How to Save on Newark Honda Accord Insurance

Insurance quote for Honda Accord in NewarkIt 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.

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 Loss Statistics
Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Honda Accord 91 85 90 122 117 94
Honda Accord Hybrid 96 80 98 89 76 84
Honda Accord Crosstour 4dr 2WD 85 97 83 122 113 94
Honda Accord Crosstour 4dr 4WD 99 102 94 120 93

Empty fields indicate not enough data collected
Statistics from for 2013-2015 Model Years

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.

Honda Accord Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Accord LX 4-Dr Sedan $278 $504 $462 $28 $138 $1,410 $118
Accord EX 4-Dr Sedan $278 $504 $462 $28 $138 $1,410 $118
Accord LX-P 4-Dr Sedan $278 $504 $462 $28 $138 $1,410 $118
Accord EX-L 4-Dr Sedan $320 $614 $462 $28 $138 $1,562 $130
Accord EX 2-Dr Coupe $320 $722 $614 $36 $184 $1,876 $156
Accord LX-S 2-Dr Coupe $320 $722 $614 $36 $184 $1,876 $156
Accord EX-L 2-Dr Coupe $360 $722 $614 $36 $184 $1,916 $160
Get Your Own Custom Quote Go

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.

Honda Accord insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Accord LX 4-Dr Sedan $324 $514 $408 $24 $122 $1,417 $118
Accord EX 4-Dr Sedan $324 $514 $408 $24 $122 $1,417 $118
Accord LX-P 4-Dr Sedan $324 $514 $408 $24 $122 $1,417 $118
Accord EX-L 4-Dr Sedan $372 $626 $408 $24 $122 $1,577 $131
Accord EX 2-Dr Coupe $372 $738 $544 $32 $162 $1,873 $156
Accord LX-S 2-Dr Coupe $372 $738 $544 $32 $162 $1,873 $156
Accord EX-L 2-Dr Coupe $420 $738 $544 $32 $162 $1,921 $160
Get Your Own Custom Quote Go

Honda Accord insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Accord LX 4-Dr Sedan $264 $414 $408 $24 $122 $1,232 $103
Accord EX 4-Dr Sedan $264 $414 $408 $24 $122 $1,232 $103
Accord LX-P 4-Dr Sedan $264 $414 $408 $24 $122 $1,232 $103
Accord EX-L 4-Dr Sedan $302 $504 $408 $24 $122 $1,360 $113
Accord EX 2-Dr Coupe $302 $594 $544 $32 $162 $1,634 $136
Accord LX-S 2-Dr Coupe $302 $594 $544 $32 $162 $1,634 $136
Accord EX-L 2-Dr Coupe $340 $594 $544 $32 $162 $1,672 $139
Get Your Own Custom Quote Go

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.Cheaper auto insurance with discounts

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.

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