A study showed that the majority of drivers have stayed with the same insurance company for at least four years, and almost 40% of drivers have never shopped around. The average driver in El Paso could pocket up to $1,766 a year, but they don't know the large savings they would see if they replace their high priced policy.
To save the most money, the best way to get budget Honda Odyssey insurance is to start doing an annual price comparison from companies who sell auto insurance in El Paso.
First, try to understand how companies set rates and the things you can change to keep rates in check. Many policy risk factors that result in higher rates such as traffic tickets, fender benders, and a less-than-favorable credit history can be improved by paying attention to minor details. Read the full article for tips to help keep rates affordable and find discounts that you may qualify for.
Second, quote rates from direct, independent, and exclusive agents. Exclusive agents and direct companies can only give rate quotes from one company like Progressive and State Farm, while agents who are independent can provide price quotes from multiple sources.
Third, compare the price quotes to your existing coverage and see if there is a cheaper rate. If you find a lower rate and change companies, make sure there is no coverage gap between policies.
Fourth, give notification to your current company to cancel your current policy and submit payment and a signed application for the new policy. Make sure you safely store the certificate verifying proof of insurance in an accessible location in your vehicle.
A key point to remember is that you use the same amount of coverage on every quote request and and to analyze as many carriers as you can. This helps ensure an accurate price comparison and a complete rate analysis.
Car insurance analysis for a Honda Odyssey
The data table shown below outlines a range of insurance premium costs for Honda Odyssey models. Learning as much as possible about how insurance premiums are established is important for you to make smart choices when selecting a coverage provider.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Odyssey LX | $122 | $212 | $358 | $22 | $108 | $822 | $69 |
| Odyssey EX | $122 | $260 | $358 | $22 | $108 | $870 | $73 |
| Odyssey EX W/Rear Entertainment | $122 | $260 | $358 | $22 | $108 | $870 | $73 |
| Odyssey EX-L | $140 | $306 | $358 | $22 | $108 | $934 | $78 |
| Odyssey EX-L W/Rear Entertainment | $140 | $306 | $358 | $22 | $108 | $934 | $78 |
| Odyssey EX-L W/Navigation | $140 | $306 | $358 | $22 | $108 | $934 | $78 |
| Odyssey Touring | $158 | $306 | $358 | $22 | $108 | $952 | $79 |
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Table data assumes married female driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and Texas minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, homeowner, and safe-driver. Prices do not factor in specific zip code location which can influence coverage prices substantially.
The diagram below illustrates how your deductible choice and can increase or decrease Honda Odyssey insurance costs for different age groups. The rates are based on a married female driver, full physical damage coverage, and no additional discounts are factored in.
Honda Odyssey insurance rates: Men versus women
The example below illustrates the difference between Honda Odyssey insurance premiums for male and female drivers. The price estimates are based on no claims or driving violations, comp and collision included, $500 deductibles, drivers are single, and no discounts are applied to the premium.
Do you need full coverage?
The example below illustrates the difference between Honda Odyssey insurance prices with full physical damage coverage and with liability coverage only. The prices are based on no claims or violations, $250 deductibles, drivers are not married, and no discounts are factored in.
When to stop paying for full coverage
There is no set rule that is best for determining when to drop full coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let's say your Honda Odyssey replacement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $3,000 after the deductible is paid. If you are paying over $300 a year for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.
There are some cases where only buying liability is not financially feasible. If you still have a loan on your vehicle, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not remove full coverage.
Informed Consumers Can Slash Their Insurance Rates
Many things are used when pricing auto insurance. Some are obvious like your driving record, but other factors are not as apparent like where you live or your commute time. Part of the insurance buying process is learning the different types of things that come into play when calculating the price you pay for insurance. If you have some idea of what impacts premium levels, this helps enable you to make changes that may result in lower rates.
Stay claim-free and reduce premiums - Companies in Texas generally give discounts to policyholders who are claim-free. If you frequently file small claims, you can pretty much guarantee higher rates. Auto insurance is designed for the bigger claims that can't be paid out-of-pocket.
Drive a fast car and pay more - The type of vehicle you drive makes a huge difference in your car insurance bill. The best insurance prices are usually for low performance passenger vehicles, but the cost you end up paying is determined by many additional factors.
The following chart assumes a single female driver age 50, full coverage with $250 deductibles, and no discounts or violations. It shows Honda Odyssey insurance premiums compared to other models that have different risk factors.
Deter theft and save - Owning a car with a theft deterrent system can save you some money. Advanced theft deterrents like GM's OnStar, tamper alarm systems and vehicle immobilizers all help stop car theft.
Pay more of a claim out-of-pocket - Comprehensive and collision coverage deductibles define how much you are required to pay in the event of a claim. Insurance for physical damage to your car, commonly called comprehensive (or other-than-collision) and collision coverage, protects your car from damage. A few examples of covered claims would be colliding with a stationary object, hail damage, or theft of your vehicle. The more you pay before a claim is paid (deductible), the less money you will pay for insurance.
Your liability coverage limits - Liability insurance will afford coverage if you are determined to be liable for an accident. Your policy's liability insurance provides legal defense starting from day one. Liability is cheap compared to comp and collision, so drivers should make sure they buy enough to cover all assets.
Accidents can be expensive - Getting just one ticket can boost insurance rates forty percent or more. Careful drivers receive lower rates than their less careful counterparts. Drivers who have gotten multiple violations such as DUI, reckless driving or excessive speeding may face state-mandated requirements to file a SR-22 with their state in order to keep their license.
The diagram below shows how violations and at-fault accidents can increase Honda Odyssey insurance premiums for each different age category. The price estimates are based on a married female driver, full physical damage coverage, $1,000 deductibles, and no other discounts are factored in.
Insurance loss probability for a Honda Odyssey - Car insurance companies include the past claim trends for vehicles when determining insurance rates. Vehicles that the statistics show to have higher loss trends will have a higher premium rate.
The next table shows the collected loss data for Honda Odyssey vehicles. For each coverage type, the loss probability for all vehicles, as a total average, is represented as 100. Percentage numbers below 100 suggest losses that are better than average, while percentage values above 100 point to more losses or a tendency for claims to be larger.
| Specific Honda Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Honda Odyssey | 78 | 83 | 75 | 82 | 78 | 71 |
Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Best auto insurance company in El Paso
Buying coverage from the best insurance company is hard considering how many choices drivers have in El Paso. The company rank data shown next could help you pick which car insurance providers to look at purchasing from.
Top 10 El Paso Car Insurance Companies Ranked by Value
- Mercury Insurance
- Travelers
- American Family
- AAA Insurance
- Safeco Insurance
- Progressive
- The Hartford
- The General
- 21st Century
- Esurance
Top 10 El Paso Car Insurance Companies Overall
- Travelers
- USAA
- Mercury Insurance
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
Lower rates by being persistent
Some auto insurance companies don't offer online price quotes and usually these small, regional companies provide coverage only through independent agents. Lower-priced auto insurance in El Paso can be found on the web and from local agencies, so you should compare both so you have a total pricing picture.
We just presented a lot of techniques to lower your Honda Odyssey insurance premium rates in El Paso. The key concept to understand is the more providers you compare, the better your comparison will be. Drivers may even discover the best premium rates are with some of the lesser-known companies. These smaller insurers may often insure only within specific states and give better rates than the large multi-state companies such as State Farm or Progressive.
To read more, feel free to visit the resources below:
- Frontal Crash Tests (iihs.org)
- Avoiding Deer Collisions (Insurance Information Institute)
- Medical Payments Coverage (Liberty Mutual)
- Understanding Car Crashes Video (iihs.org)