2003 Honda S2000 Insurance Rates – 7 Ways to Save

Searching for lower auto insurance rates for your Honda S2000? Perplexed by the wide range of auto insurance companies? Many other drivers are as well. People have so many options available that it can turn into a big hassle to find better rates.

The easiest way to compare car insurance rates is to realize car insurance companies pay for the opportunity to provide you with a free rate quote. The only thing you need to do is provide the companies a bit of rating information including if it has an alarm system, how many miles driven, how much education you have, and which vehicles you own. Your information is submitted instantly to multiple companies and you receive quotes quickly.

To get price quotes for your , click here and complete the form.

Switch companies and save? Really?

Auto insurance companies such as Allstate and Progressive constantly bombard you with television and radio advertisements. They all seem to make an identical promise that you’ll save big if you switch to them. How do they all say the same thing?

Insurance companies can use profiling for the driver that earns them a profit. A good example of a desirable insured might be between 25 and 40, has no tickets, and has a short commute. A driver who meets those qualifications is entitled to the best price and as a result will probably cut their rates substantially.

Potential customers who don’t meet these standards must pay higher prices and this can result in the driver buying from a lower-cost company. The ads say “customers that switch” not “everybody who quotes” save that kind of money. This is how companies can claim big savings.

This illustrates why you need to get a wide range of price quotes. Because you never know the company that will give you the biggest savings on Honda S2000 insurance.

Don’t pay full price with these seven discounts

Insurance can cost an arm and a leg, but companies offer discounts that many people don’t even know exist. Most are applied when you complete an application, but a few must be inquired about before they will apply.

  • Save with a New Car – Putting insurance coverage on a new car can cost up to 25% less due to better safety requirements for new cars.
  • Braking Control Discount – Vehicles with anti-lock braking systems can avoid accidents and will save you 10% or more.
  • Seat Belts Save more than Lives – Requiring all passengers to wear their seat belts could save 15% off your medical payments premium.
  • Life Insurance – Select insurance companies reward you with better rates if you take out life insurance.
  • Own a Home – Simply owning a home can save you money because owning a home shows financial diligence.
  • Sign Early and Save – A few companies offer discounts for switching policies prior to your current policy expiring. It can save you around 10%.
  • Pay Now and Pay Less – By paying your policy upfront instead of making monthly payments you could save 5% or more.

As a disclaimer on discounts, most discounts do not apply the the whole policy. Most cut specific coverage prices like physical damage coverage or medical payments. So even though they make it sound like adding up those discounts means a free policy, companies wouldn’t make money that way. Any amount of discount will reduce the amount you have to pay.

Car insurance companies that may offer these benefits are:

Before buying, ask all companies you are considering which discounts you may be entitled to. All car insurance discounts might not be offered in your area.

Your personal situation dictates your coverage

When it comes to choosing proper insurance coverage, there isn’t really a single plan that fits everyone. Your needs are not the same as everyone else’s.

Here are some questions about coverages that might point out whether your personal situation might need an agent’s assistance.

  • Is pleasure use cheaper than using my 2003 Honda S2000 to commute?
  • If my pet gets injured in an accident are they covered?
  • Can I afford to pay high deductible claims out of pocket?
  • When should I drop full coverage on my 2003 Honda S2000?
  • Are split liability limits better than a combined single limit?
  • Where can I get insurance after a DUI in my state?
  • How do I insure my teen driver?

If you don’t know the answers to these questions but a few of them apply then you might want to talk to an insurance agent. To find lower rates from a local agent, complete this form.

Insurance policy specifics

Knowing the specifics of a insurance policy can help you determine which coverages you need for your vehicles. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording.

Medical costs insurance – Personal Injury Protection (PIP) and medical payments coverage reimburse you for bills like prosthetic devices, X-ray expenses, dental work, nursing services and ambulance fees. They can be used in conjunction with a health insurance program or if you do not have health coverage. They cover both the driver and occupants as well as being hit by a car walking across the street. Personal injury protection coverage is only offered in select states and may carry a deductible

Collision coverage – This coverage pays for damage to your S2000 from colliding with another car or object. You first must pay a deductible then your collision coverage will kick in.

Collision coverage protects against things such as hitting a mailbox, crashing into a building and damaging your car on a curb. This coverage can be expensive, so consider removing coverage from vehicles that are older. Drivers also have the option to choose a higher deductible to save money on collision insurance.

Comprehensive or Other Than Collision – Comprehensive insurance covers damage that is not covered by collision coverage. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage pays for claims such as hitting a bird, theft, vandalism and hitting a deer. The maximum amount you’ll receive from a claim is the cash value of the vehicle, so if the vehicle is not worth much consider removing comprehensive coverage.

Coverage for liability – Liability coverage protects you from damage or injury you incur to other people or property. Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You commonly see policy limits of 100/300/100 that means you have $100,000 in coverage for each person’s injuries, $300,000 for the entire accident, and a limit of $100,000 paid for damaged property. Another option is one limit called combined single limit (CSL) that pays claims from the same limit with no separate limits for injury or property damage.

Liability insurance covers claims like legal defense fees, attorney fees, repair bills for other people’s vehicles and medical services. How much coverage you buy is a personal decision, but consider buying as high a limit as you can afford.

UM/UIM Coverage – This coverage protects you and your vehicle’s occupants from other motorists when they either have no liability insurance or not enough. It can pay for injuries sustained by your vehicle’s occupants and also any damage incurred to your Honda S2000.

Because many people only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. For this reason, having high UM/UIM coverages should not be overlooked. Normally the UM/UIM limits do not exceed the liability coverage limits.

The best insurance company isn’t always the cheapest

In this article, we covered many ways to lower your 2003 Honda S2000 insurance rates. The key thing to remember is the more providers you compare, the better likelihood of reducing your rate. You may even find the best prices are with an unexpected company.

When shopping online for auto insurance, you should never skimp on critical coverages to save a buck or two. There have been many situations where an insured cut liability coverage limits and found out when filing a claim they didn’t purchase enough coverage. The proper strategy is to purchase plenty of coverage at the best price, not the least amount of coverage.

Drivers change insurance companies for a variety of reasons including lack of trust in their agent, poor customer service, denial of a claim or even policy non-renewal. Regardless of your reason for switching companies, switching companies is less work than it seems.

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