Auto Insurance Quotes for a Honda Element in Louisville

It’s astonishing, but nearly 70% of consumers renewed their policy with the same company for a minimum of four years, and about 40% of consumers have never compared car insurance rates at all. Drivers in Kentucky could save approximately 30% a year just by getting comparison quotes, but most tend to underestimate the rate savings if they bought a different policy.

The recommended way to get budget Honda Element insurance is to regularly compare prices from different companies who sell auto insurance in Louisville. This can be done by completing these steps.

• First, get an understanding of what coverages are included in your policy and the changes you can make to lower rates. Many things that drive up the price such as traffic citations and poor credit history can be controlled by being financially responsible and driving safely.
• Second, request price quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can give quotes from a single company like GEICO or Farmers Insurance, while independent agents can provide prices from multiple sources.
• Third, compare the price quotes to your existing policy to see if a cheaper rate is available. If you find better rates, make sure there is no lapse in coverage.
• Fourth, tell your current company of your intent to cancel your existing policy and submit the application along with any required down payment to your new insurance company. Once the application is submitted, put the new certificate verifying coverage in an accessible location in your vehicle.

The most important part of this process is that you’ll want to make sure you compare the same level of coverage on every quote and and to get price quotes from all possible companies. Doing this helps ensure a fair price comparison and the best price selection.

Get cheaper Honda Element insurance rates in Louisville

Some insurance providers don’t always list every possible discount in a way that’s easy to find, so the following is a list of a few of the more common and the more hidden discounts that may be available.

• Discount for Multiple Policies – If you have multiple policies with one insurance company you could get a discount of over 10 percent off each policy depending on the company.
• Discounts for Federal Employees – Being employed by or retired from a federal job can save as much as 8% with select insurance companies.
• Own a Home and Save – Owning a home in Louisville may trigger a policy discount on car insurance since home ownership means you have a higher level of financial diligence.
• ABS Braking Discount – Cars, trucks, and SUVs equipped with ABS or steering control prevent accidents and earn discounts up to 10%.
• E-sign Discounts – A few larger online companies will give a small break for buying a policy and signing up digitally online.
• Save over 55 – If you qualify as a senior citizen, you may receive a discount up to 10%.
• Theft Deterrent System – Vehicles that have factory anti-theft systems can help prevent theft so companies will give you a small discount.
• Driver’s Education for Students – Reduce the cost of insurance for teen drivers by having them take driver’s ed class as it will make them better drivers and lower rates.
• Passive Restraints and Air Bags – Cars that have air bags can receive discounts of 20% or more.

One last thing about discounts, most credits do not apply to the entire policy premium. Most only cut the price of certain insurance coverages like liability and collision coverage. Even though the math looks like all the discounts add up to a free policy, companies don’t profit that way.

The illustration below illustrates the difference between Honda Element auto insurance costs with and without discounts being applied to the rates. The price estimates are based on a female driver, no driving violations, no at-fault accidents, Kentucky state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with marriage, multi-policy, multi-car, safe-driver, claim-free, and homeowner discounts applied.

To find insurers that can offer you the previously mentioned discounts in Kentucky, follow this link.

Honda Element insurance quotes comparison

All the larger car insurance companies like GEICO, State Farm and Progressive make it easy to get coverage prices online. Obtaining pricing for Honda Element insurance in Louisville is quite simple as you simply type in the coverage amounts you desire into a form. When complete, the quote system sends out for information on your driving record and credit history and generates a price based on these and other factors. This makes it a lot easier to compare rates and it’s absolutely necessary to do this if you want to find the cheapest car insurance rates.

To find out how much you can save on car insurance, compare rates from the companies below. If you have coverage now, it’s recommended you replicate the limits and deductibles exactly as shown on your declarations page. Using the same limits helps guarantee you will have comparison quotes for similar insurance coverage.

The following companies provide price comparisons in Kentucky. If multiple companies are listed, we suggest you visit several of them in order to get a fair rate comparison.

Rates and statistics

The premium table below showcases a range of insurance policy prices for Honda Element models. Having a better understanding of how auto insurance policy rates are calculated is important for making decisions when shopping your coverage around.

Table data represents single male driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Kentucky minimum liability limits. Discounts applied include claim-free, multi-policy, safe-driver, multi-vehicle, and homeowner. Rate information does not factor in vehicle garaging location which can influence premium rates significantly.

Higher deductibles lower rates

One of the most common auto insurance questions is how high should the deductibles for physical damage be. The comparisons below may help to illustrate the costs and benefits between low and high comp and collision deductibles. The first data table uses a $250 deductible for comprehensive and collision coverage and the second set of rates uses a $1,000 deductible.

Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and Kentucky minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, multi-vehicle, and homeowner. Premium amounts do not factor in vehicle garaging location which can modify rates significantly.

Based on the above data, using a $250 deductible costs approximately $24 more each month or $288 each year than buying the higher $1,000 deductible. Since the policyholder would be required to pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you tend to have more than 31 months between claims, you would most likely save money by going with a higher deductible.

The information below illustrates how your choice of deductibles and can impact Honda Element annual premium costs for different categories of driver ages. The rate quotes are based on a single male driver, comp and collision included, and no policy discounts are applied.

Do you need full coverage?

The chart below shows the comparison of Honda Element insurance prices when comparing full coverage to liability only. The costs are based on no accidents, no driving violations, $1,000 deductibles, drivers are not married, and no additional discounts are factored in.

Are you wasting money on full coverage?

There is no set rule that is best for determining when to drop physical damage coverage, but there is a general school of thought. If the annual cost of your full coverage insurance is more than 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.

For example, let’s pretend your Honda Element book value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $8,000 after the deductible is paid. If it’s costing in excess of $800 annually for your policy with full coverage, then you might want to consider buying only liability coverage.

There are some cases where only buying liability is not a good plan. If you still have a loan on your vehicle, you must maintain physical damage coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not eliminate full coverage.

Insurance Price Influencing Factors

Many factors are considered when you quote your car insurance policy. Some factors are common sense such as your driving history, but others are more transparent like your vehicle usage or how safe your car is. Part of the car insurance buying process is learning some of the elements that come into play when calculating the price you pay for car insurance. When you understand what influences your rates, this helps enable you to make changes that can earn you better car insurance rates.

The items below are most of the major factors companies use to determine rates.

More policies can equal more savings – Most larger car insurance companies provide better rates to clients that have more than one policy in the form of a multi-policy discount. Discounts can be ten percent or more. If you currently are using one company, consumers should still compare other company rates to ensure the best deal.There is a good possibility that you can find lower rates by insuring with multiple companies.

High performance vehicles cost more to insure – The make and model of the vehicle you drive makes a substantial difference in your auto insurance rates. The most favorable rates will normally be found when insuring small economy passenger vehicles, but many other things help determine your insurance rates.

The chart below uses these assumptions: single female driver age 50, full coverage with $1000 deductibles, and no discounts or violations. It shows Honda Element policy rates compared to other models of vehicles that have a range of risk factors.

Your address can modify rates – Choosing to live in smaller towns and rural areas of the country can save you money if you are looking for the lowest rates. Fewer drivers and short commutes means less chance of accidents and also fewer theft and vandalism claims. Drivers who live in large Kentucky cities have more traffic problems and longer commute times. More time behind the wheel means higher likelihood of an accident.

Premiums are high for teenagers – Young drivers in Kentucky are statistically proven to get distracted easily when driving with friends therefore car insurance rates are much higher. More mature drivers are shown to be more cautious, tend to file fewer claims, and tend to be get fewer driving tickets.

The following chart uses these variables: single driver, full coverage with $250 deductibles, and no discounts or violations.

Buy a safe car and pay less – Cars with high safety ratings are cheaper to insure. These vehicles protect occupants better and fewer injuries translates into fewer and smaller insurance claims and thus lower rates. If your Honda Element scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it may be receiving lower rates.

Compare prices but still have a neighborhood Louisville auto insurance agent

A small number of people would prefer to visit with an insurance agent and often times that is recommended Professional insurance agents can help you build your policy and help in the event of a claim. An additional benefit of comparing car insurance online is that drivers can save money and get the lowest rates but still work with a licensed agent.

After filling out this simple form, the coverage information is emailed to companies in Louisville who will give you quotes for your insurance coverage. It simplifies rate comparisons since you won’t have to search for any insurance agencies because prices are sent directly to your email. If you have a need to compare prices from a specific insurance company, just search and find their rate quote page and submit a quote form there.

Choosing an company needs to be determined by more than just a cheap price. Here are some questions you should ask.

• Are claim adjusters local or do you have to take your car somewhere else?
• When do they do policy reviews?
• How many years of experience in personal auto insurance do they have?
• If your car is in the repair shop, do you have coverage for a rental car?
• Do they assist clients in filing claims?

Louisville car insurance agents are either independent or exclusive

If you prefer to buy car insurance from an insurance agent, it’s helpful to know the different types of agents that you can choose from. Agencies in Louisville can be classified as either independent or exclusive depending on the company they work for. Either can handle car insurance, but it is a good idea to know why they differ because it can influence the selection process.

Exclusive Insurance Agencies

These agents can only write with one company such as State Farm or Allstate. They are unable to shop your coverage around so they are skilled at selling on more than just price. They are very knowledgeable on their products and sales techniques which helps them sell on service rather than price.

Below are exclusive insurance agencies in Louisville that can give you rate quotes.

More insurance agents

Independent Agents

Agents in the independent channel are not locked into one company and that allows them to write policies with an assortment of companies and potentially find a lower price. If they find a cheaper price, the business is moved internally and you stay with the same agent.

If you are comparing rate quotes, you need to check rates from at a minimum one independent agency to get the best comparison.

Below are independent agents in Louisville willing to provide rate quotes.

More insurance agents

Once you have satisfactory answers to all your questions as well as a affordable price, you’ve probably found an insurance agency that can be trusted to properly service your car insurance policy. Just keep in mind you have the power to cancel your coverage any time you want so don’t assume that you are obligated to a specific company indefinitely.

Auto insurance does more than just repair your car

Despite the high cost, buying auto insurance may be required for several reasons.

First, almost all states have compulsory liability insurance requirements which means state laws require a specific level of liability protection in order to be legal. In Kentucky these limits are 25/50/10 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.

Second, if you have a lien on your Element, most lenders will make it mandatory that you have physical damage coverage to ensure the loan is repaid in case of a total loss. If the policy lapses, the lender will be forced to insure your Honda at a much higher rate and force you to pay the higher price.

Third, auto insurance protects not only your car but also your assets. It will also cover medical expenses for yourself as well as anyone injured by you. Liability insurance also pays for attorney fees and expenses if someone files suit against you as the result of an accident. If you receive damage to your vehicle caused by a storm or accident, comprehensive and collision coverage will pay to have it repaired.

The benefits of carrying enough insurance outweigh the cost, specifically if you ever have a liability claim. According to a 2015 survey, the average American driver overpays more than $820 a year so shop around at every policy renewal to make sure the price is not too high.

Kentucky auto insurance company ratings

Picking a high-quality insurer can be a challenge considering how many choices there are in Kentucky. The company ratings listed below could help you analyze which companies to look at comparing rates from.

Top 10 Louisville Car Insurance Companies Overall

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

Keep this in mind when shopping around

As you quote Louisville car insurance, never buy poor coverage just to save money. There are many occasions where someone dropped liability coverage limits and discovered at claim time that it was a big error on their part. Your strategy should be to buy enough coverage at an affordable rate while not skimping on critical coverages.

Cheaper Honda Element insurance in Louisville is attainable on the web and from local agencies, and you should compare price quotes from both in order to have the best chance of saving money. Some companies may not offer online price quotes and usually these smaller companies only sell through local independent agents.

Additional detailed information is available by following these links:

• Should I Buy a New or Used Car? (Allstate)
• Who Has the Cheapest Louisville Car Insurance Quotes for Good Drivers? (FAQ)
• Who Has Cheap Auto Insurance for Postal Workers in Louisville? (FAQ)
• Who Has the Cheapest Louisville Auto Insurance for Handicapped Drivers? (FAQ)
• Who Has the Cheapest Louisville Auto Insurance Rates with Multiple Speeding Tickets? (FAQ)
• Who Has Affordable Auto Insurance Quotes for Drivers Requiring a SR22 in Louisville? (FAQ)
• Uninsured Motorists: Threats on the Road (Insurance Information Institute)
• Choosing a Car for Your Teen (State Farm)