Honda Accord Insurance Quotes in Memphis

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Really, the only way to find more affordable car insurance rates is to begin comparing prices regularly from insurers in Memphis. Rates can be compared by following these steps.

First, get a basic knowledge of how insurance works and the measures you can take to keep rates low. Many rating criteria that cause high rates such as traffic violations, accidents, and bad credit can be eliminated by making minor driving habit or lifestyle changes. Keep reading for additional ideas to help reduce prices and get additional discounts that may have been overlooked.

Second, get rate quotes from exclusive agents, independent agents, and direct providers. Direct companies and exclusive agencies can only provide price estimates from a single company like GEICO or State Farm, while agents who are independent can give you price quotes for many different companies. View companies

Third, compare the new rate quotes to the price on your current policy to see if a cheaper rate is available in Memphis. If you find a lower rate quote and switch companies, make sure coverage is continuous and does not lapse.

Fourth, notify your company or agent to cancel your current auto insurance policy and submit a down payment along with a signed application to your new carrier. As soon as you have the new policy, put the new certificate verifying proof of insurance in an easily accessible location.

A good piece of advice is to try to compare identical deductibles and limits on each quote and and to get rate quotes from as many auto insurance providers as possible. This enables the most accurate price comparison and maximum price selection.

Insurance for Honda AccordWe don't have to point out that fact that insurance companies don't want you to look for a cheaper policy. Consumers who shop around for cheaper rates will probably switch companies because there is a high probability of finding coverage at a cheaper rate. A study discovered that people who routinely shopped around saved $3,400 over four years compared to other drivers who never shopped around for lower prices.

If finding low prices for Honda Accord insurance in Memphis is why you're here, then having some insight into how to quote prices and compare insurance premiums can help simplify the task of finding more affordable coverage.

Most major insurance companies make it easy to get prices for coverage on the web. Getting quotes for Honda Accord insurance in Memphis is pretty painless as you simply type in the amount of coverage you want on the page. Once you submit the form, the quote system sends out for credit information and your driving record and returns a price quote based on many factors. Getting online rates for Honda Accord insurance in Memphis makes comparing rates easy, and it is imperative to have as many quotes as possible if you want to get the best rate.

To save time and find out how much you can save on auto insurance, compare rate quotes from the providers shown below. If you have your current policy handy, we recommend you complete the form with the coverages as shown on your current policy. This ensures you are getting rate quotes for similar coverage.

The companies shown below are ready to provide price quotes in Memphis, TN. If multiple companies are listed, we suggest you click on several of them to get the cheapest price.

Honda Accord insurance rate analysis

The rate table below outlines estimates of coverage prices for Honda Accord models. Having a better idea how car insurance prices are established is important for you to make smart choices when purchasing an auto insurance policy.

Honda Accord Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Accord LX 4-Dr Sedan $104 $200 $278 $16 $84 $682 $57
Accord LX 4-Dr Sedan $104 $200 $278 $16 $84 $682 $57
Accord EX 4-Dr Sedan $104 $200 $278 $16 $84 $682 $57
Accord LX-P 4-Dr Sedan $104 $200 $278 $16 $84 $682 $57
Accord LX-P 4-Dr Sedan $104 $200 $278 $16 $84 $682 $57
Accord EX-L 4-Dr Sedan $118 $244 $278 $16 $84 $740 $62
Accord EX 2-Dr Coupe $118 $288 $368 $22 $110 $906 $76
Accord LX-S 2-Dr Coupe $118 $288 $368 $22 $110 $906 $76
Accord EX-L 2-Dr Coupe $134 $288 $368 $22 $110 $922 $77
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Price information does not factor in specific location which can modify insurance rates considerably.

Policy deductibles

One frequently asked question is how high should the physical damage coverage deductibles be. The premium rates below may help to conceptualize the differences in price when you select higher and lower insurance deductibles. The first data table uses a $100 comprehensive and collision deductible and the second price grid uses a $1,000 deductible.

Honda Accord insurance premium rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Accord LX 4-Dr Sedan $216 $368 $246 $14 $74 $943 $79
Accord LX 4-Dr Sedan $216 $368 $246 $14 $74 $943 $79
Accord EX 4-Dr Sedan $216 $368 $246 $14 $74 $943 $79
Accord LX-P 4-Dr Sedan $216 $368 $246 $14 $74 $943 $79
Accord LX-P 4-Dr Sedan $216 $368 $246 $14 $74 $943 $79
Accord EX-L 4-Dr Sedan $248 $448 $246 $14 $74 $1,055 $88
Accord EX 2-Dr Coupe $248 $528 $326 $20 $98 $1,245 $104
Accord LX-S 2-Dr Coupe $248 $528 $326 $20 $98 $1,245 $104
Accord EX-L 2-Dr Coupe $280 $528 $326 $20 $98 $1,277 $106
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Honda Accord insurance premium rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Accord LX 4-Dr Sedan $120 $194 $246 $14 $74 $648 $54
Accord LX 4-Dr Sedan $120 $194 $246 $14 $74 $648 $54
Accord EX 4-Dr Sedan $120 $194 $246 $14 $74 $648 $54
Accord LX-P 4-Dr Sedan $120 $194 $246 $14 $74 $648 $54
Accord LX-P 4-Dr Sedan $120 $194 $246 $14 $74 $648 $54
Accord EX-L 4-Dr Sedan $138 $236 $246 $14 $74 $708 $59
Accord EX 2-Dr Coupe $138 $278 $326 $20 $98 $860 $72
Accord LX-S 2-Dr Coupe $138 $278 $326 $20 $98 $860 $72
Accord EX-L 2-Dr Coupe $156 $278 $326 $20 $98 $878 $73
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Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Prices do not factor in garaging location in Memphis which can lower or raise premium rates significantly.

Based on the figures above, using a $100 deductible costs roughly $28 more each month or $336 a year than requesting the higher $1,000 deductible. Because you would pay $900 more if you turn in a claim with a $1,000 deductible as compared to a $100 deductible, if you go more than 32 months between claim filings, you would save more money if you decide on a higher deductible. Here's how you can do this calculation yourself.

Average monthly premium for $100 deductibles: $89
Average monthly premium for $1,000 deductibles (subtract): - $61
Monthly savings from raising deductible: $28
Difference between deductibles ($1,000 - $100): $900
Divide difference by monthly savings: $900 / $28
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 32 months

One thing to be aware of is that raising deductibles to get cheaper rates results in a higher out-of-pocket expense when you have to file a claim. You should have enough extra savings in the event you need to pay the higher deductible.

Car insurance rates based on gender in Memphis

The information below shows the difference between Honda Accord car insurance rates for male and female drivers. The premium estimates are based on no claims or violations, full physical damage coverage, $250 deductibles, marital status is single, and no additional discounts are factored in.

Full coverage versus liability only rates

The diagram below visualizes the comparison of Honda Accord insurance costs with and without full coverage. The premiums assume a clean driving record, no at-fault accidents, $500 deductibles, marital status is single, and no other discounts are factored in.

Are you wasting money paying for full coverage?

There is no clear-cut rule for phasing out comp and collision coverage, but there is a general guideline. If the yearly cost for physical damage coverage is more than about 10% of replacement cost minus your deductible, then you might consider buying liability only.

For example, let's say your Honda Accord settlement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most your company will settle for is $3,000 after the policy deductible has been paid. If it's costing in excess of $300 annually to have full coverage, then you might want to consider buying only liability coverage.

There are some circumstances where eliminating full coverage is not financially feasible. If you still have a lienholder on your title, you have to keep full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not buy liability only.

Decisions You Make Can Impact Your Insurance Costs

Consumers need to have an understanding of the different types of things that go into determining your auto insurance rates. When you understand what impacts premium levels, this enables informed choices that could help you find much lower annual insurance costs. Many things are used when pricing auto insurance. Some are obvious like a motor vehicle report, but others are not quite as obvious such as whether you are married or how safe your car is.

  • Discounts for alarms and GPS tracking - Purchasing a vehicle with an alarm system can save you a little every year. Theft prevention features like tamper alarm systems, vehicle immobilizer technology and General Motors OnStar help track and prevent auto theft.
  • Pleasure use or commuting - The more you drive each year the higher your rate. Most companies charge rates determined by how the vehicle is used. Cars and trucks that sit idle most of the time receive lower rates than vehicles that have high annual mileage. An improperly rated Accord is just wasting money. Make sure your vehicle rating correctly shows the correct usage for each vehicle.
  • Costs may be higher where you live - Residing in small towns and rural areas can save you money if you are looking for the lowest rates. Residents of big cities have to deal with more aggressive driving styles and longer commutes to work. Lower population means less chance of accidents and lower theft and vandalism rates.
  • The type of car makes a difference - The make and model of the vehicle you are trying to find cheaper insurance for makes a big difference in the rate you pay. The lowest performance passenger vehicles usually are quite affordable to insure, but there are many factors that impact the final cost.

    The following data uses these assumptions: married female driver age 50, full coverage with $100 deductibles, and no discounts or violations. The chart compares Honda Accord insurance premiums compared to other models of vehicles that have different performance rating factors.

  • Qualify for multi-policy discounts - Most major companies apply a discount to people that purchase more than one policy such as combining an auto and homeowners policy. Discounts can be as much as ten percent or more Even if you qualify for this discount already, you may still want to comparison shop to help ensure you have the lowest rates.
  • Filing claims can cost more - If you tend to file frequent claims, you should expect either higher rates or even cancellation. Companies in Tennessee generally give the best rates to people who are not frequent claim filers. Your insurance policy is designed for claims that you cannot pay yourself.
  • Higher rates for stressful occupations - Did you know your career choice can influence rates? Jobs like fire fighters, architects, and accountants are shown to have the highest rates because of intense work-related stress and incredibly demanding work hours. Other jobs like actors, historians and retirees have lower than average premiums.
  • Insurance loss data for a Honda Accord - Car insurance companies analyze claim trends for every vehicle to calculate a price that offsets possible losses. Models that statistically have a trend towards higher claim severity or frequency will cost more for coverage.

    The table below outlines the compiled insurance loss statistics for Honda Accord vehicles. For each insurance policy coverage type, the statistical loss for all vehicles, without regard to make or model, equals 100. Percentage values below 100 represent a good loss history, while values that are above 100 indicate more frequent claims or statistically larger claims.

    Honda Accord Insurance Claim Statistics
    Specific Honda Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Honda Accord 91 85 90 122 117 94
    Honda Accord Hybrid 96 80 98 89 76 84
    Honda Accord Crosstour 4dr 2WD 85 97 83 122 113 94
    Honda Accord Crosstour 4dr 4WD 99 102 94 120 93

    Empty fields indicate not enough data collected
    Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Three reasons auto insurance is important

Despite the potentially high cost of Honda Accord insurance, insuring your vehicle is required in Tennessee but also provides important benefits.

  • Almost all states have minimum mandated liability insurance limits which means the state requires a minimum amount of liability insurance coverage if you don't want to risk a ticket. In Tennessee these limits are 25/50/15 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $15,000 of property damage coverage.
  • If your Honda has a loan, it's most likely the lender will make it mandatory that you buy insurance to ensure loan repayment if the vehicle is totaled. If the policy lapses, the lender may insure your Honda at an extremely high rate and force you to pay the higher premium.
  • Auto insurance preserves your vehicle and your assets. Insurance will pay for hospital and medical expenses for you, your passengers, and anyone else injured in an accident. One of the most valuable coverages, liability insurance, also pays expenses related to your legal defense if you cause an accident and are sued. If you have damage to your Honda as the result of the weather or an accident, comprehensive (other-than-collision) and collision coverage will pay to repair the damage.

The benefits of having insurance are definitely more than the cost, especially for larger claims. As of last year, the average driver in Tennessee is overpaying more than $750 every year so you should quote and compare rates at every renewal to save money.