Cheap Insurance for a Honda Accord in Minnesota

Your ability to find the cheapest coverage for a Honda Accord in Minnesota is dependent upon a large number of rating criteria like if you are single or married, if you have ever let your coverage lapse, and if you have a clean driving record. Minnesota drivers pay on average $960 annually to buy insurance for a Honda Accord, but that price is a ballpark figure based on rate data for a 30-year-old single male that included both comprehensive and collision coverage and $500 deductibles.

More than likely, you may not be 30 years old (or even male), married instead of single, or maybe you prefer liability limits higher than required by Minnesota state law. Auto insurance is not “one size fits all”, so the most reliable method for finding cheap insurance prices for your Honda is to start the habit of comparing rates at least once a year.

Compare Honda Accord Insurance Rates

The trim level of your Accord impacts the insurance rate, so the price you pay to insure a Accord LX 4-Dr Sedan will be $334 lower than the price to insure the higher-priced Accord EX-L 2-Dr Coupe model, as demonstrated by the prices below.

Prices based on single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Minnesota minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Price estimates do not factor in specific Minnesota garaging location which can lower or raise coverage rates considerably.

Ratings for Minnesota insurance companies

Ending up with the best insurance provider can be a challenge considering how many different companies insure vehicles in Minnesota. The company rank data in the next section could help you decide which car insurance companies to look at when comparing rates. The rankings below are for the largest auto insurers in America, so companies without a large exposure will not be included in these rankings.

Liability-only versus full coverage

Finding cheap insurance for a Honda Accord in Minnesota is the goal of the majority of drivers, and one way to reduce the cost of insurance is to only buy liability insurance. The example below visualizes the comparison of insurance premiums with full coverage and liability only. The premiums assume a clean driving record, no claims, $500 deductibles, single marital status, and no discounts are applied.

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On average, full coverage costs $2,027 per year more than insuring for liability only. That raises the question if buying full coverage is worth the money. There is no definitive guideline to stop paying for comp and collision coverage, but there is a general guideline you can use. If the yearly cost of full coverage is 10% or more of the settlement you would receive from your company, then it could be time to drop full coverage.

The chart below highlights how deductible choice can change insurance costs when quoting cheap insurance for a Honda Accord. The prices are based on a married female driver, full coverage, and no discounts are applied to the premium.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 2231,2031,1803,1587],[‘Age 30’, 1573,1429,1261,1099],[‘Age 40’, 1551,1411,1249,1095],[‘Age 50’, 1359,1237,1101,967],[‘Age 60’, 1293,1179,1043,917],[‘Age 70’, 1385,1261,1123,991]]);var options = {title: ‘Comparison of Deductible Levels and Honda Accord Insurance Rates in Minnesota’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Insurance Cost for a Honda Accord’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

In the chart above, a 40-year-old driver could save $258 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $392 by using a $1,000 deductible. Youthful drivers, like the 20-year-old example, could reduce their rates $644 or even more just by choosing higher deductibles. When increasing deductibles, it will be necessary to have emergency funds available to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.

State Farm, Progressive, Allstate, and Geico: Who is cheapest?

When comparing rates for auto insurance, the most popular companies are State Farm, Progressive, Allstate, and Geico. Between them, they insure nearly half of all car insurance policies in America. They all have the same basic coverages, but each one has unique options and discounts that shoppers can select from. The following table shows price, claims, and customer service ratings, as well as some optional coverages that may be available in your state.

Who has the cheapest Honda Accord insurance quotes?

There are a variety of different ways to compare insurance prices in Minnesota, but the most prevalent are through an independent or non-exclusive agent, a captive (or exclusive) agent such as Liberty Mutual or State Farm, or from a direct company like Geico. All three ways can provide insurance quotes, but they differ slightly in how they price policies.

Independent insurance agencies are appointed by several companies and can get policy pricing from all of them. These types of agencies are able to give you more rate choices, which may give you a better comparison. If a cheaper rate is found, the agent simply finds a different carrier and you don’t have to switch agencies.

Exclusive agencies are limited to just one company, a couple examples are State Farm and Auto-Owners agents. Exclusive agents cannot provide rates from more than one company, so if rates are high, they cannot give you alternative choices.

The third popular method of shopping for insurance is direct, which means you forego an exlusive or independent agent and instead shop from a direct company like Geico. Shopping for insurance direct is a good choice for consumers who do not need high levels of coverage and understand how their policy works.

Which way works best to buy cheap insurance for a Honda Accord in Minnesota? The quick answer would be buying from a direct car insurance company results in the best prices since there is no need to pay agent commissions, but that generally is not the case. A good argument could also be made that an independent agency is the best way to save since they can provide multiple quotes, but that assumption is not true either. And often times, the exclusive agents may have very competitive prices that other insurance companies cannot touch.

Because of the variability of insurance rates, the best method to ensure the lowest rates is to get as many comparison quotes as possible. Put in the effort to get prices from all three types to have the best rate selection. A great place to start is our list of online companies offering discounts: click here to view.