Cheapest 2001 Honda Accord Insurance Rates in 2023
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UPDATED: Nov 29, 2021
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Looking for better auto insurance rates for your Honda Accord? Paying for high-priced Honda Accord insurance can take a big chunk out of your checking account and make it impossible to make ends meet. Doing a price comparison is a great way to make sure you’re not throwing money away. Lots of insurers contend to insure your vehicles, and because of this it can be hard to compare insurance companies and uncover the absolute best rates possible.
If you have a policy now or are just looking to switch companies, you can use this information to find better prices and still get good coverage. Choosing the best insurance company for you is not that difficult. Consumers only need an understanding of the most effective way to shop their coverage around on the web.
Where Can I Get Cheap Auto Insurance?
Most companies like Progressive, Allstate and GEICO give pricing on the web. Obtaining pricing doesn’t take much effort as you just enter your personal and coverage information into the quote form. After the form is submitted, the company’s rating system makes automated requests for information on your driving record and credit history and returns pricing information based on these and other factors. Online quotes makes comparing rates easy, but the work required to visit different websites and type in the same information is repetitive and time-consuming. Unfortunately, it is important to have as many quotes as possible in order to find a lower rate.
Isn’t there an easier way to compare rates?
The easiest way to compare rates is to use a quote form that gets price quotes from many companies. This type of form saves time, eliminates repetitive work, and makes comparison shopping a lot less work. As soon as you send your information, your coverage is rated with multiple companies and you can pick any one of the resulting price quotes.
If a lower price is quoted, you simply finish the application and purchase coverage. The entire process takes less than 15 minutes and you will find out if you’re overpaying now.
To save time and use this form to compare rates, click here to open in a new tab and submit your coverage information. If you have your current policy handy, we recommend that you enter coverages and limits identical to your current policy. This guarantees you will have a rate comparison for similar insurance coverage.
Are you getting all your discounts?
Insuring your vehicles can cost a lot, but there are discounts available to help offset the cost. A few discounts will automatically apply when you get a quote, but a few must be requested specifically before you get the savings. If you’re not getting every credit you deserve, you’re paying more than you need to.
- Homeowners Savings – Being a homeowner may earn you a small savings because maintaining a house shows financial diligence.
- Driver Safety – Taking part in a driver safety course could possibly earn you a 5% discount if your company offers it.
- Bundle and Save – When you have multiple policies with one insurance company you will save at least 10% off all policies.
- Accident Waiver – A handful of insurance companies will forgive one accident before your rates go up if your claims history is clear for a certain period of time.
- Service Members Pay Less – Being deployed with a military unit could mean lower rates.
- Low Mileage – Fewer annual miles on your Honda can qualify you for a substantially lower rate.
- Claim Free – Claim-free drivers pay less as compared to frequent claim filers.
- College Student – Youth drivers who attend school more than 100 miles from home and do not have a car can be insured at a reduced rate.
- Theft Prevention System – Anti-theft and alarm systems help deter theft and qualify for as much as a 10% discount.
- Federal Government Employee – Employees or retirees of the government could cut as much as 10% off for Accord insurance depending on your company.
It’s important to note that many deductions do not apply to the entire policy premium. Some only reduce the price of certain insurance coverages like liability and collision coverage. So despite the fact that it appears all the discounts add up to a free policy, you’re out of luck. Any amount of discount will bring down your premiums.
Companies that may offer these money-saving discounts are:
- Farm Bureau
- American Family
- State Farm
Check with all companies you are considering how you can save money. Savings might not apply in your state.
Honda Accord insurance rates have many determining factors
Consumers need to have an understanding of some of the elements that play a part in calculating your auto insurance rates. Having a good understanding of what influences your rates enables informed choices that can help you get lower auto insurance prices.
- Allowing your policy to lapse raises rates – Allowing your coverage to lapse is a quick way to increase your auto insurance rates. Not only will rates go up, getting caught without coverage may earn you a steep fine or even jail time.
- An active claims history can cost you – If you tend to file frequent claims, you can look forward to either a policy non-renewal or much higher rates. Insurance companies generally give better rates to people who do not file claims often. Auto insurance is meant to be used in the event of larger claims.
- Marriage brings a discount – Getting married actually saves money on your policy. It is viewed as being more mature and responsible and it’s statistically proven that being married results in fewer claims.
- Are you male or female? – The statistics show women tend to be less risk to insure than men. However, this does not mean women are better drivers. Men and women are in accidents in similar percentages, but men have costlier accidents. Men also get cited for more serious violations like DUI and reckless driving. Male drivers age 16 to 19 are most likely to cause an accident and are penalized with high auto insurance rates.
- High deductibles save money – Your deductibles define the amount you are willing to pay out-of-pocket if you file a covered claim. Physical damage insurance, also known as collision and other-than-collision, protects your car from damage. Some examples of claims that would be covered would be running into the backend of another car, damage from fire, or theft. The more the insured has to pay upfront, the lower your rates will be for Accord insurance.
- Discounts for multiple policies – Some insurers will give a discount to people who consolidate policies with them such as combining an auto and homeowners policy. Discounts can add up to five, ten or even twenty percent. Even with this discount, it’s in your best interest to shop around to confirm you are receiving the best rates possible.
- Poor driving leads to higher costs – Just one speeding ticket may increase your cost twenty percent or more. Drivers with clean records receive lower rates compared to drivers with tickets. Drivers who have flagrant citations such as hit and run, DWI or reckless driving convictions may need to submit a SR-22 form with their state DMV in order to keep their license.
- Younger drivers pay higher rates – Young drivers are known to be more careless in a vehicle so they pay higher auto insurance rates. Mature drivers are viewed as being more responsible, tend to cause fewer accidents and are safer drivers.
When might I need an agent?
When it comes to choosing proper insurance coverage, there is no “best” method to buy coverage. Everyone’s situation is unique and a cookie cutter policy won’t apply. Here are some questions about coverages that can aid in determining if you could use an agent’s help.
- Should I have a commercial auto policy?
- Am I covered if I break a side mirror?
- Do I need motorclub coverage?
- Will my vehicle be repaired with OEM or aftermarket parts?
- Can my teen driver be rated on a liability-only vehicle?
- Should I have combined single limit or split liability limits?
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If it’s difficult to answer those questions but you know they apply to you, you may need to chat with a licensed insurance agent. If you don’t have a local agent, take a second and complete this form. It’s fast, free and you can get the answers you need.
Coverages available on your insurance policy
Having a good grasp of a insurance policy can help you determine the right coverages and the correct deductibles and limits. Insurance terms can be ambiguous and reading a policy is terribly boring. Listed below are typical coverage types found on the average insurance policy.
Collision coverage – Collision coverage will pay to fix damage to your Accord resulting from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.
Collision coverage protects against things like hitting a parking meter, scraping a guard rail, sideswiping another vehicle and backing into a parked car. Collision is rather expensive coverage, 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.
Comprehensive insurance – Comprehensive insurance coverage will pay to fix damage that is not covered by collision coverage. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for things such as hitting a deer, theft and damage from flooding. The maximum amount your insurance company will pay is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.
Coverage for medical expenses – Med pay and PIP coverage kick in for short-term medical expenses for chiropractic care, ambulance fees, doctor visits and nursing services. They are often utilized in addition to your health insurance plan or if you lack health insurance entirely. Coverage applies to both the driver and occupants and also covers if you are hit as a while walking down the street. PIP coverage is not available in all states and gives slightly broader coverage than med pay
Coverage for uninsured or underinsured drivers – Your UM/UIM coverage protects you and your vehicle’s occupants when other motorists either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle’s occupants as well as your vehicle’s damage.
Since a lot of drivers only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is important protection for you and your family. Most of the time the UM/UIM limits are identical to your policy’s liability coverage.
Liability coverages – This coverage protects you from injuries or damage you cause to other’s property or people in an accident. This coverage protects you against other people’s claims. Liability doesn’t cover damage to your own property or vehicle.
It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You commonly see values of 50/100/50 that translate to a limit of $50,000 per injured person, $100,000 for the entire accident, and $50,000 of coverage for damaged property. Occasionally you may see one limit called combined single limit (CSL) which combines the three limits into one amount and claims can be made without the split limit restrictions.
Liability insurance covers claims such as bail bonds, attorney fees and emergency aid. How much liability should you purchase? That is a decision to put some thought into, but consider buying as large an amount as possible.
Coverage on a shoestring budget
In this article, we covered many tips how you can get a better price on 2001 Honda Accord insurance. The most important thing to understand is the more you quote, the better chance you’ll have of finding lower rates. Consumers could even find that the best prices are with a company that doesn’t do a lot of advertising. These companies can often provide lower rates in certain areas than their larger competitors like State Farm, GEICO and Nationwide.
As you restructure your insurance plan, never buy less coverage just to save a little money. There are many occasions where drivers have reduced collision coverage only to discover later that saving that couple of dollars actually costed them tens of thousands. Your focus should be to purchase a proper amount of coverage for the lowest price while not skimping on critical coverages.
More detailed insurance information is available in these articles:
- If I File a Claim will My Insurance Go Up? (Insurance Information Insitute)
- Eight Auto Insurance Myths (Insurance Information Insitute)
- Child Safety Seats (Insurance Information Insitute)
- Auto Insurance FAQ (Farmers Insurance)
- How to Avoid Common Accidents (State Farm)
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