Lower Your 2003 Honda S2000 Car Insurance Cost

Wish you could get a refund on an overpriced auto insurance policy? Say no more because there are many drivers thinking the same thing. Vehicle owners have so many auto insurance companies to buy insurance from, and though it is a good thing to have multiple companies, lots of choices makes it harder to locate the cheapest rates.

You should take the time to compare premium rates periodically because prices are usually higher with each renewal. Despite the fact that you may have had the best rate on S2000 insurance on your last policy other companies may now be cheaper. Forget all the misinformation about auto insurance because you’re about to find out the tricks you need to know to get good coverage at a lower rate.

Buying affordable insurance coverage is simple if you know the tricks. If you have a current insurance coverage policy or are shopping for new coverage, you can use these techniques to find better prices and still get good coverage. Drivers only need an understanding of the tricks to compare rates on the web.

Do you qualify for discount auto insurance?

Auto insurance can be pricey, but discounts can save money and there are some available that you may not even know about. Some trigger automatically at the time of quoting, but less common discounts must be specifically requested prior to receiving the credit.

  • Discount for New Cars – Insuring a new car is cheaper compared to insuring an older model.
  • Discounts for Safe Drivers – Accident-free drivers may save up to 50% more on S2000 insurance than drivers with accident claims.
  • Discount for Passive Restraints – Factory air bags and/or automatic seat belt systems can get savings of 20 to 30 percent.
  • Save with More Vehicles Insured – Insuring all your vehicles with the same auto insurance company qualifies for this discount.
  • Organization Discounts – Affiliation with a professional or civic organization can get you a small discount on your bill.
  • No Claims – Claim-free drivers can earn big discounts as compared to frequent claim filers.
  • Discount for Life Insurance – Not every insurance company offers life insurance, but if they do you may earn lower prices if you buy some life insurance in addition to your auto policy.
  • Seat Belts Save more than Lives – Requiring all passengers to use a seat belt can save 10% or more off the PIP or medical payment premium.
  • Anti-lock Brake System – Cars with anti-lock braking systems can stop better under adverse conditions and will save you 10% or more.
  • Safety Course Discount – Successfully completing a course in defensive driver could save 5% or more if you qualify.

As a footnote on discounts, some credits don’t apply to all coverage premiums. Most only apply to the cost of specific coverages such as liability and collision coverage. Despite the fact that it seems like having all the discounts means you get insurance for free, insurance companies wouldn’t stay in business.

Companies and a partial list of their discounts are detailed below.

  • Geico has discounts for military active duty, good student, membership and employees, seat belt use, multi-policy, daytime running lights, and multi-vehicle.
  • Mercury Insurance includes discounts for good driver, low natural disaster claims, multi-policy, anti-theft, professional/association, and type of vehicle.
  • Farmers Insurance may include discounts for switch companies, multi-car, electronic funds transfer, bundle discounts, alternative fuel, early shopping, and mature driver.
  • Auto-Owners Insurance offers discounts including multi-policy, paperless, anti-lock brakes, safe vehicle, multiple vehicles, group or association, and good student.
  • Liberty Mutual may have discounts that include safety features, new move discount, new vehicle discount, newly married, teen driver discount, and newly retired.
  • SAFECO discounts include homeowner, anti-lock brakes, multi-car, anti-theft, and drive less.
  • Progressive offers premium reductions for online signing, online quote discount, multi-vehicle, good student, multi-policy, continuous coverage, and homeowner.
  • USAA offers discounts for driver training, new vehicle, safe driver, defensive driver, and family discount.

Before buying, ask each company or agent which discounts they offer. Some of the discounts discussed earlier may not be available in your area.

What insurance coverages do I need?

When choosing coverage for your personal vehicles, there really is not a perfect coverage plan. Everyone’s situation is unique and your policy should reflect that. For example, these questions could help you determine whether or not you might need professional guidance.

  • When do I need to add a new car to my policy?
  • Who is covered by my policy?
  • How can I force my company to pay a claim?
  • Are rental cars covered under my policy?
  • Can my babysitter drive my car?
  • Do I need rental car coverage?
  • Is upholstery damage covered by car insurance?
  • Are my friends covered when driving my car?
  • What is covered by UM/UIM coverage?
  • Is my camper covered by my car insurance policy?

If you’re not sure about those questions but a few of them apply then you might want to talk to an insurance agent. If you don’t have a local agent, simply complete this short form or go to this page to view a list of companies. It is quick, free and may give you better protection.

Does insurance coverage advertising bend the truth?

Consumers get pounded daily by advertisements that claim the best premium rates from companies such as Allstate and Progressive. They all seem to make the point that you’ll save big if you just switch to them.

It sounds good, but how can they all have lower policy pricing? This is how they do it.

Insurance providers quote the lowest rates for the type of customer that makes them money. One example of a profitable risk profile might have to be between the ages of 30 and 50, has few claims, and drives a car with an anti-theft system. Any new insured that meets those criteria will get the preferred prices and therefore will save if they switch.

Drivers who do not meet the ideal profile will probably have to pay higher premiums with the end result being the customer buying from someone else. If you pay attention, the ads say “customers that switch” not “all people who quote” will save that much if they switch. That is how companies can truthfully advertise the way they do.

This really emphasizes why you really need to compare rate quotes every year. Because without a comparison, you cannot know with any certainty which company will have the best rates.

Auto insurance coverage information

Knowing the specifics of auto insurance can help you determine the right coverages and proper limits and deductibles. The coverage terms in a policy can be impossible to understand and nobody wants to actually read their policy. Shown next are the normal coverages available from auto insurance companies.

Coverage for collisions

This pays for damage to your S2000 caused by collision with another vehicle or an object, but not an animal. You will need to pay your deductible then your collision coverage will kick in.

Collision insurance covers things like driving through your garage door, sideswiping another vehicle, scraping a guard rail and crashing into a ditch. Paying for collision coverage can be pricey, so consider dropping it from vehicles that are older. You can also raise the deductible to save money on collision insurance.

Comprehensive insurance

Comprehensive insurance covers damage from a wide range of events other than collision. A deductible will apply and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive can pay for things such as hitting a deer, a broken windshield, damage from getting keyed, theft and vandalism. The most a auto insurance company will pay at claim time is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider dropping full coverage.

Uninsured/Underinsured Motorist (UM/UIM)

Uninsured or Underinsured Motorist coverage provides protection when other motorists are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries as well as damage to your Honda S2000.

Due to the fact that many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea. Normally these coverages are similar to your liability insurance amounts.

Med pay and Personal Injury Protection (PIP)

Personal Injury Protection (PIP) and medical payments coverage kick in for immediate expenses like EMT expenses, hospital visits, doctor visits and chiropractic care. They can be used to fill the gap from your health insurance policy or if there is no health insurance coverage. They cover you and your occupants as well as being hit by a car walking across the street. Personal Injury Protection is not universally available but can be used in place of medical payments coverage

Liability coverages

This coverage will cover damages or injuries you inflict on a person or their property in an accident. It protects you against claims from other people. Liability doesn’t cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. As an example, you may have limits of 50/100/50 that translate to a limit of $50,000 per injured person, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged propery. Some companies may use a combined limit which combines the three limits into one amount with no separate limits for injury or property damage.

Liability insurance covers things such as funeral expenses, attorney fees, repair bills for other people’s vehicles and emergency aid. How much liability should you purchase? That is a personal decision, but you should buy higher limits if possible.

In the end, you save

Discount 2003 Honda S2000 insurance is definitely available both online and from local insurance agents, so you need to quote auto insurance with both so you have a total pricing picture. Some insurance providers do not provide price quotes online and many times these smaller providers provide coverage only through independent agents.

When shopping online for car insurance, make sure you don’t buy lower coverage limits just to save a few bucks. There have been many situations where an insured dropped collision coverage only to regret at claim time that a couple dollars of savings turned into a financial nightmare. Your strategy should be to buy a smart amount of coverage at an affordable rate, but do not sacrifice coverage to save money.

We just showed you quite a bit of information on how to reduce 2003 Honda S2000 insurance prices online. The most important thing to understand is the more times you quote, the better likelihood of getting the cheapest auto insurance. You may even discover the lowest prices come from the smaller companies. Some small companies may have significantly lower rates on certain market segments compared to the large companies like State Farm, Geico and Nationwide.

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