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Pricey Honda Accord insurance

Pricey Honda Accord insurance in Louisville can drain your personal savings and require stricter spending habits. Comparing rates annually is a smart way to cut your insurance bill.

Unbelievable but true, almost 70% of drivers have been with the same company for four years or more, and almost half have never compared rates to find affordable insurance. With the average car insurance premium being $2,134, Louisville drivers could save almost 30% every year, but they mistakenly think it's difficult to compare rate quotes. Insurance companies such as GEICO, Farmers Insurance and State Farm constantly blast consumers with catchy ads and it can be hard to ignore the propaganda and find the best price available.

It's important to check car insurance prices at least once a year due to the fact that insurance rates are adjusted regularly by insurance companies. Even if you think you had the best rate on Honda Accord insurance in Louisville six months ago a different company probably has better prices today. Block out anything you think you know about car insurance because you're about to learn one of the quickest ways to buy cheaper Honda Accord insurance in Louisville.

How Insurance Companies Determine Honda Accord Insurance Premiums

Many factors are part of the equation when you get your auto insurance bill. Most are fairly basic such as your driving record, but other factors are not as apparent such as whether you are married and annual miles driven.

The items below are a few of the things utilized by car insurance companies to help set your prices.

Low stress employer equals lower rates - Do you have a high-stress occupation? Careers like military personnel, social workers and dentists have higher average rates because of high stress and lengthy work days. On the other hand, jobs like scientists, students and homemakers get better rates.

A good credit rating can save money - An insured's credit rating is a large factor in determining your rates. People that have very good credit scores tend to be less risk to insure than drivers who have lower credit ratings. Therefore, if your credit rating is lower than you'd like, you could potentially save money when insuring your Honda Accord if you improve your credit rating.

Cheaper rates by consolidating - Most larger insurance companies allow lower prices to policyholders that have more than one policy such as combining an auto and homeowners policy. Even if you're getting this discount it's always a smart idea to shop around to confirm you are receiving the best rates possible.

Car features that lower prices - Buying a car that has an advanced theft prevention system can save you a little every year. Anti-theft features such as LoJack tracking devices, vehicle tamper alarm systems or GM's OnStar system all aid in stopping auto theft and help lower rates.

Extra coverages push up premiums - There are a lot of add-on coverages you can purchase if you don't pay attention. Coverages for vanishing deductibles, accident forgiveness, and term life insurance may not be needed and are just wasting money. They may sound like good ideas when deciding what coverages you need, but your needs may have changed so get rid of them and save.

Insurance losses for a Honda Accord - Insurers take into consideration historical loss data for every vehicle to determine a price that will be profitable for them. Vehicles that the data shows to have higher loss trends will have higher premium rates.

The data below shows the historical loss data for Honda Accord vehicles. For each policy coverage type, the claim probability for all vehicles, regardless of make, model or trim level, is represented as 100. Numbers shown that are under 100 are indicative of better than average losses, while percentage numbers above 100 point to more losses or a tendency for claims to be larger.

The most recommended method to compare insurance rates in your area is to know the fact most larger insurance companies have advanced systems to give free rates quotes. To get started, all you need to do is take a few minutes to give details including if you went to college, what you do for a living, if you have an active license, and if you require a SR-22. The rating information is instantly provided to insurance carriers in your area and you will receive price estimates quickly.

To check rates for your Honda Accord now, click here and enter the information requested.

The companies in the list below can provide free quotes in Louisville, KY. If multiple providers are shown, we recommend you compare several of them in order to get a fair rate comparison.

Physical damage deductible comparison

One of the more difficult decisions when buying car insurance is how high should the physical damage deductibles be. The premium rates below can help you understand the price difference between low and high coverage deductibles. The first rate estimation uses a $250 comprehensive and collision deductible and the second pricing table uses a $1,000 deductible.

One important caveat is that a higher deductible results in having to pay to pay more out-of-pocket when you have a claim. You need to have some extra savings in the event you have to pay the higher deductible in order to repair your vehicle.

Deductible analysis

The diagram below illustrates how your choice of deductibles and can influence Honda Accord insurance premiums for different age groups. The prices are based on a married female driver, full physical damage coverage, and no discounts are applied to the premium.

Accidents and violations increase rates

The illustration below shows how traffic citations and at-fault collisions can impact Honda Accord premium costs for different age groups. The premiums are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no other discounts are factored in.

Why you need insurance

Despite the high cost, buying insurance is mandatory in Kentucky but it also protects more than you think.

• Most states have mandatory liability insurance requirements which means it is punishable by state law to not carry specific limits of liability protection if you want to drive legally. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

• If you have a lien on your vehicle, it's guaranteed your bank will require that you buy full coverage to guarantee their interest in the vehicle. If you default on your policy, the bank may buy a policy for your Honda at a more expensive rate and make you pay for it.

• Insurance safeguards both your assets and your Honda Accord. Insurance will pay for medical bills that are the result of an accident. One of the most valuable coverages, liability insurance, will also pay for a defense attorney if you are named as a defendant in an auto accident. If your Honda gets damaged, comprehensive (other-than-collision) and collision coverage will cover the damage repairs after a deductible is paid.

The benefits of carrying enough insurance outweigh the cost, especially when you need to use it. Today the average American driver is overpaying over $820 a year so it's recommended you shop around at least once a year to ensure rates are inline.

Get cheap Honda Accord insurance in Louisville with discounts

Some providers do not list every discount in a way that's easy to find, so the following list contains some of the best known in addition to some of the lesser obvious discounts you could be receiving when you buy Louisville car insurance online.

• Lower Rates for Military - Having a family member in the military could trigger a small discount.

• Payment Method - By paying your policy upfront instead of monthly or quarterly installments you can avoid monthly service charges.

• Safety Restraint Discount - Requiring all passengers to use a seat belt can save a little on medical payment and PIP coverage.

• Professional Memberships - Participating in specific professional or occupational memberships or organizations is a good way to get lower rates when shopping for car insurance.

• New Car Discount - Adding a new car to your policy can be considerably cheaper because newer models have to meet stringent safety requirements.

Discounts reduce rates, but you should keep in mind that many deductions do not apply to the entire policy premium. A few only apply to specific coverage prices like physical damage coverage or medical payments. Despite the appearance that all those discounts means the company will pay you, that's just not realistic.

Companies and the discounts they provide are included below.

• Farm Bureau offers premium reductions for multi-vehicle, youthful driver, safe driver, multi-policy, good student, and renewal discount.

• MetLife policyholders can earn discounts including good driver, accident-free, defensive driver, multi-policy, claim-free, good student

• Progressive offers discounts including online quote discount, homeowner, continuous coverage, multi-policy, multi-vehicle, and good student.

• AAA has discounts for good driver, pay-in-full, multi-car, good student, multi-policy, anti-theft, and AAA membership discount.

• American Family may include discounts for good driver, accident-free, mySafetyValet, air bags, bundled insurance, TimeAway discount, and good student.

• GEICO discounts include daytime running lights, five-year accident-free, anti-lock brakes, good student, driver training, and multi-policy.

• State Farm has savings for safe vehicle, passive restraint, Steer Clear safe driver discount, anti-theft, and multiple autos.

Before you buy a policy, ask each company to apply every possible discount. All car insurance discounts may not apply to policies in your state. If you would like to view providers that have a full spectrum of discounts in Kentucky, follow this link.

What if I want to buy from local Louisville insurance agencies?

Many people would prefer to visit with an insurance agent and that can be a great decision Most agents can point out coverage gaps and help in the event of a claim. The best thing about getting free rate quotes online is the fact that you can find cheap car insurance rates and also buy local.

For easy comparison, once you complete this quick form, your insurance data is immediately sent to participating agents in Louisville who will gladly provide quotes for your car insurance coverage. There is no reason to contact any insurance agencies since price quotes are sent to you. If for some reason you want to get a comparison quote from a particular provider, you would need to navigate to their website and fill out their quote form.

Deciding on an insurance company shouldn't rely on just a low price. These are some questions your agent should answer.

• Is there a Errors and Omissions policy in force?

• Do they offer rental car reimbursement?

• If independent agents, which companies do they recommend?

• Is there any savings for paying the full premium?

• Who is covered by the car insurance policy?

• How often do they review coverages?

Below are agents in Louisville that may be willing to give price quote information for Honda Accord insurance in Louisville.