Buying the best cheap auto insurance for a Honda Accord relies on a lot of factors such as how many years you have been driving, your occupation, and any past driving violations you may have had. Drivers in Colorado pay on average $1,068 a year to insure their Accord, but that figure is an estimate based upon a 50-year-old single male driver with both comprehensive and collision coverage and $250 deductibles.
But there is a high likelihood that you’re not a 50-year-old male, married instead of single, or maybe you want different physical damage deductibles. Having what appears to be a very minor change in rating factors or requested coverage amount can result in a massive change in how much coverage for a Honda Accord costs.
The different assumptions illustrate why the only real way to find the cheapest rates for your Honda is to put in the effort to do a thorough rate comparison.
Your vehicle’s trim level will most likely have an effect on price, so the price you will pay to insure a Accord LX 4-Dr Sedan will be $376 lower than the cost to insure the more costly Accord EX-L 2-Dr Coupe model, as shown below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Accord LX 4-Dr Sedan||$204||$388||$338||$20||$102||$1,052||$88|
|Accord EX 4-Dr Sedan||$204||$388||$338||$20||$102||$1,052||$88|
|Accord LX-P 4-Dr Sedan||$204||$388||$338||$20||$102||$1,052||$88|
|Accord EX-L 4-Dr Sedan||$234||$472||$338||$20||$102||$1,166||$97|
|Accord EX 2-Dr Coupe||$234||$556||$448||$26||$134||$1,398||$117|
|Accord LX-S 2-Dr Coupe||$234||$556||$448||$26||$134||$1,398||$117|
|Accord EX-L 2-Dr Coupe||$264||$556||$448||$26||$134||$1,428||$119|
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Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Colorado minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Table data does not factor in Denver location which can change insurance rates greatly.
Figuring out which insurers offer the best auto insurance rates for a Honda Accord may require a little more work in order to find the most economical policy. Every insurance provider has a proprietary formula to set premium rates, so to begin we’ll rank the most budget-friendly auto insurance companies in Denver, CO.
Keep in mind that Denver auto insurance rates are impacted by many factors that will increase or decrease your annual premium. Simply improving your credit, filing a claim, or having a fender bender can produce rate changes that may make certain companies more affordable than others.
Compare Cheap Insurance Quotes for Your Accord
|Rank||Company||Cost Per Year|
|15||Colorado Farm Bureau||$1,624|
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The Hartford has some of the lowest car insurance rates in Denver at around $825 a year. Grange, USAA, Nationwide, and GEICO also rank well as some of the lowest-priced Denver, CO insurance companies.
In the above example, if you currently buy coverage from Grange and switched to The Hartford, you may realize a yearly price reduction of upwards of $124. Customers with USAA could save as much as $184 a year, and Nationwide insureds might cut rates by $330 a year.
Remember that these premium estimates are averaged for all drivers and vehicles in Colorado and do not factor in an exact vehicle garaging location for a Honda Accord. So the car insurance company that can offer you the best price may not even be in the list above. That points out the importance of why you need to quote rates from as many companies as possible using your own specific driver and vehicle information.
Illustration showing the impact of accidents and violations
The recommended way to enjoy affordable auto insurance rates for an Accord is to be an attentive driver and not have accidents or get tickets. The illustration below demonstrates how citations and accidents can affect insurance premiums for different ages of insureds. The rates are based on a married male driver, full coverage, $1,000 deductibles, and no other discounts are factored in.
In the previous example, the average cost of a car insurance policy in Colorado per year with no accidents and a clean driving record is $1,692. Factor in one speeding ticket and the average cost swells to $1,949, an increase of $257 each year. Then throw in two accidents along with the one speeding ticket and the annual cost of auto insurance for a Honda Accord goes up to an average of $4,354. That’s an increase of $2,662, or $222 per month, just for not paying attention while driving!
Low rates can quickly become overpriced
Denver auto insurance rates are influenced by many factors that control the cost of your policy. Improving your credit score, buying higher coverage limits, or getting a driving violation can trigger changes in premium that can cause some rates to be more affordable than competitors.
In addition to those changes, companies modify rates as often as every quarter to adjust for heavy claims or excess profits. Significantly higher claims may result in rate increases, while less frequent claims may produce lower-cost Accord insurance rates.
The graph below shows the cheapest car insurance in Denver, CO for a 45-year-old female driver with no violations or accidents, and a decent credit rating. If we compare prices based on her current rating profile, The Hartford might quote the cheapest car insurance rates in Denver at $1,140 annually. This is $438 less than the average policy premium paid by Colorado drivers of $1,578. Grange, USAA, Nationwide, and GEICO are the remaining top five cheapest Denver, CO auto insurance companies.
In this example, we will give the driver from the first rate comparison a chargeable claim, a lower credit score, and a few traffic violations. Since each auto insurance company has a unique approach for filing rates in each state, comparing rates may now present a different list of the cheapest Denver car insurance companies as shown below.
Travelers now has the cheapest price in Denver, CO with State Farm, American Family, Amica, and USAA completing the list. This example demonstrates why consumers need to take the time to perform an extensive rate comparison to get the best car insurance quotes for a Honda Accord. Rates can be determined by many things and change substantially, so the best price six months ago may now be priced much higher than other options.