If you’re looking to buy insurance for your Honda Accord, it’s important to compare multiple insurance providers and find an insurance policy that offers an affordable rate and coverage that meets your specific needs.
This may include searching for a policy that covers you when driving another vehicle, or when traveling outside of the country.
Regardless of your specific coverage needs, the price of your insurance is determined by several factors including your age, gender, driving record, and place of residence.
Additionally, the make, model, and year of your vehicle have a big influence on the price you pay for insurance.
How Much Does Honda Accord Insurance Cost?
When shopping for Honda Accord insurance, you may notice that rates vary between insurance companies.
While some quotes may seem extremely low, others are incredibly high.
Sometimes, this occurs because companies are using outdated information to calculate your quote, and other times, it’s simply due to the different elements that each company may consider when determining your rate.
In order to understand whether or not you’re getting a fair price, it’s important to understand how insurance companies calculate the risk associated with your specific vehicle.
You can find a breakdown of these items below.
Honda Accord Safety Rating and Damage Thresholds
The safety ratings and damage threshold of your car play a major role in determining the price you pay for your policy. Lower safety ratings mean higher risks to insurance companies, and therefore, higher insurance rates for you.
The Honda Accord is well-known for receiving high safety ratings from the National Highway Traffic Safety Administration(NHSTA). The Accord has consistently received high ratings in all safety categories year after year.
The 2018 Honda Accord was also named a Top Safety Pick by the Insurance Institute for Highway Safety (IIHS).
The high safety ratings received by this car mean that it poses a lower risk to insurance companies, and therefore, is more likely to be subject to a lower insurance rate. Here’s a breakdown of how the NHSTA has rated the Honda Accord in recent years.
|2020||5 / 5||5 / 5||5 / 5||5 / 5|
|2019||5 / 5||4 / 5||5 / 5||5 / 5|
|2018||5 / 5||4 / 5||5 / 5||5 / 5|
If the vehicle you’re driving comes fully equipped with the latest safety features, it’s likely that you qualify for a discounted rate from your insurance provider.
Even if you purchase an older vehicle it pays to provide a complete listing of safety features when gathering a quote.
The latest Honda Accord models come with the following safety features:
- Collision Mitigation Braking System™
- Adaptive Cruise Control
- Road Departure Mitigation
- Lane Departure Warning
- Forward Collision Warning
Comprehensive & Collision Coverage
The overall cash value of your car is another major factor that’s looked at by insurance providers when determining your rates.
A higher value equates to a higher risk to your provider, and of course, that means a higher price for your insurance policy.
The value of your vehicle depends on its make, model, year, and condition.
Kelley Blue Book (KBB) keeps an updated database of these values for most vehicles based on ZIP code.
The following examples are based on vehicles that are in good condition and located in ZIP code 90055 in Los Angeles, California.
The Fair Purchase Price is based on KBB values, while the Out-the-door Target Price is the price including extra taxes and fees that would need to be paid in order to complete the purchase of a Honda Accord.
As you can see prices vary considerably, even for the same vehicle model, which can cause premiums to differ between Honda Accord owners.
|Model||Fair Purchase Price||OTD Target Price|
Claims Frequency and Potential to Cause Damage
The price of Honda Accord insurance depends as well on how frequently claims are filed by Honda drivers.
The vehicle’s potential to cause damage in the event of an accident is another important calculation that insurance companies use when compiling information to determine your quote.
Most providers rely on data collected by the IIHS which rates vehicles in multiple insurance loss categories.
The Honda Accord received mostly “Average” ratings, except for Personal Injury Loss which was rated “Substantially Below Average.”
Insurance companies also look at vehicle theft rates. The National Insurance Crime Bureau (NICB) collects theft data and publishes its Hot Wheels Report each year which details theft rates for specific vehicle makes and models.
The Honda Accord regularly appears near the top of this list and, in the 2016 Hot Wheels Report, the Honda Accord took the number one spot for the most frequently stolen vehicle.
It’s likely that this statistic could cause higher insurance premiums for Honda Accord owners.
What are the Best Companies for Insurance?
When you’re shopping for insurance, it’s important to do your research and obtain quotes from at least three different insurance providers.
Make sure you’re getting enough coverage for the quoted price and that the insurance company you’re considering is adequately licensed and in good enough financial standing to reliably fund your claim if an accident occurs.
Here are some of the best questions to ask before committing to a policy:
- Do you offer a good driver discount?
- Am I the only driver covered by my policy or can other family members drive my vehicle?
- Will I be covered in the event that I drive another vehicle?
- Does my coverage continue if I drive outside of the country?
Interesting Facts About the Honda Accord
Honda has been manufacturing the Accord, a high-performance car that’s available in either two- or four-door versions, since 1976.
The Accord has always been known as a budget-friendly vehicle that’s reliable and safe.
Honda is a Japanese automaker that produces a variety of models that include cars, minivans, SUVs, and motorcycles worldwide.
Now that you have a good idea of how insurance companies calculate risk and determine rates, you should feel comfortable choosing a provider that offers the best policy for your needs.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.