Save on Honda Accord Insurance in Baltimore

Honda Accord insurance cost image courtesy of QuoteInspector.com

If your goal is the lowest price, then the best way to save money on Honda Accord insurance is to regularly compare quotes from providers in Baltimore.

• Step 1: Try to learn a little about how auto insurance works and the modifications you can make to lower rates. Many rating criteria that increase rates like accidents, traffic violations, and a negative credit rating can be rectified by making minor changes to your lifestyle.
• Step 2: Request rate estimates from direct, independent, and exclusive agents. Direct and exclusive agents can only provide price estimates from one company like GEICO or State Farm, while agents who are independent can give you price quotes for a wide range of insurance providers.
• Step 3: Compare the quotes to your existing rates to see if switching to a new carrier will save money. If you find better rates, make sure there is no lapse in coverage.
• Step 4: Notify your agent or company of your intention to cancel the current policy and submit a down payment along with a completed application for the new policy. When you receive it, keep your new proof of insurance paperwork in an accessible location in your vehicle.

A good piece of advice is that you'll want to compare identical limits and deductibles on every price quote and and to look at every company you can. This helps ensure an apples-to-apples comparison and a better comparison of the market.

We don't have to point out that fact that car insurance companies don't want their customers to go rate shopping. Insureds who shop for lower rates will probably switch companies because there is a high probability of finding discount prices. A recent survey revealed that people who shopped around annually saved approximately $865 a year compared to drivers who never shopped around for cheaper prices.

If finding the most affordable car insurance in Baltimore is your ultimate goal, then having an understanding of the best way to compare coverages can help simplify the process.

Our objective is to teach you a little about how car insurance quotes work. If you already have coverage, you will most likely be able to reduce the price you pay using the concepts you're about to learn. Nevertheless, Maryland car owners must know the way insurance companies calculate their prices because rates fluctuate considerably.

It's important to know that having more price comparisons helps increase your odds of locating a better price. Some regional insurers cannot provide Baltimore Accord insurance quotes online, so you should also compare price estimates from them, too.

The companies shown below provide comparison quotes in Baltimore, MD. To find cheap car insurance in Baltimore, it's highly recommended you get prices from several of them in order to get a fair rate comparison.

Insurance data for a Honda Accord

The coverage information shown below highlights a range of insurance costs for Honda Accord models. Knowing how rates are formulated can be valuable when making informed coverage decisions.

Above prices assume married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Maryland minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Premium amounts do not factor in specific zip code location which can impact coverage rates noticeably.

Higher deductibles save money

When comparing insurance rates, the most common question is the level to set your comp and collision deductibles. The rates shown below can help you visualize the costs and benefits of buying low and high comp and collision deductibles. The first data set uses a $100 deductible and the second rate chart uses a $1,000 deductible.

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Maryland minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Price estimates do not factor in specific Baltimore garaging location which can influence price quotes noticeably.

Based on the above data, using a $100 deductible costs approximately $39 more each month or $468 annually than opting for the higher $1,000 deductible. Since the policyholder would be required to pay $900 more out-of-pocket with a $1,000 deductible as compared to a $100 deductible, if you tend to go at least 23 months between claim filings, you would probably come out ahead if you choose a higher deductible.

One thing to be aware of is that increasing deductibles to lower your rates results in a higher out-of-pocket expense if you have a claim. You must have some money saved in order to pay the higher deductible.

How accidents and violations affect rates in Baltimore

The chart below illustrates how speeding tickets and at-fault claims can drive up Honda Accord auto insurance costs for different categories of driver ages. The premiums are based on a married male driver, full coverage, $1,000 deductibles, and no discounts are applied to the premium.

Buying the right Honda vehicle insurance in Maryland is an important decision

Despite the high cost of buying insurance for a Honda Accord in Baltimore, maintaining insurance is required by state law in Maryland and it also provides benefits you may not be aware of.

• Almost all states have mandatory insurance requirements which means state laws require specific limits of liability insurance coverage if you want to drive legally. In Maryland these limits are 30/60/15 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
• If you took out a loan on your Accord, it's guaranteed your bank will require that you buy full coverage to protect their interest in the vehicle. If you do not keep the policy in force, the bank will be required to insure your Honda at a much higher premium rate and make you pay for it.
• Car insurance protects both your car and your assets. It will also reimburse you for medical expenses for yourself as well as anyone injured by you. Liability coverage, the one required by state law, will also pay attorney fees if you are sued as the result of an accident. If damage is caused by hail or an accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage minus the deductible amount.

The benefits of having insurance greatly outweigh the cost, especially if you ever need it. The average driver in Maryland is wasting up to $810 a year so you should quote your policy with other companies at least once a year to ensure rates are inline.

Lower the Price of Car Insurance with These Tips

Many different elements are used when you quote your car insurance policy. Some are pretty understandable like an MVR report, although some other factors are more transparent such as your marital status and annual miles driven.

Listed below are some of the major factors car insurance companies consider when setting your prices.

• Discounts for married drivers - Your spouse may cut your premiums compared to being single. Having a significant other usually means you are less irresponsible and statistics prove drivers who are married are more cautious.
• Reserve insurance claims for larger damages - Car insurance companies in Maryland give the lowest premiums to policyholders who do not rely on their insurance for small claims. If you frequently file small claims, you can look forward to higher premiums or even policy non-renewal. Your insurance policy is designed for larger claims.
• Car features that lower premiums - Driving a car with an alarm system can get you a discount on your car insurance. Advanced theft deterrents such as OnStar, LoJack tracking, and tamper alarms all hinder car theft and help bring rates down.
• High physical damage deductibles equal low rates - The deductibles you choose define the amount you are willing to pay if a claim is determined to be covered. Insurance for physical damage to your car, commonly called comprehensive (or other-than-collision) and collision coverage, covers damage that occurs to your car. Some examples of covered claims are collision with another vehicle, fire damage, and damage caused by road hazards. The more of the claim you pay before a claim is paid (deductible), the less your car insurance will be.
• Lower rates with a multi-policy discount - Many insurers will give lower prices to buyers that buy multiple policies. It's known as a multi-policy discount. Even if you're getting this discount you still need to compare other Baltimore Accord insurance rates to verify if the discount is saving money.
• Lower stress equals lower premiums - Occupations like judges, architects, and medical professionals tend to pay higher premiums than the average policyholder due to intense work situations and long work days. Conversely, occupations such as actors, historians and retirees get better rates.
• Safety ratings are a factor - Safer cars tend to have better insurance rates. Vehicles built for safety help reduce the chance of injuries in an accident and fewer serious injuries means less money paid by your insurance company which can result in lower premiums. If your Honda is rated at a minimum four stars on Safercar.gov you may be receiving a better rate.

• Insurance losses for a Honda Accord - Insurers use statistical claims data to help calculate premium prices. Vehicles that the data determines to have higher loss trends will cost more to insure. The next table illustrates the loss history for Honda Accord vehicles.

  For each coverage category, the loss probability for all vehicles as a whole is set at 100. Numbers that are below 100 suggest losses that are better than average, while numbers above 100 indicate a higher chance of having a claim or an increased chance of larger losses than average.

  Insurance Loss Ratings for Honda Accord Vehicles

  Vehicle Make and Model	Collision	Property Damage	Comp	Personal Injury	Medical Payment	Bodily Injury
  Honda Accord	91	85	90	122	117	94
  Honda Accord Hybrid	96	80	98	89	76	84
  Honda Accord Crosstour 4dr 2WD	85	97	83	122	113	94
  Honda Accord Crosstour 4dr 4WD	99	102	94	120	93

  BETTER

  AVERAGE

  WORSE

  Empty fields indicate not enough data collected
  Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Which auto insurance company is best in Maryland?

Insuring your vehicle with the best car insurance provider can be rather challenging considering how many companies there are in Maryland. The ranking information in the lists below could help you select which coverage providers you want to consider shopping your coverage with.

Top 10 Baltimore Car Insurance Companies Overall

1. Travelers
2. USAA
3. Mercury Insurance
4. AAA Insurance
5. Nationwide
6. Allstate
7. State Farm
8. The Hartford
9. Safeco Insurance
10. Progressive

Shop around and save

We've covered quite a bit of information on how to get a better price on Honda Accord insurance in Baltimore. The key concept to understand is the more quotes you get, the better your chances of lowering your prices. You may even be surprised to find that the lowest premium rates are with some of the smallest insurance companies.

Low-cost Honda Accord insurance in Baltimore can be bought both online as well as from insurance agents, and you need to price shop both to have the best chance of lowering rates. Some insurance companies may not offer online price quotes and usually these regional carriers provide coverage only through independent agencies.

Drivers change insurance companies for many reasons like being labeled a high risk driver, extreme rates for teen drivers, policy non-renewal and poor customer service. Regardless of your reason, switching companies can be easy and end up saving you some money.

For more information, link through to the following helpful articles:

• Neck Injury FAQ (iihs.org)
• Who Has Affordable Baltimore Car Insurance Rates for 17 Year Olds? (FAQ)
• What Auto Insurance is Cheapest for a Ford Explorer in Baltimore? (FAQ)
• How Much are Baltimore Car Insurance Rates for Low Income Drivers? (FAQ)
• What is the Cheapest Auto Insurance in Baltimore, Maryland? (FAQ)
• Understanding your Policy (NAIC.org)
• What does Personal Injury Protection (PIP) Cover? (Allstate)