Affordable Honda Element Insurance in Charlotte

How many times have you told yourself to find lower-priced Honda Element insurance in Charlotte? Are you burned out from wondering where the money will come from to pay high insurance rates every month? You’re in the same situation as many other people in North Carolina.

Inconceivable but true, the vast majority of consumers kept their policy with the same company for at least the last four years, and roughly 40% of drivers have never compared rates to find affordable insurance. Many consumers in the United States could pocket as much as $859 a year by just comparing quotes, but they don’t invest the time required to compare rate quotes.

Steps to buying discount Honda Element insurance in Charlotte

Really, the only way to get cheaper Honda Element insurance in Charlotte is to annually compare prices from insurers that sell auto insurance in North Carolina.

• Step 1: Gain an understanding of how companies set rates and the things you can control to drop your rates. Many factors that are responsible for high rates such as at-fault accidents and a bad credit score can be controlled by making small lifestyle or driving habit changes. Keep reading for information to help keep rates affordable and find additional discounts.
• Step 2: Quote rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can only quote rates from a single company like Progressive and State Farm, while agents who are independent can provide prices for many different companies.
• Step 3: Compare the price quotes to your existing rates to determine if switching companies saves money. If you find a lower rate quote and make a switch, ensure there is no coverage lapse between policies.
• Step 4: Provide proper notification to your current company of your intention to cancel the current policy and submit a down payment along with a signed application to your new company or agent. Once the paperwork is finalized, place your new certificate verifying coverage above your visor, in the console, or in the glove compartment.

A key point to remember is to make sure you enter identical coverages on each quote request and and to get rates from as many auto insurance providers as possible. This ensures an accurate price comparison and plenty of rates choose from.

Many insurance companies compete for your insurance dollar, and it can be difficult to compare rates and get the best coverage at the lowest rate possible on Honda Element insurance in Charlotte.

When price shopping your coverage, comparing all the rates in your area increases the chance that you will find the best price.

The car insurance companies shown below are ready to provide comparison quotes in Charlotte, NC. To find cheap auto insurance in Charlotte, it’s a good idea that you visit two to three different companies to get the best price comparison.

Rates and statistics

The table displayed below outlines detailed analysis of policy rates for Honda Element models. Having a good understanding how policy premiums are figured can aid in making informed decisions when shopping around for a new policy.

Premium data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Rate information does not factor in the specific area where the vehicle is garaged which can change auto insurance rates substantially.

Deductible comparison

The hardest decision when buying coverage is how high should your deductibles be. The data tables below outline the rate difference when you buy lower versus higher policy deductibles. The first data table uses a $250 deductible and the second pricing table uses a $1,000 deductible.

Price data assumes married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, multi-vehicle, and safe-driver. Prices do not factor in vehicle location which can impact rates substantially.

Based on this data, we can arrive at the conclusion that using a $250 deductible costs roughly $18 more each month or $216 each year than requesting the higher $1,000 deductible. Since you would pay $750 more if you file a claim with a $1,000 deductible as compared to a $250 deductible, if you usually have at least 42 months between claims, you would save more money if you choose the higher deductible.

Rate comparison of males versus females in Charlotte

The chart below compares Honda Element yearly insurance costs for male and female drivers. The rates are based on a clean driving record, no at-fault accidents, full coverage, $500 deductibles, marital status is single, and no additional discounts are factored in.

Full coverage versus liability only rates

The chart below compares Honda Element insurance costs with liability coverage only compared to full coverage. Data assumes no claims or violations, $1,000 deductibles, single marital status, and no discounts are applied.

Should you pay for full coverage or liability only?

There isn’t a steadfast formula to stop buying full coverage on your policy, but there is a guideline you can use. If the yearly cost of full coverage is more than 10% of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.

For example, let’s say your Honda Element replacement cost is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most you would receive is $8,000 after paying your deductible. If you are paying in excess of $800 a year for physical damage coverage, then it may be the right time to buy liability only.

There are some cases where only buying liability is not recommended. If you still have a loan on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is totaled, you should not opt for liability only.

Car insurance is not optional but you don’t have to overpay

Despite the high cost, paying for car insurance serves a purpose in several ways.

• Almost all states have compulsory liability insurance requirements which means the state requires specific minimum amounts of liability protection in order to drive the car. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
• If you have a loan on your Honda, it’s most likely the lender will stipulate that you have physical damage coverage to guarantee their interest in the vehicle. If the policy lapses, the bank will be required to insure your Honda at a significantly higher premium and force you to pay much more than you were paying before.
• Car insurance protects your Honda Element and your assets. Insurance will also pay for medical bills for not only you but also any passengers injured in an accident. Liability insurance will also pay for a defense attorney if someone files suit against you as the result of an accident. If you have damage to your Honda as the result of the weather or an accident, your policy will cover the repair costs.

The benefits of carrying enough insurance definitely exceed the price paid, particularly when you have a large claim. Despite what companies tell you, the average driver is overpaying more than $700 annually so it’s recommended you shop around at every policy renewal to save money.

Car insurance discounts are available to cut your rates

Some insurance providers don’t always list every available discount very well, so we took the time to find a few of the more common and also the lesser-known credits that may apply to you.

• Accident Free – Insureds who avoid accidents and claims pay less as opposed to drivers with a long claim history.
• Memberships – Being in certain professional organizations is a simple method to lower premiums on car insurance.
• Multi-policy Discount – When you combine your homeowners and auto insurance and insure them with the same company you may earn at least 10% off all policies.
• Smart Student Discounts – This discount can save 20 to 25%. The good student discount can last well after school through age 25.
• Homeowners Savings – Just owning your own home can save you money due to the fact that maintaining a home is proof that your finances are in order.
• Multiple Cars – Drivers who insure all your vehicles on one policy can get a discount on all vehicles.

Please keep in mind that many deductions do not apply to the entire cost. The majority will only reduce the cost of specific coverages such as liability, collision or medical payments. Despite the appearance that having all the discounts means you get insurance for free, you’re out of luck.

The diagram below compares Honda Element insurance costs with and without policy discounts. Data assumes a male driver, no claims or driving violations, North Carolina state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with homeowner, safe-driver, multi-policy, claim-free, marriage, and multi-car discounts applied.

If you would like to see a list of insurance companies with significant discounts in Charlotte, click here to view.

When to get advice from an insurance agency

Many drivers just want to sit down and talk to an agent and that is recommended in a lot of cases The best thing about comparing rates online is the fact that drivers can get cheaper rates and also buy local. Buying from local insurance agencies is especially important in Charlotte.

Once you complete this short form, your information is emailed to agents in your area that give free quotes for your coverage. There is no reason to search for an agent because prices are sent to you. You can most likely find cheaper rates and a licensed agent to talk to. In the event you want to compare rates from a particular provider, just jump over to their website to submit a rate quote request.

Is an exclusive or independent car insurance agent right for you?

When searching for a reliable insurance agency, you need to know there are two different types of agents that differ in how they can insure your vehicles. Car insurance policy providers may be either independent or exclusive.

Independent Agencies or Brokers

Independent agents are not employed by any specific company so they can quote policies through many companies and find the cheapest rate. If your agent finds better pricing, the business is moved internally which requires no work on your part.

When shopping rates, you will want to check rates from a few independent agents for maximum quote selection.

Featured below are Charlotte independent agents who may be able to give you price quotes.

More Charlotte agents

Exclusive Car Insurance Agencies

Exclusive agents are contracted to one company and some examples include State Farm, Allstate and AAA. Exclusive agents cannot compare other company’s rates so you need to shop around if the rates are high. They are trained well on what they offer which helps them sell insurance even at higher premiums.

The following are exclusive agencies in Charlotte that can give you rate quotes.

More Charlotte agents

Choosing an insurance agency requires you to look at more than just the bottom line cost. Some important questions to ask are:

• Are they able to provide referrals?
• Where would your vehicle be repaired?
• Is assistance available after office hours?
• Do they have a Better Business Bureau rating in Charlotte?
• Do they have cheaper tiers of coverage?
• How much experience to they have in personal lines coverages?
• Do the agents have professional certifications like CPCU or CIC?
• Is the coverage adequate for your vehicle?

Car insurance coverages and their meanings

Learning about specific coverages of car insurance can be of help when determining the best coverages and proper limits and deductibles. Car insurance terms can be difficult to understand and even agents have difficulty translating policy wording. Shown next are the usual coverages found on most car insurance policies.

Uninsured/Underinsured Motorist coverage

This coverage gives you protection from other motorists when they do not carry enough liability coverage. Covered claims include hospital bills for your injuries as well as damage to your Honda Element.

Because many people have only the minimum liability required by law (30/60/25), it only takes a small accident to exceed their coverage. For this reason, having high UM/UIM coverages is important protection for you and your family. Normally your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Comprehensive coverage

This pays to fix your vehicle from damage from a wide range of events other than collision. You need to pay your deductible first and then insurance will cover the rest of the damage.

Comprehensive can pay for things such as vandalism, a tree branch falling on your vehicle and rock chips in glass. The maximum payout you’ll receive from a claim is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Medical payments coverage and PIP

Personal Injury Protection (PIP) and medical payments coverage provide coverage for expenses like pain medications, funeral costs, hospital visits, X-ray expenses and nursing services. They are used to fill the gap from your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover you and your occupants as well as any family member struck as a pedestrian. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Collision insurance

This will pay to fix damage to your Element caused by collision with an object or car. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision coverage protects against things like crashing into a ditch, hitting a mailbox and sustaining damage from a pot hole. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from lower value vehicles. Drivers also have the option to raise the deductible on your Element to bring the cost down.

Auto liability insurance

Liability insurance can cover damage or injury you incur to other people or property that is your fault. Coverage consists of three different limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see liability limits of 30/60/25 which means $30,000 in coverage for each person’s injuries, a total of $60,000 of bodily injury coverage per accident, and a limit of $25,000 paid for damaged property. Alternatively, you may have a combined single limit or CSL which combines the three limits into one amount without having the split limit caps.

Liability coverage pays for claims such as medical expenses, bail bonds and legal defense fees. How much liability coverage do you need? That is your choice, but you should buy as much as you can afford. North Carolina requires minimum liability limits of 30/60/25 but you should consider buying more liability than the minimum.

The illustration below demonstrates why buying low liability limits may not be high enough to cover claims.

What is YOUR best insurance company?

A few companies may not provide online price quotes and usually these smaller companies work with independent agents. Cheap Honda Element insurance in Charlotte is definitely available from both online companies and from local agencies, and you should compare rates from both to have the best rate selection.

As you quote Charlotte car insurance, don’t be tempted to buy lower coverage limits just to save a few bucks. There have been many cases where an insured dropped physical damage coverage only to regret at claim time that the few dollars in savings costed them thousands. The goal is to purchase a proper amount of coverage at a price you can afford, not the least amount of coverage.

How to find lower priced Honda Element insurance in Charlotte

If saving money is your primary concern, then the best way to get discount Honda Element insurance is to compare quotes once a year from insurance carriers who provide auto insurance in Charlotte. This can be done by completing these steps.

1. Spend some time learning about what is in your policy and the measures you can control to keep rates down. Many factors that result in higher rates like traffic violations and your credit history can be improved by paying attention to minor details.
2. Quote rates from direct carriers, independent agents, and exclusive agents. Direct companies and exclusive agencies can only quote rates from one company like GEICO and Allstate, while independent agencies can quote prices from multiple sources.
3. Compare the new rates to the price on your current policy and determine if there is any savings. If you find better rates and make a switch, make sure coverage does not lapse between policies.
4. Give notification to your agent or company to cancel your current auto insurance policy and submit the required down payment along with the signed application to your new company or agent. When you receive it, keep your new certificate verifying proof of insurance in a readily accessible location in your vehicle.

An important part of this process is to try to use identical coverages on every quote and and to get prices from as many car insurance companies as possible. This provides a fair rate comparison and the best rate selection.

Additional information is available at these links:

• Auto Insurance FAQ (Farmers Insurance)
• Who Has Affordable Car Insurance Rates for Ride Shares in Charlotte? (FAQ)
• Who Has Cheap Auto Insurance for a Dodge Grand Caravan in Charlotte? (FAQ)
• Who Has Affordable Auto Insurance Rates for a GMC Sierra in Charlotte? (FAQ)
• Uninsured Motorists: Threats on the Road (Insurance Information Institute)
• Vehicle Insurance (Wikipedia)
• Smart Auto Insurance Tips (Insurance Information Institute)