Best Insurance for a Honda CR-V in Tampa

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Insurance for Honda CR-VWould you like to find cheaper Honda CR-V insurance in Tampa? I can't think of anyone who likes paying for auto insurance, especially when they know the cost is too high.

It's an obvious assumption that auto insurance companies don't want you to look at other companies. Drivers who compare rates once a year will most likely buy a new policy because of the high probability of finding a policy with better rates. A recent survey found that people who compared rates once a year saved $3,450 over four years as compared to drivers who don't regularly compare prices.

If finding low prices for Honda CR-V insurance is your target objective, then having a good understanding the best way to quote and compare insurance can make it easier for you to save money.

Drivers have multiple auto insurance companies to choose from, and even though it's nice to be able to choose, it can be more difficult to compare company pricing for Honda CR-V insurance in Tampa.

It's a good idea to price shop coverage on a regular basis because auto insurance prices are rarely the same from one policy term to another. Even if you got the lowest price on Honda CR-V insurance in Tampa six months ago you may be paying too much now. Forget anything you know (or think you know) about auto insurance because you're going to learn the tricks you need to know to find lower rates on auto insurance.

How to buy Honda CR-V insurance in Tampa

The are a couple different ways of comparing rates from companies that offer insurance in Florida. The fastest way to lower the rate you pay for Honda CR-V insurance is to perform an online rate comparison.

Getting free rate quotes online is quite simple, and it makes it a waste of time to call or drive to each insurance agency near you. Comparing Honda CR-V insurance rate quotes online has made agencies unnecessary unless you're the type of person who wants the professional abilities of a local Tampa agent. Although, it is possible comparison shop your insurance online but buy from a local insurance agent.

Just remember that more quotes helps improve the odds of finding a better price. Some smaller insurers do not give Tampa CR-V insurance quotes online, so you also need to get price quotes from those companies as well.

The companies in the list below can provide comparison quotes in Florida. To buy the cheapest auto insurance in FL, we suggest you visit two to three different companies to get the most competitive price.

Honda CR-V insurance charts and tables

The coverage information displayed next highlights a range of insurance costs for Honda CR-V models. Learning how car insurance premiums are established can assist in making informed purchases.

Honda CR-V Insurance Rates in Tampa, FL
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $312 $550 $478 $28 $144 $1,512 $126
CR-V EX 2WD $312 $550 $478 $28 $144 $1,512 $126
CR-V LX 4WD $312 $550 $478 $28 $144 $1,512 $126
CR-V EX 4WD $358 $550 $478 $28 $144 $1,558 $130
CR-V EX-L 2WD $358 $550 $478 $28 $144 $1,558 $130
CR-V EX-L 4WD $358 $550 $478 $28 $144 $1,558 $130
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Premium data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Florida minimum liability limits. Discounts applied include multi-vehicle, homeowner, multi-policy, safe-driver, and claim-free. Premium costs do not factor in specific location which can change prices significantly.

Deductible analysis

One common question asked by Tampa drivers is how high should the physical damage coverage deductibles be. The premium rates below may aid in understanding the rate differences when you choose different deductibles. The first price estimate table uses a $100 physical damage deductible and the second data table uses a $500 deductible.

Honda CR-V insurance prices with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $312 $532 $354 $20 $106 $1,349 $112
CR-V EX 2WD $312 $532 $354 $20 $106 $1,349 $112
CR-V LX 4WD $312 $532 $354 $20 $106 $1,349 $112
CR-V EX 4WD $358 $532 $354 $20 $106 $1,395 $116
CR-V EX-L 2WD $358 $532 $354 $20 $106 $1,395 $116
CR-V EX-L 4WD $358 $532 $354 $20 $106 $1,395 $116
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Honda CR-V insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $228 $360 $354 $20 $106 $1,068 $89
CR-V EX 2WD $228 $360 $354 $20 $106 $1,068 $89
CR-V LX 4WD $228 $360 $354 $20 $106 $1,068 $89
CR-V EX 4WD $262 $360 $354 $20 $106 $1,102 $92
CR-V EX-L 2WD $262 $360 $354 $20 $106 $1,102 $92
CR-V EX-L 4WD $262 $360 $354 $20 $106 $1,102 $92
Get Your Own Custom Quote Go

Data rating is based on married male driver age 30, no speeding tickets, no at-fault accidents, and Florida minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-vehicle, and multi-policy. Premium costs do not factor in specific location information which can influence auto insurance rates substantially.

Using the premium rates above, we can conclude that using a $100 deductible will cost you approximately $23 more each month or $276 a year than buying the higher $500 deductible. Due to the fact that you would have to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you tend to go at least 17 months between claims, you would probably come out ahead going with the higher deductible. The table below illustrates a better example of how you can decide this on your own policy.

Average monthly premium for $100 deductibles: $114
Average monthly premium for $500 deductibles (subtract): - $91
Monthly savings from raising deductible: $23
Difference between deductibles ($500 - $100): $400
Divide difference by monthly savings: $400 / $23
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 17 months

One big caveat is that increasing deductibles to lower your rates means you will have to pay more out-of-pocket when you file a claim. You must have some extra savings in the event you need to pay more to get your vehicle repaired.

Does it make sense to buy full coverage?

The chart below compares Honda CR-V auto insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums assume no tickets, no at-fault accidents, $1,000 deductibles, drivers are single, and no discounts are taken into consideration.

Guidelines for dropping full coverage

There is no clear-cut rule for dropping full coverage, but there is a general guideline. If the annual cost of having full coverage is 10% or more of any settlement you would receive from your insurance company, then it's probably a good time to buy liability coverage only.

For example, let's pretend your Honda CR-V replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most you would receive is $8,000 after you pay the deductible. If premium cost is more than $800 a year for physical damage coverage, then it's probably a good time to buy liability coverage only.

There are a few situations where dropping full coverage is not recommended. If you haven't paid off your loan, you have to keep full coverage as part of the loan requirements. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should maintain full coverage.

Insurance Price Influencing Factors

A large part of saving on insurance is knowing the rating factors that aid in calculating the level of your policy premiums. When you understand what impacts premium levels, this enables informed choices that could help you find lower insurance prices.

The factors shown below are a few of the things used by your company to calculate your prices.

  • Maintain insurance coverage - Not maintaining insurance is a big no-no and your next policy will cost more because you let your coverage cancel without a new policy in place. And not only will your rates increase, being ticketed for driving with no insurance can result in a hefty fine and possibly a revoked license.
  • File insurance claims and pay more - If you file claims often, you shouldn't be surprised to get higher premiums or even policy non-renewal. Insurance companies in Florida generally give lower rates to policyholders who do not file claims often. Insurance coverage is intended to be relied upon for claims that you cannot pay yourself.
  • Drive fewer miles and save - The more you drive in a year the higher the price you pay to insure it. Almost all companies rate vehicles based on their usage. Cars that sit idle most of the time receive better premium rates than vehicles that are driven to work every day. Incorrect rating for your CR-V is just wasting money. Verify your insurance policy is rated on the proper vehicle usage, because it can save money.
  • Why do you need liability protection? - The liability section of your policy will provide protection in the event that a court rules you are at fault for damages from an accident. Liability provides legal defense which can cost a lot. It is affordable coverage when compared with rates for comp and collision, so drivers should buy more than the minimum limits required by law.
  • Pay more out-of-pocket - Insurance for physical damage, also called comprehensive and collision insurance, covers your vehicle from damage. Some examples of claims that would be covered would be a dented fender, damage caused by hail, and damage from a fallen tree branch. The deductibles you choose are the amount of money you are willing to pay if you file a covered claim. The more damage repair cost you pay before a claim is paid (deductible), the less your insurance will be.
  • Insurance loss statistics a Honda CR-V - Insurance companies analyze past claim statistics when they file their rates in each state. Vehicles that the data shows to have higher claim amounts or frequency will have higher rates for specific coverages.

    The information below illustrates the insurance loss data for Honda CR-V vehicles. For each coverage category, the statistical loss for all vehicles, as an average, is considered to be 100. Values that are below 100 mean the vehicle has better than average losses, while numbers that are greater than 100 point to more frequent losses or an increased chance of larger losses than average.

    Insurance Loss Ratings for Honda CR-V Vehicles
    Specific Honda Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Honda CR-V 4dr 2WD 68 81 58 93 86 77
    Honda CR-V 4dr 4WD 69 82 69 90 87 78

    Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Car insurance is not optional

Even though Tampa CR-V insurance rates can get expensive, car insurance is a good idea for several reasons.

  • Just about all states have minimum mandated liability insurance limits which means you are required to buy a specific minimum amount of liability insurance coverage if you drive a vehicle. In Florida these limits are 10/20/10 which means you must have $10,000 of bodily injury coverage per person, $20,000 of bodily injury coverage per accident, and $10,000 of property damage coverage.
  • If you took out a loan on your Honda, most banks will make it mandatory that you have full coverage to protect their interest in the vehicle. If coverage lapses or is canceled, the bank may buy a policy for your Honda at a much higher premium rate and make you pay the higher price.
  • Car insurance preserves not only your car but also your financial assets. It will also reimburse you for all forms of medical expenses incurred in an accident. Liability insurance also covers all legal expenses up to the policy limit if someone files suit against you as the result of an accident. If your vehicle suffers damage from an accident or hail, your policy will pay to repair the damage.

The benefits of having insurance greatly outweigh the cost, especially if you ever need it. According to a 2015 survey, the average American driver is overpaying more than $865 each year so shop around each time the policy renews to ensure rates are competitive.