Cheap Quotes for Honda Insight Insurance in Detroit

Insurance for Honda InsightIf you want to save money, the best way to get more affordable Honda Insight insurance in Detroit is to start doing a yearly price comparison from providers in Michigan. Rates can be compared by completing these steps.

One key aspect of rate comparisons is to try to use the same deductibles and limits on every quote request and to quote with as many auto insurance providers as possible. Doing this guarantees the most accurate price comparison and and a good selection of different prices.

It’s well known that auto insurance companies don’t want you comparing rates. Insureds who rate shop once a year are inclined to switch auto insurance companies because of the good chance of finding a cheaper policy. Remarkably, a study showed that consumers who faithfully checked for cheaper rates saved an average of $860 a year compared to people who don’t make a habit of comparing rates.

If finding the cheapest rates on Honda Insight insurance in Detroit is your goal, then having an understanding of how to shop for insurance coverage can save money and time.

Detroit Insurance Prices are Influenced by These Factors

It’s important that you understand some of the elements that go into determining the level of your policy premiums. If you have some idea of what determines base rates, this enables you to make decisions that could result in much lower annual insurance costs. Many things are part of the equation when premium rates are determined. Some of the criteria are obvious like an MVR report, but some are more transparent like your continuous coverage or how safe your car is.

The factors shown below are a few of the things insurance companies consider when setting your prices.

Rates and other information

The data table shown below showcases a range of coverage prices for Honda Insight models. Being aware of how policy premiums are established is important for making smart choices when selecting a policy.

Honda Insight Insurance Rates in Detroit, MI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Insight LX $472 $988 $712 $42 $212 $2,426 $202
Insight EX $540 $1164 $712 $42 $212 $2,670 $223
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Prices above based on married male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Michigan minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, multi-vehicle, and homeowner. Prices do not factor in specific location which can impact insurance rates significantly.

An analysis of deductible level

When comparing auto insurance rates, the most common question is the level to set your comp and collision deductibles. The tables below help summarize the rate differences when you buy lower versus higher comp and collision deductibles. The first set of rates uses a $100 physical damage coverage deductible and the second price table uses a $500 deductible.

Honda Insight insurance premium estimates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Insight LX $518 $1074 $690 $40 $206 $2,553 $213
Insight EX $594 $1264 $690 $40 $206 $2,819 $235
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Honda Insight insurance premium estimates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Insight LX $378 $726 $690 $40 $206 $2,040 $170
Insight EX $434 $854 $690 $40 $206 $2,224 $185
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Michigan minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Price information does not factor in specific location information which can change price quotes considerably.

Using the premium rates above, we can conclude that using a $100 deductible will cost you about $46 more each month or $552 every year averaged for all Insight models than quoting the higher $500 deductible. Since the policyholder would be required to pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you normally go at a minimum 9 months between claim filings, you would more than likely save some money if you choose a higher deductible.

The example below shows how choosing a deductible and can influence Honda Insight insurance costs for different categories of driver ages. Data assumes a married male driver, comp and collision included, and no discounts are taken into consideration.

Full coverage versus liability-only

The information below visualizes the comparison of Honda Insight insurance rates when comparing full coverage to liability only. The premiums are based on no claims or driving violations, $250 deductibles, drivers are single, and no other discounts are factored in.

Are you wasting money on full coverage?

There is no definitive rule to delete comp and collision coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 10% of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.

For example, let’s assume your Honda Insight replacement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $7,000 after paying your deductible. If it’s costing you more than $700 annually to have full coverage, the it may be a good time to stop paying for full coverage.

There are some circumstances where dropping physical damage coverage is not advised. If you still have a lienholder on your title, you have to keep full coverage in order to prevent your loan from defaulting. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage on your policy.

Lower rate quotes with discounts

Some providers don’t always publicize every available discount very well, so here is a list some of the best known in addition to some of the lesser obvious discounts that you can inquire about if you buy Detroit auto insurance online. If you don’t get every credit you deserve, you are just wasting money.Car insurance discounts

As a sidenote, some of the credits will not apply to the overall cost of the policy. Some only apply to the price of certain insurance coverages like liability, collision or medical payments. If you do the math and it seems like adding up those discounts means a free policy, it just doesn’t work that way.

The example below shows the difference between Honda Insight auto insurance costs with and without discounts applied to the policy rates. The information is based on a female driver, no violations or claims, Michigan state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, marriage, multi-policy, multi-car, claim-free, and safe-driver discounts applied.

Companies and a partial list of their discounts are:

Before purchasing a policy, check with each insurance company which credits you are entitled to. Discounts might not apply in Detroit.

Shop around and save

When trying to cut insurance costs, do not reduce needed coverages to save money. There are too many instances where consumers will sacrifice comprehensive coverage or liability limits only to find out that their decision to reduce coverage ended up costing them more. Your goal should be to buy enough coverage at the best cost, but do not skimp to save money.

Drivers leave their current company for a number of reasons such as denial of a claim, being labeled a high risk driver, unfair underwriting practices or even extreme rates for teen drivers. Whatever your reason, choosing a new insurance company is pretty simple and you could end up saving a buck or two.

Affordable Honda Insight insurance in Detroit can be purchased from both online companies and with local Detroit insurance agents, and you should compare rates from both to have the best selection. A few companies may not offer the ability to get quotes online and usually these small, regional companies provide coverage only through independent insurance agencies.

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