Compare Honda Odyssey Insurance Rates in Cleveland

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Honda Odyssey insurance
Honda Odyssey insurance image courtesy of QuoteInspector.com

Insurance for Honda OdysseyIt's astonishing, but nearly 70% of consumers kept buying from the same company for more than four years, and approximately 40% of consumers have never compared quotes from other companies. Cleveland drivers could save up to $729 a year just by comparing rates, but they won't spend time to find affordable rates by getting comparison quotes.

The recommended way to find better pricing on Honda Odyssey insurance in Cleveland is to start doing an annual price comparison from insurance carriers in Ohio.

  1. Learn about what coverages are included in your policy and the measures you can control to drop your rates. Many rating factors that are responsible for high rates such as speeding tickets, careless driving and your credit history can be rectified by making lifestyle changes or driving safer. Keep reading for information to help prevent costly coverage and find discounts that you may qualify for.
  2. Compare prices from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only quote rates from a single company like GEICO or Allstate, while independent agencies can provide prices from multiple sources.
  3. Compare the price quotes to the price on your current policy to see if switching to a new carrier will save money. If you find a lower rate, make sure there is no coverage gap between policies.

An important part of this process is to try to use identical coverages on each quote request and and to get quotes from every insurance company. Doing this ensures a fair price comparison and a complete rate analysis.

If you are paying for car insurance now, you will surely be able to find the best rates using the concepts covered in this article. Buying affordable auto insurance in Cleveland can really be easy if you know what you're doing. But Ohio consumers can benefit by having an understanding of how companies determine premium rates.

When comparing auto insurance rates, know that getting more free quotes helps increase your odds of locating the best price. Some regional insurers cannot provide price estimates online, so it's necessary to compare price quotes from the smaller companies as well.

The providers in the list below offer price comparisons in Cleveland, OH. To get cheap car insurance in OH, it's highly recommended you visit two to three different companies to get the cheapest price.

Honda Odyssey insurance rate analysis

The coverage table displayed next covers detailed analysis of insurance premium costs for Honda Odyssey models. Being more informed about how auto insurance prices are established can be valuable when making informed decisions when comparing rate quotes.

Honda Odyssey Insurance Rates in Cleveland, OH
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Odyssey LX $92 $150 $232 $14 $70 $558 $47
Odyssey EX $92 $182 $232 $14 $70 $590 $49
Odyssey EX W/Rear Entertainment $92 $182 $232 $14 $70 $590 $49
Odyssey EX-L $106 $214 $232 $14 $70 $636 $53
Odyssey EX-L W/Rear Entertainment $106 $214 $232 $14 $70 $636 $53
Odyssey EX-L W/Navigation $106 $214 $232 $14 $70 $636 $53
Odyssey Touring $118 $214 $232 $14 $70 $648 $54
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Prices above based on married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and Ohio minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, safe-driver, and multi-policy. Price estimates do not factor in vehicle garaging location which can revise insurance rates noticeably.

Policy deductible comparison

One frequently asked question is where to set your physical damage deductibles. The following tables approximate the differences in premium rates between high and low insurance deductibles. The first table uses a $250 physical damage deductible and the second price table uses a $500 deductible.

Honda Odyssey insurance rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Odyssey LX $152 $242 $226 $14 $68 $727 $61
Odyssey EX $152 $296 $226 $14 $68 $781 $65
Odyssey EX W/Rear Entertainment $152 $296 $226 $14 $68 $781 $65
Odyssey EX-L $176 $348 $226 $14 $68 $857 $71
Odyssey EX-L W/Rear Entertainment $176 $348 $226 $14 $68 $857 $71
Odyssey EX-L W/Navigation $176 $348 $226 $14 $68 $857 $71
Odyssey Touring $198 $348 $226 $14 $68 $879 $73
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Honda Odyssey insurance rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Odyssey LX $124 $196 $226 $14 $68 $628 $52
Odyssey EX $124 $238 $226 $14 $68 $670 $56
Odyssey EX W/Rear Entertainment $124 $238 $226 $14 $68 $670 $56
Odyssey EX-L $142 $280 $226 $14 $68 $730 $61
Odyssey EX-L W/Rear Entertainment $142 $280 $226 $14 $68 $730 $61
Odyssey EX-L W/Navigation $142 $280 $226 $14 $68 $730 $61
Odyssey Touring $160 $280 $226 $14 $68 $748 $62
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Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and Ohio minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Rates do not factor in vehicle garaging location which can modify price quotes significantly.

Based on the figures above, using a $250 deductible costs about $10 more each month or $120 for a full year than requesting the higher $500 deductible. Since you would pay $250 more to file a claim with a $500 deductible as compared to a $250 deductible, if you average more than 25 months between claim filings, you would most likely save money by selecting a higher deductible.

How to calculate deductible break even point

Average monthly premium for $250 deductibles: $68
Average monthly premium for $500 deductibles (subtract): - $58
Monthly savings from raising deductible: $10
Difference between deductibles ($500 - $250): $250
Divide difference by monthly savings: $250 / $10
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 25 months

The illustration below illustrates how your deductible choice and can influence Honda Odyssey insurance costs for different age groups of insureds. The prices are based on a married male driver, full physical damage coverage, and no policy discounts are applied.

Honda Odyssey liability-only versus full coverage

The diagram below shows the comparison of Honda Odyssey premium costs with full physical damage coverage and with liability coverage only. The costs are based on no claims, a clean driving record, $100 deductibles, marital status is single, and no discounts are factored in.

Should you pay for full coverage?

There is no clear-cut formula for dropping comp and collision coverage, but there is a general convention. If the annual cost of your full coverage insurance is more than 10% of replacement cost minus your deductible, then it could be time to drop full coverage.

For example, let's assume your Honda Odyssey book value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $6,000 after paying your deductible. If you are currently paying more than $600 a year for physical damage coverage, then you might consider buying liability only.

There are some cases where removing full coverage is not a good plan. If you have an outstanding loan on your vehicle, you have to carry full coverage to protect the lienholder's interest in the vehicle. Also, if your finances do not allow you to purchase a different vehicle if your current one is totaled, you should not consider dropping full coverage.

Here's why insurance is not optional

Even though Cleveland Odyssey insurance rates can get expensive, buying insurance is not optional due to several reasons.

  • Most states have minimum liability requirements which means the state requires a minimum amount of liability coverage if you drive a vehicle. In Ohio these limits are 25/50/25 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
  • If you took out a loan on your Odyssey, it's most likely the lender will make it a condition of the loan that you have insurance to ensure loan repayment if the vehicle is totaled. If coverage lapses or is canceled, the bank may buy a policy for your Honda for a much higher rate and require you to pay for the expensive policy.
  • Insurance protects your Honda and your assets. It also can pay for many types of medical costs for both you and anyone you injure as the result of an accident. One of the most valuable coverages, liability insurance, also pays for attorney fees and expenses if you are named as a defendant in an auto accident. If you have damage to your Honda as the result of the weather or an accident, comprehensive (other-than-collision) and collision coverage will cover the repair costs.

The benefits of buying enough insurance more than cancel out the cost, particularly when you have a large claim. But the average driver in Ohio overpays more than $850 per year so it's recommended you shop around at every renewal to be sure current rates are still competitive.

Decisions You Make Can Impact Your Insurance Prices

Many things are part of the equation when you get your auto insurance bill. A few of the factors are predictable such as your driving history, but other factors are not quite as obvious like your vehicle usage or how safe your car is.

  • Better prices with anti-theft devices - Driving a car that has an advanced theft prevention system can get you a discount on your car insurance. Anti-theft devices such as tamper alarm systems, vehicle immobilizer technology and General Motors OnStar all help stop your vehicle from being stolen.
  • Cheaper rates with safer cars - Safe vehicles tend to have lower insurance rates. Safe vehicles help reduce the chance of injuries in an accident and lower rates of occupant injuries translates directly to fewer claims and thus lower rates.
  • Safeguard your assets with liability insurance - Your car insurance policy's liability coverage will provide protection if ever you are ruled to be at fault for personal injury or accident damage. Liability provides legal defense to defend your case. Carrying liability coverage is mandatory and cheap compared to comp and collision, so do not cut corners here.
  • Are you male or female? - Over time, data shows that men are more aggressive behind the wheel. Now that doesn't mean women are better drivers. Both sexes have at-fault accidents at a similar rate, but the men cause more damage. Not only that, but men also receive more major tickets like reckless driving and DUI.

    The diagram below illustrates the comparison of Honda Odyssey car insurance costs for male and female drivers. The premiums are based on no driving violations, no at-fault accidents, full coverage, $100 deductibles, single status, and no other discounts are factored in.

  • Low stress employer equals lower rates - Occupational choices like real estate brokers, air traffic controllers, and emergency personnel have higher premium rates attributed to job stress and lots of time spent at work. On the flip side, occupations like actors, students and the unemployed receive lower rates.
  • Cheaper rates after marriage - Walking down the aisle helps lower the price compared to being single. Having a significant other translates into being more responsible and it's proven that married drivers tend to have fewer serious accidents.
  • Premiums are affected by your credit score - Having a bad credit score can be an important factor in determining your rates. So if your credit score is not that good, you may save money insuring your Honda Odyssey by taking the time to improve your credit score. People that have excellent credit tend to be better risks to insure as compared to drivers with bad credit.
  • Insurance loss data for Honda Odyssey vehicles - Car insurance companies use data from past claims to determine a price that will be profitable for them. Models that tend to have increased losses will have higher rates for specific coverages. The table below outlines the historical insurance loss data for Honda Odyssey vehicles.

    For each type of coverage, the claim probability for all vehicles, as an average, is equal to 100. Values below 100 imply a favorable loss record, while values over 100 indicate more frequent claims or statistically larger losses.

    Insurance Loss Ratings for Honda Odyssey Vehicles
    Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
    Honda Odyssey 78 83 75 82 78 71
    BETTER
    AVERAGE
    WORSE

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

Different people need different auto insurance coverages

When it comes to insurance from an agent or online, there is no one-size-fits-all type of policy. You are unique.Drive safe and save

For instance, these questions might point out whether or not you will benefit from professional help.

  • Can I rate high risk drivers on liability-only vehicles?
  • Are my friends covered when driving my Honda Odyssey?
  • What if I don't agree with a claim settlement offer?
  • How can I find cheaper teen driver insurance?
  • Which is better, split liability limits or combined limits?
  • What is GAP insurance?
  • If I use my vehicle for business use is it covered?

If you don't know the answers to these questions then you might want to talk to an agent. To find an agent in your area, simply complete this short form.

Compare but don't skimp

People change insurance companies for a variety of reasons including not issuing a premium refund, poor customer service, lack of trust in their agent and even unfair underwriting practices. It doesn't matter why you want to switch finding a new insurance company is not as difficult as it may seem.

Budget-friendly insurance in Cleveland can be bought from both online companies as well as from insurance agents, and you should compare rates from both to have the best selection. A few companies may not have online quoting and these small, regional companies prefer to sell through independent agents.

We just covered a lot of ways to get a better price on Honda Odyssey insurance in Cleveland. The key thing to remember is the more rate quotes you have, the better your comparison will be. You may even be surprised to find that the best price on insurance is with a lesser-known regional company.

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