The words “cheap” and “insurance” probably shouldn’t be used in the same sentence, specifically when you are searching for the best insurance rates for high risk drivers. In an attempt to save some money, let’s start off by going over some things that can significantly affect insurance prices, and come up with some ideas to take the sting out of your next policy.
The make and model of vehicle driven is a significant factor that determines the availability of low-priced insurance for high risk drivers. Vehicles with limited top-end speed, modern passenger safety features, or a positive history of liability claims will cost much less to insure than fast, unsafe models. The list below features insurance rates for a handful of the most economical vehicles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$3,081|
|Ford Escape Limited 2WD||$3,114|
|Honda CR-V LX 2WD||$3,306|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$3,453|
|Ford Explorer Eddie Bauer 2WD||$3,486|
|Ford F-150 XLT Regular Cab 2WD||$3,612|
|Toyota Tacoma Double Cab 4WD||$3,652|
|Ford Fusion S 4-Dr Sedan||$3,657|
|Toyota RAV4 Limited 4WD||$3,652|
|Dodge Grand Caravan SXT||$3,688|
|Honda Odyssey LX||$3,692|
|Volkswagen Jetta SE 2.5 Station Wagon||$3,747|
|Ford Edge Limited 2WD||$3,785|
|Chevrolet Impala LTZ||$3,816|
|Chevrolet Silverado LS Extended Cab 4WD||$3,822|
|Chevrolet Equinox LT AWD||$3,832|
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Data rating is based on single female driver age 30, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Hawaii minimum liability limits. Discounts applied include homeowner, multi-policy, and multi-vehicle. Premium costs do not factor in vehicle garaging location which can change auto insurance rates noticeably.
Looking at the rates, you can figure that cars like the Honda Accord, Ford Escape, and Honda CR-V are likely to be some of the most economical vehicles to insure for high risk drivers. Rates will tend to be higher just due to the fact that there is more exposure for high risk drivers, but in general those models will tend to have the cheapest auto insurance rates available.
Finding out which company offers the cheapest insurance rates for high risk drivers will take a little more sweat than just comparing a company or two. Every auto insurer has their own process for determining rates in each state, so let’s take a look at the most affordable insurance companies in Honolulu, HI.
It’s important to know that Honolulu, HI insurance rates are impacted by many factors that will increase or decrease the cost of having a policy. Simply having another birthday, increasing liability limits, or getting a DUI can produce rate changes that may make certain companies cheaper than before.
Find Cheaper Car Insurance for Risky Drivers
|Rank||Company||Cost Per Year|
|7||First of Hawaii||$2,006|
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USAA has some of the most affordable car insurance rates in Honolulu at around $936 per year. State Farm, GEICO, Liberty Mutual, and Progressive also make the cut as some of the lowest-priced Honolulu, HI insurance companies.
In the above example, if you currently buy coverage from State Farm and switched to USAA, you could earn a yearly savings of in the neighborhood of $184. Policyholders with GEICO could save as much as $440 a year, and Liberty Mutual customers might reduce prices by as much as $513 a year.
Be aware that those estimates are averaged for all drivers and vehicles in Hawaii and do not take into consideration a specific location for high risk drivers. So the insurer that is best for you may not even be in the list above. That affirms the importance of why you need to quote rates from as many companies as possible using your own driver and vehicle profiles.
Discounts on Honolulu auto insurance rates
Car insurance companies that offer cheap quotes for high risk drivers may provide premium discounts that can lower rates by 35% or more if you meet specific criteria. A list of companies and a selection of discounts are shown below.
- 21st Century discounts include 55 and older, teen driver, defensive driver, anti-lock brakes, early bird, and good student.
- State Farm may offer discounts for accident-free, defensive driving training, driver’s education, Steer Clear safe driver discount, multiple policy, good student, and student away at school.
- AAA may have discounts that include anti-theft, multi-car, pay-in-full, education and occupation, good student, multi-policy, and good driver.
- Liberty Mutual offers premium reductions for exclusive group savings, new move discount, preferred payment discount, hybrid vehicle, newly married, multi-car, and new vehicle discount.
- Progressive offers discounts including good student, online quote discount, online signing, multi-policy, and multi-vehicle.
The diagram below illustrates the comparison of annual premium costs with and without some available policy discounts. The data is based on a female driver, two citations and one at-fault accident, Hawaii state minimum liability limits, full coverage, and $500 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with anti-theft, paid-in-full, homeowner, vehicle safety, multiple vehicle, and paperless filing discounts applied. When discounts are factored in, the average savings per year on insurance for high risk drivers is 28% or $558.
The example below highlights how deductible choice can change insurance costs when getting quotes for cheap insurance for high risk drivers. The rate quotes are based on a single female driver, full physical damage coverage, and no discounts are factored in.
The data above shows that a 30-year-old driver could pocket $336 a year by switching from a $100 deductible up to a $500 deductible, or save $506 by using a $1,000 deductible. Youthful drivers, like the age 20 example, could lower their rates as much as $748 each year by using a higher deductible.
When insureds make the decision to increase the deductibles on their policy, it is a good idea to have additional funds in a savings account to enable you to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Honolulu insurance companies
Buying coverage from the highest-rated auto insurance provider can be challenging considering how many choices drivers have in Honolulu. The ranking information in the lists below could help you pick which auto insurance companies to look at when shopping insurance around for high risk drivers.
These ratings are only comprised of large insurance companies, so companies with more of a regional focus are not taken into consideration for these rankings. If you would like to check rates and find cheaper insurance for high risk drivers, just click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies