Find Cheaper Honda Element Insurance in Raleigh

If saving the most money is your goal, then the best way to save on Honda Element insurance is to begin comparing prices regularly from different companies in Raleigh. Drivers can shop around by following these guidelines.

An important bit of advice to remember is that you use identical coverage information on each quote and and to get rate quotes from as many different insurance providers as possible. Doing this guarantees a level playing field and a complete price analysis.

Insurance rates Honda Element in RaleighWe don’t have to tell you that auto insurance companies don’t want you quoting rates from other companies. Insureds who shop around for the cheapest price are inclined to move their business because the odds are good of finding a lower-priced company. A study discovered that consumers who routinely compared quotes saved an average of $865 a year as compared to drivers who don’t regularly compare prices.

If finding budget-friendly Honda Element insurance is the reason you’re here, then having some knowledge of how to compare car insurance can help make the process easier.

If you are insured now, you will be able to cut your premiums using these methods. Our objective is to teach you how to compare rates easily. Nevertheless, North Carolina car owners must learn the way insurance companies determine what you pay because it varies considerably.

To find more affordable rates, there are a couple of ways to get quotes from different Raleigh insurance companies. The recommended way to compare rates is simply to get online rate quotes. Just remember that comparing a wide range of rates helps you find the best offered rates. Not every company provides online Raleigh Element insurance quotes, so you should also compare price quotes from the smaller companies as well.

The companies shown below have been selected to offer quotes in Raleigh, NC. To locate the best car insurance in Raleigh, we recommend you visit two to three different companies in order to get a fair rate comparison.

Car insurance data for a Honda Element

The rate information shown next showcases different policy rates for Honda Element models. Understanding how car insurance premiums are formulated is important to be able to make smart choices when selecting a policy.

Honda Element Insurance Rates in Raleigh, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $164 $322 $234 $14 $70 $804 $67
Element LX 4WD $164 $322 $234 $14 $70 $804 $67
Element EX 2WD $164 $322 $234 $14 $70 $804 $67
Element EX 4WD $164 $322 $234 $14 $70 $804 $67
Element SC 2WD $164 $322 $234 $14 $70 $804 $67
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Data based on married female driver age 50, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, safe-driver, and multi-policy. Rates do not factor in specific Raleigh garaging location which can influence prices considerably.

Higher deductibles save money

One of the more difficult decisions when buying car insurance is the level to set your comp and collision deductibles. The comparisons below help summarize the rate fluctuation when you select higher and lower policy deductibles. The first rate table uses a $100 deductible for physical damage and the second price table uses a $500 deductible.

Honda Element insurance policy rates 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 policy rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Element LX 2WD $156 $262 $250 $14 $74 $756 $63
Element LX 4WD $156 $262 $250 $14 $74 $756 $63
Element EX 2WD $156 $262 $250 $14 $74 $756 $63
Element EX 4WD $156 $262 $250 $14 $74 $756 $63
Element SC 2WD $156 $262 $250 $14 $74 $756 $63
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Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, multi-vehicle, and safe-driver. Premium amounts do not factor in specific location which can lower or raise premium rates significantly.

We can estimate from the data above that using a $100 deductible costs approximately $17 more each month or $204 each year than requesting the higher $500 deductible. Because you would pay $400 more if you file a claim with a $500 deductible as compared to a $100 deductible, if you have at a minimum 24 months between claims, you would probably come out ahead if you choose a higher deductible.

How to calculate deductible break even point

Average monthly premium for $100 deductibles: $80
Average monthly premium for $500 deductibles (subtract): – $63
Monthly savings from raising deductible: $17
Difference between deductibles ($500 – $100): $400
Divide difference by monthly savings: $400 / $17
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 24 months

The diagram below demonstrates how deductible levels and can increase or decrease Honda Element insurance rates for each different age group. Data assumes a married female driver, full coverage, and no policy discounts are applied.

Full coverage versus liability-only in Raleigh

The illustration below visualizes the comparison of Honda Element car insurance rates with and without full coverage. Data assumes a clean driving record, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are factored in.

When to stop paying for full coverage

There isn’t a written rule of when to stop paying for physical damage coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.

For example, let’s pretend your Honda Element claim settlement value is $9,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $8,000 after the deductible is paid. If it’s costing in excess of $800 a year for physical damage coverage, then it’s probably a good time to buy liability coverage only.

There are some cases where removing full coverage is not advised. If you still owe money on your vehicle, you have to maintain full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not consider dropping full coverage.

Protect more than your vehicle

Despite the high cost of buying insurance for a Honda Element in Raleigh, car insurance may be required for several reasons.

The benefits of insuring your car definitely exceed the cost, particularly for liability claims. The average driver in North Carolina is overpaying more than $800 each year so it’s very important to do a rate comparison every year to ensure rates are inline.

Components of Your Honda Element Insurance Premiums

An important part of buying insurance is that you know some of the factors that play a part in calculating your policy premiums. If you have a feel for what influences your rates, this enables informed choices that can help you get much lower annual insurance costs.

The list below includes some of the factors used by your company to calculate premiums.

Don’t overlook these Honda Element insurance discounts

Companies offering auto insurance do not advertise every discount they offer very well, so here is a list both well-publicized as well as some of the hidden discounts that you may qualify for.Cheaper auto insurance with discounts

A quick disclaimer, most discount credits are not given to all coverage premiums. Most only cut the price of certain insurance coverages like comp or med pay. So even though they make it sound like all those discounts means the company will pay you, nobody gets a free ride.

The chart below shows the difference between Honda Element insurance costs with and without discounts applied to the rates. The costs are based on a female driver, no claims or driving violations, North Carolina state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, claim-free, multi-policy, multi-car, marriage, and safe-driver discounts applied.

A few of the larger companies and some of their more popular discounts are shown below.

If you need affordable Honda Element insurance quotes, ask every company how you can save money. Some credits may not be offered in your state. To see insurance companies who offer discounts in North Carolina, click here to view.

Independent or exclusive insurance agents

Some consumers prefer to sit down and talk to an agent and often times that is recommended An additional benefit of comparing rates online is the fact that drivers can get cheaper premium rates but also keep your business local.

Upon completion of this simple form, your insurance data is instantly submitted to participating agents in Raleigh who will return price quotes for your coverage. There is no reason to search for any insurance agencies since rate quotes are delivered to your email. You can get cheaper insurance rates without the usual hassles of price shopping. If for some reason you want to compare rates from a particular provider, you would need to search and find their rate quote page and submit a quote form there.

Finding a good provider should depend on more than just a low price. Some important questions to ask are:

Types of car insurance agents in Raleigh

When searching for a reliable insurance agent, there are a couple of different types of agents and how they operate. Raleigh agents can either be independent or exclusive.

Exclusive Insurance Agencies

Exclusive agents work for only one company like Farmers Insurance, State Farm, Allstate, and AAA. Exclusive agents are unable to provide other company’s prices so they have no alternatives for high prices. Exclusive agents receive extensive training on the products they sell which helps offset the inability to provide other markets. A lot of people use the same agent primarily because of the prominence of the brand instead of buying on price only.

Listed below are exclusive insurance agencies in Raleigh who may provide you with rate quotes.

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Independent Insurance Agents

Independent insurance agents do not work for one specific company and that gives them the ability to insure through lots of different companies and find the cheapest insurance rates. If you are not satisfied with one company, they can switch companies in-house which makes it simple for you.

When searching for an agent, you should always get several quotes from several independent agencies so that you can do a thorough price comparison. Most also have access to lesser-known insurance companies which may have better rates.

Shown below are Raleigh independent insurance agencies that are able to give price quote information.

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If you get positive feedback to any questions you may have as well as a affordable price, most likely you have located an insurance agency that is a good match to service your policy.

Be persistent to save money

Insureds leave their current company for a variety of reasons including denial of a claim, high rates after DUI convictions, questionable increases in premium and even poor customer service. No matter why you want to switch, finding the right insurance provider can be less work than you think.

Some insurance providers may not have the ability to get quotes online and most of the time these small insurance companies provide coverage only through independent agencies. Affordable Honda Element insurance in Raleigh is attainable on the web as well as from independent agents in Raleigh, and you should compare price quotes from both to have the best rate selection.

As you shop your coverage around, you should never buy poor coverage just to save money. There have been many cases where someone dropped uninsured motorist or liability limits only to regret that they should have had better coverage. The ultimate goal is to buy a smart amount of coverage at the best cost but still have enough coverage for asset protection.

Much more information about insurance in North Carolina can be found at these links: