Buying affordable car insurance for a Honda Accord in Oklahoma hinges on a complicated rating formula that uses factors such as annual miles driven, your credit rating, and driving citations. Drivers pay around $911 annually to insure their Accord, but that price is an estimate calculated based on a 50-year-old married male driver with full coverage and $1,000 deductibles.
The issue that arises when projecting rates is that it’s very likely that you’re not a 50-year-old male, single instead of married, or maybe you prefer higher deductibles. The different assumptions illustrate why the best way to find cheap insurance prices for your Honda is to just take the time to compare rates yourself. Comparing quotes is easy and you can get rates from top-rated companies that sell coverage in Oklahoma.
The trim level of your Honda impacts the yearly cost, so the price you pay to insure a Accord LX 4-Dr Sedan trim level will be $316 cheaper than the insurance cost for the higher-priced Accord EX-L 2-Dr Coupe trim level, as demonstrated by the prices below.
|Model||Comp||Collision||Liability||Medical||UM/UIM||Annual Premium||Monthly Premium|
|Accord LX 4-Dr Sedan||$146||$256||$366||$22||$110||$900||$75|
|Accord EX 4-Dr Sedan||$146||$256||$366||$22||$110||$900||$75|
|Accord LX-P 4-Dr Sedan||$146||$256||$366||$22||$110||$900||$75|
|Accord EX-L 4-Dr Sedan||$168||$312||$366||$22||$110||$978||$82|
|Accord EX 2-Dr Coupe||$168||$368||$486||$28||$146||$1,196||$100|
|Accord LX-S 2-Dr Coupe||$168||$368||$486||$28||$146||$1,196||$100|
|Accord EX-L 2-Dr Coupe||$188||$368||$486||$28||$146||$1,216||$101|
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Cost estimates assume married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Oklahoma minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, claim-free, and safe-driver. Rates do not factor in the specific area where the vehicle is garaged which can influence rates significantly.
Buying coverage from the right auto insurance provider is difficult considering how many companies sell insurance in Oklahoma. The company ratings shown below can help you analyze which car insurance companies you want to consider when comparing rate quotes. These ratings are only made up of companies that write coverage in many states, so companies that focus mainly on Oklahoma business are not taken into consideration for these rankings.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Comparison of full coverage and liability-only policies
Reducing premiums for insurance is important to the majority of vehicle owners, and one common way to lower the cost of insurance for a Honda Accord is to not buy comprehensive and collision coverage. The illustration below shows the difference between insurance rates with full coverage and liability only. The costs are based on no violations or accidents, $250 deductibles, marital status is single, and no additional discounts are factored in.
On average, full coverage costs $2,597 per year more than carrying just liability coverage. That raises the question if buying full coverage is a good investment. There is no written rule to drop full coverage, but there is a guideline you can consider. If the annual cost of having full coverage is more than 10% of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.
There are some cases where only buying liability is not a good plan. If you have an outstanding loan on your vehicle, you have to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should maintain full coverage.
Why are you paying too much to insure your Accord?
Oklahoma City, OK insurance rates are calculated based on many things that control your annual premium. Simply having a birthday, moving to a new city, or having an accident can cause premium changes that can make some companies affordable when they were higher priced.
Also, insurance companies change the rates they charge in Oklahoma every year to help ensure profitability. Higher than normal claims may cause a rate increase, while a better loss history can cause more affordable Accord insurance rates.
To illustrate this point, the bar chart below demonstrates which company has the cheapest car insurance in Oklahoma City, OK for a 30-year-old male driver with no prior accidents, a clean driving record, and a good credit history. If we look at prices based on his current situation, Oklahoma Farmers Union might quote the most affordable car insurance rates in Oklahoma City at $1,396 annually. This is $571 less than the average policy premium paid by Oklahoma drivers of $1,967. USAA, The Hartford, Safe Auto, and Farmers are also included in the top five cheapest Oklahoma City, OK auto insurance companies.
The chart below compares rates after we give the driver from the first example a chargeable claim, bad credit, and a blemish on his driving record. Since each company has their own process for determining rates in each state, comparing quotes will most likely result in a slightly different list of affordable companies as shown below.
State Farm now has the cheapest price in Oklahoma City with USAA, The Hartford, Liberty Mutual, and Travelers now rounding out the top five. This demonstrates why it is crucial to compare as many rates as possible to find cheap auto insurance rates for a Honda Accord.
Auto insurance prices are made up of many factors and can change without notice, so the most affordable company the last time you shopped your coverage around may now be quite expensive.