How Much Does Insurance Cost for Drivers with Good Credit in Hawaii?

You have most likely watched the captivating commercials from auto insurance companies like State Farm and GEICO promising big savings. So you just need to pick the one with the catchiest commercial, right?

It’s just not that easy, however, as there are many unknown elements such as if you have ever had a gap in coverage, deductible levels for physical damage coverage, and whether you are male or female. We will touch on the best ways to save money and hopefully give you enough understanding to have a solid foundation to find cheaper car insurance.

When shopping for the cheapest insurance for financially responsible drivers, one of the many things that influence the amount you pay for auto insurance is where you keep your vehicle. More populated areas like Hilo, Ewa Gentry, and Mililani Mauka are more likely to have higher rates, whereas areas that tend to be more rural tend to receive slightly lower rates.

The table below rates the most expensive cities in Hawaii for drivers with good credit to purchase car insurance in.

Rate information is approximated as the specific garaging location can influence premiums substantially.

Determining which company offers the cheapest insurance rates for drivers with good credit takes a little more sweat in order to find the lowest price quote. Every car insurance company uses different criteria for determining prices, so let’s look at the rankings for the most affordable insurance companies in Hawaii.

It’s important to understand that Hawaii insurance rates are impacted by many factors that control the price you have to pay for coverage. Getting older, increasing deductibles, or getting a reckless driving citation can trigger rate changes resulting in some companies being more affordable than others.

Find Cheaper Auto Insurance for High Credit

Compare Rates and Save

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USAA may offer some of the cheapest car insurance rates in Hawaii at around $926 a year. State Farm, GEICO, Liberty Mutual, and Progressive also are some of the lowest-priced Hawaii car insurance companies.

As shown in the rates above, if you are a customer of Liberty Mutual and switched to State Farm, you could earn annual savings of in the neighborhood of $340. Insureds with Progressive may save as much as $467 a year, and First of Hawaii policyholders might cut rates by $838 a year.

Bear in mind that those estimates are averaged for all drivers and vehicles in Hawaii and and are not calculated with a rate decrease for drivers with good credit. So the company that has the lowest price for you may not even be featured in the above list. That points out the importance of why you need to get rate quotes from many companies using your own personalized driver profile and vehicle information.

Get discounts on Hawaii auto insurance rates

Car insurance companies that offer cheap insurance for drivers with good credit in Hawaii may provide policy discounts that could lower prices by 30% or more if you are eligible for them. Companies and their offered discounts are included below.

• American Family offers premium reductions for accident-free, bundled insurance, good student, TimeAway discount, and early bird.
• State Farm has savings for defensive driving training, good student, Drive Safe & Save, driver’s education, multiple policy, and multiple autos.
• 21st Century offers discounts including early bird, air bags, teen driver, theft prevention, and student driver.
• Travelers includes discounts for continuous insurance, payment discounts, student away at school, multi-car, save driver, and home ownership.
• GEICO offers discounts for multi-policy, defensive driver, driver training, daytime running lights, seat belt use, air bags, and good student.

The example below compares annual premium costs with and without discounts applied to the policy premium. The price estimates are based on a male driver, no accidents, no driving violations, Hawaii state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with passive restraint, safe-driver, marriage, defensive driving course, multiple vehicle, and multiple policy discounts applied. When drivers qualify for the discounts, the average savings per year on insurance for drivers with good credit is 28% or $524.

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Cost of full coverage in Hawaii

Finding cheap insurance for drivers with good credit in Hawaii should be important to most people, and one common way to reduce the cost of insurance is to not buy comprehensive and collision coverage. The information below visualizes the comparison of car insurance rates when comparing full coverage to liability only. Data assumes no violations or claims, $500 deductibles, marital status is single, and no discounts are applied to the premium.

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If the expense is averaged for all age categories, full coverage on your policy costs $1,697 per year more than insuring for liability only. Lot’s of drivers question if you should buy full coverage. There isn’t a written rule of when to stop paying for physical damage coverage, but there is a guideline you can use. If the yearly cost of full coverage is about 10% or more of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.

For example, let’s assume your vehicle’s replacement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, you would only receive $7,000 after the deductible is paid. If it’s costing you more than $700 a year for comprehensive and collision coverage, then it might be time to buy liability only.

There are a few cases where eliminating full coverage is not in your best interest. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not eliminate full coverage.

Is Geico, Progressive, Allstate, or State Farm cheaper?

If you want the best car insurance for financially responsible drivers in Hawaii, the companies that insure more vehicles than anyone else are Geico, Progressive, Allstate, and State Farm. Combined they make up about half of all policies written. They all have slightly different coverages and options that drivers can select from. The data below illustrates some of the ratings and options that may be available in your state.