Save Money on Honda CR-V Insurance in Detroit

Insurance rates Honda CR-V in DetroitIt’s safe to conclude that car insurance companies don’t want you shop around. People who shop around for the cheapest price will probably move their business because the odds are good of finding a lower-priced policy. A recent auto insurance study discovered that people who compared rate quotes regularly saved over $70 a month compared to other drivers who never shopped around for better prices.

If finding the lowest rates on Honda CR-V insurance is your ultimate objective, then having an understanding of how to shop for insurance coverage can help make the process easier and more efficient.

To save the most money, the best way to get cheaper car insurance rates in Detroit is to compare quotes annually from insurance carriers that insure vehicles in Michigan.

One key aspect of rate comparisons is to make sure you enter the same deductibles and limits on every quote request and and to get quotes from as many car insurance companies as possible. This provides a fair rate comparison and the best price selection.

This information will help educate you on how car insurance quotes work and some money-saving tips. If you already have coverage, you stand a good chance to be able to cut your premiums using the ideas covered in this article. Although Michigan drivers do need to understand how the larger insurance companies price insurance differently because it varies considerably.

When price shopping your coverage, having more price comparisons increases the chance that you will find a better price. Some insurance companies are not set up to provide Detroit CR-V insurance quotes online, so you need to compare price estimates from those companies as well.

The companies shown below provide price comparisons in Detroit, MI. If your goal is to find cheap auto insurance in Detroit, we suggest you visit two to three different companies to get the best price comparison.

You may qualify for discounts for Honda CR-V insurance in Detroit

Some providers don’t always advertise the complete list of policy discounts in a way that’s easy to find, so the following is a list of a few of the more common and the more hidden discounts you could be receiving when you buy Detroit car insurance online.Cheaper car insurance with discounts

A little disclaimer on discounts, most credits do not apply to the whole policy. Most only apply to the cost of specific coverages such as medical payments or collision. Despite the fact that it seems like all those discounts means the company will pay you, car insurance companies aren’t that generous.

The illustration below shows the comparison of Honda CR-V insurance prices with and without discounts. The premiums assume a male driver, no claims or violations, Michigan state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, multi-car, marriage, claim-free, homeowner, and safe-driver discounts applied.

If you would like to see a list of companies that offer some of these discounts in Michigan, click this link.

Analysis of Honda CR-V rates

The rate information shown next showcases estimates of insurance rates for Honda CR-V models. Having insight into how auto insurance premiums are formulated can benefit drivers when making decisions on the best policy to buy.

Honda CR-V Insurance Rates in Detroit, MI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $246 $478 $664 $40 $198 $1,626 $136
CR-V EX 2WD $246 $478 $664 $40 $198 $1,626 $136
CR-V LX 4WD $246 $478 $664 $40 $198 $1,626 $136
CR-V EX 4WD $284 $478 $664 $40 $198 $1,664 $139
CR-V EX-L 2WD $284 $478 $664 $40 $198 $1,664 $139
CR-V EX-L 4WD $284 $478 $664 $40 $198 $1,664 $139
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Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Michigan minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Price estimates do not factor in specific garaging location which can modify coverage rates significantly.

Higher deductibles save money

One of the most common car insurance questions is where to set your physical damage deductibles. The comparison tables below highlight the rate fluctuation between high and low coverage deductibles. The first rate estimation uses a $100 comprehensive and collision deductible and the second set of prices uses a $500 deductible.

Honda CR-V insurance policy rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $518 $882 $586 $34 $176 $2,221 $185
CR-V EX 2WD $518 $882 $586 $34 $176 $2,221 $185
CR-V LX 4WD $518 $882 $586 $34 $176 $2,221 $185
CR-V EX 4WD $594 $882 $586 $34 $176 $2,297 $191
CR-V EX-L 2WD $594 $882 $586 $34 $176 $2,297 $191
CR-V EX-L 4WD $594 $882 $586 $34 $176 $2,297 $191
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Honda CR-V insurance policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $378 $596 $586 $34 $176 $1,770 $148
CR-V EX 2WD $378 $596 $586 $34 $176 $1,770 $148
CR-V LX 4WD $378 $596 $586 $34 $176 $1,770 $148
CR-V EX 4WD $434 $596 $586 $34 $176 $1,826 $152
CR-V EX-L 2WD $434 $596 $586 $34 $176 $1,826 $152
CR-V EX-L 4WD $434 $596 $586 $34 $176 $1,826 $152
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and Michigan minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Estimates do not factor in zip code location which can affect premium rates significantly.

Using the data above, we can ascertain that using a $100 deductible costs approximately $38 more each month or $456 a year across all Honda CR-V models than opting for the higher $500 deductible. Due to the fact that you would have to pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you normally average at least 11 months between claim filings, you would probably save some money if you opt for a higher deductible.

How to determine when to raise your deductibles

Average monthly premium for $100 deductibles: $188
Average monthly premium for $500 deductibles (subtract): – $150
Monthly savings from raising deductible: $38
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $38
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 11 months

One thing to note is that higher deductibles results in more money out-of-pocket when you do file a claim. That will necessitate enough money put aside in the event you have to pay the higher deductible.

The chart below highlights how deductible selection and can impact Honda CR-V insurance costs for different age categories. The premiums assume a married male driver, comp and collision included, and no discounts are applied to the premium.

Cost comparison with and without full coverage

The information below illustrates the comparison of Honda CR-V insurance rates with full physical damage coverage and with liability coverage only. The rate quotes are based on no violations or claims, $100 deductibles, single status, and no additional discounts are factored in.

When to stop buying full coverage

There is no clear-cut rule of when to exclude comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of having full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.

For example, let’s pretend your Honda CR-V replacement value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $2,000 after you pay the deductible. If you are paying in excess of $200 annually for full coverage, then it might be time to buy liability only.

There are a few cases where eliminating full coverage is not advised. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not consider dropping full coverage.

When should I talk to a local insurance agent?

A lot of people still like to go talk to an agent and that is recommended in a lot of cases A good thing about comparing insurance prices online is that drivers can save money and get better rates and also buy local. And supporting local insurance agents is important particularly in Detroit.

Insurance agency in DetroitUpon completion of this form (opens in new window), your information is transmitted to agents in your area who will give you bids for your business. It makes it easy because there is no need to leave your house since rate quotes are delivered immediately to you. You’ll get the best rates and a licensed agent to talk to. If you want to get a price quote from one company in particular, feel free to go to their quote page and give them your coverage information.

Finding a good insurer requires more thought than just a cheap quote. The answers to these questions are important, too.

Once you have received positive responses for all questions you ask in addition to an acceptable price estimate, you’ve probably found an insurance company that will insure your vehicles.

Special considerations

When quoting and choosing your policy for your personal vehicles, there is no single plan that fits everyone. Every situation is different.Drive safe and save

For example, these questions might point out whether your personal situation would benefit from professional advice.

If you don’t know the answers to these questions but one or more may apply to you then you might want to talk to an insurance agent. If you don’t have a local agent, simply complete this short form.

Seven Things That Influence Your Insurance Rates

Many different elements are taken into consideration when you get your auto insurance bill. Some are pretty understandable like your driving record, although others are less apparent such as your marital status or your commute time.

The factors shown below are most of the major factors utilized by car insurance companies to help set your rate level.

Car insurance does more than just protect your car

Despite the high insurance cost for a Honda CR-V in Detroit, buying car insurance is required for several reasons.

First, the majority of states have minimum liability requirements which means the state requires a specific minimum amount of liability protection in order to license the vehicle. In Michigan these limits are 20/40/10 which means you must have $20,000 of bodily injury coverage per person, $40,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if your vehicle has a loan, almost all lenders will have a requirement that you have insurance to protect their interest in the vehicle. If you default on your policy, the bank will be required to insure your Honda at a much higher premium rate and require you to fork over for it.

Third, insurance protects both your Honda and your personal assets. Insurance will pay for all forms of medical expenses for both you and anyone you injure as the result of an accident. As part of your policy, liability insurance will also pay for a defense attorney if you are sued as the result of your driving. If your Honda gets damaged, collision and comprehensive coverages will cover the repair costs.

The benefits of carrying adequate insurance more than offset the price you pay, particularly when you have a large claim. According to a 2015 survey, the average American driver is overpaying over $825 a year so you should quote your policy with other companies at every renewal to be sure current rates are still competitive.

Quote more to save more

In this article, we covered a lot of tips how to compare Honda CR-V insurance prices in Detroit. The key thing to remember is the more times you quote, the better chance you’ll have of finding low cost Detroit car insurance quotes. You may even be surprised to find that the lowest priced auto insurance comes from an unexpected company.

Drivers switch companies for any number of reasons including questionable increases in premium, extreme rates for teen drivers, being labeled a high risk driver and even not issuing a premium refund. Regardless of your reason, switching auto insurance companies can be pretty painless.

As you restructure your insurance plan, make sure you don’t skimp on critical coverages to save a buck or two. In too many instances, someone sacrificed physical damage coverage only to discover later that they should have had better coverage. The aim is to find the BEST coverage for the lowest cost while still protecting your assets.

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