Lower Your 1994 Honda Accord Insurance Rates
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UPDATED: Mar 19, 2020
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Looking for better insurance rates for your Honda Accord? Searching for the lowest cost insurance online may be problematic for consumers new to price shopping online. Because there are so many companies in the marketplace, how can consumers possibly compare the different rates to find the lowest price available?
It’s a good habit to compare prices quite often since rates change frequently. Even if you think you had the lowest rates for Accord coverage two years ago you will most likely find a better rate today. So just block out anything you think you know about insurance because you’re about to learn how to use the internet to lower your annual insurance bill.
Buying car insurance is quite easy. Basically, every vehicle owner who is required by state law to have insurance will more than likely be able to reduce their rates. But car owners must understand how the larger insurance companies compete online because it can help you find the best coverage.
Impacting insurance rates for a Honda Accord
Smart consumers have a good feel for the different types of things that come into play when calculating car insurance rates. Knowing what impacts premium levels helps enable you to make changes that can help you get better car insurance rates.
- Traffic violations increase rates – Whether or not you get tickets impacts your car insurance rates tremendously. Only having one speeding ticket can increase rates by twenty percent. Good drivers tend to pay less for car insurance compared to drivers with tickets. Drivers with flagrant tickets such as DWI, reckless driving or hit and run convictions are required to file a SR-22 with the DMV in their state in order to keep their license.
- More miles equals more premium – The more you drive in a year the higher your rates will be. Most companies charge to insure your cars based upon how you use the vehicle. Cars left parked in the garage qualify for better rates as compared to vehicles used primarily for driving to work. If your policy improperly rates your Accord can cost quite a bit. Make sure your car insurance policy properly reflects the correct driver usage.
- Protect yourself with liability coverage – Liability coverage will protect you when a jury decides you are liable for causing damage or personal injury in an accident. Liability provides legal defense coverage which can cost thousands of dollars. Liability insurance is quite affordable when compared with rates for comp and collision, so do not cut corners here.
- Don’t let your coverage lapse – Driving with no insurance is against the law and car insurance companies will penalize you for letting your coverage have a gap. And not only will insurance be more expensive, getting caught without coverage can result in a steep fine or even jail time.
- Add-on coverages can add up – There are quite a few additional coverages that you can buy on your car insurance policy. Things like vanishing deductibles, towing coverage and membership fees may be costing you every month. These may sound like a good investment when you first buy your policy, but your needs may have changed so remove them from your policy.
- Safe vehicles cost less to insure – Vehicles with high crash test scores can get you lower premiums. Safe vehicles have better occupant injury protection and lower injury rates translates into fewer and smaller insurance claims and lower rates for you. If your Honda earned at least four stars on Safercar.gov you may qualify for a discount.
- Big city or small town – Choosing to live in a rural area can be a good thing when insuring your vehicles. Drivers who live in large cities regularly have much more traffic and longer commute times. Less people living in that area translates into fewer accidents.
How to save on 1994 Honda Accord insurance
Companies don’t list every discount in an easy-to-find place, so we took the time to find both the well known as well as the least known car insurance savings.
- E-sign – A few companies will give a small break for buying a policy and signing up digitally online.
- Homeowners Pay Less – Owning a home can help you save on car insurance because owning a home shows financial diligence.
- New Vehicle Savings – Insuring a new car can cost up to 25% less compared to insuring an older model.
- Sign Early and Save – A few companies offer discounts for switching to them prior to your current policy expiration. It can save you around 10%.
- Safe Driver Discount – Drivers who avoid accidents can get discounts for up to 45% lower rates for Accord coverage than drivers with accident claims.
- Defensive Driving Course – Completing a driver safety course could cut 5% off your bill if your company offers it.
- Low Mileage – Driving fewer miles could qualify for discounted rates on garaged vehicles.
- Seat Belts Save more than Lives – Drivers who require all occupants to use their safety belts can save up to 15% off your PIP or medical payments premium.
- Passive Restraints and Air Bags – Vehicles with factory air bags or automatic seat belts can qualify for discounts of up to 25% or more.
- Service Members Pay Less – Being deployed with a military unit may qualify for rate reductions.
It’s important to note that some of the credits will not apply to the entire policy premium. Some only reduce specific coverage prices like comp or med pay. Just because it seems like you would end up receiving a 100% discount, you’re out of luck.
To see a list of providers with the best car insurance discounts, click this link.
Car insurance myths debunked
Car insurance providers like Progressive, Allstate and GEICO continually stream ads on television and other media. They all make an identical promise that you’ll save big after switching your policy. How can each company claim to save you money? It’s all in the numbers.
Insurance companies have a certain “appetite” for the type of customer that makes them money. For example, a desirable insured might be over the age of 40, insures multiple vehicles, and has excellent credit. A customer who matches those parameters will get the preferred rates and as a result will probably save when they switch companies.
Potential insureds who do not match these standards will be charged a more expensive rate and ends up with business not being written. The ad wording is “customers that switch” but not “drivers who get quotes” save that kind of money. That’s why companies can truthfully advertise the savings. That is why drivers must get a wide range of price quotes. It is impossible to predict the company that will give you the biggest savings on Honda Accord insurance.
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Tailor your coverage to you
When buying the right insurance coverage for your personal vehicles, there really is not a best way to insure your cars. Every insured’s situation is different.
For example, these questions could help you determine if your situation would benefit from professional advice.
- Do I have coverage when pulling a U-Haul trailer?
- Why do I only qualify for high-risk insurance?
- How much liability do I need to cover my assets?
- How do I buy GAP insurance?
- Do I really need UM/UIM coverage?
- Am I getting all the discounts available?
- Do I need replacement cost coverage?
- Is pleasure use cheaper than using my 1994 Honda Accord to commute?
If it’s difficult to answer those questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. If you don’t have a local agent, complete this form.
Parts of your auto insurance policy
Knowing the specifics of your policy can help you determine the best coverages at the best deductibles and correct limits. The terms used in a policy can be confusing and nobody wants to actually read their policy.
Coverage for medical payments
Med pay and PIP coverage reimburse you for expenses for things like funeral costs, prosthetic devices, EMT expenses, X-ray expenses and pain medications. The coverages can be used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. Medical payments and PIP cover not only the driver but also the vehicle occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state but can be used in place of medical payments coverage
Auto collision coverage
This coverage pays to fix your vehicle from damage resulting from a collision with a stationary object or other vehicle. You first must pay a deductible then the remaining damage will be paid by your insurance company.
Collision insurance covers claims such as sideswiping another vehicle, crashing into a ditch and hitting a mailbox. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. You can also choose a higher deductible to get cheaper collision coverage.
Coverage for liability
Liability coverage protects you from damages or injuries you inflict on a person or their property by causing an accident. This insurance protects YOU from claims by other people, and does not provide coverage for damage to your own property or vehicle.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show policy limits of 50/100/50 which means a $50,000 limit per person for injuries, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property.
Liability insurance covers things such as emergency aid, loss of income, court costs and pain and suffering. How much coverage you buy is a decision to put some thought into, but you should buy higher limits if possible.
Comprehensive insurance coverage pays to fix your vehicle from damage from a wide range of events other than collision. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.
Comprehensive coverage pays for claims such as rock chips in glass, hitting a deer and theft. The most your auto insurance company will pay is the ACV or actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.
Uninsured and underinsured coverage
This coverage protects you and your vehicle’s occupants from other motorists when they are uninsured or don’t have enough coverage. This coverage pays for injuries sustained by your vehicle’s occupants and damage to your Honda Accord.
Because many people only carry the minimum required liability limits, their limits can quickly be used up. For this reason, having high UM/UIM coverages is important protection for you and your family.
More quotes. Lower rates.
As you shop your coverage around, you should never buy poor coverage just to save money. In many cases, drivers have reduced uninsured motorist or liability limits only to find out that saving that couple of dollars actually costed them tens of thousands. Your focus should be to purchase plenty of coverage at a price you can afford while not skimping on critical coverages.
Throughout this article, we presented many ideas to lower your 1994 Honda Accord insurance rates. The most important thing to understand is the more you quote, the higher the chance of saving money. You may be surprised to find that the best prices are with a smaller regional carrier.
People change insurance companies for a variety of reasons including lack of trust in their agent, high rates after DUI convictions, poor customer service and even not issuing a premium refund. Regardless of your reason for switching companies, finding a great new company is not as hard as you think.
Additional information is available on the following sites:
- What does Personal Injury Protection (PIP) Cover? (Allstate)
- Senior Drivers (Insurance Information Insitute)
- Insuring a Leased Car (Insurance Information Insitute)
- Safety Tips for Teen Drivers (Insurance Information Insitute)
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