Cheapest 2003 Honda Accord Insurance Rates in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Jun 2, 2023

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Have you fallen victim to an overpriced car insurance policy? Trust us, you’re not the only one.

There are many auto insurance companies to choose from, and even though it’s nice to have multiple companies, too many choices makes it more difficult to compare rates and find the lowest cost car insurance. That is why we’ve put together a few ways for you to save money on your insurance policy, and where to look for information.

The biggest takeaways should be that your personal situation is going to be different from other drivers, and you should tailor your policy to your own needs. You may not think that the price of a 2003 Honda Accord will have much to do with your rates, however vehicle value is one factor auto insurance companies will use to determine what you pay.

Below we will cover ways that you can save money and lower the price of a 2003 Honda Accord insurance policy.

What impacts your auto insurance price?

It’s important that you understand some of the elements that help determine the price you pay for insurance. When you know what positively or negatively influences your rates, this can benefit you. By understanding their policies and what they need, consumers are empowered to make smart changes that may reward them with lower insurance prices.

As mentioned above, the price of a 2003 Honda Accord may not seem too important, but the value of your vehicle is often used to calculate what you should spend on your policy. Your age and location are also used.

Below are a few more examples of what to consider when shopping for car insurance.

  • Discounts for married couples – Being married actually saves money when buying insurance. Marriage is viewed as being more responsible and it’s statistically proven that married drivers get in fewer accidents.
  • Drive less and save money – The more you drive each year the higher your rates will be. Almost all companies price each vehicle’s coverage based on their usage. Cars and trucks not used for work or commuting receive lower rates as compared to vehicles used primarily for driving to work. An improperly rated Accord may be wasting your money. Ask your agent if your insurance policy is showing the correct driver usage, because improper ratings can cost you money.
  • Do you have a high stress job? – Occupations such as lawyers, architects and financial analysts tend to pay higher average rates due to stressful work requirements and long work hours. Conversely, occupations like scientists, engineers and the unemployed have the lowest average rates for Accord insurance.
  • Never let your coverage lapse – Driving your car without having proper coverage is illegal and insurance companies will penalize you for letting your coverage have a gap. And not only will your rates increase, but being ticketed for driving with no insurance may earn you a license revocation or jail time.
  • Mature drivers pay less – Youthful drivers are statistically proven to be more careless behind the wheel so they pay higher insurance rates. If you’ve ever had to add a young driver to your policy, it can be very expensive. Older drivers are viewed as being more responsible, statistically cause fewer accidents and are safer drivers.
  • Theft deterrents lower rates – Driving a car with a theft deterrent system can help lower your rates. Theft prevention devices like GM’s OnStar, tamper alarm systems and vehicle immobilizers all hinder car theft.
  • Increase deductibles and save – Coverage for physical damage, also known as collision and other-than-collision, is used to repair damage to your Honda. Examples of covered claims are collision with another vehicle, damage from fire, and rolling your vehicle. Deductibles for physical damage are how much you are willing to pay if you file a covered claim. The more you’re willing to pay, the lower your rates will be for Accord insurance.

What discounts can reduce the price of a 2003 Honda Accord insurance policy?

Insuring your Honda Accord, or any other vehicle in your fleet, can be pricey, but there are discounts available to cut the cost down considerably. A few discounts will automatically apply at quote time, but lesser-known reductions have to be manually applied before you get the savings.

  • Safety Course Discount – Successfully completing a course in driver safety could possibly earn you a 5% discount if you qualify.
  • Multiple Policy Discount – When you have multiple policies with one insurance company you may save approximately 10% to 15%.
  • Discounts for Safe Drivers – Drivers who avoid accidents can pay as much as 50% less for Accord insurance than their less cautious counterparts.
  • Military Discounts – Having a deployed family member could be rewarded with lower premiums.
  • Theft Prevention Discount – Cars that have factory anti-theft systems can help prevent theft and will save you 10% or more.
  • Air Bag Discount – Factory air bags or automatic seat belts can get savings of 20% or more.

Drivers should understand that most of the big mark downs will not be given the whole policy. Most only apply to individual premiums such as comp or med pay. So when it seems like having all the discounts means you get insurance for free, you’re out of luck. However, any discount will help reduce your premiums.

Misconceptions in Car Insurance Advertisements

Car insurance providers like GEICO, State Farm and Progressive regularly use television and radio advertisements. They all say the same thing about savings if you move your policy. How do they all claim to save you money?

Different companies can use profiling for the driver that makes them money. An example of a desirable insured might be profiled as between the ages of 40 and 55, with no driving citations, and drives a newer vehicle. Any new insured who matches those parameters gets the lowest rates and therefore will pay quite a bit less when switching companies.

Potential insureds who are not a match for this ideal profile will have to pay a higher premium, which means they usually look elsewhere for coverage. Company advertisements say “customers that switch” not “everyone that quotes” save that much money. That’s why insurance companies can make the claims of big savings.

Because of the profiling, you need to get as many quotes as possible. Because you never know which car insurance company will give you the biggest savings.

What questions should you ask when buying an auto insurance policy?

When it comes to choosing proper insurance coverage for your 2003 Honda Accord or other vehicles, there is no single plan that fits everyone. Your needs are not the same as everyone else’s and your policy should reflect that. That’s why asking questions you may have about auto insurance can help you better understand what to look for.

These are some specific questions might point out whether or not you may require specific advice:

  • Are rock chip repairs covered?
  • What discounts do I qualify for?
  • Should I get collision insurance on every vehicle?
  • If my 2003 Honda Accord is totaled, can I afford another vehicle?
  • Does my medical payments coverage pay my health insurance deductible?
  • I have a DUI can I still get coverage?
  • Can I rate high risk drivers on liability-only vehicles?

If you’re not sure about those questions but a few of them apply, you might consider talking to a licensed insurance agent. If you need to compare insurance companies, we offer a form that can put you in contact with agents in your area.

What auto insurance coverages do you need?

Learning about specific coverages of your policy aids in choosing the right coverages ,proper limits, and deductibles. The coverage terms in a policy can be ambiguous, and nobody wants to actually read their policy.

Plus what you purchase in a policy is up to the individual driver. You may want full coverage on your 2003 Honda Accord, but someone else with the same vehicle may only want a basic, standard policy.

These are the usual coverages found on most auto insurance policies.

Uninsured/Underinsured Motorist (UM/UIM)

This protects you and your vehicle from other motorists when they do not carry enough liability coverage. It can pay for medical payments for you and your occupants as well as damage to your 2003 Honda Accord.

Due to the fact that many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage should not be overlooked. Frequently your uninsured/underinsured motorist coverages are set the same as your liability limits.

Liability Insurance

Liability insurance provides protection from damages or injuries you inflict on a person or their property. This insurance protects YOU against claims from other people, and does not provide coverage for your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see limits of 25/50/25 that translate to a $25,000 limit per person for injuries, a limit of $50,000 in injury protection per accident, and property damage coverage for $25,000. Another option is a combined single limit or CSL which limits claims to one amount with no separate limits for injury or property damage.

Liability coverage protects against things such as repair costs for stationary objects, structural damage and court costs. How much coverage you buy is your choice, but consider buying higher limits if possible.

Comprehensive Coverage

This coverage pays for damage other than collision with another vehicle or object. A deductible will apply then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage covers claims such as a broken windshield, damage from getting keyed, hitting a bird, rock chips in glass and damage from flooding. The maximum payout you can receive from a comprehensive claim is the ACV or actual cash value, so if the vehicle is not worth much it’s probably time to drop comprehensive insurance.

Med Pay and Personal Injury Protection (PIP)

Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses like doctor visits, pain medications, chiropractic care, surgery and EMT expenses. They are often used in conjunction with a health insurance program or if you lack health insurance entirely. They cover not only the driver but also the vehicle occupants as well as any family member struck as a pedestrian. PIP is not universally available and gives slightly broader coverage than med pay

Collision Coverage Protection

This coverage pays for damage to your Accord resulting from colliding with another car or object. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage protects against things such as sideswiping another vehicle, driving through your garage door, colliding with another moving vehicle, backing into a parked car and hitting a parking meter. This coverage can be expensive, so consider dropping it from older vehicles. Drivers also have the option to raise the deductible to bring the cost down.

Why You Should Compare Rates

Budget-conscious 2003 Honda Accord insurance can be found online, as well as with many insurance agents. So you should be comparing quotes from both so you have clear picture on what your rates will be for your specific make and model. Some companies do not provide online quoting, and usually these smaller companies provide coverage only through local independent agents.

As you go through the steps to switch your coverage or just compare what’s on the market, do not skimp on critical coverages to save a buck or two. There are a lot of situations where an accident victim reduced uninsured motorist or liability limits, only to find out that saving that couple of dollars actually ended up costing them tens of thousands. Your aim should be to purchase plenty of coverage at the best price while not skimping on critical coverages.

Hopefully now understanding the price of a 2003 Honda Accord insurance policy won’t leave you with much of a headache. The key concept to understand is the more providers you compare, the better chance you’ll have of finding lower rates. Consumers may even find the lowest priced insurance comes from a small mutual company. Regional companies may only write in your state and offer lower rates than their larger competitors like State Farm or Progressive.

Want to compare auto insurance companies to find the best rates? Just enter your ZIP code into our free comparison tool to get started.

For more information, feel free to visit the following helpful articles:

Frequently Asked Questions

What factors impact auto insurance prices?

Several factors can influence the price of auto insurance, including the value of your vehicle, your age, and your location. It’s important to understand these elements as they can affect the cost of your insurance policy.

Are there discounts available to reduce the price of a 2003 Honda Accord insurance policy?

Yes, there are discounts available that can help lower the cost of insuring a 2003 Honda Accord. Some discounts may be applied automatically at the time of the quote, while others may need to be manually applied. Taking advantage of these discounts can help reduce your premiums.

Why do car insurance providers claim to save money when you switch policies?

Car insurance companies often advertise savings when you switch policies because they use profiling and specific parameters to determine rates. They offer lower rates to drivers who fit their ideal profile, such as those between the ages of 40 and 55 with a clean driving record and a newer vehicle. By getting quotes from multiple companies, you increase your chances of finding the best savings for your specific situation.

What questions should I ask when buying an auto insurance policy?

When purchasing auto insurance, it’s important to ask questions that can help you understand your coverage needs. Some questions to consider include:

  • Do I need specific advice based on my situation?
  • What coverages do I need for my 2003 Honda Accord?
  • What are the limits and deductibles I should choose?
  • Should I consider additional coverages like uninsured/underinsured motorist (UM/UIM) coverage or comprehensive coverage? If you’re unsure about these questions, it can be helpful to speak with a licensed insurance agent for guidance.

What are the typical coverages found in most auto insurance policies?

Most auto insurance policies include the following coverages:

  • Liability insurance: Protects you against damages or injuries you cause to others.
  • Uninsured/Underinsured Motorist (UM/UIM) coverage: Protects you if you’re involved in an accident with a driver who doesn’t have enough insurance coverage.
  • Comprehensive coverage: Covers damage to your vehicle from incidents other than collisions.
  • Medical payments and Personal Injury Protection (PIP): Cover medical expenses for you and your passengers in case of an accident.
  • Collision coverage: Covers damage to your vehicle from collisions with other vehicles or objects.

Why is it important to compare rates when looking for auto insurance?

Comparing rates from different auto insurance companies allows you to get a clear picture of the prices for your specific vehicle make and model. Some companies may not provide online quoting, so it’s beneficial to compare quotes from both online sources and local independent agents. It’s important to remember that while price is a factor, you shouldn’t skimp on critical coverages to save a few dollars.

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