Cheap Insurance for a Honda Insight in Laredo

Insurance for Honda InsightIt takes a few minutes, but the best way to get low-cost Honda Insight insurance in Laredo is to make a habit of comparing prices annually from companies in Texas.

  1. Get an understanding of how insurance companies determine prices and the things you can control to drop your rates. Many factors that cause rate increases like accidents, traffic tickets, and a bad credit rating can be rectified by being financially responsible and driving safely. Later in this article we will cover more ideas to lower rates and find discounts that you may qualify for.
  2. Compare price quotes from independent agents, exclusive agents, and direct companies. Direct and exclusive agents can only provide price estimates from one company like GEICO or State Farm, while independent agencies can provide price quotes from many different companies.
  3. Compare the new rates to your current policy premium to see if switching to a new carrier will save money. If you find a better price and buy the policy, make sure coverage is continuous and does not lapse.
  4. Give notification to your agent or company of your intent to cancel your current coverage and submit the application along with any required down payment to your new agent or company. As soon as you receive it, place your new certificate verifying coverage along with the vehicle’s registration papers.

One tip to remember is to try to use the same level of coverage on each price quote and and to look at as many auto insurance providers as possible. This guarantees an accurate price comparison and maximum price selection.

Smart shoppers know that insurance companies want to prevent you from shopping around. Consumers who get comparison quotes once a year will presumably switch to a new company because they stand a good chance of finding lower rate quotes. A study showed that consumers who compared rates once a year saved over $850 each year compared to policyholders who don’t make a habit of comparing rates.

If finding the cheapest price for car insurance is your goal, knowing how to shop and compare cheaper coverage can save time and money.

If you have a current insurance policy or just want a better rate, use these tips to find the best rates and still have adequate protection. Finding the most affordable coverage in Laredo is not as difficult as people think. Drivers just have to learn how to quote multiple rates from many different companies.

The companies shown below are our best choices to provide comparison quotes in Laredo, TX. If multiple companies are listed, we suggest you visit two to three different companies in order to find the most competitive rates.

Why insurance is not optional

Despite the fact that insurance is not cheap in Laredo, maintaining insurance serves several important purposes.

The benefits of insuring your car definitely exceed the cost, especially for larger claims. According to a survey of 1,000 drivers, the average driver is wasting up to $825 a year so you should quote your policy with other companies each time the policy renews to make sure the price is not too high.

Statistics and details

The rate information displayed below highlights detailed analysis of coverage prices for Honda Insight models. Knowing how insurance premiums are figured is important to be able to make informed decisions when shopping around for a new policy.

Honda Insight Insurance Rates in Laredo, TX
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Insight LX $286 $592 $382 $22 $114 $1,396 $116
Insight EX $328 $698 $382 $22 $114 $1,544 $129
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Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, claim-free, homeowner, multi-vehicle, and safe-driver. Rates do not factor in your specific Laredo location which can lower or raise coverage rates noticeably.

An analysis of deductible level

One of the hardest decisions when shopping for auto insurance is how high should the physical damage coverage deductibles be. The following insurance rates can help illustrate the differences in price between low and high physical damage coverage deductibles. The first price estimate table uses a $250 deductible for comp and collision and the second set of prices uses a $1,000 deductible.

Honda Insight insurance policy rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Insight LX $256 $496 $382 $22 $114 $1,295 $108
Insight EX $294 $584 $382 $22 $114 $1,421 $118
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Honda Insight insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Insight LX $158 $312 $382 $22 $114 $988 $82
Insight EX $182 $368 $382 $22 $114 $1,068 $89
Get Your Own Custom Quote Go

Premium data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Texas minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, safe-driver, and multi-policy. Estimates do not factor in vehicle location which can alter premium rates considerably.

Using the premium rates above, we can conclude that using a $250 deductible costs an average of $27 more each month or $324 a year than selecting the higher $1,000 deductible. Due to the fact that you would have to pay $750 more if you turn in a claim with a $1,000 deductible as compared to a $250 deductible, if you tend to go at a minimum 28 months between claims, you would more than likely save some money if you decide on a higher deductible.

How to calculate if higher deductibles make sense

Average monthly premium for $250 deductibles: $113
Average monthly premium for $1,000 deductibles (subtract): – $86
Monthly savings from raising deductible: $27
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $27
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 28 months

One big caveat is that raising deductibles results in having to pay to pay more out-of-pocket at claim time. That will require enough extra money in the event you need to pay the deductible for vehicle repair.

The illustration below illustrates how choosing a deductible and can change Honda Insight premium costs for each different age group. The premium estimates are based on a married female driver, comprehensive and collision coverage, and no discounts are applied to the premium.

Cost difference between full coverage and liability

The information below illustrates the difference between Honda Insight auto insurance rates with and without full coverage. The rate quotes are based on no violations or claims, $250 deductibles, drivers are single, and no other discounts are factored in.

When to drop comprehensive and collision coverage

There is no definitive guideline for phasing out full coverage, but there is a general convention. If the annual cost of having full coverage is more than around 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.

For example, let’s say your Honda Insight settlement value is $7,000 and you have $1,000 policy deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $6,000 after paying your policy deductible. If it’s costing you more than $600 a year for physical damage coverage, then you might want to consider buying only liability coverage.

There are some scenarios where buying only liability insurance is not advised. If you still have a lienholder on your title, you have to keep full coverage to protect the lienholder’s interest in the vehicle. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should keep full coverage in place.

Affordable Laredo car insurance quotes with discounts

Insuring your fleet can be pricey, but discounts can save money and there are some available that you may not know about. Many of these discounts will be applied automatically at quote time, but a few need to be asked for before being credited.Save money with discounts

It’s important to understand that many deductions do not apply to the whole policy. Some only apply to the price of certain insurance coverages like medical payments or collision. Just because you may think all those discounts means the company will pay you, you’re out of luck.

The chart below visualizes the comparison of Honda Insight insurance rates with and without policy discounts. The data assumes a male driver, a clean driving record, no at-fault accidents, Texas state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-car, homeowner, multi-policy, claim-free, safe-driver, and marriage discounts applied.

A list of companies and some of their more popular discounts can be read below.

If you need lower rates, check with each insurance company which credits you are entitled to. Some of the earlier mentioned discounts may not apply in your state. To choose insurers with the best discounts in Texas, click this link.

Best car insurance company in Laredo

Choosing the top insurance company can be challenging considering how many companies sell coverage in Texas. The company ratings below could help you select which companies to look at comparing price quotes from.

Top 10 Laredo Car Insurance Companies Ranked by Claims Service

  1. Travelers
  2. Nationwide
  3. Allstate
  4. State Farm
  5. Liberty Mutual
  6. GEICO
  7. American Family
  8. Esurance
  9. Titan Insurance
  10. AAA Insurance

Top 10 Laredo Car Insurance Companies Ranked by Customer Service

  1. USAA
  2. Travelers
  3. Mercury Insurance
  4. AAA Insurance
  5. Nationwide
  6. Safeco Insurance
  7. Progressive
  8. State Farm
  9. The Hartford
  10. The General