You have probably seen the catchy advertisements from companies like Progressive, The General, and Allstate claiming huge savings, so you should just choose the one with the best commercial, right?
It’s not quite that easy, unfortunately, as there are many unknowns like the vehicle you are insuring, whether you are a man or a woman, and if you are a homeowner or renter, that help determine the price you have to pay. Car insurance is kind of a dry topic, but this article will explain these things and should give you a good beginning to your search for cheaper coverage.
The make and model of vehicle you are buying coverage for is a large consideration when comparing cheap auto insurance for homeowners. Vehicles with limited speed and performance, an excellent safety record, or a positive history of liability claims will cost less to insure than adrenaline junky models.
The list below ranks coverage premiums for a handful of the most affordable automobiles to insure.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $2,302 |
| Honda Accord EX 4-Dr Sedan | $2,311 |
| Honda CR-V EX 4WD | $2,357 |
| Ford Escape Limited 2WD | $2,363 |
| Volkswagen Jetta 2.0T Station Wagon | $2,472 |
| Ford Edge SE 2WD | $2,524 |
| Ford Focus SES 4-Dr Sedan | $2,579 |
| Ford Explorer XLT AWD | $2,585 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $2,579 |
| Chevrolet Impala LTZ | $2,625 |
| Toyota Prius | $2,632 |
| Nissan Altima Hybrid 4-Dr Sedan | $2,674 |
| GMC Sierra SL Crew Cab 4WD | $2,681 |
| Dodge Grand Caravan SE | $2,677 |
| Ford F-150 XL Crew Cab 2WD | $2,687 |
| Chevrolet Equinox LT AWD | $2,730 |
| Toyota RAV4 2WD | $2,738 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $2,782 |
| Nissan Rogue SL AWD | $2,805 |
| Chevrolet Malibu Hybrid | $2,808 |
| Kia Optima EX | $2,854 |
| Toyota Corolla LE | $2,880 |
| Jeep Grand Cherokee Limited 2WD | $2,932 |
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Price data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, safe-driver, and homeowner. Information does not factor in specific zip code location which can affect auto insurance rates significantly.
Looking at the data, we can presume that makes and models like the Hyundai Elantra, Honda Accord, Honda CR-V, and Ford Escape will be the more affordable vehicles to insure for people who own their homes.
One of the more important factors that help determine the price you pay for insurance is where you keep your vehicle in Henderson. More densely populated places tend to have higher auto insurance costs, whereas areas with less congestion have the enjoyment of a little cheaper coverage.
The information below ranks the most expensive places in Nevada for homeowners in which to purchase auto insurance. Henderson is listed at #8 with the yearly price of $1,697 for the average policyholder, which is about $141 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Winchester | $2,094 |
| 2 | Sunrise Manor | $2,069 |
| 3 | Paradise | $2,041 |
| 4 | Spring Valley | $2,040 |
| 5 | North Las Vegas | $1,882 |
| 6 | Las Vegas | $1,873 |
| 7 | Enterprise | $1,870 |
| 8 | Henderson | $1,697 |
| 9 | Boulder City | $1,541 |
| 10 | Pahrump | $1,377 |
| 11 | Sparks | $1,317 |
| 12 | Mesquite | $1,311 |
| 13 | Reno | $1,294 |
| 14 | Sun Valley | $1,292 |
| 15 | Spanish Springs | $1,266 |
| 16 | Carson City | $1,170 |
| 17 | Gardnerville Ranchos | $1,150 |
| 18 | Dayton | $1,130 |
| 19 | Fernley | $1,115 |
| 20 | Spring Creek | $1,114 |
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Premium amounts are estimated as the vehicle garaging location can raise or lower price quotes significantly.
Figuring out which companies quote the lowest-priced car insurance rates for homeowners will involve more time in order to find the best price. Every insurance company has a unique approach to determine rates, so we need to take a look at the most competitive car insurance companies in Henderson, NV.
Keep in mind that Nevada car insurance rates are impacted by many things which can substantially decrease or increase your annual premium. Simply improving your credit, having a teen driver, or getting a ticket for running a stop sign may cause policy rate changes that may make certain companies cheaper than competitors.
Best Auto Insurance Prices for Homeowners
Travelers offers some of the most affordable car insurance rates in Henderson at around $912 per year. This is $662 less than the average premium paid by Nevada drivers of $1,574. Allied, Capital, Oregon Mutual, and American Family would also make the list of some of the more affordable Henderson, NV insurance companies.
In the rate table above, if you are insured with Allied and switched to Travelers, you could see annual savings of roughly $37. Insureds with Capital could save as much as $96 a year, and Oregon Mutual policyholders might lower prices by $246 a year.
It’s important to note that these policy prices are averaged across all drivers and vehicles and do not factor in a vehicle location for homeowners. So the car insurance company that can offer you the best rate may not even be in the top 20 companies shown above. That underscores the importance of why you need to get quotes using your own personalized driver profile and vehicle information.
The information below illustrates how your choice of deductibles can increase or decrease annual premium costs when searching for cheap insurance for homeowners. The rate quotes are based on a single male driver, full physical damage coverage, and no policy discounts are applied.
The chart above illustrates that a 40-year-old driver could reduce rates by $254 a year by switching from a $100 deductible up to a $500 deductible, or save $382 by choosing a $1,000 deductible. Even younger insureds, like the Age 20 chart data, can cut as much as $830 each year just by choosing higher deductibles.
When raising deductibles, it will be important to have enough spare savings to allow you to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Discounts on Henderson insurance
Insurers that offer quotes for homeowners may additionally offer rate discounts that can reduce rates by as much as 30% if you are eligible to receive them. A list of companies and a selection of discounts can be read below.
- American Family offers premium reductions for Steer into Savings, TimeAway discount, good student, accident-free, defensive driver, and multi-vehicle.
- Nationwide may have discounts that include anti-theft, Farm Bureau membership, business or organization, good student, accident-free, and multi-policy.
- MetLife has discounts for claim-free, defensive driver, accident-free, good student, and multi-policy.
- 21st Century offers discounts including theft prevention, 55 and older, defensive driver, driver training, automatic seat belts, and good student.
- Farmers Insurance includes discounts for switch companies, homeowner, early shopping, alternative fuel, good student, and electronic funds transfer.
- Allstate offers discounts for passive restraint, good payer, auto/life discount, 55 and retired, anti-theft, and good student.
The illustration below illustrates the comparison of car insurance costs with and without discounts applied to the policy premium. The rates are based on a male driver, no accidents or driving violations, Nevada state minimum liability limits, comprehensive and collision coverage, and $500 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with claim-free, marriage, safe-driver, accident-free, defensive driving course, and vehicle safety discounts applied. When these discounts are applied to the policy premium, the average savings per year on car insurance for homeowners is 28% or $401.
Liability-only versus full coverage
Finding cheaper car insurance is the goal of the majority of drivers, and one great way to lower the cost of insurance for homeowners is to only pay for liability coverage. The example below compares premium costs with liability coverage only compared to full coverage. The premiums assume no tickets, no at-fault accidents, $1,000 deductibles, single status, and no discounts are taken into consideration.
If averaged for all ages, full coverage on your policy costs an extra $1,751 per year more than just insuring for liability. That proposes the question if buying full coverage is a waste of money. There is no clear-cut formula for excluding comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the yearly cost of full coverage is about 10% or more of the replacement cost minus the deductible, then you might want to think about dropping full coverage.
There are some cases where buying only liability insurance is not a good idea. If you still have a lienholder on your title, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should keep full coverage.