Finding the cheapest insurance for a Honda Accord is pretty straightforward, but it is dependent upon many different factors such as your marital status, the likelihood of vehicle theft, and any prior driving citations you have received. Drivers pay approximately $614 each year to insure their Accord, but that figure is an approximation based upon a 50-year-old single female driver with full coverage and $1,000 deductibles.
It’s more than likely you are not 50 years old and maybe not even female, married instead of single, or you just prefer to insure for liability only. Even a slight change in rating criteria could result in a significant change in the cost of insurance.
This example demonstrates why the only way to find the most affordable coverage for your Honda is to compare as many rates as you can. In just a couple of minutes you will receive prices from some of the best insurers in Illinois.
Cheapest Honda Accord Insurance Rates
The specific trim level has an effect on price, so the rate you pay to insure a Accord LX 4-Dr Sedan trim level will be $214 lower than the price to insure the more expensive Accord EX-L 2-Dr Coupe trim level, as shown below.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Accord LX 4-Dr Sedan | $94 | $172 | $250 | $14 | $76 | $606 | $51 |
| Accord EX 4-Dr Sedan | $94 | $172 | $250 | $14 | $76 | $606 | $51 |
| Accord LX-P 4-Dr Sedan | $94 | $172 | $250 | $14 | $76 | $606 | $51 |
| Accord EX-L 4-Dr Sedan | $108 | $210 | $250 | $14 | $76 | $658 | $55 |
| Accord EX 2-Dr Coupe | $108 | $246 | $334 | $20 | $100 | $808 | $67 |
| Accord LX-S 2-Dr Coupe | $108 | $246 | $334 | $20 | $100 | $808 | $67 |
| Accord EX-L 2-Dr Coupe | $120 | $246 | $334 | $20 | $100 | $820 | $68 |
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Price data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Illinois minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Price information does not factor in vehicle location which can decrease or increase insurance rates substantially.
Picking the right company can be difficult considering how many companies sell insurance in Chicago. The company rank data in the next section could help you select which car insurance providers you want to consider purchasing a policy from.
These ratings are only made up of companies that write coverage in many states, so companies that may only write in Illinois are not factored into these rankings. To get price quotes from these and other top-rated companies, simply click here.
Top 10 Large Auto Insurance Companies in Chicago Ranked by Value
- USAA
- GEICO
- AAA Insurance
- Erie Insurance
- State Farm
- Liberty Mutual
- Safeco Insurance
- Allstate
- 21st Century
- Travelers
The diagram below illustrates how your deductible choice can increase or decrease insurance prices when searching for cheap insurance for a Honda Accord. The costs are based on a single female driver, full physical damage coverage, and no discounts are factored in.
A 50-year-old driver could lower their policy premium by $206 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $312 by selecting a $1,000 deductible. Youthful drivers, such as the 20-year-old chart data, could reduce their rates as much as $526 every year just by choosing higher deductibles when buying full coverage. If you do raise deductibles, it will be necessary to have enough spare savings to enable you to pay the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Full coverage versus liability only rates
Lowering the price of car insurance is important to the majority of vehicle owners, and one of the easiest ways to buy cheaper insurance for a Honda Accord is to buy only liability coverage. The example below illustrates the comparison of premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The prices are based on no claims or driving citations, $250 deductibles, single status, and no discounts are applied to the premium.
If all age groups are averaged, physical damage insurance costs $1,839 per year more than insuring for liability only. Many of you may wonder if paying for full coverage is a waste of money. There is no definitive guideline for eliminating physical damage insurance, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
What aren’t you shopping around?
Chicago car insurance rates are impacted by many things that may substantially change the price you pay. Simply having a birthday, buying a different vehicle, or getting caught speeding may prompt premium changes that can now make some companies cheaper than competitors.
Not only may your risk profile change, but auto insurance companies amend premium rates as often as every three months to ensure their profitability. An extended period of higher than normal claims can cause increased rates, while profitable underwriting can cause lower-cost Accord insurance rates.
For example, the graph below analyzes the cheapest car insurance in Chicago, IL for a 35-year-old male driver with no violations or accidents, and good credit. If we compare prices based on his personal profile, The Hartford may offer the lowest car insurance rates in Chicago at $1,210 annually. This is $139 less than the average rate paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Erie, and Cincinnati Insurance also make the list of the most affordable Chicago, IL auto insurance companies.
In this next rate comparison, we will give the driver from the first set of rates a claim, a lower credit score, and a speeding ticket. Since each auto insurance company has their own unique process to set premium rates, comparing insurance quotes could now result in a significantly different list of affordable companies as shown below.
State Farm now has the best car insurance rate in Chicago, IL with Travelers, Utica National, SECURA, and Auto-Owners now rounding out the top five. This demonstrates why Chicago drivers need to perform an extensive rate comparison to get affordable car insurance quotes for a Honda Accord.
Prices can be altered by many risk factors and can increase or decrease at any time, so the best price two years ago may now be an over-priced policy.
If you prefer to have a little guidance when trying to find the best insurance rates for an Accord, the insurance agencies listed below can answer your questions and help you decide which coverages and limits you need.
To find an agent nearest to you, click the button at the bottom or click here to compare price quotes.
Talro Insurance Agency
4900 W Belmont Ave – Chicago, IL 60641 – (773) 205-8255
Beyer Insurance Agency
35 E Upper Wacker Dr #1730 – Chicago, IL 60601 – (312) 922-5300
Riehn Insurance
4541 N Lincoln Ave – Chicago, IL 60625 – (773) 561-4200
View more Chicago, IL insurance agents
How to find more affordable auto insurance for a Honda Accord
The list below shows many penny-pinching solutions that can help you locate lower-cost car insurance.
- Buying car and homeowners insurance together can save money
- Avoid at-fault accidents and claims
- Buy a safer vehicle
- Violations and traffic tickets increase rates
- Try paying for small claims out-of-pocket
- Ensure you have the best deal by shopping around regularly
The last item on the list is remarkably necessary, as was emphasized in the article above. Prices charged by auto insurers in Chicago go up and down frequently, so don’t be unwilling to switch companies if a more affordable price is available. Being loyal to a particular company is commendable, but we do not recommend it if that loyalty ends up costing a considerable chunk of change every month. In just a couple of minutes you could shop around and find cheaper insurance for a Honda Accord.