It’s a known fact that insurance companies don’t want you to look for a cheaper policy. Insureds who shop for lower prices will probably switch auto insurance companies because there is a good probability of finding a lower rate. A recent auto insurance study revealed that consumers who routinely shopped around saved about $865 annually as compared to drivers who never shopped for cheaper rates.
If saving money on insurance in Anchorage is the reason for your visit, understanding how to get rate quotes and compare coverage rates can make it easier to find better rates.
Truthfully, the best way to get low-cost Honda Insight insurance is to regularly compare prices from insurance carriers in Anchorage. This can be done by following these guidelines.
- Step 1: Take a little time to learn about how auto insurance works and the steps you can take to keep rates in check. Many factors that increase rates like high-risk driving behaviors and poor credit history can be rectified by making minor changes to your lifestyle.
- Step 2: Request rate estimates from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can only give prices from one company like Progressive and State Farm, while independent agents can give you price quotes from multiple sources. View insurance agents
- Step 3: Compare the new rates to your existing rates and see if there is a cheaper rate in Anchorage. If you find better rates and change companies, verify that coverage does not lapse between policies.
- Step 4: Notify your agent or company to cancel your current coverage and submit a down payment and signed policy application to the new company. Immediately put the new certificate verifying proof of insurance with your registration paperwork.
The key thing to know about shopping around is that you’ll want to make sure you compare identical limits and deductibles on every quote request and and to look at as many companies as possible. This provides an accurate price comparison and a thorough price selection.
Finding the cheapest coverage in Anchorage can be easy if you know a few tricks. If you currently have a car insurance policy, you should be able to buy cheaper auto insurance using this strategy. Although Alaska car owners can benefit from knowing how insurance companies calculate your auto insurance rates and use it to find better rates.
When comparison shopping, making a lot of price comparisons helps improve the odds of finding the best rates.
The car insurance companies shown below have been selected to offer quotes in Anchorage, AK. To get cheap auto insurance in Anchorage, AK, we suggest you click on several of them to find the cheapest car insurance rates.
Analysis of Honda Insight rates
The rate table shown next covers estimates of policy rates for Honda Insight models. Having a better idea how prices are calculated can help drivers make informed decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Insight LX | $142 | $322 | $354 | $20 | $106 | $944 | $79 |
| Insight EX | $164 | $380 | $354 | $20 | $106 | $1,024 | $85 |
| Get Your Own Custom Quote Go | |||||||
Data assumes single female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Alaska minimum liability limits. Discounts applied include multi-vehicle, claim-free, safe-driver, multi-policy, and homeowner. Price estimates do not factor in specific location which can influence premium rates substantially.
The diagram below illustrates how your deductible choice and can affect Honda Insight annual premium costs for different age categories. The costs are based on a married male driver, comprehensive and collision coverage, and no policy discounts are applied.
Full coverage rates compared to liability-only
The illustration below visualizes the comparison of Honda Insight car insurance costs with liability coverage only compared to full coverage. The data assumes no accidents, no driving violations, $250 deductibles, single status, and no discounts are applied.
Guidelines for dropping full coverage
There is no clear-cut rule to delete physical damage coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is about 10% or more of the settlement you would receive from your company, then it may be the right time to buy liability only.
For example, let’s assume your Honda Insight replacement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most your company would pay you is $8,000 after paying your policy deductible. If you are paying more than $800 a year to have full coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where dropping physical damage coverage is not in your best interest. If you still owe money on your vehicle, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should keep full coverage on your policy.
Choosing Honda vehicle insurance is an important decision
Despite the high cost of buying insurance for a Honda Insight in Anchorage, buying auto insurance may not be optional for several reasons.
First, almost all states have mandatory insurance requirements which means you are required to carry a specific level of liability insurance coverage in order to get the vehicle licensed. In Alaska these limits are 50/100/25 which means you must have $50,000 of bodily injury coverage per person, $100,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if you bought your Insight with a loan, it’s guaranteed your bank will force you to buy full coverage to guarantee payment of the loan. If coverage lapses or is canceled, the lender may insure your Honda for a lot more money and force you to pay for the expensive policy.
Third, insurance protects both your vehicle and your assets. It will also pay for hospital and medical expenses for you, any passengers, and anyone injured in an accident. Liability insurance, one of your policy coverages, also covers all legal expenses up to the policy limit if someone files suit against you as the result of an accident. If mother nature or an accident damages your car, comprehensive and collision coverage will pay to have it repaired.
The benefits of carrying enough insurance more than offset the price you pay, especially for larger claims. According to a 2015 survey, the average American driver overpays more than $830 a year so compare rate quotes every year to help ensure money is not being wasted.
Components of Your Honda Insight Insurance Rates
The best way to find cheaper insurance is to take a look at the different types of things that come into play when calculating insurance rates. If you know what determines premiums, this empowers consumers to make smart changes that will entitle you to big savings. Many things are part of the equation when you get a price on insurance. Some are pretty understandable like your driving record, but others are not as apparent like your vehicle usage or your commute time.
- Having a spouse can lower costs – Having a significant other can get you a discount when buying insurance. Having a significant other usually means you are more mature and statistics prove married drivers get in fewer accidents.
- Cheaper insurance rates using alarms and GPS tracking – Driving a car with anti-theft technology or alarm system can save you some money. Theft deterrent systems such as GM’s OnStar, tamper alarm systems and vehicle immobilizers can help prevent car theft and help bring rates down.
- Responsible credit scores equal low costs – Having a bad credit score is a big factor in calculating your insurance rates. Therefore, if your credit history leaves room for improvement, you could save money insuring your Honda Insight by taking the time to improve your credit score. People that have high credit ratings tend to be more responsible and file fewer claims than drivers with lower credit ratings.
- More stress means more cost – Did you know your job can affect your rates? Careers such as military generals, executives, and accountants tend to pay higher rates than average attributed to intense work situations and extremely grueling work hours. On the flip side, occupations such as professors, historians and the unemployed have lower than average premiums.
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High performance equals high rates – The type of vehicle you drive makes a significant difference in your car insurance bill. The best insurance prices will normally be found when insuring the lowest performance passenger cars, but there are many factors that impact the final cost.
The chart below is based on a single female driver age 30, full coverage with $500 deductibles, and no discounts or violations. The data compares Honda Insight policy rates compared to other models that have a range of performance risks.
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Males tend to take more risk – Over the last 50 years, statistics have shown that females tend to be a little less risky than males. The data does not necessarily mean that men are worse drivers. Men and women are responsible for fender benders at about the same rate, but the males cause more damage. Men also statistically get more serious tickets like reckless driving and DUI.
The example below illustrates the comparison of Honda Insight insurance rates for male and female drivers. The price estimates are based on a clean driving record, no claims, full physical damage coverage, $500 deductibles, marital status is single, and no discounts are taken into consideration.
- Drive less and save – The higher the miles on your Honda annually the more you’ll pay to insure your vehicle. Many insurance companies price each vehicle’s coverage based on how the vehicle is used. Autos left parked in the garage receive lower rates compared to those used for work or business. It’s a good idea to make sure your insurance policy is showing the proper vehicle usage, because improper ratings can cost you money. Having the wrong rating on your Insight is throwing money out the window.
When to get professional advice
When buying your policy, there really is not a “perfect” insurance plan. Each situation is unique.
These are some specific questions can aid in determining whether you might need an agent’s assistance.
- Do I need more liability coverage?
- Am I covered by my employer’s commercial auto policy when driving my personal car for business?
- What is covered by UM/UIM coverage?
- Can I get by with minimal medical coverage if I have good health insurance?
- What is PIP insurance?
- When should I remove my kid from my policy?
- Is my nanny covered when transporting my kids?
- Is my custom stereo system covered?
If you’re not sure about those questions but a few of them apply, you might consider talking to an insurance agent. To find an agent in your area, take a second and complete this form.
In the end, you can save money
When buying insurance coverage, don’t be tempted to buy less coverage just to save a little money. There are a lot of situations where an insured dropped liability limits or collision coverage only to find out that their decision to reduce coverage ended up costing them more. The goal is to find the BEST coverage at the lowest possible cost while not skimping on critical coverages.
Drivers change insurance companies for many reasons like policy non-renewal, questionable increases in premium, high rates after DUI convictions and even high prices. Whatever your reason, switching auto insurance companies is easier than you think.
We’ve covered quite a bit of information on how to lower your Honda Insight insurance prices in Anchorage. The key concept to understand is the more rate quotes you have, the better your comparison will be. Consumers may even find the best prices are with the smaller companies.
Additional auto insurance information is available below:
- A Tree Fell on Your Car: Now What? (Allstate)
- How Much are Anchorage Car Insurance Quotes for Real Estate Agents? (FAQ)
- Who Has Affordable Car Insurance for a Nissan Rogue in Anchorage? (FAQ)
- What is Covered by an Auto Insurance Policy? (Insurance Information Institute)
- Five Mistakes to Avoid (Insurance Information Institute)
- Side airbags reduce rollover fatalities (Insurance Institute for Highway Safety)
- What is Full Coverage? (Allstate)