2003 Honda Accord Insurance Cost

Are you overwhelmed by the wide range of auto insurance companies? You have a lot of company. People have so many options available that it can quickly become a real challenge to find lower rates.

Vehicle Insurance Comparison

Shopping for lower insurance coverage rates can be a daunting task if you don’t know the easiest way. You can waste a lot of time talking about coverages with agents in your area, or you can utilize the web to get rate comparisons in just a few minutes.

The majority of car insurance companies participate in an industry program where prospective buyers submit their information once, and each participating company then returns a price quote for coverage. This eliminates the need for quote forms to each individual insurance coverage company.

To participate in this free quote system, click here (opens in new window).

The one disadvantage to using this type of form is you don’t know exactly which providers you will receive quotes from. So if you prefer to choose specific providers to compare prices, we put together a list of low cost insurance coverage companies in your area. View list of insurance companies.

However you get your quotes, make sure you use the exact same deductibles and coverage limits for every company. If you enter different values for each quote it’s impossible to make a fair comparison for your Honda Accord. Quoting even small variations in limits can make a big difference in price. And when comparison shopping, obtaining a wide range of quotes will improve the odds of getting the best rates.

Don’t miss these discounts

Car insurance companies do not list all available discounts very well, so we took the time to find some of the best known and the more hidden ways to save on auto insurance.

  • Employee of Federal Government – Employees or retirees of the government could cut as much as 10% off on Accord insurance with select insurance companies.
  • Accident Free – Good drivers with no accidents pay much less compared to bad drivers.
  • Anti-lock Brake Discount – Vehicles with anti-lock braking systems prevent accidents and earn discounts up to 10%.
  • Drive Safe and Save – Insureds without accidents can get discounts for up to 45% lower rates on Accord insurance than their less cautious counterparts.
  • Discount for Swiching Early – Some insurance companies reward drivers for buying a policy before your current expiration date. The savings is around 10%.
  • Auto/Home Discount – If you insure your home and vehicles with one insurance company you may save 10% to 20% off each policy.
  • Auto/Life Discount – Larger companies have better rates if you take out a life insurance policy as well.
  • Drive Less and Save – Keeping the miles down on your Honda could be rewarded with lower rates on the low mileage vehicles.

A little note about advertised discounts, most of the big mark downs will not be given to all coverage premiums. Some only apply to the cost of specific coverages such as liability and collision coverage. Even though it may seem like you could get a free auto insurance policy, companies don’t profit that way.

To see a list of insurance companies who offer auto insurance discounts, click here.

When might I need help?

When it comes to choosing adequate coverage for your personal vehicles, there really is not a cookie cutter policy. Everyone’s situation is unique.

For example, these questions might point out if you could use an agent’s help.

  • Why am I required to buy liability insurance?
  • Does my insurance cover a custom paint job?
  • Is other people’s property covered if stolen from my vehicle?
  • Does car insurance cover theft of personal property?
  • Do I benefit by insuring my home with the same company?
  • Is my nanny covered when driving my vehicle?
  • Does having multiple vehicles earn me a discount?

If it’s difficult to answer those questions but a few of them apply, then you may want to think about talking to a licensed agent. To find lower rates from a local agent, take a second and complete this form.

Complexity of Honda Accord insurance rates

An important part of buying insurance is that you know the different types of things that go into determining car insurance rates. Understanding what influences your rates allows you to make educated decisions that will entitle you to better car insurance rates.

  • Claim-free discounts can add up – Companies award better rates to insureds who do not file claims often. If you frequently file small claims, you can expect either higher rates or even cancellation. Auto insurance is designed for major claims that would cause financial hardship.
  • Adjust deductibles and save – Coverage for physical damage, termed comprehensive and collision coverage on your policy, is used to repair damage to your Honda. Examples of covered claims are a windshield shattered by a rock, damage from fire, and windstorm damage. Your deductibles are how much you are required to spend out-of-pocket if you file a covered claim. The higher the amount you’re willing to pay, the less your company will charge you for insurance on Accord insurance.
  • Traffic violations increase rates – Only having one citation can increase rates by twenty percent. Good drivers receive lower rates than bad drivers. Drivers with serious tickets like DWI, reckless driving or hit and run convictions are required to submit a SR-22 form with their state DMV in order to continue driving.
  • No coverage gaps is important – Driving with no insurance is a misdemeanor and your next policy will cost more because you let your insurance expire. And not only will insurance be more expensive, failure to provide proof of insurance may earn you a revoked license or a big fine.
  • Your credit rating is important – Having a bad credit rating is a big factor in determining your rates. People with high credit scores tend to be more responsible as compared to drivers with lower ratings. If your credit rating can use some improvement, you could potentially save money when insuring your 2003 Honda Accord by improving your rating.
  • Men fork out a little more – Statistics show that women are safer drivers than men. However, don’t assume that women are better drivers. Both sexes tend to get into accidents in similar numbers, but the men cause more damage and cost insurance companies more money. Men also statistically receive more costly citations such as DWI and reckless driving.
  • Don’t skimp on liability – Liability coverage is the coverage that protects you when a jury decides you are liable for causing damage or personal injury in an accident. It will provide for a legal defense up to the limits shown on your policy. Liability insurance is quite affordable when compared with rates for comp and collision, so drivers should carry high limits.
  • Rates may be higher depending on your occupation – Jobs such as real estate brokers, executives and financial analysts tend to have higher average rates attributed to high stress levels and lots of time spent at work. Conversely, professions such as farmers, engineers and the unemployed receive lower rates on Accord insurance.

Information about specific coverages

Knowing the specifics of your insurance policy helps when choosing the right coverages for your vehicles. The terms used in a policy can be difficult to understand and coverage can change by endorsement.

Auto collision coverage

This covers damage to your Accord from colliding with an object or car. A deductible applies and then insurance will cover the remainder.

Collision coverage protects against claims such as backing into a parked car, hitting a parking meter, scraping a guard rail and crashing into a building. Collision coverage makes up a good portion of your premium, so consider dropping it from vehicles that are 8 years or older. Drivers also have the option to increase the deductible to bring the cost down.

Comprehensive insurance

Comprehensive insurance coverage covers damage from a wide range of events other than collision. A deductible will apply and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things like hitting a bird, fire damage and a tree branch falling on your vehicle. The most your insurance company will pay is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP provide coverage for expenses such as funeral costs, chiropractic care, rehabilitation expenses and surgery. They are used to cover expenses not covered by your health insurance program or if you are not covered by health insurance. It covers all vehicle occupants and also covers getting struck while a pedestrian. PIP is not an option in every state but it provides additional coverages not offered by medical payments coverage

Liability auto insurance

Liability coverage provides protection from damages or injuries you inflict on other’s property or people in an accident. This insurance protects YOU from claims by other people. It does not cover your own vehicle damage or injuries.

It consists of three limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. As an example, you may have policy limits of 100/300/100 which stand for $100,000 bodily injury coverage, a limit of $300,000 in injury protection per accident, and a limit of $100,000 paid for damaged property.

Liability coverage pays for things such as legal defense fees, medical expenses, repair bills for other people’s vehicles, medical services and emergency aid. How much coverage you buy is a personal decision, but it’s cheap coverage so purchase as much as you can afford.

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they do not carry enough liability coverage. This coverage pays for hospital bills for your injuries as well as damage to your Honda Accord.

Since a lot of drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. This is the reason having UM/UIM coverage is important protection for you and your family.

In any little way, save everyday

Cost effective 2003 Honda Accord insurance is possible from both online companies and with local insurance agents, and you need to price shop both to get a complete price analysis. There are still a few companies who do not offer you the ability to get quotes online and these smaller companies work with independent agents.

You just read a lot of information how to reduce insurance prices online. The key concept to understand is the more you quote, the more likely it is that you will get a better rate. You may be surprised to find that the lowest premiums are with an unexpected company.

As you go through the steps to switch your coverage, it’s a bad idea to skimp on critical coverages to save a buck or two. In many instances, drivers have reduced comprehensive coverage or liability limits only to discover later that they should have had better coverage. The ultimate goal is to buy the best coverage you can find for the lowest price.

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