Scraping up a payment for overpriced Honda Accord Hybrid insurance in Denver can stress out your budget and maybe even restrict other spending. Performing a price comparison can be a smart way to cut your insurance bill.
Sadly, the vast majority of consumers have stayed with the same insurance company for four years or more, and approximately 40% of consumers have never shopped around. The average driver in Denver can save as much as $610 each year, but they feel it’s too difficult to shop around. Insurance companies such as GEICO, 21st Century and Progressive persitently shower you with ad campaigns and it is challenging if not impossible to ignore the flying pigs and cute green geckos and find the best price available.
If you are already insured or just want cheaper rates, you can use this information to cut your premiums without sacrificing coverage. Finding the cheapest coverage in Denver is easy if you know what you’re doing. Drivers just need to understand the most efficient way to get comparison rates from many companies at once.
Informed Drivers Know How to Find Insurance for Less
Many things are part of the equation when you quote your car insurance policy. Some factors are common sense like an MVR report, but others are more transparent such as whether you are married or your vehicle rating. When buying insurance it’s important to understand the rating factors that go into determining the rates you pay for insurance. When you understand what determines premiums, this enables informed choices that will entitle you to lower rates.
Shown below are some of the things used by insurance companies to determine your premiums.
Increase comp and collision deductibles and save – Physical damage deductibles are how much you are willing to pay out-of-pocket if a covered claim is submitted. Physical damage insurance, also called ‘full coverage’, is used to repair damage to your car. Some examples of covered claims are collision with another vehicle, animal collisions, and damage caused by road hazards. The more of the claim you are required to pay out-of-pocket, the bigger discount you will receive.
Cars with good safety ratings lower insurance rates – Safer cars tend to have better insurance rates. Vehicles built for safety result in less severe injuries and reduced instances of injuries translates into fewer and smaller insurance claims and thus lower rates.
High performance vehicles cost more to insure – The type of car or truck you drive makes a significant difference in your premium level. Due to the fact that the Honda Accord Hybrid is a passenger car, insuring your vehicle will cost similar in price or lower compared to average rates in Denver. Lower cost passenger cars normally have pretty low rates, but other factors influence the final cost greatly.
Male rates may be higher – The statistics show that females take fewer risks when driving. That doesn’t necessarily mean that females are better drivers. They both are in auto accidents at about the same rate, but males get into accidents with more damage. Men also statistically get more serious tickets such as reckless driving. Males from age 16 to 21 tend to get in the most accidents and are penalized with high insurance rates.
Teenage drivers pay more – Teenage drivers in Colorado are statistically shown to be easily distracted with other occupants in the car and because of this, their insurance rates are much higher. Older drivers are viewed as being more responsible, file fewer claims, and tend to be get fewer driving tickets.
Honda Accord Hybrid insurance claim data – Insurers factor in insurance loss information to calculate a price that will offset any claims. Models that the data determines to have a higher amount or frequency of claims will have increased rates. The table shown below demonstrates the historical loss data for Honda Accord Hybrid vehicles.
For each type of coverage, the loss probability for all vehicles compiled together is set at 100. Numbers below 100 indicate better than average losses, while numbers above 100 point to more claims or an increased likelihood of larger losses.
Honda Accord Hybrid Insurance Claim Statistics
|Make and Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Honda Accord Hybrid||96||80||98||89||76||84|
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
The quickest method we recommend to get policy rate comparisons for Honda Accord Hybrid insurance in Denver is to take advantage of the fact most insurance companies pay for the opportunity to give free rates quotes. To start a quote, the only thing you need to do is provide a small amount of information like if you have a valid license, how much education you have, how old drivers are, and your occupation. That rating information gets sent immediately to insurance companies and you should receive rate quotes immediately.
If you would like to compare rates now, click here and enter your zip code.
The companies shown below are our best choices to provide price quotes in Colorado. If the list has multiple companies, we recommend you visit several of them in order to find the most affordable rates.
Auto insurance just makes sense
Even though it’s not necessarily cheap to insure a Honda in Denver, maintaining insurance is most likely required but also gives you several important benefits.
- The majority of states have mandatory liability insurance requirements which means state laws require a specific minimum amount of liability insurance if you don’t want to risk a ticket. In Colorado these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
- If you have a lien on your Accord Hybrid, most banks will have a requirement that you have physical damage coverage to guarantee payment of the loan. If you cancel or allow the policy to lapse, the bank may buy a policy for your Honda at a much higher rate and require you to pay for it.
- Insurance safeguards both your car and your personal assets. It will also cover all forms of medical expenses for yourself as well as anyone injured by you. Liability coverage also covers legal expenses if you are named as a defendant in an auto accident. If you receive damage to your vehicle caused by a storm or accident, collision and comprehensive (also known as other-than-collision) coverage will pay to repair the damage.
The benefits of carrying adequate insurance definitely exceed the cost, particularly if you ever have a claim. But the average American driver is wasting up to $800 each year so you should quote rates at least once a year to make sure the price is not too high.
Insurance discounts are available to lower rates
Some companies don’t list all available discounts very well, so the next list breaks down a few of the more well known as well as some of the hidden insurance savings. If you are not receiving all the discounts possible, it’s possible you qualify for a lower rate.
- Military Deployment Discount – Being on active deployment in the military could qualify you for better rates.
- Discount for New Cars – Putting coverage on a new Accord Hybrid can be considerably cheaper because newer vehicles have to meet stringent safety requirements.
- Senior Citizens – Seniors can possibly qualify for better insurance rates.
- Distant Student Discount – Youth drivers who are attending college and do not take a car to college could qualify for this discount.
- Pay Now and Pay Less – If paying your policy premium upfront as opposed to paying monthly you could save 5% or more.
- Discount for Swiching Early – A few companies give discounts for buying a policy before your current expiration date. The savings is around 10%.
It’s important to understand that many deductions do not apply to your bottom line cost. The majority will only reduce individual premiums such as comprehensive or collision. Even though the math looks like adding up those discounts means a free policy, it doesn’t quite work that way. But any discount will reduce the amount you have to pay.
A list of companies and a partial list of their discounts can be found below.
- State Farm has discounts for passive restraint, driver’s education, anti-theft, Steer Clear safe driver discount, and multiple policy.
- Progressive offers premium reductions for online signing, multi-policy, online quote discount, homeowner, multi-vehicle, and good student.
- Progressive discounts include homeowner, continuous coverage, multi-policy, online signing, and multi-vehicle.
- MetLife offers discounts including accident-free, multi-policy, defensive driver, good student, and good driver.
- Farm Bureau may offer discounts for good student, multi-policy, 55 and retired, multi-vehicle, renewal discount, and youthful driver.
- GEICO includes discounts for anti-lock brakes, daytime running lights, five-year accident-free, emergency military deployment, and seat belt use.
- SAFECO offers discounts for homeowner, anti-theft, safe driver, accident prevention training, and drive less.
When getting a coverage quote, ask every insurance company which discounts you may be entitled to. All car insurance discounts might not apply in your state. For a list of insurers that offer discounts in Colorado, click this link.
Insurance quotes from local neighborhood Denver car insurance agents
A small number of people still prefer to visit with an insurance agent. Experienced insurance agents are trained to spot inefficiencies and will help you if you have claims. The best thing about comparing insurance prices online is that you can find lower rates but still work with a licensed agent. And buying from neighborhood agents is especially important in Denver.
After filling out this form (opens in new window), the coverage information gets sent to local insurance agents in Denver who can give free rate quotes for your coverage. It’s much easier because you don’t need to contact any agents since rate quotes are delivered instantly to you. If you need to compare rates from one company in particular, you just need to visit that company’s website and complete a quote there.
If you’re trying to find a local agent, you need to know there are two types of agencies and how they are slightly different. Denver agents can either be exclusive or independent agents depending on their company appointments. Both can properly insure your vehicles, but it’s worth learning why they differ because it can influence which agent you choose.
Independent Insurance Agencies or Brokers
Independent agents are not limited to a single company and that gives them the ability to insure with an assortment of companies and possibly get better coverage at lower prices. If your premiums go up, your policy is moved internally and that require little work on your part.
When comparing rate quotes, we recommend you include rate quotes from multiple independent agents in order to have the best price comparison.
Shown below are Denver independent agencies who may provide cheap rate quotes.
Exclusive Insurance Agents
Agents that elect to be exclusive are contracted to one company like Farmers Insurance, State Farm, Allstate, and AAA. Exclusive agents cannot give you multiple price quotes so they are skilled at selling on more than just price. Exclusive agencies are well schooled on their products and sales techniques and that can be a competitive advantage.
Below are Denver exclusive agencies who can help you get rate quotes.
Caramel Russell-Rouse – State Farm Insurance Agent
999 S Monaco Pkwy #200 – Denver, CO 80224 – (303) 424-0420 – View Map
Choosing a car insurance agent needs to be determined by more than just the bottom line cost. You should also get answers to these questions.
- Is there a Errors and Omissions policy in force?
- If you are a high risk driver, do they have special markets for your coverage?
- Are they able to influence company decisions when a claim is filed?
- Which family members are covered?
- Are glass claims handled on-site or do you have to take your vehicle to a repair shop?
- If they are an independent agency in Denver, which companies do they recommend?
- What insurance company do they write the most business with?
Cost effective Honda Accord Hybrid insurance is possible online as well as from independent agents in Denver, so get free Denver auto insurance quotes from both of them to have the best selection. Some insurance companies may not offer online rate quotes and many times these small, regional companies prefer to sell through independent insurance agencies.
As you shop your coverage around, you should never skimp on critical coverages to save a buck or two. There are too many instances where an insured dropped liability coverage limits only to discover later that saving that couple of dollars actually costed them tens of thousands. Your focus should be to get the best coverage possible at the best price, not the least amount of coverage.
We just presented a lot of techniques to compare Honda Accord Hybrid insurance premium rates in Denver. The key concept to understand is the more you quote Denver auto insurance, the higher the chance of saving money. You may even find the lowest priced car insurance comes from a small local company. Some small companies may have significantly lower prices on certain market segments as compared to the big name companies such as State Farm, GEICO and Nationwide.
Additional information is available at the links below
- Think You’re a Safe Driver? (State Farm)
- Who Has Affordable Denver Car Insurance with Multiple Speeding Tickets? (FAQ)
- Who Has the Cheapest Car Insurance Quotes for Drivers Over Age 50 in Denver? (FAQ)
- Parking Tips to Reduce Door Dings (State Farm)
- What is Covered by GAP Insurance? (Allstate)
- Booster Seat Ratings (iihs.org)
- How to shop for a safer car (Insurance Institute for Highway Safety)