2002 Honda S2000 Insurance Cost – 7 Ideas for Best Prices

Searching for lower insurance coverage rates for your Honda S2000? Are you a victim of overpriced insurance coverage? Trust us, many consumers are feeling buyer’s remorse and feel like there’s no way out.

You have so many insurance companies to buy insurance from, and though it is a good thing to have a choice, it makes it harder to adequately compare rates.

It’s important to take a look at other company’s rates occasionally since insurance rates go up and down regularly. Just because you found the best rates on S2000 insurance on your last policy other companies may now be cheaper. So just block out anything you think you know about insurance coverage because you’re going to get a crash course in how to use online quotes to find better rates and still maintain coverage.

Discounts are basically free money

Properly insuring your vehicles can get expensive, but you may find discounts that many people don’t even know exist. Larger premium reductions will be automatically applied when you complete an application, but lesser-known reductions have to be manually applied prior to receiving the credit.

  • Payment Method – If you pay your entire premium ahead of time rather than paying monthly you may reduce your total bill.
  • Good Students Pay Less – This discount can earn a discount of 20% or more. The good student discount can last until age 25.
  • Multiple Vehicles – Insuring multiple vehicles on the same auto insurance policy could earn a price break for each car.
  • Drive Less and Save – Driving fewer miles can earn better rates on cars that stay parked.
  • Homeowners Discount – Being a homeowner may trigger a auto insurance policy discount because of the fact that having a home demonstrates responsibility.
  • Drivers Education – Require your teen driver to complete a driver education course if offered at their school.
  • Anti-lock Brake Discount – Cars that have steering control and anti-lock brakes can avoid accidents and earn discounts up to 10%.

As a disclaimer on discounts, many deductions do not apply to the overall cost of the policy. Some only reduce individual premiums such as comp or med pay. So despite the fact that it appears it’s possible to get free car insurance, companies wouldn’t make money that way. Any qualifying discounts will cut the amount you have to pay.

Car insurance companies who might offer these benefits include:

It’s a good idea to ask each insurance company how you can save money. Discounts might not apply in your area.

Which insurance is the “right” coverage?

When choosing proper insurance coverage for your vehicles, there is no single plan that fits everyone. Each situation is unique and your policy should reflect that. These are some specific questions can aid in determining whether you would benefit from professional advice.

  • If my 2002 Honda S2000 is totaled, can I afford another vehicle?
  • Do I benefit by insuring my home with the same company?
  • I have a DUI can I still get coverage?
  • Why do I only qualify for high-risk insurance?
  • When should my teen driver be added to my policy?
  • How can I get high-risk coverage after a DUI?

If you’re not sure about those questions but a few of them apply, you may need to chat with a licensed insurance agent. If you don’t have a local agent, complete this form or you can go here for a list of companies in your area.

Advertising myths

21st Century, Allstate and State Farm consistently run ads on television and other media. All the companies say the same thing that you’ll save big if you change to them. How can each company make almost identical claims? It’s all in the numbers.

Different companies can use profiling for the type of driver they prefer to insure. A good example of a desirable insured could be between 25 and 40, has no prior claims, and has a short commute. Any new insured who fits that profile will qualify for the lowest rates and most likely will save quite a bit of money when switching.

Consumers who don’t qualify for these standards will have to pay a more expensive rate which usually ends up with the driver buying from a lower-cost company. The ads say “people who switch” not “everybody who quotes” save that much. That is how insurance companies can confidently advertise the way they do.

Because of the profiling, drivers should get quotes from several different companies. It is impossible to predict which insurance companies will fit your personal profile best.

Car insurance specifics

Learning about specific coverages of your policy can be of help when determining appropriate coverage and proper limits and deductibles. The coverage terms in a policy can be difficult to understand and coverage can change by endorsement. These are the usual coverages found on most car insurance policies.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP provide coverage for bills like rehabilitation expenses, funeral costs, EMT expenses, pain medications and X-ray expenses. The coverages can be used in conjunction with a health insurance policy or if you do not have health coverage. They cover you and your occupants as well as getting struck while a pedestrian. PIP is only offered in select states but can be used in place of medical payments coverage

Uninsured/Underinsured Motorist (UM/UIM)

This protects you and your vehicle from other drivers when they do not carry enough liability coverage. This coverage pays for medical payments for you and your occupants as well as damage to your Honda S2000.

Due to the fact that many drivers have only the minimum liability required by law, their limits can quickly be used up. So UM/UIM coverage is a good idea. Frequently your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Comprehensive insurance

Comprehensive insurance pays to fix your vehicle from damage OTHER than collision with another vehicle or object. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for claims such as damage from a tornado or hurricane, theft and fire damage. The maximum amount your car insurance company will pay is the cash value of the vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

Collision insurance

Collision insurance will pay to fix damage to your S2000 resulting from colliding with another vehicle or an object, but not an animal. You have to pay a deductible then your collision coverage will kick in.

Collision coverage protects against claims such as damaging your car on a curb, hitting a parking meter, colliding with a tree, colliding with another moving vehicle and crashing into a building. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to raise the deductible in order to get cheaper collision rates.

Coverage for liability

This coverage provides protection from damage or injury you incur to people or other property in an accident. It protects YOU against claims from other people, and does not provide coverage for damage to your own property or vehicle.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You might see values of 100/300/100 which stand for a $100,000 limit per person for injuries, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged propery. Some companies may use a combined single limit or CSL that pays claims from the same limit with no separate limits for injury or property damage.

Liability can pay for claims like funeral expenses, court costs and legal defense fees. How much liability coverage do you need? That is a decision to put some thought into, but buy higher limits if possible.

Smart consumers save more

While you’re price shopping online, never buy less coverage just to save a little money. In many instances, drivers have reduced comprehensive coverage or liability limits and found out when filing a claim that saving that couple of dollars actually costed them tens of thousands. Your goal should be to buy enough coverage at a price you can afford while not skimping on critical coverages.

We covered a lot of tips how to reduce 2002 Honda S2000 insurance prices online. The key thing to remember is the more times you quote, the better chance you’ll have of finding lower rates. You may even find the lowest priced auto insurance comes from some of the lesser-known companies. Smaller companies may cover specific market segments cheaper than the large multi-state companies such as Progressive or GEICO.

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