Honda Honda CR-V Insurance Rates
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UPDATED: Nov 30, 2021
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Shoppers have a choice when shopping for the best price on Honda CR-V insurance. They can either spend hours contacting agents to get rate comparisons or use the internet to get rate quotes.
There is a right way and a wrong way to compare auto insurance rates and we’ll show you the quickest way to compare rates for a Honda and find the lowest price.
If you have a current auto insurance policy or need a new policy, you can follow these tips to reduce the price you pay and possibly find even better coverage. This article will let you in on the best way to quote coverages and some tips to save money. Drivers only need to know the tricks to find the lowest price on the web.
Do you qualify for discounts?
Car insurance can cost a lot, but there could be available discounts to cut the cost considerably. Certain discounts will be triggered automatically at the time of quoting, but some must be requested specifically before they will apply. If you’re not getting every credit available, you are throwing money away.
- Drivers Ed for Students – Have your child complete a driver education course in high school.
- Passive Restraints – Factory air bags or motorized seat belts may earn rate discounts of 20% or more.
- Save over 55 – Older drivers can possibly qualify for better insurance rates for CR-V coverage.
- Multi-car Discount – Buying insurance for more than one vehicle on one policy may reduce the rate for each vehicle.
- Drive Less and Save – Driving fewer miles could be rewarded with lower rates on the low mileage vehicles.
- Lower Rates for Military – Having a deployed family member could be rewarded with lower premiums.
- Anti-theft System – Vehicles equipped with anti-theft or alarm systems prevent vehicle theft and earn discounts up to 10%.
It’s important to note that many deductions do not apply to all coverage premiums. Most only apply to the price of certain insurance coverages like liability, collision or medical payments. So even though they make it sound like having all the discounts means you get insurance for free, you’re out of luck. But any discount will reduce your premiums.
To see a list of insurers who offer insurance discounts, click here to view.
Where Can I Get Cheap Insurance Coverage?
There are a lot of ways to shop for insurance coverage, but one way is less time-consuming than others. You can waste a lot of time driving to agents in your area, or you can utilize online quoting to get rates in a matter of minutes.
The majority of car insurance companies participate in an industry program that enables customers to enter their policy data once, and each participating company can give them a price based on the submitted data. This prevents consumers from doing quote forms to each company.
To find out how much you’re overpaying now click here to open in new window.
The only drawback to pricing coverage this way is you are unable to specify the providers to get pricing from. So if you want to select specific insurance companies for rate comparison, we put together a list of companies who write insurance coverage in your area. View list of insurance companies.
Whichever method you choose, compare the exact same quote information for every quote you compare. If you use higher or lower deductibles it will be next to impossible to determine the lowest rate for your Honda CR-V.
Why your Honda CR-V insurance rates may be high
Smart consumers have a good feel for the different types of things that play a part in calculating insurance coverage rates. Having a good understanding of what controls the rates you pay allows you to make educated decisions that may reward you with better insurance coverage rates.
Shown below are some of the factors companies use to determine rates.
- Bump up deductibles to save – Physical damage coverage, otherwise known as comp (or other than collision) and collision, protects your Honda from damage. Examples of covered claims are running into the backend of another car, damage from fire, and rolling your vehicle. Deductibles for physical damage are the amount of money you are required to spend in the event of a claim. The higher the amount you’re willing to pay, the less your insurance coverage will be for CR-V coverage.
- Lower miles equals lower premium – The more miles you rack up on your Honda in a year’s time the more you will pay for insurance coverage. Most companies charge to insure your cars determined by how the vehicle is used. Cars left parked in the garage can get a lower rate as compared to vehicles used primarily for driving to work. Having the wrong rating on your CR-V can cost quite a bit. Make sure your insurance coverage policy is showing how each vehicle is driven, because it can save money.
- Add-on coverages can add up – There are a ton of extra coverages that you can buy when buying insurance coverage. Insurance for rental car reimbursement, towing coverage and term life insurance are examples of these. These may sound like a good investment at first, but if they’re wasting money eliminate the coverages to reduce your premium.
- High numbers of claims are not good – If you frequently file small claims, you can definitely plan on either a policy non-renewal or much higher rates. Companies provide cheaper rates to people who do not file claims often. Auto insurance is intended for major claims that would cause financial hardship.
- Liability insurance protects assets – The liability section of your policy will protect you when you are found to be at fault for damages from an accident. It will provide you with a defense in court which can be incredibly expensive. Liability insurance is quite affordable compared to insuring for physical damage coverage, so buy as much as you can afford.
- Your credit rating is important – A driver’s credit score is a important factor in your rate calculation. Consumers who have high credit ratings tend to be less risk to insure than drivers who have lower ratings. If your credit score is low, you could be paying less to insure your 2003 Honda CR-V by improving your rating.
- Discounts for multiple policies – Many insurers will award you with lower prices to insureds who buy several policies from them. It’s known as a multi-policy discount. This can amount to five, ten or even twenty percent. If you currently are using one company, you still need to comparison shop to make sure you are getting the best deal. You may still find better rates by buying insurance coverage from a different company.
Don’t assume everyone needs the same coverage
When buying proper insurance coverage for your vehicles, there isn’t really a “perfect” insurance plan. Every insured’s situation is different.
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These are some specific questions can aid in determining if your situation could use an agent’s help.
- What if I don’t agree with a claim settlement offer?
- Why do I need rental car insurance?
- Should I buy more coverage than the required minimum liability coverage?
- How much can I save by bundling my policies?
- Am I covered if I drive in a foreign country?
- Are my friends covered when driving my car?
- Am I getting all the discounts available?
- Am I insured when driving a different vehicle?
- How much liability insurance is required?
- Does coverage extend to my business vehicle?
If you can’t answer these questions but one or more may apply to you, you might consider talking to an insurance agent. If you don’t have a local agent, fill out this quick form. It’s fast, free and may give you better protection.
Insurance coverage ads bend the truth
Consumers constantly see and hear ads for the lowest price auto insurance from companies such as 21st Century, Allstate and State Farm. They all make an identical promise of big savings if you move your policy.
How can each company claim to save you money?
Different companies can use profiling for the type of customer that earns them a profit. An example of a driver they prefer might be between the ages of 40 and 55, has no prior claims, and has a short commute. A driver that hits that “sweet spot” gets the lowest rates and most likely will save when switching.
Drivers who don’t measure up to the requirements will have to pay a higher premium and ends up with business not being written. The ads state “drivers who switch” not “everyone that quotes” save money. That’s the way companies can state the savings.
Because of the profiling, you should get as many comparisons as possible. You cannot predict which company will provide you with the cheapest Honda CR-V insurance rates.
The coverage is in the details
Knowing the specifics of your policy aids in choosing the best coverages for your vehicles. Policy terminology can be ambiguous and nobody wants to actually read their policy.
Comprehensive insurance pays to fix your vehicle from damage that is not covered by collision coverage. You need to pay your deductible first then the remaining damage will be covered by your comprehensive coverage.
Comprehensive can pay for things like damage from a tornado or hurricane, a broken windshield, vandalism, theft and falling objects. The most you’ll receive from a claim is the market value of your vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.
Coverage for medical expenses
Medical payments and Personal Injury Protection insurance provide coverage for immediate expenses for things like chiropractic care, doctor visits and dental work. They are utilized in addition to your health insurance program or if you are not covered by health insurance. Medical payments and PIP 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 but it provides additional coverages not offered by medical payments coverage
Collision coverage will pay to fix damage to your CR-V resulting from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.
Collision insurance covers claims like backing into a parked car, rolling your car and hitting a mailbox. Paying for collision coverage can be pricey, so consider removing coverage from vehicles that are older. You can also choose a higher deductible to save money on collision insurance.
Coverage for uninsured or underinsured drivers
Uninsured or Underinsured Motorist coverage gives you protection when the “other guys” either have no liability insurance or not enough. It can pay for medical payments for you and your occupants and also any damage incurred to your Honda CR-V.
Because many people only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage should not be overlooked. Usually these coverages do not exceed the liability coverage limits.
Liability auto insurance
This coverage will cover damages or injuries you inflict on people or other property that is your fault. This coverage protects you against claims from other people, and does not provide coverage for damage to your own property or vehicle.
Coverage consists of three different limits, bodily injury per person, bodily injury per accident and property damage. You might see values of 50/100/50 that means you have a $50,000 limit per person for injuries, a total of $100,000 of bodily injury coverage per accident, and $50,000 of coverage for damaged property. Occasionally you may see one number which is a combined single limit 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, attorney fees, medical services and court costs. How much liability should you purchase? That is a decision to put some thought into, but buy higher limits if possible.
A penny earned…
As you prepare to switch companies, you should never sacrifice coverage to reduce premiums. In too many instances, someone sacrificed physical damage coverage only to regret that they should have had better coverage. Your goal should be to purchase a proper amount of coverage at an affordable rate, not the least amount of coverage.
Drivers who switch companies do it for many reasons like an unsatisfactory settlement offer, lack of trust in their agent, policy cancellation or high prices. It doesn’t matter why you want to switch finding a new auto insurance company is actually quite simple.
In this article, we covered a lot of techniques to lower your 2003 Honda CR-V insurance rates. The most important thing to understand is the more providers you compare, the better your comparison will be. You may even find the lowest premiums are with some of the lesser-known companies.
More information can be found at these links:
- Information for Teen Drivers (GEICO)
- Older Driver Statistics (Insurance Information Insitute)
- What are my Rights when Filing a Claim? (Insurance Information Insitute)
- Credit and Insurance Scores (Insurance Information Insitute)
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