Who Has Cheap Car Insurance for a Honda Accord in Baltimore?

Finding cheap car insurance for a Honda Accord in Maryland is pretty simple, but it depends on lots of different rating factors such as how you use your vehicle, the condition of your credit, and citations on your driving record. Maryland drivers pay approximately $1,050 annually to insure their Accord, but that figure is a valuation using a 50-year-old married male driver with both comprehensive and collision coverage and $250 deductibles.

But there is a high likelihood that you’re not a 50-year-old male, maybe you are single instead of married, or maybe you want more liability coverage than is required by law in Maryland. Each driver’s needs are different, and that demonstrates why the best method for finding cheap auto insurance rates for your Honda is to just take the time to compare rates yourself.

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The specific trim level will have an impact the cost of coverage, so the price you pay to insure a Accord LX 4-Dr Sedan will be $368 cheaper than the price to insure the more expensive Accord EX-L 2-Dr Coupe trim level, as shown by the rates below.

Premium data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Maryland minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Price estimates do not factor in vehicle garaging location which can affect coverage prices substantially.

Comparing rates for affordable insurance is difficult, and deciding which companies quote the cheapest insurance rates for a Honda Accord will require a little more work.

Each company uses slightly different criteria for establishing rates, so we need to take a look at the overall cheapest insurance companies in Maryland. It’s important to know that Maryland insurance rates are influenced by many factors that can increase the cost of having a policy. Events like turning one year older, filing a claim, or getting a reckless driving citation can produce rate changes that can cause some rates to be more affordable than the competition.

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USAA has some of the lowest car insurance rates in Baltimore at around $930 annually. Liberty Mutual, Erie, Penn National, and State Auto are also some of the cheapest Baltimore, MD insurance companies.

In the above example, if you currently have coverage with Penn National and switched to Liberty Mutual, you may realize an annual savings of in the vicinity of $34. Maryland drivers with State Auto could save as much as $134 a year, and Amica insureds might reduce rates by $216 a year.

Bear in mind that those policy prices are averages for all drivers and vehicles and do not factor in a specific location for a Honda Accord. So the insurer that can offer you the best rate may not even be in the top 16 companies in the list above. That point stresses why you need to compare as many prices as possible using your own specific driver and vehicle information.

The example below highlights how deductible choice can influence insurance costs when trying to find cheap insurance for a Honda Accord. The costs are based on a married female driver, comp and collision included, and no discounts are taken into consideration.

A 40-year-old driver could reduce rates by $278 a year by increasing from a $100 deductible up to a $500 deductible, or save $420 by using a $1,000 deductible. Young drivers, such as the 20-year-old chart data, could reduce their rates $690 each year by using a higher deductible. When insureds make the decision to increase the deductibles on their policy, it’s a good idea to have enough funds in savings to cover the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.

Price comparison of only insuring for liability

Reducing the cost of insurance is the goal of most people, and one common way to buy cheaper insurance for a Honda Accord is to buy liability only. The example below compares insurance premiums when comparing full coverage to liability only. The information is based on no violations or accidents, $1,000 deductibles, marital status is single, and no policy discounts are applied.

If all age groups are averaged, comprehensive and collision coverage on your policy costs $2,300 per year more than carrying just liability coverage. That may make you wonder if physical damage coverage is worth the money. There is no definitive guideline of when to stop paying for full coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than about 10% of the replacement cost minus the deductible, then you might want to think about dropping full coverage.

There are some cases where dropping full coverage is not advised. If you still have a loan on your vehicle, you must maintain physical damage coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not opt for liability only.

Illustration showing the impact of accidents and violations

In a perfect world, the best way to score good insurance rates for an Accord is to drive safely and avoid traffic citations and accidents. The example below shows how speeding tickets and fender-benders can affect car insurance costs for each different age group. The premium estimates are based on a married male driver, comprehensive and collision coverage, $250 deductibles, and no additional discounts are factored in.

The data charted above shows the average cost of auto insurance in Baltimore per year with no accidents and a clean driving record is $1,819. Get one speeding ticket and the average cost surges to $2,089, an increase of $270 each year. Next add one accident along with the one speeding ticket and the annual cost of insurance for a Honda Accord jumps again to an average of $2,840. That’s an increase of $1,021, or $85 per month, just for not being a responsible driver!