Cheapest 1992 Honda Accord Insurance Rates in 2023
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UPDATED: Aug 23, 2022
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Shoppers have options when shopping for low-cost Honda Accord insurance. You can either spend your time contacting agents to get rate comparisons or leverage the internet to get rate quotes.
There are both good and bad ways to compare insurance rates and we’ll show you the quickest way to price shop coverage for a Honda and get the lowest possible price either online or from local insurance agents.
Why you might be paying too much to insure your Honda Accord
It’s important that you understand the different types of things that play a part in calculating the price you pay for car insurance. When you know what positively or negatively controls the rates you pay enables informed choices that can help you get better car insurance rates.
Shown below are a partial list of the pieces car insurance companies consider when setting your rates.
- Lower rates with optional equipment – Choosing a vehicle with an alarm system can help bring down rates. Anti-theft devices such as GM’s OnStar, tamper alarm systems and vehicle immobilizers can thwart auto theft.
- Liability insurance protects assets – Your policy’s liability coverage provides coverage in the event that a court rules you are at fault for damages caused by your negligence. It will provide you with a defense in court up to the limits shown on your policy. Liability is cheap as compared to coverage for physical damage, so drivers should carry high limits.
- Marriage brings a discount – Having a wife or husband actually saves money on your policy. Having a significant other is viewed as being more mature and it’s statistically proven that married couples file fewer claims.
- More miles equals more premium – The more you drive in a year’s time the more you will pay for car insurance. Most companies rate vehicles determined by how the vehicle is used. Cars and trucks that are left in the garage qualify for better rates than vehicles that are driven to work every day. If your policy improperly rates your Accord can cost quite a bit. Verify your car insurance policy is rated on the correct driver usage.
- Do you work long hours in a high stress job? – Jobs such as lawyers, architects and stock brokers are shown to have the highest rates because of high stress levels and lots of time spent at work. On the other hand, professions such as pilots, students and retirees pay the least for Accord coverage.
Discounts are great for lower rates
Insurance can be prohibitively expensive, but there are discounts available to help bring down the price. Certain discounts will be applied at the time of purchase, but a few must be specifically requested before you will receive the discount. If you don’t get every credit you deserve, you’re paying more than you need to.
- Theft Prevention Discount – Cars that have factory anti-theft systems are stolen less frequently and earn discounts up to 10%.
- Seat Belts Save more than Lives – Using a seat belt and requiring all passengers to buckle their seat belts can save up to 15% off your medical payments premium.
- Sign Online – Some insurance companies will discount your bill up to fifty bucks just for signing your application on their website.
- Life Insurance Discount – Some companies give a break if you buy a life insurance policy as well.
- 55 and Retired – If you qualify as a senior citizen, you may receive a discount up to 10% for Accord coverage.
- Multi-policy Discount – When you have multiple policies with one company you will save 10% to 20% off each policy.
- Discounts for Safe Drivers – Drivers who don’t get into accidents may receive a discount up to 45% less for Accord coverage than drivers with accidents.
- Discount for Good Grades – Performing well in school can earn a discount of 20% or more. The discount lasts well after school through age 25.
- Low Mileage – Driving fewer miles could qualify for discounted rates on garaged vehicles.
As a disclaimer on discounts, most of the big mark downs will not be given to the entire cost. Most only cut individual premiums such as liability, collision or medical payments. So when the math indicates you can get free auto insurance, it just doesn’t work that way. But all discounts will bring down your premiums.
Insurance companies that possibly offer these money-saving discounts include:
Before buying, ask every prospective company how you can save money. Discounts might not be offered everywhere.
Slick advertising tricks that work
Consumers can’t get away from ads that promise big savings by companies like Progressive, GEICO, Allstate and State Farm. All the companies make the same claim that you can save if you switch to them.
How can each company make almost identical claims? It’s all in the numbers.
All the different companies have a preferred profile for the type of driver that earns them a profit. An example of a driver they prefer could be between 25 and 40, a clean driving record, and has excellent credit. A customer who fits that profile gets the lowest rates and is almost guaranteed to save a lot of money.
Potential insureds who don’t qualify for this ideal profile will be charged a higher premium and ends up with the driver buying from a lower-cost company. The ads state “people who switch” not “everybody who quotes” save that much. That’s why companies can claim big savings.
That is why you absolutely need to get as many comparisons as possible. It’s impossible to know which insurance companies will fit your personal profile best.
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You may need specialized coverage
When it comes to buying adequate coverage for your personal vehicles, there is no cookie cutter policy. Every situation is different.
For example, these questions may help you determine if your insurance needs might need professional guidance.
- Is my teenager covered with friends in the car?
- Do I have coverage when making deliveries for my home business?
- Can I drive in Mexico and have coverage?
- What is medical payments coverage?
- Are all vehicle passengers covered by medical payments coverage?
- Does liability extend to a camper or trailer?
- When can I cancel my policy?
If you don’t know the answers to these questions, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, take a second and complete this form. It’s fast, doesn’t cost anything and can provide invaluable advice.
Information about specific coverages
Learning about specific coverages of your policy can be of help when determining appropriate coverage at the best deductibles and correct limits. Policy terminology can be difficult to understand and nobody wants to actually read their policy.
Insurance for medical payments
Med pay and PIP coverage pay for bills for things like prosthetic devices, hospital visits, rehabilitation expenses, pain medications and ambulance fees. They are often used to fill the gap from your health insurance program or if you do not have health coverage. Medical payments and PIP cover all vehicle occupants and will also cover if you are hit as a while walking down the street. Personal Injury Protection is only offered in select states and gives slightly broader coverage than med pay
Comprehensive coverage (or Other than Collision)
Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. A deductible will apply then your comprehensive coverage will pay.
Comprehensive coverage protects against things like rock chips in glass, a tree branch falling on your vehicle, damage from a tornado or hurricane, vandalism and damage from flooding. The maximum amount a car insurance company will pay at claim time is the market value of your vehicle, so if it’s not worth much more than your deductible consider removing comprehensive coverage.
Auto collision coverage
This coverage pays to fix your vehicle from damage caused by collision with a stationary object or other vehicle. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against claims such as driving through your garage door, hitting a mailbox, sideswiping another vehicle, colliding with a tree and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so you might think about dropping it from vehicles that are older. Drivers also have the option to bump up the deductible to get cheaper collision coverage.
Uninsured Motorist or Underinsured Motorist insurance
This coverage protects you and your vehicle when the “other guys” are uninsured or don’t have enough coverage. Covered claims include medical payments for you and your occupants and damage to your Honda Accord.
Because many people have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Normally your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.
This can cover injuries or damage you cause to a person or their property. This insurance protects YOU from legal claims by others. It does not cover your injuries or vehicle damage.
Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 100/300/100 that means you have $100,000 bodily injury coverage, a per accident bodily injury limit of $300,000, and a total limit of $100,000 for damage to vehicles and property. Another option is a combined limit which combines the three limits into one amount without having the split limit caps.
Liability coverage pays for claims such as court costs, repair bills for other people’s vehicles, emergency aid and attorney fees. How much coverage you buy is your choice, but buy as much as you can afford.
More effort can pay off
You just learned quite a bit of information on how to shop for 1992 Honda Accord insurance online. The key thing to remember is the more providers you compare, the better your chances of lowering your rates. Consumers could even find that the lowest priced insurance comes from some of the lesser-known companies.
Consumers switch companies for any number of reasons including poor customer service, denial of a claim, high rates after DUI convictions or even questionable increases in premium. It doesn’t matter what your reason, switching insurance companies is less work than it seems.
When buying insurance coverage, do not reduce coverage to reduce premium. There are a lot of situations where someone dropped full coverage only to regret they didn’t purchase enough coverage. The aim is to buy a smart amount of coverage at the best price, not the least amount of coverage.
Even more information is available by following these links:
- Side Impact Crash Tests (iihs.org)
- Child Safety Seats (Insurance Information Insitute)
- How to Avoid Common Accidents (State Farm)
- State Car Insurance Guides (GEICO)
- Auto Theft Statistics (Insurance Information Insitute)
- Prom Night Tips for Teen Drivers (State Farm)
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