Compare Honda Insight Insurance Rate Quotes in Madison

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Discount Honda Insight insuranceIt's an obvious statement that insurance companies want to keep you from shopping around. Consumers who shop around for cheaper prices are inclined to move their business because the odds are good of finding discount prices. A study discovered that consumers who compared prices once a year saved as much as $865 a year compared to people who never shopped for cheaper rates.

If finding budget-friendly rates on Honda Insight insurance in Madison is your target objective, then understanding how to quote prices and compare cheaper coverage can help you succeed in saving money.

If your goal is the lowest price, then the best way to find cheaper quotes for Honda Insight insurance in Madison is to do a yearly price comparison from different companies who sell auto insurance in Wisconsin.

  • Step 1: Gain an understanding of how insurance companies determine prices and the things you can change to drop your rates. Many policy risk factors that increase rates such as accidents, traffic violations, and a negative credit rating can be controlled by making minor changes to your lifestyle.
  • Step 2: Get rate quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only provide price estimates from one company like GEICO or State Farm, while independent agencies can provide prices for a wide range of insurance providers.
  • Step 3: Compare the new quotes to your existing policy to see if cheaper Insight coverage is available. If you find a lower rate quote and buy the policy, ensure coverage does not lapse between policies.

A good piece of advice is to use identical deductibles and limits on every price quote and and to get price estimates from all possible companies. Doing this helps ensure a level playing field and a complete selection of prices.

Choosing the most cost-effective insurance policy in Madison is really quite easy. If you have insurance now, you will most likely be able to save money using the following tips. Smart shoppers just need to know the quickest method to compare rates over the internet.

The providers in the list below provide free rate quotes in Madison, WI. If multiple companies are listed, we suggest you visit as many as you can in order to get a fair rate comparison.

These discounts can lower your car insurance rates

Insurance can be prohibitively expensive, but there may be some discounts to cut the cost considerably. Some discounts apply automatically when you quote, but a few must be requested specifically in order for you to get them.Save money with discounts

  • Home Ownership Discount - Just being a homeowner can get you a discount since home ownership requires a higher level of personal finance.
  • Braking Control Discount - Cars, trucks, and SUVs equipped with ABS or steering control can reduce accidents so you can save 10 percent or more.
  • E-sign Discounts - A handful of car insurance companies may give you up to $50 for completing your application online.
  • Life Insurance - Not every insurance company offers life insurance, but if they do you may earn better rates if you take out life insurance from them.
  • Smart Student Discounts - This discount can earn a discount of 20% or more. This discount can apply well after school through age 25.
  • Pay Upfront and Save - By paying your policy upfront rather than paying monthly you may have a lower total premium amount.
  • No Claim Discounts - Insureds with no claims or accidents can save substantially as compared to bad drivers.
  • Discount for Low Mileage - Low mileage vehicles may enable drivers to earn better rates on cars that stay parked.

As is typical with insurance, some of the credits will not apply to your bottom line cost. Most only reduce specific coverage prices like comp or med pay. Just because you may think all the discounts add up to a free policy, it doesn't quite work that way.

The example below illustrates the difference between Honda Insight insurance rates with and without discounts applied to the policy rates. The rates are based on a female driver, no tickets, no at-fault accidents, Wisconsin state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multi-policy, homeowner, safe-driver, multi-car, and marriage discounts applied.

A few of the larger companies and their offered discounts can be read below.

  • GEICO offers discounts for military active duty, five-year accident-free, anti-theft, emergency military deployment, and defensive driver.
  • MetLife includes discounts for accident-free, defensive driver, good driver, multi-policy, good student, and claim-free.
  • State Farm offers discounts including good student, Drive Safe & Save, defensive driving training, safe vehicle, accident-free, and Steer Clear safe driver discount.
  • Progressive may include discounts for online quote discount, multi-policy, good student, online signing, and homeowner.
  • Mercury Insurance may have discounts that include type of vehicle, annual mileage, age of vehicle, multi-policy, good driver, and anti-theft.
  • 21st Century has savings for driver training, student driver, homeowners, defensive driver, early bird, anti-lock brakes, and good student.
  • Allstate may offer discounts for defensive driver, anti-lock brakes, farm vehicle, new car, and premier discount.

When comparing rates, check with every company how you can save money. Some of the earlier mentioned discounts may not apply in every state. To find car insurance companies offering car insurance discounts in Madison, click this link.

Rate information and statistics

The rate information shown next covers estimates of insurance policy prices for Honda Insight models. Having a good understanding how insurance policy rates are determined is important to be able to make decisions when shopping your coverage around.

Honda Insight Insurance Rates in Madison, WI
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Insight LX $108 $248 $260 $16 $78 $710 $59
Insight EX $124 $294 $260 $16 $78 $772 $64
Get Your Own Custom Quote Go

Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Wisconsin minimum liability limits. Discounts applied include safe-driver, multi-policy, homeowner, multi-vehicle, and claim-free. Rates do not factor in your specific Madison location which can increase or decrease premium rates greatly.

Comparison of policy deductibles

One common question asked by Madison drivers is how high should the physical damage coverage deductibles be. The rates shown below summarize the differences in price when you select higher and lower insurance deductibles. The first rate estimation uses a $250 deductible for comp and collision and the second rate chart uses a $500 deductible.

Honda Insight insurance with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Insight LX $154 $300 $230 $14 $68 $791 $66
Insight EX $178 $352 $230 $14 $68 $867 $72
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Honda Insight insurance with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Insight LX $126 $242 $230 $14 $68 $680 $57
Insight EX $144 $284 $230 $14 $68 $740 $62
Get Your Own Custom Quote Go

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and Wisconsin minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Prices do not factor in your specific Madison location which can revise coverage prices considerably.

We can estimate from the data above that using a $250 deductible costs an average of $9 more each month or $108 each year than opting for the higher $500 deductible. Since the policyholder would be required to pay $250 more if you file a claim with a $500 deductible as compared to a $250 deductible, if you normally average at least 28 months between claims, you would come out ahead if you decide on a higher deductible. The table below illustrates the way this decision is made.

Average monthly premium for $250 deductibles: $69
Average monthly premium for $500 deductibles (subtract): - $60
Monthly savings from raising deductible: $9
Difference between deductibles ($500 - $250): $250
Divide difference by monthly savings: $250 / $9
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 28 months

Rate increases following a ticket or accident

The example below illustrates how violations and at-fault collisions increase Honda Insight annual premium costs for different categories of driver ages. The premium estimates are based on a married female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are applied to the premium.

Does full coverage make sense?

The diagram below illustrates the comparison of Honda Insight insurance costs with liability coverage only compared to full coverage. The premiums are based on no claims or driving citations, $500 deductibles, single status, and no discounts are applied to the premium.

When to drop comprehensive and collision

There is no definitive formula that is best for determining when to drop full coverage on your policy, but there is a general convention. If the annual cost of your full coverage insurance is more than 10% of replacement cost minus your deductible, then it may be the right time to buy liability only.

For example, let's assume your Honda Insight replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $8,000 after the deductible is paid. If premiums are more than $800 annually to have full coverage, then it may be the right time to buy liability only.

There are some cases where only buying liability is not a good plan. If you still have a lienholder on your title, you have to keep full coverage as part of the loan requirements. Also, if you can't afford to buy a different vehicle in the even your car is totaled, you should keep full coverage in place.

How You Can Control Honda Insight Insurance Premiums

Multiple criteria are used in the calculation when pricing auto insurance. Some factors are common sense such as your driving history, but other factors are less obvious like your continuous coverage or your vehicle rating. The best way to find cheaper auto insurance is to take a look at some of the things that help determine auto insurance rates. When consumers understand what influences your rates, this allows you to make educated decisions that may result in big savings.

Listed below are a few of the things used by companies to determine premiums.

  • Rates can change based on your address - Choosing to live in less populated areas can be a good thing when talking about auto insurance. People in densely populated areas have traffic congestion and a longer drive to work. Fewer people means reduced accidents and a lower car theft rate.
  • Reduce prices by driving safer cars - Cars with high safety ratings are cheaper to insure. Vehicles built for safety reduce the chance of injuries and lower rates of occupant injuries translates into savings for insurance companies which can result in lower premiums. If your Honda has ratings of a minimum four stars on it may cost less to insure.
  • Men tend to take more risk - Over the last 50 years, statistics have shown females are less aggressive when driving. Now that doesn't mean women are better drivers. Women and men get in auto accidents in similar numbers, but the males get into accidents with more damage. Not only that, but men also receive more major tickets such as DWI and reckless driving.

    The example below illustrates the difference between Honda Insight insurance prices for male and female drivers. The costs are based on no accidents, no driving violations, comprehensive and collision coverage, $100 deductibles, marital status is single, and no discounts are taken into consideration.

  • Lower stress equals lower rates - Careers like fire fighters, social workers, and accountants generally have higher premiums than the average policyholder attributed to intense work situations and extremely grueling work hours. On the other hand, careers like farmers, engineers and retirees have the lowest average rates.
  • Lower rates with a multi-policy discount - Most major insurers will give lower prices for people that buy multiple policies. It's known as a multi-policy discount. The discount can be five, ten or even twenty percent. If you currently are using one company, you still need to get quotes from other companies to confirm you are receiving the best rates possible.