Finding the cheapest car insurance for a Honda Accord is pretty easy for most people, but it relies on a lot of rating criteria such as the mileage of your daily commute, if you have prior claims, and your policy deductibles. Colorado drivers pay approximately $839 annually for Accord insurance, but that cost is a valuation based on a 50-year-old single male driver with both comprehensive and collision coverage and $1,000 deductibles.
When projecting a rate like this, the problem is that you are not 50 years old and maybe not even male, possibly married instead of single, or maybe you want more liability coverage than is required by law in Colorado. This example demonstrates why the only real way to find the cheapest coverage for your Honda is to compare as many rates as possible.
The specific trim level will be a contributing factor to the yearly cost, so the price you will pay to insure a Accord LX 4-Dr Sedan trim level will be $290 less expensive the price to insure the more costly Accord EX-L 2-Dr Coupe version, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Accord LX 4-Dr Sedan||$126||$244||$338||$20||$102||$830||$69|
|Accord EX 4-Dr Sedan||$126||$244||$338||$20||$102||$830||$69|
|Accord LX-P 4-Dr Sedan||$126||$244||$338||$20||$102||$830||$69|
|Accord EX-L 4-Dr Sedan||$144||$296||$338||$20||$102||$900||$75|
|Accord EX 2-Dr Coupe||$144||$350||$448||$26||$134||$1,102||$92|
|Accord LX-S 2-Dr Coupe||$144||$350||$448||$26||$134||$1,102||$92|
|Accord EX-L 2-Dr Coupe||$162||$350||$448||$26||$134||$1,120||$93|
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Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Colorado minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Table data does not factor in specific garaging location which can revise price quotes greatly.
Trying to buy cheap auto insurance is not most people's favorite thing to do, and figuring out which companies offer the lowest-priced insurance rates for a Honda Accord in Colorado takes additional perseverance. Each auto insurance company has their own process for filing rates in each state, so let's take a look at the insurance companies that tend to have lower prices in Colorado.
Best Insurance Companies for Your Accord
|Rank||Company||Cost Per Year|
|14||Colorado Farm Bureau||$1,576|
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The Hartford has some of the cheapest car insurance rates in Colorado at around $834 annually. Grange, USAA, Nationwide, and GEICO also rank well as some of the lowest-priced Colorado auto insurance companies.
As the rates illustrate above, if you are currently insured with USAA and switched to The Hartford, you might realize savings of in the neighborhood of $175. Colorado drivers with Nationwide may save as much as $309 a year, and GEICO insureds might realize rate reductions of up to $318 a year.
Understand that those premium estimates are averages for all ages of drivers and types of vehicles and are not factoring in a specific rating modification for a Honda Accord. So the car insurance company that can offer the best rates for your situation may not even be in the top 21 companies shown above. That helps illustrate why you need to get rate quotes from many companies using your own driver information and specific vehicle type.
The chart below shows how choosing a deductible can influence premium costs when researching cheap insurance for a Honda Accord in Colorado. The data is based on a single male driver, full coverage, and no discounts are applied.
The chart above illustrates that a 30-year-old driver could reduce rates by $326 a year by changing from a $100 deductible up to a $500 deductible, or save $490 by choosing a $1,000 deductible. Young drivers, like the 20-year-old category, can cut as much as $948 each year just by choosing higher deductibles. If you do make the decision to raise your deductibles, it will be required to have enough savings set aside to be able to cover the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Discount Colorado auto insurance rates
Insurers that offer cheap quotes for a Honda Accord may provide price discounts that could potentially reduce rates by 40% or more if you are eligible to receive them. A few popular companies and the discounts they provide are outlined below.
- GEICO includes discounts for anti-theft, military active duty, seat belt use, multi-policy, membership and employees, and federal employee.
- Travelers may include discounts for save driver, driver training, student away at school, home ownership, IntelliDrive, and good student.
- Farm Bureau policyholders can earn discounts including multi-policy, multi-vehicle, youthful driver, good student, 55 and retired, and safe driver.
- Liberty Mutual has discounts for multi-policy, newly retired, teen driver discount, new move discount, new vehicle discount, and safety features.
- American Family offers discounts including Steer into Savings, early bird, good driver, mySafetyValet, bundled insurance, good student, and accident-free.
- Progressive has savings for multi-policy, continuous coverage, homeowner, good student, online signing, online quote discount, and multi-vehicle.
The information below visualizes the comparison of auto insurance costs with and without discounts applied to the rates. The information is based on a male driver, no claims or driving violations, Colorado state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with homeowner, claim-free, vehicle safety, marriage, multiple vehicle, and safe-driver discounts applied. When taking advantage of discounts, the the average amount saved on insurance for a Honda Accord is 28% or $555.
How to find cheaper insurance for a Honda Accord
It is possible to find better rates, and here are some of the better thrifty solutions that can help drivers get low-cost auto insurance.
- Being accident-free can lower rates significantly
- Do not pay for full coverage on older vehicles
- Safer vehicles generally have cheaper insurance rates
- Insure your home and auto with the same company
- Avoid getting tickets or violations
- Earn discounts for being claim-free
- Shop around and save
That last piece of advice is very necessary, as was pointed out in the article above. Auto insurance rates adjust frequently, so drivers shouldn't be resistant to change to a new company if a cheaper price is available.
Having brand loyalty is commendable, but it's not a good idea if your bullheadedness ends up costing you a considerable chunk of change every month. Spend a few minutes and compare prices to find cheaper auto insurance for a Honda Accord.