti-theft devices like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all help prevent your car from being stolen.

Never allow your coverage to lapse – Not maintaining insurance is a misdemeanor and your next policy will cost more because you let your insurance expire. And not only will your rates increase, the inability to provide proof of insurance could result in a license revocation or jail time.

Your occupation and insurance rates – Did you know your job can affect your rates? Occupations like lawyers, airline pilots, and emergency personnel have higher premiums than the average policyholder attributed to intense work-related stress and lengthy work days. On the flip side, jobs such as farmers, engineers and the unemployed get better rates.

Honda Accord insurance loss data – Insurers take into consideration historical loss data for every vehicle when they file their rates in each state. Vehicles that the data determines to have a trend towards higher claim severity or frequency will cost more for specific coverages.

The table shown below demonstrates the historical loss data for Honda Accord vehicles. For each policy coverage type, the loss probability for all vehicles as a whole is set at 100. Percentage numbers below 100 imply a favorable loss record, while percentages above 100 point to more frequent losses or tendency to have higher losses.

Honda Accord insurance rates and statistics

The price information displayed below covers estimates of insurance costs for Honda Accord models. Understanding more about how insurance prices are figured can be of help when making decisions on which coverage to buy.

Price data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and New Jersey minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Premium amounts do not factor in zip code location which can alter price quotes noticeably.

Where to set your deductibles

One of the hardest decisions when shopping for insurance is which deductible level should you buy. The rates shown below determine the premium difference of buying low and high comp and collision deductibles. The first table uses a $250 deductible for physical damage and the second price chart uses a $500 deductible.

Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Prices do not factor in specific location information which can modify prices noticeably.

We can estimate from the data above that using a $250 deductible will cost you roughly $18 more each month or $216 for a full year than selecting the higher $500 deductible. Since the policyholder would be required to pay $250 more out-of-pocket with a $500 deductible as compared to a $250 deductible, if you go at least 14 months between claims, you would most likely save money if you elect the higher deductible.

The diagram below demonstrates how choosing different deductibles and can influence Honda Accord insurance costs for different insured age categories. The premium estimates are based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.

Safe drivers pay less for insurance

The example below illustrates how speeding tickets and at-fault accidents can influence Honda Accord car insurance costs for different categories of driver ages. The premiums are based on a married female driver, full coverage, $1,000 deductibles, and no policy discounts are applied.

How much more does full coverage cost?

The diagram below shows the difference between Honda Accord annual premium costs with full coverage compared to only the New Jersey minimum liability coverage. The prices are based on no violations or accidents, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.

Should you pay for full coverage?

There is no clear-cut rule to eliminate full coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of the vehicle’s replacement cost less your deductible, then it could be time to drop full coverage.

For example, let’s say your Honda Accord replacement value is $6,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $5,000 after paying your policy deductible. If you are paying more than $500 annually for full coverage, then you may need to consider dropping full coverage.

There are some conditions where eliminating full coverage is not a good idea. If you still owe money on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should not buy liability only.

Honda Accord insurance discounts in Newark

Car insurance can cost a lot, but there’s a good chance there are discounts to help bring down the price. Certain reductions will be credited when you quote, but some may not be applied and must be inquired about before being credited. If you’re not getting every credit you qualify for, you are not getting the best rate possible.

• Passive Restraints – Vehicles equipped with air bags and/or automatic seat belt systems can receive discounts of 20% or more.
• Employee of Federal Government – Simply working for the federal government could provide a small rate reduction with some auto insurance companies.
• Driver Education Discount – Require your teen driver to successfully take a driver’s education course as it can save substantially.
• ABS and Traction Control Discounts – Vehicles that have anti-lock braking systems can avoid accidents and earn discounts up to 10%.
• Professional Memberships – Affiliation with qualifying clubs or civic groups can get you a small discount on your next renewal.
• Waiver for an Accident – Not a discount per se, but companies like GEICO and Allstate will forgive one accident before hitting you with a surcharge so long as you haven’t had any claims for a certain period of time.
• Multiple Policy Discount – When you combine your home and auto insurance with one insurance company you could get a discount of at least 10 to 15 percent or more.
• Pay Early and Save – By paying your entire bill at once rather than spreading payments over time you can actually save on your bill.

Discounts reduce rates, but you should keep in mind that most of the big mark downs will not be given to your bottom line cost. Most cut specific coverage prices like physical damage coverage or medical payments. Despite the fact that it seems like you can get free auto insurance, you aren’t that lucky.

The example below illustrates the comparison of Honda Accord premium costs with and without discounts applied to the premium. The information is based on a male driver, a clean driving record, no at-fault accidents, New Jersey state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, homeowner, multi-car, multi-policy, safe-driver, and claim-free discounts applied.

To choose insurers that offer multiple discounts in Newark, click here to view.

How to find a good Newark auto insurance company

Insuring your vehicle with the best insurance company is difficult considering how many different companies insure vehicles in New Jersey. The company information shown below can help you pick which companies to look at buying from.

Top 10 Newark Car Insurance Companies Overall

1. Mercury Insurance
2. The Hartford
3. Progressive
4. Travelers
5. State Farm
6. Farmers Insurance
7. Safeco Insurance
8. USAA
9. GEICO
10. 21st Century

Top 10 Newark Car Insurance Companies Ranked by Customer Satisfaction

1. The Hartford – 93%
2. Progressive – 90%
3. 21st Century – 89%
4. USAA – 87%
5. Mercury Insurance – 87%
6. State Farm – 87%
7. Travelers – 87%
8. Safeco Insurance – 86%
9. AAA Insurance – 86%
10. American Family – 85%

Affordable insurance premiums are out there

Some insurance companies do not provide rates over the internet and usually these regional insurance providers only sell through local independent agents. Low-cost Honda Accord insurance in Newark is definitely available online in addition to local insurance agencies, so you need to compare both to have the best selection.

In this article, we covered many ways to get a better price on Honda Accord insurance in Newark. The most important thing to understand is the more rate quotes you have, the more likely it is that you will get a better rate. Consumers may even find the lowest priced insurance comes from the least-expected company. Some small companies may often insure only within specific states and give better rates than the large multi-state companies such as GEICO and State Farm.

When you buy Newark auto insurance online, it’s a bad idea to reduce needed coverages to save money. There have been many cases where someone sacrificed liability coverage limits and learned later that it was a big error on their part. Your strategy should be to purchase a proper amount of coverage for the lowest price while still protecting your assets.

Other information

• Preventing Carjacking and Theft (Insurance Information Institute)
• Who Has Affordable Newark Auto Insurance for Infrequent Drivers? (FAQ)
• Who Has the Cheapest Newark Car Insurance Rates for a Honda Civic? (FAQ)
• Who Has the Cheapest Auto Insurance Quotes for High Mileage Drivers in Newark? (FAQ)
• Who Has the Cheapest Newark Car Insurance Rates for a Subaru Impreza? (FAQ)
• State Car Insurance Guides (GEICO)
• Airbag FAQ (iihs.org)
• If I File a Claim will My Insurance Go Up? (Insurance Information Institute)
• Eight Auto Insurance Myths (Insurance Information Institute)