How many times have you said it’s time to compare cheaper Honda Insight insurance in Fort Wayne? Are you drained from trying to scrape together enough money to buy insurance? You are in the same boat as many other Indiana consumers.
It’s an obvious conclusion that insurance companies want to keep your business as long as possible. Insureds who shop around will probably switch to a new company because there is a good chance of finding a policy with better rates. A recent insurance study discovered that people who regularly shopped around saved over $3,450 over four years as compared to drivers who never shopped around for better prices.
If finding the best price on Honda Insight insurance is why you’re reading this, then having a grasp of how to shop and compare coverages can make it easier for you to save money.
Steps to finding more affordable Honda Insight insurance in Fort Wayne
To save the most money, the best way to get affordable Honda Insight insurance in Fort Wayne is to compare prices once a year from insurers who sell insurance in Indiana. You can compare rates by following these guidelines.
- Get an understanding of auto insurance and the things you can control to lower rates. Many risk factors that are responsible for high rates like at-fault accidents and an imperfect credit score can be amended by being financially responsible and driving safely.
- Quote rates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can give quotes from one company like GEICO and Allstate, while independent agents can provide prices for a wide range of insurance providers. Click to view companies
- Compare the new rate quotes to your current policy premium and see if you can save money. If you find a better price and buy the policy, make sure coverage is continuous and does not lapse.
- Provide written notification to your current company of your decision to cancel your current auto insurance policy. Submit the completed application along with a down payment to the new company. Once the application is submitted, place your new certificate verifying coverage along with the vehicle’s registration papers.
One tip to remember is to use identical deductibles and limits on every quote request and to quote with as many different companies as possible. This ensures an accurate price comparison and a good representation of prices.
Due to the abundance of different company options, it is very difficult to locate the lowest price company.
Where can I get low cost Fort Wayne Honda Insight insurance?
When looking for affordable Fort Wayne car insurance quotes, there are a couple ways of comparing rates from all the different companies. By far the easiest way to compare insurance prices involves getting comparison quotes online.
Comparing rates online is fast and free, and it makes it a waste of time to make phone calls or go to insurance agencies in your area. Comparing online rate quotes has made agencies unnecessary unless your situation requires the guidance that only a licensed agent can provide. You can, however, get prices online but still have the advice of a local agent.
It’s important to know that comparing a wide range of rates helps locate lower pricing.
The companies shown below offer price quotes in Fort Wayne, IN. To get cheap car insurance in Fort Wayne, IN, it’s highly recommended you compare several of them to find the most competitive car insurance rates.
Insurance coverage details
The table shown below outlines different insurance policy prices for Honda Insight models. Having insight into how auto insurance policy rates are figured helps drivers make decisions when choosing a new policy provider.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Get Your Own Custom Quote Go|
Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Information does not factor in specific Fort Wayne garaging location which can affect coverage rates greatly.
The diagram below illustrates how your deductible choice and can change Honda Insight insurance costs for different age groups. The premium estimates are based on a single female driver, comprehensive and collision coverage, and no discounts are taken into consideration.
Price comparison of only insuring for liability
The example below visualizes the comparison of Honda Insight car insurance costs with full physical damage coverage and with liability coverage only. The costs are based on a clean driving record, no at-fault accidents, $250 deductibles, drivers are not married, and no discounts are applied to the premium.
When to switch to liability coverage only
There is no definitive guideline for phasing out comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of having full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
For example, let’s pretend your Honda Insight book value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $2,000 after the deductible is paid. If premium cost is more than $200 a year for physical damage coverage, then you might want to consider buying only liability coverage.
There are a few cases where removing full coverage is not recommended. If you have an outstanding loan on your vehicle, you have to carry full coverage to protect the lienholder’s interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not buy liability only.
Protect more than your vehicle
Despite the potentially high cost of Honda Insight insurance, paying for insurance serves several important purposes.
- Just about all states have compulsory liability insurance requirements which means the state requires specific limits of liability coverage in order to be legal. In Indiana 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 loan on your Insight, most banks will make it a condition of the loan that you have full coverage to guarantee loan repayment. If you do not keep the policy in force, the bank will be required to insure your Honda at a more expensive rate and make you pay the higher premium.
- Insurance protects your Honda and your assets. It will also pay for all forms of medical expenses for both you and anyone you injure as the result of an accident. One policy coverage, liability insurance, will also pay for a defense attorney if you are named as a defendant in an auto accident. If mother nature or an accident damages your car, collision and comprehensive coverages will cover the repair costs.
The benefits of having insurance outweigh the cost, particularly if you ever have a claim. The average driver in Indiana overpays as much as $700 annually so it’s very important to do a rate comparison each time the policy renews to save money.
Auto insurance 101
Knowing the specifics of your policy helps when choosing the best coverages and the correct deductibles and limits. Policy terminology can be impossible to understand and nobody wants to actually read their policy. Shown next are the usual coverages offered by auto insurance companies.
Liability auto insurance – Liability coverage can cover damage that occurs to other’s property or people in an accident. It consists of three limits, bodily injury per person, bodily injury per accident and property damage. You might see values of 25/50/10 that translate to $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and property damage coverage for $10,000.
Liability insurance covers claims such as legal defense fees, attorney fees, structural damage and court costs. How much liability coverage do you need? That is a personal decision, but you should buy higher limits if possible. Indiana state minimum liability requirements are 25/50/10 but you should think about purchasing higher limits.
The next chart shows why buying minimum limits may not be enough coverage.
Medical payments and PIP coverage – Medical payments and Personal Injury Protection insurance kick in for expenses for X-ray expenses, pain medications, rehabilitation expenses, EMT expenses and chiropractic care. They are often used to fill the gap from your health insurance program or if you are not covered by health insurance. It covers both the driver and occupants and also covers if you are hit as a while walking down the street. PIP coverage is not universally available and gives slightly broader coverage than med pay
Collision coverage – Collision insurance will pay to fix damage to your Insight resulting from colliding with another car or object. A deductible applies and then insurance will cover the remainder.
Collision coverage pays for claims such as crashing into a building, damaging your car on a curb, colliding with a tree and sideswiping another vehicle. Paying for collision coverage can be pricey, so consider dropping it from older vehicles. Another option is to increase the deductible on your Insight to get cheaper collision coverage.
UM/UIM (Uninsured/Underinsured Motorist) coverage – Uninsured or Underinsured Motorist coverage protects you and your vehicle from other drivers when they either have no liability insurance or not enough. Covered claims include injuries sustained by your vehicle’s occupants and also any damage incurred to your Honda Insight.
Since many Indiana drivers carry very low liability coverage limits (25/50/10), their limits can quickly be used up. For this reason, having high UM/UIM coverages is very important.
Comprehensive auto coverage – Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive insurance covers claims such as damage from a tornado or hurricane, rock chips in glass, hitting a bird, hail damage and hitting a deer. The maximum amount you can receive from a comprehensive claim is the market value of your vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.
Do the work, save more money
We just covered quite a bit of information on how to save on Honda Insight insurance in Fort Wayne. The key thing to remember is the more rate comparisons you have, the more likely it is that you will get a better rate. Consumers may even find the most savings is with a small local company. Smaller companies may cover specific market segments cheaper than their larger competitors like Allstate, GEICO and Progressive.
While you’re price shopping online, don’t be tempted to reduce coverage to reduce premium. There are too many instances where an insured cut liability coverage limits only to find out that they should have had better coverage. The ultimate goal is to buy enough coverage at the best possible price but still have enough coverage for asset protection.
How to find lower priced Honda Insight insurance in Fort Wayne
The preferred way to find lower priced auto insurance rates is to compare prices once a year from companies who provide car insurance in Fort Wayne. Price quotes can be compared by following these guidelines.
- First, it will benefit you to learn about what is in your policy and the things you can change to keep rates low. Many factors that increase rates such as your driving record and a lousy credit rating can be amended by making minor changes in your lifestyle.
- Second, get rate quotes from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can give quotes from one company like Progressive and State Farm, while independent agents can provide prices from multiple insurance companies.
- Third, compare the new quotes to the price on your current policy to see if a cheaper rate is available in Fort Wayne. If you find a better price and decide to switch, ensure there is no coverage lapse between policies.
One thing to remember is that you’ll want to compare the same deductibles and limits on each quote and and to get quotes from as many companies as you can. This helps ensure an accurate price comparison and the best price quote selection.
Additional detailed information can be read at these sites:
- A Tree Fell on Your Car: Now What? (Allstate)
- Who Has the Cheapest Car Insurance Quotes for a Learners Permit in Fort Wayne? (FAQ)
- Who Has Cheap Auto Insurance for Hybrid Vehicles in Fort Wayne? (FAQ)
- Who Has Affordable Car Insurance Rates for a Jeep Grand Cherokee in Fort Wayne? (FAQ)
- Think You’re a Safe Driver? (State Farm)
- Rental Car Insurance Tips (Insurance Information Institute)