Cheapest Insurance for a Honda Accord in Virginia

We always joke that when we write about auto insurance, the words “affordable” or “cheap” should never be used anywhere in the article as a descriptor for car insurance rates. Sad but true, cheap car insurance for a Honda Accord is just plain contradictory. Don’t let that bother you, though, because we are going to show you how you can still get coverage that is cheaper than what you have now.

Your chances of buying affordable auto insurance for a Honda Accord in Virginia is contingent on many rating criteria such as age of the vehicle, where you live, and your policy deductibles. Drivers pay on average $690 each year to buy insurance for a Honda Accord, but that price is that uses a 30-year-old single male driver that has full coverage and $1,000 policy deductibles.

There is a high probability that you are not 30 and possibly not even male, you might be married instead of single, or maybe you prefer to not insure for full coverage. Auto insurance requires individual risk assessment, so your best chance at finding cheap car insurance rates for your Honda is to compare as many rates as possible. Quotes are free and you can get rates from the cheapest companies around.

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The specific model of Accord impacts price, so the price you will be charged to insure a Accord LX 4-Dr Sedan model will be $238 lower than the price to insure the higher-priced Accord EX-L 2-Dr Coupe version, as shown in the table below.

Data variables include single male driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Virginia minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, claim-free, and safe-driver. Information does not factor in vehicle garaging location which can modify premiums greatly.

Determining which insurers offer the best insurance rates for a Honda Accord will require a tad more effort than just quoting one company’s rates.

Each insurance company uses their own method to set policy rates, so we’ll go over the most budget-friendly insurance companies in Virginia. We do need to point out that Virginia insurance rates are impacted by many factors that control the cost of your policy. Getting older, having a teen driver, or having an accident can trigger changes in premium resulting in some rates now being cheaper than competitors.

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Travelers may have some of the best car insurance rates in Virginia at around $673 annually. USAA, Penn National, Cincinnati Insurance, and Auto-Owners are also some of the most economical Virginia car insurance companies.

As depicted above, if you are insured with Penn National and switched to Travelers, you might achieve an annual savings of about $45. Virginia drivers with Cincinnati Insurance may save as much as $82 a year, and Auto-Owners customers might realize rate reductions of up to $92 a year.

To get a fast rate comparison, click here or visit any of the companies below.

It’s important to note that these estimates are averages for all types of drivers and the different vehicles they drive and and are not figured with a specific rate factor for a Honda Accord. So the company that can offer you the lowest price may not even be in the chart above. That helps illustrate why you need to get quotes using your own driver data and vehicle information.

Full coverage versus liability only rates

Finding the cheapest insurance for a Honda Accord in Virginia is the goal of the majority of vehicle owners, and one great way to save on the cost of insurance is to not insure for full coverage. The diagram below shows the comparison of premium costs when comparing full coverage to liability only. The rates are based on no claims or driving violations, $100 deductibles, marital status is single, and no additional discounts are factored in.

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If we average all the age groups together, full coverage costs $1,981 per year more than just insuring for liability. That raises the question if buying full coverage is a good investment. There is no written rule for excluding physical damage coverage on your policy, but there is a guideline you can consider. If the yearly cost of full coverage is more than 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.

For example, let’s say your vehicle’s settlement value is $11,500 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most your company would pay you is $10,500 after you pay the deductible. If it’s costing you more than $1,050 annually for physical damage coverage, then it may be the right time to buy liability only.

There are some circumstances where removing full coverage is not a good idea. If you have an outstanding loan on your vehicle, you are required to maintain full coverage to protect the lienholder’s interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not buy liability only.

Compare rates to save

Virginia insurance rates are influenced by many factors that can increase the cost of a policy. Simply improving your credit, moving to a different location, or getting a few speeding tickets can trigger price changes that can now make some companies cheaper than competitors.

Also, companies file new Virginia car insurance rates as needed to adjust for unexpected claims or profits. Higher than normal claim frequency or severity may cause price increases, while lower claim expenses can result in lower-cost Accord insurance rates.

To help illustrate this point, the bar chart below shows the companies that have the cheapest car insurance in Virginia for a 35-year-old female driver with no prior accidents, a clean driving record, and a decent credit rating. If we estimate prices based on her current risk profile, Travelers quotes the most affordable car insurance rates in Virginia at $679 a year. This is $479 less than the average policy premium paid by Virginia drivers of $1,158. USAA, Penn National, Utica National, and Cincinnati Insurance are the remainder of the top five cheapest Virginia auto insurance companies.

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Now let’s give the driver from above an accident surcharge, slightly worse credit, and an imperfect driving record. Because each insurer uses their own calculation to set their prices, comparing rates will most likely result in a significantly different list of affordable Virginia car insurance companies as shown below.

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Erie now has the cheapest rate in Virginia with Virginia Farm Bureau, The Hartford, Donegal Mutual, and USAA now rounding out the top five. This example shows why it is critical to do a thorough rate comparison when trying to get cheap auto insurance quotes for a Honda Accord. Insurance prices can be determined by many things and can increase or decrease at any time, so the cheapest option six months ago may now cost much more than other companies.

How to get the cheapest insurance for a Honda Accord in Virginia

Here are many penny-pinching solutions that can help drivers locate low-cost auto insurance.

• Raise your physical damage coverage deductibles
• Safe vehicles cost less to insure
• Prevent price hikes by avoiding at-fault accidents
• Violations and traffic tickets increase rates
• Improve your credit score
• Drop full coverage on older vehicles
• Shop your coverage around for the best deal

The last tip in the list is particularly vital, as we stressed in this piece. Auto insurance prices adjust frequently, so don’t be tentative to buy from a different company if a more affordable price is available. Brand loyalty is not necessarily bad, but it’s not a great idea if that stubbornness costs you lots of money. In just a couple of minutes you could compare prices and find cheaper car insurance for a Honda Accord.

Cheap Honda Accord insurance quotes

You have many ways to compare insurance quotes in Virginia, but the most prevalent ways are through a captive (or exclusive) agency like Allstate or Liberty Mutual, an independent insurance agent, or direct either online or via phone. They all have the same end result, but each is slightly different in how they work.

Independent insurance agencies write for multiple companies and can compare coverage rates with all of them. Independent agents are not required to write business for one company and can get prices from more than one company, which can help you get a better comparison. If a cheaper price is found, your agent can switch companies and that require little work on your part.

A captive or exclusive agent is limited to one insurance company, two popular examples being Allstate or State Farm agents. Exclusive agents normally do not have the ability to compare rates from other companies, so if their prices are high, they cannot shop around.

Buying insurance direct means you do not use local agents and buy from a direct company like Progressive or Geico. Buying insurance direct may be a decent choice drivers who have fewer assets and know how insurance works and possible exclusions.

What is the best method for finding the cheapest insurance for a Honda Accord in Virginia? Most people assume that shopping direct yields the cheapest rates because there is no agent involved, but that is not always the case. A valid argument could also be made that buying insurance from an independent agent results in the best rates because they can shop around, but that assumption is not true either. In a lot of cases, exclusive agencies may have prices that independents and direct companies can’t touch.

Because of the variability of insurance rates, the best way to find out which one is cheapest is to compare, compare, and compare some more. It’s recommended that drivers get quotes from all three types in order to be able to find the lowest price. We compiled a list of companies with some of the cheapest online rates that you can click here to view.