Save Money on Honda Element Insurance in Durham

Insurance for Honda ElementIf saving money is your primary concern, then the best way to get budget Honda Element insurance in Durham is to start comparing prices yearly from insurers in North Carolina.

  1. It will benefit you to learn about how car insurance works and the measures you can take to prevent expensive coverage. Many policy risk factors that drive up the price like distracted driving and a bad credit score can be improved by making minor driving habit or lifestyle changes.
  2. Compare price quotes from independent agents, exclusive agents, and direct companies. Direct companies and exclusive agencies can only give rate quotes from a single company like Progressive and State Farm, while agents who are independent can provide prices from multiple insurance companies.
  3. Compare the new rate quotes to your existing rates and determine if there is any savings. If you can save some money and switch companies, ensure there is no coverage lapse between policies.
  4. Provide written notification to your current company of your intention to cancel your current coverage. Submit a down payment along with a signed application to your new carrier. As soon as coverage is bound, keep your new proof of insurance certificate in your glove compartment.

One key aspect when comparing rates is to try to compare the same liability limits and deductibles on each quote and and to get rates from as many companies as you can. This enables a fair rate comparison and the best rate selection.

Unthinkable but true, most drivers in North Carolina renewed their policy with the same company for over three years, and virtually 40% of consumers have never shopped around. The average driver in the United States could save themselves approximately 47% a year by just shopping around, but most undervalue the actual amount they would save if they moved their coverage to a different company.

Companies offering Honda Element insurance in Durham

The providers in the list below can provide free rate quotes in North Carolina. If you want to find the cheapest car insurance in Durham, NC, it’s a good idea that you click on several of them in order to get a fair rate comparison.

Auto insurance analysis for a Honda Element

The coverage information displayed next highlights different insurance rates for Honda Element models. Being more informed about how car insurance prices are formulated can help drivers make informed coverage decisions.

Honda Element Insurance Rates in Durham, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $210 $446 $302 $18 $90 $1,066 $89
Element LX 4WD $210 $446 $302 $18 $90 $1,066 $89
Element EX 2WD $210 $446 $302 $18 $90 $1,066 $89
Element EX 4WD $210 $446 $302 $18 $90 $1,066 $89
Element SC 2WD $210 $446 $302 $18 $90 $1,066 $89
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Table data represents single male driver age 40, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, homeowner, and multi-policy. Information does not factor in garaging location in Durham which can decrease or increase premium rates noticeably.

Higher deductibles save money

The hardest decision when buying coverage is which deductible level should you buy. The premium rates below can help show the cost difference between high and low physical damage coverage deductibles. The first data set uses a $100 deductible for comp and collision and the second set of rates uses a $1,000 deductible.

Honda Element insurance premium estimates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $214 $386 $250 $14 $74 $963 $80
Element LX 4WD $214 $386 $250 $14 $74 $963 $80
Element EX 2WD $214 $386 $250 $14 $74 $963 $80
Element EX 4WD $214 $386 $250 $14 $74 $963 $80
Element SC 2WD $214 $386 $250 $14 $74 $963 $80
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Honda Element insurance premium estimates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $118 $204 $250 $14 $74 $660 $55
Element LX 4WD $118 $204 $250 $14 $74 $660 $55
Element EX 2WD $118 $204 $250 $14 $74 $660 $55
Element EX 4WD $118 $204 $250 $14 $74 $660 $55
Element SC 2WD $118 $204 $250 $14 $74 $660 $55
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Above prices assume married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Prices do not factor in Durham location which can modify price quotes substantially.

Based on this data, we can arrive at the conclusion that using a $100 deductible will cost you about $25 more each month or $300 annually averaged for all Element models than quoting the higher $1,000 deductible. Since the policyholder would be required to pay $900 more to file a claim with a $1,000 deductible as compared to a $100 deductible, if you tend to go more than 36 months between claim filings, you would probably come out ahead if you decide on a higher deductible. The numbers below show the way this determination is made.

Average monthly premium for $100 deductibles: $80
Average monthly premium for $1,000 deductibles (subtract): – $55
Monthly savings from raising deductible: $25
Difference between deductibles ($1,000 – $100): $900
Divide difference by monthly savings: $900 / $25
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 36 months

One big caveat is that increasing deductibles to lower your rates results in more money out-of-pocket when you have a claim. That will require some money saved in order to pay the deductible for vehicle repair.

Liability only or full coverage

The illustration below shows the comparison of Honda Element car insurance costs with full coverage and liability only. The premium estimates are based on a clean driving record, no at-fault accidents, $250 deductibles, marital status is single, and no additional discounts are factored in.

Deciding between full coverage and liability only

There is no clear-cut rule of when to exclude physical damage insurance, but there is a general guideline you can use. If the yearly cost of full coverage is more than around 10% of the replacement cost minus the deductible, then it could be time to drop full coverage.

For example, let’s pretend your Honda Element replacement cost is $3,000 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would get paid by your company is $2,000 after paying the physical damage deductible. If you are currently paying more than $200 annually for physical damage coverage, then it might be time to consider dropping full coverage.

There are some situations where dropping physical damage coverage is not a good idea. If you haven’t paid off your loan, you have to carry full coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should keep full coverage on your policy.

Save with these money saving discounts

Companies that sell car insurance do not advertise the entire discount list very clearly, so the list below details both well-publicized in addition to some of the lesser obvious ways to save on insurance.

Discounts save money, but please remember that most discounts do not apply to the entire cost. Some only apply to the cost of specific coverages such as medical payments or collision. So when it seems like you can get free auto insurance, that’s just not realistic.

The illustration below shows the comparison of Honda Element car insurance rates with and without some available policy discounts. Data assumes a male driver, no violations or claims, North Carolina state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with multi-policy, homeowner, claim-free, marriage, multi-car, and safe-driver discounts applied.

Companies and their possible discounts are shown below.

If you want low cost Durham car insurance quotes, ask every insurance company what discounts are available to you. A few discounts might not be available to policyholders in every state.

What is the best insurance coverage?

When quoting and comparing coverage for your personal vehicles, there really is not a best way to insure your cars. Each situation is unique.

For example, these questions could help you determine if you will benefit from professional help.

If you don’t know the answers to these questions but one or more may apply to you, you might consider talking to a licensed insurance agent. If you want to speak to an agent in your area, take a second and complete this form. It’s fast, doesn’t cost anything and can help protect your family.

When to have guidance from an insurance agency

Some people just prefer to get professional advice from a licensed agent and doing so can bring peace of mind Good agents are highly skilled in risk management and help file insurance claims. One of the great benefits of price shopping on the web is that you can obtain cheap insurance quotes but also keep your business local.

Insurance agency in DurhamAfter completing this simple form, the quote information is submitted to agents in your area who will give competitive quotes for your insurance coverage. You don’t have to contact an agency since price quotes are sent straight to your inbox. If you wish to quote rates from one company in particular, don’t hesitate to visit that company’s website and fill out their quote form.

Finding the right provider is decision based upon more than just a cheap price quote. The answers to these questions are important, too.

Compare. Compare. Compare.

People change insurance companies for any number of reasons including policy non-renewal, lack of trust in their agent, policy cancellation or even being labeled a high risk driver. It doesn’t matter why you want to switch finding a new company is pretty simple and you could end up saving a buck or two.

Some insurance companies do not offer online price quotes and usually these regional carriers work with independent insurance agencies. The cheapest Honda Element insurance in Durham is possible both online in addition to local insurance agencies, so compare prices from both in order to have the best price selection to choose from.

As you prepare to switch companies, it’s a bad idea to buy less coverage just to save a little money. There are too many instances where someone dropped liability coverage limits and found out when filing a claim that a couple dollars of savings turned into a financial nightmare. Your strategy should be to purchase plenty of coverage for the lowest price, but don’t skip important coverages to save money.

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