Save Money on Honda Fit Insurance in Charlotte

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Insurance quote for Honda Fit in CharlotteWe don't have to point out that fact that car insurance companies want to keep you from shopping around. Consumers who compare other rates are very likely to buy a new policy because there is a good chance of finding good coverage at a lower price. A recent insurance study revealed that people who routinely shopped around saved on average $70 a month compared to drivers who didn't regularly shop around.

If finding the cheapest price on insurance in Charlotte is the reason you're here, understanding the best way to compare insurance can help make the process easier.

The recommended way to get budget Honda Fit insurance is to compare prices annually from different companies that insure vehicles in Charlotte.

  1. Try to understand individual coverages and the things you can change to prevent high rates. Many rating factors that cause high rates like speeding tickets, accidents and a low credit score can be remedied by making lifestyle changes or driving safer. This article provides additional tips to help find cheaper rates and get bigger discounts.
  2. Request price quotes from exclusive agents, independent agents, and direct providers. Exclusive and direct companies can only give prices from one company like GEICO or Farmers Insurance, while independent agents can provide rate quotes for a wide range of companies.
  3. Compare the new rates to your current policy and determine if there is any savings. If you find a lower rate quote and decide to switch, make sure there is no lapse between the expiration of your current policy and the new one.
  4. Provide proper notification to your current company of your intent to cancel your current coverage and submit the required down payment along with the signed application for your new coverage. As soon as coverage is bound, safely store the proof of insurance certificate along with the vehicle's registration papers.

One thing to point out is to try to use the same amount of coverage on every price quote and and to analyze as many different companies as possible. This ensures an accurate price comparison and the best rate selection.

Locating the best rates in Charlotte is much easier if you have a good place to start. If you have a current car insurance policy, you stand a good chance to be able to find the best rates using the ideas covered in this article. But North Carolina consumers need to learn how companies determine what you pay because it can help you find the best coverage.

There are several ways to obtain and compare prices from many available car insurance companies in North Carolina. By far the easiest way to find the cheapest Honda Fit insurance rates is to jump online and get quotes.

It's important to know that comparing all the rates in your area gives you a better chance of getting the best offered rates.

The companies shown below provide quotes in Charlotte, NC. If multiple companies are listed, we recommend you visit as many as you can in order to find the cheapest rates.

Honda Fit insurance rate analysis

The price information below showcases a range of coverage costs for Honda Fit models. Learning how insurance prices are calculated can assist in making decisions when choosing a new policy provider.

Honda Fit Insurance Rates in Charlotte, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Fit $186 $386 $164 $10 $50 $796 $66
Fit Sport $214 $386 $164 $10 $50 $824 $69
Fit Sport VSA $214 $456 $164 $10 $50 $894 $75
Get Your Own Custom Quote Go

Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Price estimates do not factor in the specific area where the vehicle is garaged which can increase or decrease rates significantly.

Should you raise deductibles?

One of the more difficult decisions when buying insurance is which deductibles should you choose. The following tables illustrate the difference in cost between low and high coverage deductibles. The first set of rates uses a $250 deductible for comprehensive and collision coverage and the second rate chart uses a $500 deductible.

Honda Fit insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Fit $168 $324 $164 $10 $50 $741 $62
Fit Sport $192 $324 $164 $10 $50 $765 $64
Fit Sport VSA $192 $382 $164 $10 $50 $823 $69
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Honda Fit insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Fit $136 $262 $164 $10 $50 $622 $52
Fit Sport $156 $262 $164 $10 $50 $642 $54
Fit Sport VSA $156 $308 $164 $10 $50 $688 $57
Get Your Own Custom Quote Go

Data 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, multi-vehicle, claim-free, safe-driver, and homeowner. Table data does not factor in specific location which can alter coverage prices noticeably.

Based on the figures above, using a $250 deductible will cost you approximately $11 more each month or $132 annually averaged for all Fit models than selecting the higher $500 deductible. Because you would pay $250 more to file a claim with a $500 deductible as compared to a $250 deductible, if you go more than 23 months between claim filings, you would save money if you opt for a higher deductible. Here's how you can come to your own conclusion.

Average monthly premium for $250 deductibles: $65
Average monthly premium for $500 deductibles (subtract): - $54
Monthly savings from raising deductible: $11
Difference between deductibles ($500 - $250): $250
Divide difference by monthly savings: $250 / $11
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 23 months

Honda Fit full coverage rates compared to liability only

The diagram below illustrates the difference between Honda Fit premium costs with full physical damage coverage compared to only buying the minimum liability limits required in North Carolina. The data is based on no claims or violations, $250 deductibles, drivers are single, and no discounts are taken into consideration.

When to drop comprehensive and collision coverage

There isn't a steadfast formula for phasing out physical damage coverage, but there is a general school of thought. If the yearly cost of full coverage is 10% or more of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.

For example, let's pretend your Honda Fit claim settlement value is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would receive is $6,000 after paying the physical damage deductible. If you are currently paying more than $600 annually to have full coverage, then you might want to consider buying only liability coverage.

There are some conditions where buying only liability insurance is not advised. If you still have a lienholder on your title, you have to keep full coverage as part of the loan conditions. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.

Protect your vehicle and other assets

Even though it can be expensive, maintaining insurance serves several important purposes.

First, most states have minimum mandated liability insurance limits which means state laws require a specific minimum amount of liability insurance in order to get the vehicle licensed. 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.

Second, if you have a loan on your car, it's most likely the lender will make it a condition of the loan that you have full coverage to ensure loan repayment if the vehicle is totaled. If you do not pay your insurance premiums, the lender may insure your Honda at a more expensive rate and require you to pay much more than you were paying before.

Third, car insurance protects both your Honda Fit and your assets. It also can pay for all forms of medical expenses that are the result of an accident. Liability insurance also covers legal expenses if you are sued as the result of your driving. If your Honda gets damaged, comprehensive and collision coverage will pay to repair the damage.

The benefits of insuring your Fit greatly outweigh the cost, particularly when you have a large claim. Unknowingly, the average driver is currently overpaying as much as $869 every year so you should quote rates at every renewal to ensure rates are competitive.

How do Insurance Companies Determine Honda Fit Insurance Rates?

It's important that you understand the factors that come into play when calculating insurance rates. If you have a feel for what determines base rates, this helps enable you to make changes that could help you find cheaper rates.

  • Drive lots and pay more - Driving more miles annually the higher the price you pay to insure it. Almost all companies charge rates partially by how you use the vehicle. Cars that have low annual miles get more affordable rates than vehicles that have high annual mileage. Double check that your declarations sheet correctly shows the correct driver usage, because it can save money. An incorrectly rated Fit is just wasting money.
  • Save money by having multiple policies - Many insurance companies give lower prices to customers who consolidate policies with them in the form of a multi-policy discount. Even if you're getting this discount it's in your best interest to check prices from other companies to verify if the discount is saving money.
  • High insurance claims frequency drives up rates - If you file a lot of claims don't be surprised to see either policy cancellation or increased premiums. Auto insurance companies in North Carolina generally give better rates to drivers who are not frequent claim filers. Your insurance policy is intended for claims that pose a financial burden.
  • Responsible drivers pay lower premiums - Whether or not you get tickets can have a huge impact on auto insurance premiums. Drivers who don't get tickets have lower premiums than bad drivers. Only having one driving citation may cause rates to rise forty percent or more. Drivers who have dangerous tickets such as reckless driving, hit and run or driving under the influence might be required by their state to submit a SR-22 or proof of financial responsibility with their state DMV in order to continue driving.

    The diagram below illustrates how traffic citations and fender-benders increase Honda Fit insurance costs for different insured age categories. The costs are based on a married female driver, full physical damage coverage, $500 deductibles, and no other discounts are factored in.

  • Insurance rates and your employer - Did you know your career choice can influence rates? Jobs like judges, airline pilots, and financial analysts are shown to have the highest average rates because of high stress levels and long work hours. Other professions such as farmers, athletes and the unemployed pay lower than average rates.
  • Insurance loss data for Honda Fit vehicles - Companies analyze the history of losses to calculate a price that offsets possible losses. Vehicles that historically have high amounts or severity of claims will cost more to insure. The data below shows the insurance loss data used by companies for Honda Fit vehicles.

    For each policy coverage type, the claim amount for all vehicles as a whole equals 100. Numbers below 100 suggest a positive loss record, while numbers above 100 indicate a higher chance of having a claim or an increased chance of larger losses than average.

    Car Insurance Loss Data for Honda Fit Models
    Vehicle Make and Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Honda Fit 89 78 90 99 97 92
    BETTER
    AVERAGE
    WORSE

    Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years

You are unique and your auto insurance should be too

Always remember that when buying adequate coverage, there really isn't a "perfect" insurance plan. Everyone's situation is a little different and your auto insurance should be unique as well.Safe vehicles cost less to insure Here are some questions about coverages that might help in determining whether you may require specific advice.

  • When should I drop full coverage on my Honda Fit?
  • Is my nanny covered when driving my vehicle?
  • Am I covered if I hit my neighbor's mailbox?
  • What is UM/UIM insurance?
  • Does my personal policy cover me when driving out-of-state?
  • Do I have coverage for damage caused while driving under the influence?
  • Am I covered when using my vehicle for business?
  • Does having multiple vehicles earn me a discount?

If it's difficult to answer those questions, you may need to chat with a licensed agent. To find an agent in your area, complete this form or you can also visit this page to select a carrier

You can lower your auto insurance rates

You just learned a lot of techniques to compare Honda Fit insurance rates in Charlotte. The key thing to remember is the more providers you compare, the higher your chance of finding low cost Charlotte car insurance quotes. Drivers may even discover the lowest rates are with the least-expected company. Some small companies often have lower car insurance rates on specific markets than their larger competitors like Allstate, GEICO and Progressive.

As you quote Charlotte car insurance, it's very important that you do not buy less coverage just to save a little money. Too many times, consumers will sacrifice uninsured motorist or liability limits to discover at claim time that a couple dollars of savings turned into a financial nightmare. The proper strategy is to buy a smart amount of coverage at a price you can afford, not the least amount of coverage.

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