Save Money on Honda Odyssey Insurance in Madison

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Insurance quote for Honda Odyssey in MadisonNobody that owns a car rejoices having to buy car insurance, particularly when they are paying too much.

It's easy to assume that car insurance companies don't want you quoting rates from other companies. Drivers who shop around annually are inclined to buy a different policy because there are good odds of finding a cheaper policy. A recent survey revealed that consumers who compared rates once a year saved approximately $865 annually as compared to drivers who didn't regularly shop around.

If saving money on auto insurance in Madison is your target objective, then having some knowledge of the best ways to shop for cheaper coverage can make it simple to find affordable coverage.

Since vehicle owners have many options when it comes to car insurance, it can be challenging to pick the lowest cost insurance company.

The purpose of this article is to instruct you on the best way to quote coverages and some money-saving tips. If you already have coverage, you stand a good chance to be able to lower your rates using the techniques covered below. But Wisconsin consumers must understand how insurance companies market insurance on the web and use it to your advantage.

Honda Odyssey Insurance Rates Can Be More Affordable

Smart consumers have a good feel for the different types of things that aid in calculating the price you pay for insurance. When consumers understand what controls the rates you pay, this allows you to make good choices that may result in lower insurance prices. Multiple criteria are used in the calculation when you get your auto insurance bill. A few of the factors are predictable such as traffic violations, but others are more transparent such as your credit history or your commute time.

Shown below are some of the most rate-impacting factors that factor into your rate level.

  • Where you call home plays a part - Choosing to live in less populated areas can be a good thing if you are looking for the lowest rates. Fewer drivers and short commutes means reduced accidents and also fewer theft and vandalism claims. City drivers regularly have more road rage incidents and longer commutes to work. More time commuting means more chance of being in an accident.
  • Gender and auto insurance costs - Over the last 50 years, statistics have shown that females take fewer risks when driving. Now that doesn't mean men are WORSE drivers than women. Both genders tend to get into at-fault accidents in similar numbers, but the male of the species tend to have more serious accidents. Not only that, but men also receive more costly citations like driving under the influence (DUI). Young males are most likely to cause an accident and thus pay the highest rates.

    The diagram below shows the comparison of Honda Odyssey auto insurance rates for male and female drivers. The premiums assume no tickets, no at-fault accidents, full coverage, $500 deductibles, drivers are single, and no additional discounts are factored in.

  • Lower rates with a multi-policy discount - Most insurers apply lower prices to insureds who consolidate policies with them in the form of a multi-policy discount. Discounts can amount to 10 percent or more. If you currently are using one company, it's in your best interest to compare Honda Odyssey rates in Madison to make sure you are getting the best deal.
  • Certain employers raise rates - Did you know that where you work can have an impact on rates? Careers like military personnel, airline pilots, and dentists tend to pay higher premiums than the average policyholder in part from intense work requirements and lots of time spent away from family. On the other hand, professions such as actors, athletes and retirees pay lower than average rates.
  • Drivers with good credit save - Credit history is a large factor in determining what you pay for insurance. People with excellent credit scores tend to be less risk to insure than those with poor credit scores. So if your credit score leaves room for improvement, you may save money insuring your Honda Odyssey by taking the time to improve your credit score.
  • No policy lapses lowers premiums - Not maintaining insurance is a misdemeanor and you may have a hard time finding new coverage because you let your insurance lapse for non-payment. And not only will your rates increase, the inability to provide proof of insurance will get you fines and jail time.
  • Insurance loss data for a Honda Odyssey - Insurers include the past claim trends for vehicles as a tool for profitable underwriting. Models that the data shows to have a trend towards higher claims will be charged more to insure.

    The next table shows the actual insurance loss data for Honda Odyssey vehicles. For each coverage category, the claim probability for all vehicles averaged together is considered to be 100. Values below 100 suggest a better than average loss history, while percentage values above 100 show a trend for more claims or a tendency for claims to be larger.

    Car Insurance Loss Data for Honda Odyssey Models
    Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Honda Odyssey 78 83 75 82 78 71

    Data Source: (Insurance Institute for Highway Safety) for 2013-2015 Model Years

Premium rates and analysis

The premium table below showcases different coverage prices for Honda Odyssey models. Knowing how insurance quotes are figured can be useful when making decisions on which coverage to buy.

Honda Odyssey Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Odyssey LX $134 $254 $260 $16 $78 $742 $62
Odyssey EX $134 $308 $260 $16 $78 $796 $66
Odyssey EX W/Rear Entertainment $134 $308 $260 $16 $78 $796 $66
Odyssey EX-L $152 $364 $260 $16 $78 $870 $73
Odyssey EX-L W/Rear Entertainment $152 $364 $260 $16 $78 $870 $73
Odyssey EX-L W/Navigation $152 $364 $260 $16 $78 $870 $73
Odyssey Touring $172 $364 $260 $16 $78 $890 $74
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, homeowner, and safe-driver. Premium amounts do not factor in zip code location which can raise or lower insurance rates greatly.

Can higher deductibles save money?

When comparing auto insurance rates, the most common question is at what level do you set your deductibles. The comparison tables below highlight how much more rates are between high and low policy deductibles. The first set of rates uses a $250 deductible for physical damage and the second set of rates uses a $500 deductible.

Honda Odyssey insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Odyssey LX $154 $246 $230 $14 $68 $737 $61
Odyssey EX $154 $300 $230 $14 $68 $791 $66
Odyssey EX W/Rear Entertainment $154 $300 $230 $14 $68 $791 $66
Odyssey EX-L $178 $352 $230 $14 $68 $867 $72
Odyssey EX-L W/Rear Entertainment $178 $352 $230 $14 $68 $867 $72
Odyssey EX-L W/Navigation $178 $352 $230 $14 $68 $867 $72
Odyssey Touring $200 $352 $230 $14 $68 $889 $74
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Honda Odyssey insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Odyssey LX $126 $198 $230 $14 $68 $636 $53
Odyssey EX $126 $242 $230 $14 $68 $680 $57
Odyssey EX W/Rear Entertainment $126 $242 $230 $14 $68 $680 $57
Odyssey EX-L $144 $284 $230 $14 $68 $740 $62
Odyssey EX-L W/Rear Entertainment $144 $284 $230 $14 $68 $740 $62
Odyssey EX-L W/Navigation $144 $284 $230 $14 $68 $740 $62
Odyssey Touring $164 $284 $230 $14 $68 $760 $63
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Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include claim-free, safe-driver, multi-policy, homeowner, and multi-vehicle. Rates do not factor in specific Madison garaging location which can decrease or increase rates greatly.

Using the data above, we can ascertain that using a $250 deductible costs an average of $10 more each month or $120 every year across all Honda Odyssey models than buying the higher $500 deductible. Since you would pay $250 more to settle a claim with a $500 deductible as compared to a $250 deductible, if you normally average at a minimum 25 months between claims, you would probably be better off if you choose the higher deductible.

The illustration below shows how choosing a deductible and can increase or decrease Honda Odyssey yearly insurance costs for each different age group. The rate quotes are based on a married male driver, comp and collision included, and no discounts are applied to the premium.

Should you buy full coverage?

The illustration below compares Honda Odyssey annual premium costs with full physical damage coverage and with liability coverage only. The data assumes no violations or claims, $250 deductibles, single marital status, and no discounts are applied to the premium.

When to switch to liability coverage only

There isn't a steadfast formula that works best for making the decision to drop physical damage coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is about 10% or more of the replacement cost minus the deductible, then you might consider buying liability only.

For example, let's say your Honda Odyssey settlement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company will settle for is $3,000 after you pay the deductible. If you are paying more than $300 annually for full coverage, then you might want to consider buying only liability coverage.

There are some conditions where eliminating full coverage is not recommended. If you still have a loan on your vehicle, you must maintain physical damage coverage to satisfy the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should maintain full coverage.

These discounts can slash Honda Odyssey insurance rates

Companies offering auto insurance don't necessarily list the complete list of policy discounts in an easy-to-find place, so below is a list some of the best known and also the lesser-known savings tricks you should be using when you buy Madison auto insurance online.Cheaper auto insurance with discounts

  • 55 and Retired - Drivers over the age of 55 may receive reduced rates.
  • Renewal Discounts - A few larger companies give discounts for switching policies prior to your current Odyssey insurance policy expiring. The savings is around 10%.
  • Waiver for an Accident - This one is not really a discount per se, but some insurance companies permit an accident before they charge you more for coverage with the catch being you have to be claim-free prior to being involved in the accident.
  • Accident Free - Insureds who avoid accidents and claims pay much less as opposed to accident-prone drivers.
  • Anti-theft Discount - Vehicles equipped with anti-theft or alarm systems can help prevent theft and qualify for as much as a 10% discount.
  • Policy Bundle Discount - If you have multiple policies with one company you will save at least 10% off all policies.
  • Service Members Pay Less - Being deployed in the military may lower your premium rates slightly.
  • Paperwork-free - A handful of insurance companies give back up to $50 simply for signing on the internet.

As a footnote on discounts, most discount credits are not given to the overall cost of the policy. Some only apply to the cost of specific coverages such as comprehensive or collision. So when the math indicates you would end up receiving a 100% discount, you won't be that lucky.

The example below shows the comparison of Honda Odyssey annual premium costs with and without discounts applied to the policy premium. Data assumes a female driver, no claims or driving citations, Wisconsin state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with safe-driver, marriage, claim-free, homeowner, multi-car, and multi-policy discounts applied.

A few of the larger companies and some of their more popular discounts include:

  • The Hartford has discounts for good student, defensive driver, bundle, driver training, air bag, anti-theft, and vehicle fuel type.
  • American Family discounts include early bird, mySafetyValet, Steer into Savings, multi-vehicle, accident-free, bundled insurance, and defensive driver.
  • Progressive offers discounts including good student, continuous coverage, multi-policy, multi-vehicle, online quote discount, homeowner, and online signing.
  • Travelers may include discounts for payment discounts, IntelliDrive, early quote, continuous insurance, multi-policy, and student away at school.
  • Farmers Insurance may have discounts that include alternative fuel, youthful driver, mature driver, homeowner, and electronic funds transfer.
  • USAA may offer discounts for multi-vehicle, safe driver, annual mileage, military installation, and multi-policy.
  • Liberty Mutual offers premium reductions for teen driver discount, preferred payment discount, multi-policy, new graduate, exclusive group savings, hybrid vehicle, and new move discount.

If you are trying to find affordable Honda Odyssey insurance quotes, ask every company to give you their best rates. Some of the discounts discussed earlier might not be offered on policies in Madison.

Which auto insurance company is best in Wisconsin?

Insuring your vehicle with a good quality insurance provider is hard considering how many companies there are to choose from in Wisconsin. The ranking information shown next can help you select which companies you want to consider to insure your vehicles.

Top 10 Madison Car Insurance Companies Ranked by Claims Service

  1. Progressive
  2. Travelers
  3. Liberty Mutual
  4. Nationwide
  5. USAA
  6. AAA Insurance
  7. Safeco Insurance
  8. GEICO
  9. Esurance
  10. The General

Don't give up on cheaper coverage

As you restructure your insurance plan, it's a bad idea to skimp on coverage in order to save money. There have been many cases where drivers have reduced comprehensive coverage or liability limits only to regret they didn't have enough coverage. Your goal should be to purchase plenty of coverage at the best possible price but still have enough coverage for asset protection.

You just learned some good ideas how you can find cheap Honda Odyssey insurance in Madison. It's most important to understand that the more rate quotes you have, the better your chances of lowering your rates. You may even discover the most savings is with some of the smallest insurance companies. They can often provide lower rates in certain areas than their larger competitors like Progressive and GEICO.

Steps to quoting cheaper Honda Odyssey insurance in Madison

The preferred way to find discount Honda Odyssey insurance in Madison is to start doing a yearly price comparison from insurers who provide auto insurance in Wisconsin. You can compare rates by following these steps.

  • First, take a little time to learn about how companies price auto insurance and the things you can change to prevent expensive coverage. Many policy risk factors that drive up the price like accidents, careless driving, and a negative credit score can be remedied by being financially responsible and driving safely.
  • Second, get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only give prices from a single company like Progressive or Farmers Insurance, while independent agencies can provide price quotes for a wide range of insurance providers.
  • Third, compare the new rates to your existing rates and see if you can save money. If you can save some money and switch companies, ensure coverage does not lapse between policies.

The most important part of this process is that you use identical coverages on each quote and and to get price quotes from every insurance company. Doing this helps ensure a fair price comparison and the best price selection.

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