Cheapest 2002 Honda Odyssey Insurance Rates in 2023
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UPDATED: Jun 2, 2023
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Saving money on insurance coverage can be hard for consumers new to shopping for insurance online. You have so many options that it can easily become a real hassle to find lower rates.
It’s a great practice to check insurance coverage prices yearly due to the fact that insurance rates are usually higher with each renewal. Just because you had the best price on Odyssey insurance two years ago you can probably find a lower rate today. You can find a lot of wrong information about insurance coverage on the internet, so by reading this article, you’re going to learn some great ideas on how to find cheap insurance coverage.
Vehicle Insurance Comparison
The are a couple different ways to compare rate quotes from auto insurance companies in your area. The fastest way to find the lowest 2002 Honda Odyssey rates consists of shopping online. It is quite easy and can be accomplished using a couple different methods.
- The best way to get the best comparison quotes would be an industry-wide quote request form click to view form in new window. This form keeps you from doing multiple quote forms for every auto insurance company. Filling out one form compares rates instantly. It’s the fastest way to compare.
- A harder way to get quotes online requires you to visit the website for every company you want to comare and fill out their own quote form. For example, we’ll assume you want comparison quotes from State Farm, Farmers and Liberty Mutual. To find out each rate you need to take the time to go to each site and enter your policy data, which is why the first method is quicker. For a list of links to companies insuring cars in your area, click here.
- The hardest method of getting rate comparisons is driving around to insurance agents’ offices. The ability to buy insurance online can eliminate the need for a local agent unless you have a need for the professional guidance only provided by licensed agents. It is possible to price shop your coverage online and get advice from an agent in your area. We’ll cover that shortly.
However you get your quotes, compare apples-to-apples coverage limits for each price quote. If you have different limits and deductibles on each one it will be impossible to truly determine the lowest rate. Just a small difference in coverage limits can result in a big premium difference. And when comparison shopping, obtaining a wide range of quotes will enable you to find a better price.
Save $479 a year? Really?
Companies like Allstate and Progressive continually stream ads in print and on television. All the ads make an identical promise of big savings after switching your coverage to them. How can each company make the same claim?
All the different companies can use profiling for the type of driver they prefer to insure. A good example of a preferred risk might be between the ages of 30 and 50, has no prior claims, and drives less than 10,000 miles a year. Any new insured who meets those qualifications is entitled to the best price and therefore will save when switching.
Consumers who are not a match for this ideal profile will be quoted higher premiums and this can result in the driver buying from a lower-cost company. The ads state “drivers who switch” not “everybody who quotes” save money. That is how insurance companies can confidently state the savings.
This emphasizes why you should get a wide range of price quotes. It’s just too difficult to predict which company will provide you with the cheapest Honda Odyssey insurance rates.
Some factors that can determine what Honda Odyssey insurance costs
Consumers need to have an understanding of the factors that play a part in calculating the price you pay for auto insurance. When you know what positively or negatively determines base rates allows you to make educated decisions that will entitle you to big savings.
- What are your deductibles? – Deductibles for physical damage represent how much money you are willing to pay out-of-pocket if you file a covered claim. Insurance for physical damage to your car, otherwise known as comp (or other than collision) and collision, covers damage that occurs to your car. Examples of covered claims would be colliding with a building, damage from fire, or theft. The more expense you’re willing to pay, the less your auto insurance will be on Odyssey insurance.
- Liability coverage protects you – Liability coverage provides coverage if a jury decides you are liable for damages from an accident. It will provide legal defense starting from day one. Carrying liability coverage is mandatory and cheap when compared with rates for comp and collision, so buy as much as you can afford.
- Always keep insurance in force – Letting your insurance expire will be a fast way to trigger a rate increase. Not only will you pay more, failure to provide proof of insurance may earn you a revoked license or a big fine.You may then be required to submit proof of financial responsibility or a SR-22 with your state motor vehicle department to get your license reinstated.
- Being married can save on auto insurance – Being married can get you a discount on your auto insurance policy. It is viewed as being more mature and statistics show married couples file fewer claims.
Take discounts and save
Insuring your fleet can be pricey, but there could be available discounts that you may not even be aware of. Larger premium reductions will be automatically applied when you complete an application, but less common discounts must be asked for before being credited.
- Anti-lock Brake Discount – Vehicles equipped with ABS or steering control are safer to drive and therefore earn up to a 10% discount.
- Good Students Pay Less – Performing well in school can be rewarded with saving of up to 25%. Earning this discount can benefit you until age 25.
- Federal Government Employee – Being employed by or retired from a federal job may qualify you for a discount on Odyssey insurance depending on your company.
- Accident Waiver – Certain companies allow you one accident before raising your premiums so long as you haven’t had any claims for a particular time prior to the accident.
- Drivers Education – Have your child enroll in driver’s education in high school.
- Paperwork-free – Some insurance companies give back up to $50 simply for signing on their website.
Keep in mind that most discount credits are not given to your bottom line cost. Some only apply to the price of certain insurance coverages like medical payments or collision. Just because you may think adding up those discounts means a free policy, insurance coverage companies aren’t that generous. Any amount of discount will help reduce your premiums.
Companies that may offer these money-saving discounts include:
- Farmers Insurance
- State Farm
It’s a good idea to ask each company which discounts they offer. Some discounts may not be available in your area.
Which policy gives me the best coverage?
When choosing coverage, there really is not a single plan that fits everyone. Everyone’s needs are different.
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For instance, these questions might point out if your insurance needs would benefit from professional advice.
- Am I covered when driving someone else’s vehicle?
- Will my vehicle be repaired with OEM or aftermarket parts?
- Is motorclub coverage worth it?
- When do I need to add a new car to my policy?
- Should I buy full coverage?
- Do I need rental car coverage?
- What is an SR-22 filing?
- How does medical payments coverage work?
- How much liability do I need to cover my assets?
If you’re not sure about those questions but one or more may apply to you, you may need to chat with an insurance agent. To find an agent in your area, complete this form.
Information about specific coverages
Understanding the coverages of your auto insurance policy can help you determine which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring.
Collision – Collision insurance will pay to fix damage to your Odyssey resulting from a collision with another vehicle or an object, but not an animal. You have to pay a deductible then your collision coverage will kick in.
Collision coverage protects against things like colliding with another moving vehicle, sustaining damage from a pot hole, rolling your car and hitting a parking meter. Collision is rather expensive coverage, so consider removing coverage from lower value vehicles. Drivers also have the option to raise the deductible to save money on collision insurance.
Comprehensive (Other than Collision) – This coverage pays for damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive insurance covers things such as vandalism, damage from a tornado or hurricane, hitting a deer and fire damage. The most you’ll receive from a claim is the actual cash value, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.
Auto liability – This coverage provides protection from damages or injuries you inflict on people or other property by causing an accident. It protects you against claims from other people. Liability doesn’t cover 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. You commonly see values of 50/100/50 that translate to a limit of $50,000 per injured person, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged property. Alternatively, you may have a combined single limit or CSL which limits claims to one amount with no separate limits for injury or property damage.
Liability can pay for things such as funeral expenses, emergency aid, structural damage and legal defense fees. The amount of liability coverage you purchase is a decision to put some thought into, but consider buying as large an amount as possible.
Protection from uninsured/underinsured drivers – This coverage protects you and your vehicle when other motorists either are underinsured or have no liability coverage at all. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.
Because many people have only the minimum liability required by law, it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage should not be overlooked. Normally your uninsured/underinsured motorist coverages are identical to your policy’s liability coverage.
Medical expense insurance – Personal Injury Protection (PIP) and medical payments coverage provide coverage for immediate expenses such as hospital visits, EMT expenses, prosthetic devices and doctor visits. The coverages can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. It covers both the driver and occupants as well as being hit by a car walking across the street. PIP is not universally available but can be used in place of medical payments coverage
Coverage on a shoestring budget
When trying to cut insurance costs, it’s very important that you do not buy poor coverage just to save money. There have been many situations where drivers have reduced full coverage and discovered at claim time that the small savings ended up costing them much more. Your aim should be to purchase a proper amount of coverage at an affordable rate while still protecting your assets.
Consumers who switch companies do it for many reasons like an unsatisfactory settlement offer, high rates after DUI convictions, high prices and policy non-renewal. It doesn’t matter why you want to switch finding the right insurance provider is actually quite simple.
Throughout this article, we presented a lot of ways to lower your 2002 Honda Odyssey insurance rates. The key concept to understand is the more rate comparisons you have, the more likely it is that you will get a better rate. You may be surprised to find that the biggest savings come from a company that doesn’t do a lot of advertising.
Additional information is located at these links:
- Understanding Your Insurance Deductible (Insurance Information Insitute)
- Teen Driving and Texting (State Farm)
- Tread Depth and Tire Safety (State Farm)
- Teen Driving Statistics (iihs.org)
- What is Covered by an Auto Insurance Policy? (Insurance Information Insitute)
Frequently Asked Questions
How can I find the cheapest auto insurance rates for my 2002 Honda Odyssey?
There are a couple of different ways to compare rate quotes from auto insurance companies. The fastest way is to shop online and use a free quote tool. Make sure to compare coverage limits for each quote to determine the lowest rate.
Can I really save $479 a year on insurance coverage?
Insurance companies often advertise big savings when you switch your coverage to them. These savings are typically based on a preferred risk profile, such as being between the ages of 30 and 50, having no prior claims, and driving less than 10,000 miles a year. It’s important to get a wide range of price quotes because each company may have different criteria for determining rates.
What factors can affect the cost of Honda Odyssey insurance?
Several factors can impact the price you pay for auto insurance. These factors include your driving record, age, location, coverage limits, deductibles, and the insurance company’s underwriting criteria.
Are there any discounts available for Honda Odyssey insurance?
Yes, there are various discounts that insurance companies may offer. These discounts can help reduce your premiums. Some common discounts include safe driver discounts, multi-policy discounts, anti-theft device discounts, and good student discounts. It’s a good idea to ask each company about the specific discounts they offer.
How do I choose the best coverage for my Honda Odyssey?
The best coverage for your Honda Odyssey depends on your individual needs. There is no single plan that fits everyone. Consider factors such as your budget, the value of your vehicle, and your personal preferences when choosing coverage. It may be helpful to consult with an insurance agent who can provide professional advice.
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