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UPDATED: Mar 13, 2020
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The type of car you drive is a major factor in determining how much you will pay for car insurance. Honda is one of the more popular types of cars on the road these days, so it makes sense that many people would like to know how much it costs to insure a Honda.
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Insurance costs vary based on a number of factors, not the least of which is the actual model of car, but as an example, MotorTrend reports that a 2012 Honda CR-Z costs an average of $1,328 per year to insure.
The Honda Accord has been a popular car for decades, and the average cost to insure that model, according to Motortrend, is $1,216 per year. The actual price of the Honda Accord starts around $22,000, as compared with $20,000 for the CR-Z.
These two cars go against the usual trend, in which cars that are more expensive cost more to insure. Many other factors can affect the cost. In this case, the Accord may be cheaper to insure because it is a model with a proven track record of safety.
Vehicle Factors That Affect Car Insurance Cost
As mentioned, the type of vehicle you drive can have a huge affect on the amount you pay for car insurance. The first reason is the cost of replacement. If you have a $50,000 car, it will cost twice as much for your insurance company to replace it after an accident in which it is totaled than it would cost to replace a $25,000 car.
Repair cost can also figure into it. If your car needs parts that are more expensive or harder to find than parts for other cars, you will likely pay more to insure the car.
Safety is a major determining factor in how much it will cost to insure a particular car.
According to Dummies.com, passive restraint like front and side airbags and other safety features like antilock brakes can lower the cost of car insurance. The general construction of a car is evaluated for safety through crash test ratings, which insurance companies will also use to help determine insurance rates.
Security features like a car alarm or a theft-tracking device will make your car less likely to be stolen and therefore a lower risk to an insurance company providing comprehensive insurance. Some cars are also just more likely to be stolen, because of either their resale value or the resale value of their parts. Cars like that are often a little costlier to insure, since it is more likely that an insurance company will be paying to replace them at some point.
Driver Factors That Affect Car Insurance Cost
Your driving record is probably the most significant factor that you can control which affects your car insurance cost. Things like accidents, moving violations and DUI convictions all adversely affect your diving record and make your insurance rates go up. A history of driving more frequently or driving great distances can also lead to higher premiums, since more time on the road equates to more opportunities to have an accident.
Your age has a substantial affect on your car insurance rate. Teenagers and young adults tend to pay the highest premiums, and then premiums begin to drop significantly from the age of 25 on.
This is mainly because younger people have a lack of driving experience and often lack maturity. According to an article on Mint.com, the rates start to go up again when you reach 70 years of age, probably due to the loss of certain physical attributes like keen eyesight and quick reactions.
Your gender can also affect your insurance rate. Women tend to be statistically better drivers and qualify for lower rates.
Being a college graduate can also lower your insurance rates, especially if you have good grades.
For some companies, even your credit rating can affect your insurance premiums, based on the assumption that a better credit rating equates to a safer driver. Taking a driver safety course can also help to convince an auto insurance company that you are a safer driver, thus getting you a discount on your insurance premiums.
Insurance Policy Factors That Affect Car Insurance Cost
The type of insurance you choose and how much of it is, of course, a major determining factor in how much you will pay for car insurance. If you just take your state minimum liability coverage, you will pay considerably less than your neighbor who takes liability, collision, comprehensive, uninsured motorist, underinsured motorist, and towing insurance.
You can set the dollar amount of insurance coverage that you want, so $500,000 worth of coverage will cost a lot more than a state mandated minimum amount of $15,000.
Your insurance policy’s deductible helps to set the premium amount, too. If you take a high deductible of say $1,000 or more, you will pay less in premiums. However, you will have to pay a large sum of money before the insurance starts to pay for expenses from an accident.With a lower deductible like $250, you will only pay $250 before the insurance covers your accident costs, but your insurance premiums will be higher.
Company Factors That Affect Car Insurance Cost
Insurance companies often have special deals that they offer to drivers. Just about every insurance company will offer some sort of discount for having multiple policies, such as auto, home, and life insurance policies.
They will also usually offer a discount for insuring multiple cars with them. The other discount that many insurance companies will offer is a loyalty discount for having a policy with them for multiple years.
Sometimes an insurance company will offer special discounts to people for belonging to a particular organization. There are also sometimes discounts available for being in certain professions, such as nursing or law enforcement.
On the other hand, some professions that require a good amount of driving with a personal car, such as pizza delivery driver or courier, can lead to much higher insurance premiums.
Other Factors That Affect Car Insurance Cost
Geography has a large affect on car insurance premiums. Some states have a higher rate of accidents because of the condition of the roads, the climate, or the state’s driving laws. These states would have higher insurance premiums that coincide with the higher risk. Other states might have higher auto insurance premiums because they have a higher percentage of uninsured motorists on the road.
According to an article in Economist’s View, car insurance companies that base their rates on zip codes often charge higher premiums to people who live in cities than they do for people in suburbs or rural areas. The reasoning behind this is simple—there are more cars on the road in cities, and that means more cars that you could potentially run into. Hazards in general are more abundant in cities, with more road construction, intersections, one-way streets, garbage trucks, and such, not to mention the increased risk of theft or vandalism.
Insurance is subject to economic pressures like inflation.
Inflation could affect the cost of your insurance and you have absolutely no control over is the economy. If prices are inflated on car parts, the cost of repairs goes up and insurance costs go up accordingly.
Most Expensive Cars to Insure
According to an article on the CBS News website, in 2010 the most expensive cars to insure were the:
- Porsche 911 Carrera GT 2 with an annual insurance cost of $2,944
- Mercedes S65 AMG with an annual insurance cost of $2,863
- Dodge Viper SRT-10 with an annual insurance cost of $2,852
- Porsche Panamera Turbo AWD with an annual insurance cost of $2,837
- Dodge Viper SRT-10 Convertible with an annual insurance cost of $2,816
While clearly these are all expensive cars and that certainly contributes to their insurance cost, there are some issues related to driving style that affect insurance for these cars.
In general, one does not buy a Dodge Viper or a Porsche Panamera Turbo just to drive to church each Sunday. Cars like this are bought by people who intend to drive them a lot, and drive them very fast, often on dangerous highways.
Add to this that people who purchase cars like these are often in a higher risk demographic, namely young, unmarried males without kids, and it’s clear to see why these cars consistently cost more to insure than others.
Cheapest Cars to Insure
The same article on the CBS News website also shares the cheapest cars to find coverage for in 2010. The top of the list is the Mazda Tribute I 2WD which has a low $1,070 average annual cost of insurance. Other cheap cars to insure include the:
- Honda Odyssey LX with an annual insurance cost of $1,095
- Mazda Tribute I 4 WD with an annual insurance cost of $1,103
- Chrysler Town & Country LX with an annual insurance cost of $1,120
- Jeep Wrangler X with an annual insurance cost of $1,124
The cars listed most likely earned their spots on the cheap insurance list through a combination of safety, replacement cost, and other factors. For instance, the Mazda Tribute earned favorable ratings from the Insurance Institute for Highway Safety for both front and side-impact crash tests for model years from 2009 to 2011.
As another example, the Jeep Wrangler is a relatively inexpensive vehicle that has been around for a long time and parts are fairly easy to find for it, making the repair and replacement cost low.
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