The words “affordable” and “insurance” really shouldn’t be used together, in particular when you are looking for the best insurance rates for real estate agents. Let’s start the ball rolling by going over some situations that significantly impact car insurance premiums, and see how we can help you take a little off the next policy you buy.
The make and model of vehicle on the policy is probably the most important factor when shopping around for low-cost auto insurance for real estate agents. Vehicles with lots of horsepower, poor safety ratings, or a high likelihood of having liability claims will cost substantially more to insure than more economical and safe models. The next list ranks auto insurance prices for a selection of the most affordable automobiles to insure in Hawaii.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$826|
|Volkswagen Jetta S 2.5 Station Wagon||$877|
|Honda Accord EX 4-Dr Sedan||$924|
|Toyota RAV4 4WD||$957|
|Dodge Grand Caravan Hero||$963|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$975|
|Ford Focus SES 4-Dr Sedan||$987|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$989|
|Ford Escape Limited 4WD||$1,002|
|Honda Odyssey EX-L W/Navigation||$1,006|
|Chevrolet Malibu LTZ||$1,024|
|Nissan Rogue S 2WD||$1,026|
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Prices based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Hawaii minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Price information does not factor in your specific Honolulu, HI location which can alter prices noticeably.
Based upon the rates shown, you can conclude that vehicles like the Honda CR-V, Volkswagen Jetta, and Honda Accord will be the cheaper vehicles to insure for realtors.
Buying reasonably-priced auto insurance is easier said than done, and determining which insurers offer the lowest-priced insurance rates for real estate agents requires additional perseverance. Every auto insurer has a proprietary method to set policy rates, so to begin we’ll rank the insurance companies that tend to have lower prices in Hawaii.
It’s important that you understand Honolulu insurance rates are calculated based on many things that may substantially change the price you pay for coverage. That is why it is critical to perform a complete rate comparison when trying to get the most economical auto insurance rates for real estate agents. Auto insurance prices are impacted by many different factors and change dramatically, so the best company the last time you compared rates may now be one of the higher cost companies.
Best Car Insurance Prices for Realtors
|Rank||Company||Cost Per Year|
|7||First of Hawaii||$2,006|
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USAA may have some of the most affordable car insurance rates in Honolulu at around $926 annually. State Farm, GEICO, Liberty Mutual, and Progressive would also make the list of some of the best Honolulu, HI auto insurance companies.
As illustrated above, if you are a policyholder with Liberty Mutual and switched to State Farm, you may realize annual savings of in the neighborhood of $297. Insureds with Progressive could save as much as $499 a year, and Allstate policyholders might realize rate reductions of up to $797 a year.
Bear in mind that those estimates are averages across all types of drivers and the different vehicles they drive and do not take into consideration a vehicle location for real estate agents. So the company that can offer you the best rate may not even be in the list above. That affirms the importance of why you need to compare as many prices as possible using your own personalized driver profile and vehicle information.
For realtors, one of the more important things that are looked at to determine the cost of insurance is where you keep your vehicle in Honolulu. Regions with more people or even just more weather-related claims will most likely have higher rates, whereas areas with less people or fewer weather incidents receive better rates.
The table below ranks the priciest cities in Hawaii for real estate agents to buy an auto insurance policy in. Honolulu is ranked #16 with an annual cost of $1,005 for car insurance, which is about $84 each month.
|Rank||City||Average Per Year|
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Premium costs are comparative as the specific Honolulu residence address can decrease or increase premiums greatly.
Cost difference between full coverage and liability
Saving money on insurance is probably important to most people, and one of the best ways to pay less for insurance for real estate agents is to not buy comprehensive and collision coverage. The example below visualizes the comparison of car insurance costs with liability coverage only compared to full coverage. The premiums are based on no accidents or driving violations, $100 deductibles, marital status is single, and no discounts are factored in.
If the expense is averaged for all age categories, full coverage on your policy costs $2,038 per year over having just liability coverage. That is a large expense which might make you wonder if you should buy full coverage at all. There is no definitive formula to eliminate physical damage insurance, but there is a general guideline. If the annual cost of coverage is more than about 10% of any settlement you would receive from your insurance company, then it could be time to drop full coverage.
For example, let’s pretend your vehicle’s book value is $8,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $7,000 after paying your policy deductible. If you are paying in excess of $700 a year for physical damage coverage, then you may want to consider only buying liability coverage.
The diagram below illustrates how your deductible choice can raise or lower insurance costs when searching for cheap insurance for real estate agents. The information is based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.
The chart above illustrates that a 30-year-old driver could pocket $244 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $368 by selecting a $1,000 deductible. Youthful drivers, like the 20-year-old example, could shave up to $714 or more by choosing larger deductibles on their policy. When raising deductibles, it is essential to have plenty of discretionary funds to enable you to cover the extra out-of-pocket expense that comes with higher deductibles.
Why are you paying too much for car insurance?
Honolulu, HI insurance rates are based on many factors that control the price you pay for coverage. Simply having another birthday, buying a different home, or getting a few speeding tickets can trigger price changes that may make certain companies cheaper in comparison to the competition. Not only that, but insurers change prices as often as every three months to adjust for heavy claims or excess profits. Significantly higher losses may cause increased rates, while lower claim levels can produce lower-priced Honolulu car insurance rates.
To help illustrate this point, the data below shows which company has the cheapest car insurance in Honolulu, HI for a 30-year-old female driver with a clear driving record, no claims, and a high credit rating. If we look at prices based on her current risk profile, USAA quotes the lowest car insurance rates in Honolulu at $974 per year. This is $622 less than the average rate paid by Hawaii drivers of $1,596. State Farm, GEICO, Liberty Mutual, and Progressive round out the rest of the cheapest Honolulu, HI auto insurance companies.
In this next rate comparison, we will give the driver from the first rate comparison a claim surcharge, slightly worse credit, and a couple of points charged on her driving record. Due to the fact that every insurance company has their own process for filing rates in each state, comparing quotes may result in a different list of affordable companies as shown below.
State Farm now has the lowest price on auto insurance in Honolulu, HI with USAA, First of Hawaii, GEICO, and Liberty Mutual also having competitive pricing. This illustrates why Hawaii drivers need to perform an extensive rate comparison to get the lowest car insurance rates for real estate agents. Insurance prices are made up of many things and change dramatically, so the most affordable company two years ago may now be wasting a lot of money.
How to find economical car insurance for real estate agents
The list below shows some of the better thrifty ideas that can help Hawaii drivers quote cheap auto insurance.
- If your vehicles are older, consider dropping full coverage
- Remain accident-free and save
- Vehicles with good safety ratings have lower liability rates
- Good credit scores may lower your rates
- Buying home and auto together can help save money
- Shop around for cheaper prices often
That last idea is certainly crucial, as we pointed out in the prior article. Auto insurance prices in Honolulu vary greatly, so don’t be hesitant to switch to a new company if you can find a cheaper rate. Brand loyalty is great, but it’s not recommended if that dedication is costing lots of money. If you have a few minutes, compare rates to find cheaper auto insurance for real estate agents.