Honda Accords are one of the best selling cars in the nation, going head to head with other car titan brands like Toyota and Nissan.
If you’re looking for Honda Accord car insurance, it’s important to compare both multiple insurance providers and their car insurance quotes. It doesn’t have to be difficult finding an insurance policy that offers an affordable rate and coverage that meets your specific needs.
Because Honda Accords are so popular, they usually pull in rates right at or slightly above the national average for car insurance premiums. This may include searching for insurance coverage that covers you when driving another vehicle or when traveling outside of the country.
Regardless of your specific coverage needs, the price of your car insurance rate is determined by several factors including your age, gender, driving record, theft probability, 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 auto insurance quotes, you may notice that rates vary between car insurance companies.
While some quotes may seem extremely low, others may come in unusually 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Sometimes, this occurs because companies are using outdated information to calculate your quote, and other times, it’s simply due to the different elements that each company may consider when determining the cost of insurance.
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 your car insurance costs. Lower safety ratings mean higher risks to insurance companies, and therefore, higher auto 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 2020 Honda Accord was also named a Top Safety Pick by the Insurance Institute for Highway Safety (IIHS). The IIHS uses the following scale to grade your car: G (Good), A (Acceptable), M (Marginal), and P (Poor).
In 2020, The Honda Accord received a G in all crash tests, greatly limiting the likelihood of bodily injury in the event of an accident. The only ding the Accord received was due to its headlights. It received both an “A” and an “M” due to its low beam visuals and non-curve adapting headlights.
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 lower insurance prices. 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 safe driver discount rate from your insurance provider.
Your driving history can play a large role in lowering higher rates. Companies like Allstate offer accident forgiveness and safe driving discounts. Geico, another larger provider, offers the DriveEasy app. Essentially it links your car to the app, clocking in how often you speed, use your phone while driving, and hard brake, the reports back to Geico to determine if you qualify for the discount.
State Farm offers a Drive and Safe and Sound program that uses an app to communicate your driving skills, giving a 5% discount for practicing safe driving techniques. They also offer defensive driving, good student discounts, students away from school, and accident forgiveness discounts.
Even if you purchase an older vehicle it pays to provide a complete listing of standard safety features like airbags and seat belts, when gathering a quote.
If you’re looking for a new car, 2020 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.
If you choose liability coverage only, you’ll be covered by collision insurance. This means you will be covered if your car collides with another car or object and is typically the cheapest type of car insurance coverage.
Full coverage or comprehensive coverage protects you from collisions and any other type of property damage due to hail, fire, or acts of vandalism. Because it encompasses so much, this particular type of insurance coverage tends to have higher costs than liability coverage.
The value of your vehicle depends on its make, model, year, and condition.
The MSRP, or sticker price of your car, as well as the year and any type upgraded trim packages you choose, will impact your auto insurance rates. The Honda offers six different trim levels, from standard to macked out interior and wheels, each driving up the price and most likely, your car insurance. Here are the different levels they offer: LX, the Hybrid, the Sport, the EX (a coupe), the EX-L, and the Touring.
The model of your car also impacts. Honda offers many different models, the Honda Civic, Honda Pilot, Honda Accord, and Honda Odyssey to name a few. Each one will come with a different set of starting quotes, differing on the size and style of the car.
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. In 2020, the Honda Accord became the second most likely to be stolen, pushed out of the number one spot by the Honda Civic.
The Achilles Heel of the Accord is the ignition. The older the car becomes, the more worn the keyspace becomes, allowing for nearly anything other than the key to fit into the ignition and start the car. 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. Most companies will ask for basic information. Be sure to leave out any personal information like your SSN or banking info until you’re speaking with a licensed agent filling out your policy.
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.