Lower Your 2003 Honda CR-V Insurance Rates

Paying for high-priced Honda CR-V insurance can take a big chunk out of your personal savings and put the squeeze on your family’s finances. Shopping your coverage around is free, only takes a few minutes, and is a good way to cut your insurance bill.

Companies like Allstate, Progressive and GEICO persitently shower you with catchy ads and it is challenging if not impossible to see past the corporate glitz and effectively compare rates to find the best deal.

It’s a good idea to take a look at other company’s rates periodically because insurance rates are adjusted regularly by insurance companies. Just because you found the best deal on CR-V insurance six months ago the chances are good that you can find a lower rate today. Starting right now, forget all the misinformation about insurance coverage because we’re going to show you the easiest way to remove unneeded coverages and save money.

Verify you’re getting all your discounts

Insuring your fleet can be pricey, but discounts can save money and there are some available to cut the cost considerably. Larger premium reductions will be automatically applied when you get a quote, but less common discounts must be specifically requested before you will receive the discount.

  • Seat Belts Save – Requiring all passengers to buckle their seat belts could save 15% off the personal injury premium cost.
  • Air Bag Discount – Vehicles with factory air bags can get savings of 20% or more.
  • Discount for Life Insurance – Companies who offer life insurance give a break if you buy life insurance.
  • College Student – Youth drivers who are attending college and do not have a car may qualify for this discount.
  • Anti-theft System – Cars that have factory anti-theft systems help deter theft and earn discounts up to 10%.
  • Multi-car Discount – Buying coverage for more than one vehicle with the same company qualifies for this discount.
  • E-sign – Certain companies give back up to $50 for buying your policy online.
  • Homeowners Discount – Being a homeowner can help you save on car insurance because maintaining a house demonstrates responsibility.

As a disclaimer on discounts, most discounts do not apply to the overall cost of the policy. Most only cut the cost of specific coverages such as liability and collision coverage. So even though it sounds like adding up those discounts means a free policy, it doesn’t quite work that way. Any qualifying discounts will help reduce your overall premium however.

Car insurance companies that may offer some of the above discounts include:

It’s a good idea to ask every prospective company what discounts are available to you. All car insurance discounts may not apply in every state.

Honda CR-V insurance premiums are calculated by many factors

It’s important that you understand the different types of things that come into play when calculating the price you pay for car insurance. Understanding what impacts premium levels enables informed choices that may reward you with big savings.

The list below includes some of the factors car insurance companies consider when setting rates.

  • Extra coverages can waste money – There are a ton of additional coverages that you can get tricked into buying when buying car insurance. Coverages for personal injury protection, accidental death and motor club memberships are examples of these. They may seem like a good idea when talking to your agent, but if you don’t need them eliminate them to save money.
  • How credit affects car insurance rates – Credit history is a large factor in determining what you pay for car insurance. If your credit history is not that good, you could be paying less to insure your 2003 Honda CR-V by repairing your credit. People with excellent credit tend to be more responsible as compared to drivers with lower credit scores.
  • Where you live is a factor – Being located in a rural area can be a good thing when insuring your vehicles. Lower population means fewer accidents. Drivers who live in large cities regularly have much more traffic to deal with and much longer commute distances. Higher commute times means more change of being in an accident.
  • More claims means more premium – If you frequently file small claims, you can definitely plan on higher rates. Auto insurance companies generally give lower rates to policyholders who do not rely on their insurance for small claims. Insurance coverage is meant to be used in the event of major claims that would cause financial hardship.
  • Don’t sacrifice liability coverage – Your policy’s liability coverage is the coverage that protects you if you are found liable for damages caused by your negligence. Liability provides for a legal defense which can be incredibly expensive. Carrying liability coverage is mandatory and cheap as compared to coverage for physical damage, so buy as much as you can afford.
  • Your spouse saves you money – Having a spouse can actually save you money on your car insurance policy. Having a significant other usually means you are more responsible and it’s proven that married drivers get in fewer accidents.
  • Special features that cut premiums – Driving a car with an alarm system can save you a little every year. Anti-theft devices like vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems all hinder car theft.
  • No coverage gaps is important – Driving your car without having proper coverage is against the law and as a result your rates will increase for letting your coverage have a gap. Not only will you pay more, but being ticketed for driving with no insurance may earn you a revoked license or a big fine.

When should I talk to an agent?

When buying coverage for your personal vehicles, there really is no single plan that fits everyone. Every situation is different and your policy should reflect that. For example, these questions can aid in determining if your insurance needs would benefit from an agent’s advice.

  • Does coverage extend to a rental car in a foreign country?
  • Is my nanny covered when driving my vehicle?
  • Do I have coverage when using my vehicle for my home business?
  • I have a DUI can I still get coverage?
  • How can I find cheaper teen driver insurance?
  • Are my friends covered when driving my 2003 Honda CR-V?
  • Will my vehicle be repaired with OEM or aftermarket parts?
  • Do I need special endorsements for business use of my vehicle?

If you’re not sure about those questions but you think they might apply to your situation, you may need to chat with an insurance agent. To find an agent in your area, complete this form or go to this page to view a list of companies.

Save 15 percent in 15 minutes? Is it for real?

21st Century, Allstate and State Farm regularly use ads in print and on television. All the companies make the same claim of big savings if you move your policy. How do they all make the same claim?

Different companies have a preferred profile for the type of driver that makes them money. For instance, a preferred risk might be profiled as between the ages of 40 and 55, a clean driving record, and has excellent credit. Any new insured who meets those qualifications will qualify for the lowest rates and therefore will save quite a bit of money when switching.

Drivers who do not match the “perfect” profile will have to pay higher prices and ends up with the driver buying from a lower-cost company. The ad wording is “people who switch” but not “drivers who get quotes” save that much. That’s the way companies can truthfully make those claims.

Because of the profiling, it’s extremely important to quote coverage with many companies. You cannot predict which insurance companies will fit your personal profile best.

Coverage specifics

Learning about specific coverages of your car insurance policy can help you determine appropriate coverage for your vehicles. Policy terminology can be confusing and nobody wants to actually read their policy. These are the usual coverages available from car insurance companies.

Comprehensive coverage

This covers damage OTHER than collision with another vehicle or object. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for things such as fire damage, damage from getting keyed, a broken windshield and a tree branch falling on your vehicle. The maximum payout you’ll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value it’s not worth carrying full coverage.

Coverage for liability

Liability coverage protects you from damages or injuries you inflict on people or other property. It protects YOU against claims from other people, and doesn’t cover your own vehicle damage or injuries.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 50/100/50 which stand for $50,000 in coverage for each person’s injuries, $100,000 for the entire accident, and a limit of $50,000 paid for damaged property. Some companies may use one limit called combined single limit (CSL) which limits claims to one amount with no separate limits for injury or property damage.

Liability insurance covers things such as repair bills for other people’s vehicles, funeral expenses, pain and suffering, loss of income and court costs. How much liability coverage do you need? That is a personal decision, but you should buy as high a limit as you can afford.

Medical payments coverage and PIP

Coverage for medical payments and/or PIP reimburse you for short-term medical expenses such as EMT expenses, rehabilitation expenses, X-ray expenses, dental work and nursing services. They are used to fill the gap from your health insurance program or if you lack health insurance entirely. It covers both the driver and occupants and also covers getting struck while a pedestrian. Personal injury protection coverage is not available in all states but it provides additional coverages not offered by medical payments coverage

Uninsured/Underinsured Motorist coverage

This protects you and your vehicle’s occupants when other motorists are uninsured or don’t have enough coverage. Covered claims include hospital bills for your injuries and damage to your Honda CR-V.

Since a lot of drivers only carry the minimum required liability limits, their limits can quickly be used up. This is the reason having UM/UIM coverage should not be overlooked. Frequently the UM/UIM limits are similar to your liability insurance amounts.

Collision insurance

This will pay to fix damage to your CR-V from colliding with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision insurance covers things such as hitting a parking meter, sideswiping another vehicle and scraping a guard rail. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. You can also bump up the deductible in order to get cheaper collision rates.

A tidy conclusion

As you restructure your insurance plan, you should never buy less coverage just to save a little money. There have been many situations where someone sacrificed physical damage coverage only to regret at claim time that saving that couple of dollars actually costed them tens of thousands. Your goal should be to buy the best coverage you can find at a price you can afford while still protecting your assets.

We just showed you many tips how you can reduce 2003 Honda CR-V insurance prices online. The key concept to understand is the more companies you get rates for, the higher the chance of saving money. Consumers may even find the lowest rates come from the smaller companies. These companies can often provide lower rates in certain areas than the large multi-state companies such as State Farm or Progressive.

Discount insurance is available online and also from your neighborhood agents, and you should be comparing both in order to have the best price selection to choose from. A few companies may not provide online price quotes and most of the time these regional insurance providers sell through independent agents.

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