Finding economical insurance for a Honda Accord is pretty simple, but it is dependent upon a lot of rating factors such as your financial responsibility, where you live, and your motor vehicle report. New Mexico drivers pay on average $1,073 each year for Accord insurance, but that is an estimation based upon a 50-year-old single male driver with full coverage and $100 deductibles.
More likely than not, you may not be 50 years old (or even male), maybe you are married instead of single, or maybe you don’t qualify for the same discounts. There is no perfect policy for every driver, so the only way to find the cheapest coverage for your Honda is to compare as many rates as you can.
Your vehicle’s trim level can impact price, so the price to insure a Accord LX 4-Dr Sedan trim level will be $386 less than the cost to insure the fancier Accord EX-L 2-Dr Coupe version, as shown by the rates below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Accord LX 4-Dr Sedan||$208||$424||$310||$18||$92||$1,052||$88|
|Accord EX 4-Dr Sedan||$208||$424||$310||$18||$92||$1,052||$88|
|Accord LX-P 4-Dr Sedan||$208||$424||$310||$18||$92||$1,052||$88|
|Accord EX-L 4-Dr Sedan||$238||$516||$310||$18||$92||$1,174||$98|
|Accord EX 2-Dr Coupe||$238||$608||$412||$24||$124||$1,406||$117|
|Accord LX-S 2-Dr Coupe||$238||$608||$412||$24||$124||$1,406||$117|
|Accord EX-L 2-Dr Coupe||$270||$608||$412||$24||$124||$1,438||$120|
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Table data represents single male driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and New Mexico minimum liability limits. Discounts applied include multi-vehicle, multi-policy, homeowner, safe-driver, and claim-free. Price estimates do not factor in specific garaging location which can raise or lower coverage rates noticeably.
Establishing which companies have the lowest-priced auto insurance rates for a Honda Accord takes a bit more effort than just picking a company at random. Each auto insurer has their own unique process for setting rates, so let’s take a look at the lowest cost auto insurance companies in Albuquerque, NM.
Best Auto Insurance Prices for Your Accord
|Rank||Company||Cost Per Year|
|4||Farm Bureau Mutual||$1,166|
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USAA may offer some of the most affordable car insurance rates in Albuquerque at around $677 per year. This is $891 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and Farmers would also make the list of some of the cheaper Albuquerque, NM auto insurance companies.
In the above rates, if you are insured with Safeco and switched to USAA, you might see annual savings of about $307. Policyholders with Farm Bureau Mutual could save as much as $489 a year, and Farmers insureds might realize rate reductions of up to $599 a year.
These policy rates are averages across all types of insureds and vehicles and do not take into consideration a vehicle location for a Honda Accord. So the company that can offer you the best rate may not even be in the top 17 companies in the list above. That affirms the importance of why you need to compare prices as often as possible using your own personalized driver profile and vehicle information.
Liability only or full coverage
Finding cheaper auto insurance is probably important to most people, and one common way to pay lower rates for insurance for a Honda Accord is to only buy liability insurance. The diagram below compares auto insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums are based on no claims or driving citations, $250 deductibles, drivers are not married, and no discounts are applied to the premium.
If we average the cost for all age groups, full coverage costs an extra $1,873 per year more than buying just liability insurance. Many drivers may wonder if it’s worth it to buy full coverage. There is no set guideline that works best for making the decision to drop full coverage on your policy, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is 10% or more of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
Why you should be shopping around
Albuquerque auto insurance rates are based on many factors which can substantially decrease or increase the price of your policy. Simply turning a year older, getting divorced, or getting a ticket for running a stop sign can produce rate changes resulting in some companies being much cheaper than others.
Not only that, but auto insurance companies modify pricing at least once a year to adjust for gains or losses. Higher than usual claims may cause more expensive premiums, while lower claims can result in cheaper Accord insurance rates.
To illustrate this point, the bar chart below shows rates for the cheapest car insurance in Albuquerque, NM for a 30-year-old male driver with no violations or accidents, and a good credit rating. If we estimate rates based on his personal risk profile, USAA might quote the cheapest car insurance rates in Albuquerque at $910 each year. This is $658 less than the average rate paid by New Mexico drivers of $1,568. Allied, Safeco, Farm Bureau Mutual, and State Farm are the remaining top five cheapest Albuquerque, NM auto insurance companies.
In the next rate comparison, we’ll give the driver from above a couple of claims, a lower credit rating, and a couple of points charged on his driving record. Due to the fact that every insurance company has their own process for filing rates in each state, analyzing rate quotes may result in a new list of affordable companies as shown below.
USAA now has the best price in Albuquerque, NM with The Hartford, Allied, Central Mutual, and Safeco now being in the top five. This example shows why it is critical to perform an extensive rate comparison to find the cheapest insurance quotes for a Honda Accord.
Car insurance prices are influenced by many different factors and can increase or decrease at any time, so the most affordable company when you last compared rates may now be wasting a lot of money.
How to find more affordable car insurance for a Honda Accord
Below you’ll find many money-saving ideas that can help you buy more affordable auto insurance.
- Buying home and auto insurance together can earn discounts
- Accidents can significantly increase rates
- If your vehicles are older, consider dropping full coverage
- Improve your credit
- Safe vehicles generally have lower rates
- Ensure you have the best deal by shopping around regularly
That last tip is especially critical, as we discussed in the prior article. Coverage prices can change considerably in a year, so drivers shouldn’t hesitate to switch companies if a better deal can be had. We understand brand loyalty, but it’s not a great idea if that dedication is costing lots of hard earned cash every month. Take a couple minutes and shop around to find cheaper car insurance for a Honda Accord in Albuquerque.