It’s easy to assume that auto insurance companies don’t want you shop around. People who rate shop once a year are highly likely to switch companies because there is a high probability of finding coverage at a cheaper rate. A recent survey revealed that consumers who compared prices once a year saved approximately $3,450 over four years compared to those who never shopped around for better prices.
If finding the cheapest rates on car insurance in New Orleans is your ultimate objective, then having some knowledge of how to shop for insurance premiums can help simplify the process.
The preferred way to quote cheaper Honda CR-Z insurance in New Orleans is to compare quotes annually from insurers in Louisiana. You can compare rates by completing these steps.
- Learn about the coverage provided by your policy and the things you can change to lower rates. Many risk factors that increase rates such as traffic citations and a low credit rating can be controlled by making lifestyle changes or driving safer. Keep reading for additional ideas to lower rates and find available discounts that you may qualify for.
- Compare price quotes from exclusive agents, independent agents, and direct providers. Exclusive agents and direct companies can only provide price estimates from one company like GEICO and Allstate, while independent agents can provide prices for a wide range of insurance providers. Begin your rate comparison
- Compare the price quotes to the price on your current policy and determine if cheaper CR-Z coverage is available. If you find a lower rate, ensure there is no coverage lapse between policies.
- Provide proper notification to your current company of your decision to cancel your current car insurance policy and submit the completed application along with a down payment to your new company or agent. Once the application is submitted, store the certificate verifying proof of insurance in an easily accessible location.
A good piece of advice is to try to use the same level of coverage on every price quote and and to get price quotes from as many auto insurance providers as possible. This enables an accurate price comparison and a thorough selection of prices.
To find cheaper New Orleans car insurance quotes, there are several ways to get quotes from insurance companies in your area. By far the easiest way to find the cheapest insurance rates consists of shopping online.
Keep in mind that comparing all the rates in your area will improve the odds of getting lower pricing. Not every company allows you to get price estimates online, so it’s important to compare price quotes from them as well.
The following companies have been selected to offer price quotes in Louisiana. If your goal is to find cheap auto insurance in New Orleans, LA, we recommend you get prices from several of them to get the most competitive price.
Car insurance is an important decision
Despite the high insurance cost for a Honda CR-Z in New Orleans, paying for car insurance is most likely required but also gives you several important benefits.
- Most states have minimum mandated liability insurance limits which means it is punishable by state law to not carry a specific minimum amount of liability protection in order to license the vehicle. In Louisiana these limits are 15/30/25 which means you must have $15,000 of bodily injury coverage per person, $30,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If your CR-Z has a lienholder, most banks will force you to have insurance to ensure loan repayment if the vehicle is totaled. If you default on your policy, the lender may have to buy a policy to insure your Honda for a lot more money and make you pay for it.
- Car insurance preserves not only your Honda but also your financial assets. It will also pay for hospital and medical expenses incurred in an accident. Liability insurance will also pay attorney fees if you are named as a defendant in an auto accident. If damage is caused by hail or an accident, comprehensive and/or collision insurance will pay to restore your vehicle to like-new condition.
The benefits of buying car insurance greatly outweigh the cost, particularly for liability claims. According to a recent study, the average American driver is overpaying over $800 each year so we recommend shopping around each time the policy renews to help ensure money is not being wasted.
Insurance Premium Influencing Factors
It’s important that you understand some of the things that are used to determine insurance rates. If you understand what determines premiums, this allows you to make educated decisions that can help you get cheaper rates.
Shown below are some of the major factors that factor into premiums.
Avoid tickets and save – Drivers with clean records get better prices compared to bad drivers. Even one speeding ticket can increase rates by as much as thirty percent. Drivers who have received severe violations like DUI, reckless driving or excessive speeding may need to file a SR-22 with their state DMV in order to legally drive.
Pleasure use saves money – The more you drive your Honda annually the more it will cost to insure it. Many insurance companies price each vehicle’s coverage partially by how you use the vehicle. Cars and trucks that sit idle most of the time receive better premium rates than cars that get driven a lot. An incorrectly rated CR-Z may be costing you higher rates. Double check that your insurance policy correctly shows the correct driver usage.
Small coverages can add up – There are quite a few optional add-on coverages that you can buy when buying insurance. Insurance for things like roadside assistance, death and dismemberment, and term life insurance may not be needed and are just wasting money. They may sound like good ideas when discussing your needs, but your money might be better spent on other coverage so remove them from your policy.
Liability insurance safeguards assets – The liability section of your policy kicks in in the event that you are found to be at fault for physical damage or personal injury to other. Liability provides you with a defense in court up to the limits shown on your policy. Liability insurance is pretty cheap as compared to coverage for physical damage, so do not skimp.
Do you qualify for a multi-policy discount? – Some insurers allow a discount to policyholders who buy several policies from them. It’s known as a multi-policy discount. Even with this discount applied, you may still want to shop around to guarantee you are still saving the most.
Age of drivers impacts costs – Older drivers are proven to be safer behind the wheel, file fewer claims, and tend to be get fewer driving tickets. Teenage drivers are statistically proven to be inattentive and easily distracted when driving therefore insurance rates are much higher.
Certain vocations pay higher prices – Careers like lawyers, social workers, and medical professionals usually pay higher premiums than the average policyholder attributed to intense work situations and lengthy work days. Other jobs such as farmers, engineers and homemakers pay the least.
Save money with GPS tracking and theft deterrents – Purchasing a vehicle with an alarm system can save you a little every year. Theft prevention devices such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can help prevent car theft and help bring rates down.
Honda CR-Z historical loss data – Auto insurance companies use claims history when they set coverage costs for each model. Vehicles that have higher claim frequency or loss amount will cost more for specific coverages. The information below illustrates the historical loss data for Honda CR-Z vehicles.
For each policy coverage, the loss probability for all vehicles, regardless of make, model or trim level, is considered to be 100. Numbers below 100 imply a favorable loss record, while values that are above 100 indicate a higher chance of having a claim or tendency to have larger claims.
| Vehicle Model | Collision | Property Damage | Comp | Personal Injury | Medical Payment | Bodily Injury |
|---|---|---|---|---|---|---|
| Honda CR-Z Hybrid | 106 | 87 | 83 | 98 |
Empty fields indicate not enough data collected
Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years
Situations that may require an agent’s advice
When selecting coverage, there really is not a “best” method to buy coverage. Each situation is unique.
For instance, these questions can aid in determining whether you would benefit from an agent’s advice.
- Is my custom stereo system covered?
- Is pleasure use cheaper than using my Honda CR-Z to commute?
- How many claims can I have before being canceled?
- Where can I get insurance after a DUI in Louisiana?
- If I drive on a suspended license am I covered?
- Am I covered when driving someone else’s vehicle?
- Do I need to call my car insurance company before buying a new car?
- When should I remove my kid from my policy?
- Can I get by with minimal medical coverage if I have good health insurance?
If it’s difficult to answer those questions but one or more may apply to you, you might consider talking to a licensed insurance agent. To find lower rates from a local agent, fill out this quick form.
Cheap auto insurance rates are possible
Cheaper auto insurance in New Orleans is definitely available on the web in addition to local insurance agencies, and you should compare price quotes from both to get a complete price analysis. Some companies don’t offer rate quotes online and these regional insurance providers only sell coverage through local independent agencies.
We covered some good ideas how you can reduce Honda CR-Z insurance premium rates online in New Orleans. The key thing to remember is the more quotes you get, the better your comparison will be. Consumers may even find the lowest premium rates are with a smaller regional carrier.
As you shop your coverage around, make sure you don’t reduce coverage to reduce premium. There have been many situations where an accident victim reduced liability limits or collision coverage and learned later that the savings was not a smart move. Your objective should be to get the best coverage possible at a price you can afford, but do not sacrifice coverage to save money.
Additional information can be found at these links:
- Vehicle Insurance (Wikipedia)
- How Much is New Orleans Auto Insurance for Drivers with Bad Credit? (FAQ)
- How Much is New Orleans Car Insurance for Low Mileage Drivers? (FAQ)
- Anti-Lock Brake FAQ (iihs.org)
- Uninsured Motorists: Threats on the Road (Insurance Information Institute)