Best Ways to Save on Newark Honda CR-V Insurance

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Are you trying to find lower-priced Honda CR-V insurance in Newark? Buying cheaper Newark Honda CR-V insurance quotes over the internet is intimidating for vehicle owners not familiar with comparison shopping over the internet. With so many insurance agents and companies in the marketplace, how are we expected to effectively compare the different rates to find the best available rates?

Steps to quoting cheaper Honda CR-V insurance in Newark

The recommended way to get discount Honda CR-V insurance in Newark is to compare quotes once a year from companies that sell auto insurance in New Jersey.

First, get an understanding of how auto insurance works and the things you can change to keep rates in check. Many risk factors that cause rate increases like at-fault accidents, careless driving, and a poor credit score can be controlled by paying attention to minor details. Later in this article we will cover tips to lower rates and get bigger discounts that may have been overlooked.

Second, quote rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give prices from a single company like GEICO or Allstate, while agents who are independent can quote prices from multiple sources.

Third, compare the quotes to your current policy premium to see if a cheaper rate is available in Newark. If you can save money and switch companies, ensure coverage does not lapse between policies.

Fourth, give notification to your current company of your intention to cancel your current policy and submit payment and a completed application to the new company. Immediately keep the new certificate verifying proof of insurance above your visor, in the console, or in the glove compartment.

One thing to point out is to try to use the same physical damage deductibles and liability limits on every price quote and and to get rates from as many car insurance companies as possible. This guarantees the most accurate price comparison and a complete price analysis.

Insurance for Honda CR-VIt's well known that insurance companies want to keep you from comparing rates. Insureds who compare rates at least once a year will, in all likelihood, switch companies because there is a good chance of finding better rates. A recent survey discovered that consumers who make a habit of shopping around saved $3,450 over four years as compared to drivers who never shopped around for lower prices.

If finding the best price on car insurance is your target objective, understanding the best ways to shop for insurance premiums can save money and time.

It's a good habit to shop coverage around as often as possible since insurance prices are rarely the same from one policy term to another. Despite the fact that you may have had the lowest rates on Honda CR-V insurance in Newark a few years ago there is a good chance you can find better premium rates now. Ignore everything you know about auto insurance because I'm going to teach you the best way to find lower rates on auto insurance.

If you have coverage now, you will most likely be able to get lower rates using these tips. Quoting and comparing rates for the lowest-priced insurance coverage in Newark is not as confusing as people think. Nevertheless, New Jersey drivers can benefit by having an understanding of how big insurance companies calculate your insurance rates because rates are impacted by many factors.

Smart Buyers Can Reduce Insurance Rates

Multiple criteria are part of the calculation when you get a price on insurance. Some of the criteria are obvious such as your driving record, although some other factors are more transparent like where you live or your financial responsibility.

Vehicles with better crash test results means cheaper rates - Safe vehicles tend to have better insurance rates. The safest vehicles protect occupants better and better occupant protection means lower claim amounts passed on to you as lower rates.

Liability protection safeguards assets - The liability section of your policy will afford coverage if you are found to be at fault for damages caused by your negligence. This coverage provides legal defense coverage which can be incredibly expensive. It is affordable coverage when compared with rates for comp and collision, so do not cut corners here.

Premiums increase with driving tickets - Having a clean driving record has a lot to do with how much you pay for insurance. Having just one driving citation can boost insurance rates by as much as thirty percent. Drivers with clean records tend to pay less for car insurance than people who have multiple driving citations. Drivers who get flagrant violations such as DUI or reckless driving may need to submit a SR-22 form with their state's licensing department in order to legally drive.

The diagram below demonstrates how traffic citations and at-fault claims raise Honda CR-V insurance premiums for different age groups of insureds. The data is based on a married female driver, comp and collision included, $100 deductibles, and no discounts are factored in.

Rates are affected by your address - Residing in a small town may provide you with better prices when trying to find low car insurance rates. Residents of big cities tend to have traffic congestion and more time behind the wheel. Fewer drivers on the road means less chance of accidents and also fewer theft and vandalism claims.

Use credit responsibly and save - Your credit history is likely to be a major factor in your rate calculation. If your credit rating is low, you could pay less to insure your Honda CR-V by taking the time to improve your credit score. Drivers who have very good credit scores tend to be better risks to insure as compared to drivers with lower credit ratings.

Older drivers pay less - Youthful drivers in New Jersey are statistically proven to be careless and easily distracted when driving with friends so they pay higher auto insurance rates. If you've ever had to add a teenage driver to your auto insurance policy can really hurt. Mature drivers are more cautious drivers, cost insurance companies less in claims, and are safer drivers.

The chart below uses these assumptions: single driver, full coverage with $250 deductibles, and no discounts or violations.

Single vs. married - Being married may cut your premiums when shopping for auto insurance. Having a significant other is viewed as being more mature and insurance companies like that drivers who are married are more cautious.

Honda CR-V claim probability - Insurers analyze claim trends for every vehicle to calculate a price that will offset losses. Vehicles that are shown to have higher frequency or amount of claims will have a higher premium rate. The table below shows the historical loss data for Honda CR-V vehicles.

For each policy coverage type, the claim amount for all vehicles compiled together is set at 100. Percentages below 100 suggest a positive loss record, while values over 100 indicate higher probability of having a loss or tendency to have larger claims.

Insurance Loss Ratings for Honda CR-V Vehicles
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Honda CR-V 4dr 2WD 68 81 58 93 86 77
Honda CR-V 4dr 4WD 69 82 69 90 87 78
BETTER
AVERAGE
WORSE

Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Car insurance data for a Honda CR-V

The premium information shown below showcases different rate quotes for Honda CR-V models. Being aware of how insurance policy rates are formulated is important for drivers to make informed coverage decisions.

Honda CR-V Insurance Rates in Newark, NJ
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $172 $334 $462 $28 $138 $1,134 $95
CR-V EX 2WD $172 $334 $462 $28 $138 $1,134 $95
CR-V LX 4WD $172 $334 $462 $28 $138 $1,134 $95
CR-V EX 4WD $198 $334 $462 $28 $138 $1,160 $97
CR-V EX-L 2WD $198 $334 $462 $28 $138 $1,160 $97
CR-V EX-L 4WD $198 $334 $462 $28 $138 $1,160 $97
Get Your Own Custom Quote Go

Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and New Jersey minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Rate information does not factor in zip code location which can lower or raise coverage prices greatly.

How high should deductibles be?

One frequently asked question is which deductible level should you buy. The rates shown below may help to conceptualize the rate differences when you buy lower versus higher physical damage deductibles. The first data set uses a $250 deductible for comprehensive and collision coverage and the second rate chart uses a $1,000 deductible.

Honda CR-V insurance premium rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $324 $514 $408 $24 $122 $1,417 $118
CR-V EX 2WD $324 $514 $408 $24 $122 $1,417 $118
CR-V LX 4WD $324 $514 $408 $24 $122 $1,417 $118
CR-V EX 4WD $372 $514 $408 $24 $122 $1,465 $122
CR-V EX-L 2WD $372 $514 $408 $24 $122 $1,465 $122
CR-V EX-L 4WD $372 $514 $408 $24 $122 $1,465 $122
Get Your Own Custom Quote Go
Honda CR-V insurance premium rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $200 $324 $408 $24 $122 $1,078 $90
CR-V EX 2WD $200 $324 $408 $24 $122 $1,078 $90
CR-V LX 4WD $200 $324 $408 $24 $122 $1,078 $90
CR-V EX 4WD $230 $324 $408 $24 $122 $1,108 $92
CR-V EX-L 2WD $230 $324 $408 $24 $122 $1,108 $92
CR-V EX-L 4WD $230 $324 $408 $24 $122 $1,108 $92
Get Your Own Custom Quote Go

Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and New Jersey minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Estimates do not factor in the specific area where the vehicle is garaged which can change auto insurance rates substantially.

We can derive from the above data that using a $250 deductible would cost the average driver about $29 more each month or $348 a year across all Honda CR-V models than buying the higher $1,000 deductible. Due to the fact that you would have to pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you usually have at a minimum 26 months between claims, you would probably come out ahead by going with a higher deductible.

How to calculate deductible break even period

Average monthly premium for $250 deductibles: $120
Average monthly premium for $1,000 deductibles (subtract): - $91
Monthly savings from raising deductible: $29
Difference between deductibles ($1,000 - $250): $750
Divide difference by monthly savings: $750 / $29
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 26 months

The illustration below illustrates how your deductible choice and can increase or decrease Honda CR-V insurance rates for different insured age categories. The premium estimates are based on a married female driver, comp and collision included, and no policy discounts are applied.

Should you buy full coverage?

The example below illustrates the difference between Honda CR-V auto insurance rates when comparing full coverage to liability only. The premiums are based on no violations or accidents, $100 deductibles, single marital status, and no additional discounts are factored in.

Should you be buying full coverage?

There is no clear-cut formula for phasing out physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than about 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.

For example, let's assume your Honda CR-V replacement cost is $8,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, the most you would receive is $7,000 after paying the physical damage deductible. If you are paying over $700 annually for your policy with full coverage, then you may need to consider dropping full coverage.

There are some situations where only buying liability is not a good plan. If you still owe money on your vehicle, you are required to maintain full coverage to protect the lienholder's interest. Also, if you can't afford to buy a different vehicle in the even your car is totaled, you should keep full coverage on your policy.

Lower-cost Newark car insurance rates with discounts

Some insurers don't list every available discount very well, so we break down some of the more common in addition to some of the lesser obvious credits that may apply to you.Discount car insurance

  • Senior Citizens - Mature drivers may be able to get better car insurance rates.
  • Waiver for an Accident - This one is not really a discount per se, but companies like GEICO, State Farm, and Progressive will turn a blind eye to one accident before raising your premiums as long as you don't have any claims for a specific time period.
  • Save with a New Car - Adding a new car to your policy is cheaper since new model year vehicles have better safety ratings.
  • Responsible Driver Discount - Insureds without accidents can save up to 40% or more on their Newark auto insurance quote than less cautious drivers.
  • Telematics Discount - Policyholders that allow companies to track driving manner by using a telematics device such as Drivewise from Allstate or Snapshot from Progressive might get better premium rates as long as the data is positive.
  • Payment Discounts - By paying your policy upfront instead of paying each month you can actually save on your bill.
  • Driver's Education for Students - Make teen driver coverage more affordable by requiring them to take driver's ed class in high school.
  • Theft Deterrent Discount - Anti-theft and alarm system equipped vehicles have a lower chance of being stolen and that can save you a little bit as well.

A quick disclaimer, some of the credits will not apply to your bottom line cost. A few only apply to the cost of specific coverages such as comprehensive or collision. Just because it seems like having all the discounts means you get insurance for free, it doesn't quite work that way.

The illustration below shows the comparison of Honda CR-V car insurance costs with and without policy discounts. The premiums assume a male driver, a clean driving record, no at-fault accidents, New Jersey state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, homeowner, multi-policy, multi-car, marriage, and safe-driver discounts applied.

A few popular companies and a selection of discounts are detailed below.

  • American Family offers premium reductions for multi-vehicle, early bird, good driver, good student, and bundled insurance.
  • Nationwide may offer discounts for easy pay, anti-theft, Farm Bureau membership, accident-free, good student, and business or organization.
  • MetLife offers discounts including accident-free, defensive driver, multi-policy, good student, claim-free, and good driver.
  • 21st Century may have discounts that include air bags, good student, 55 and older, automatic seat belts, theft prevention, and driver training.
  • Farmers Insurance offers discounts for good student, mature driver, teen driver, distant student, homeowner, pay in full, and multi-car.
  • Allstate has discounts for eSmart discount, economy car, multi-policy, farm vehicle, and senior citizen.

When comparing rates, check with every company which discounts you may be entitled to. Some of the discounts discussed earlier might not be offered on policies everywhere. If you would like to choose from a list of insurers that offer multiple discounts in Newark, click this link.

Persistence is the key to cheap rates

There are still a few companies who do not offer internet price quotes and these regional carriers provide coverage only through independent agents. More affordable insurance in Newark is available on the web and from local agencies, so you need to compare both in order to have the best price selection to choose from.

We just showed you many ideas to reduce Honda CR-V insurance prices online in Newark. The key concept to understand is the more rate comparisons you have, the better likelihood of getting affordable Honda CR-V insurance quotes. Consumers may even find the biggest savings come from a small mutual company. Some small companies can often insure niche markets at a lower cost compared to the large companies like Allstate and Progressive.

As you shop your coverage around, make sure you don't buy lower coverage limits just to save a few bucks. There have been many cases where someone sacrificed liability limits or collision coverage only to discover later that saving that couple of dollars actually costed them tens of thousands. The ultimate goal is to buy a smart amount of coverage at a price you can afford while still protecting your assets.

Steps to finding low-cost rates for Honda CR-V insurance in Newark

The easiest way to find discount Honda CR-V insurance in Newark is to compare quotes once a year from insurers who can sell car insurance in New Jersey. Prices can be compared by following these guidelines.

  • Step 1: Learn about what is in your policy and the things you can change to prevent rate increases. Many factors that cause rate increases such as speeding tickets, careless driving and an unacceptable credit rating can be amended by making small lifestyle or driving habit changes.
  • Step 2: Request price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only provide price estimates from one company like GEICO and Allstate, while independent agents can quote prices for a wide range of companies. Select a company
  • Step 3: Compare the new quotes to your existing coverage and see if there is a cheaper rate. If you find better rates and switch companies, make sure there is no lapse between the expiration of your current policy and the new one.
  • Step 4: Provide adequate notice to your current company to cancel your current car insurance policy and submit payment and a signed application for your new policy. Immediately place the new certificate of insurance with your registration paperwork.

One key aspect of rate comparisons is that you'll want to compare the same physical damage deductibles and liability limits on each quote request and and to get price estimates from as many companies as you can. This ensures the most accurate price comparison and the best price quote selection.

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