You have taken the plunge and bought a new Honda Fit. Congratulations! You are going to enjoy this car which gets great gas mileage and comes with Honda’s reputation for excellence in construction. The low maintenance and great mileage you get will bring you years of enjoyment.
However, you may now be concerned about insuring your Honda Fit. Because it is a relatively new car, insurance rates are still being determined on many of the models. How do you know if your insurer is giving you a good price on your Honda Fit automobile insurance?
Overall, prices for the Honda Fit are going to be a little higher than for some other models. There is a very simple reason for this: the Honda fit is an unknown quantity. Because it is so new, insurance companies do not really know how much it will cost, in the long run, to repair and replace Honda Fit models which are damaged or totaled in accidents.
Insurance companies do not like unknown risks; therefore, they will tend to err on the side of caution and charge slightly more for the Honda Fit than for similar models which have been in existence longer. Once data is obtained on the Honda Fit over the course of several years, the prices will likely stabilize.
This is not to say, however, that insurance costs for the Honda Fit should be wildly higher than for similar makes and models. Insurance companies can predict with a fair amount of accuracy what costs will be to repair or replace new models of cars; you might expect to see a 5% higher premium than that of a similar car for the first few years on the Honda Fit. Anything more than that is excessive and you should find another company for your insurance needs.
The Honda Fit has several things going for it in terms of insurance prices. First, it gets great mileage and is easy to maintain. While this does not directly affect the price of your insurance, it does have an indirect effect as many more people will be likely to buy such a car, and this will eventually help to lower insurance costs across the board.
Because it is compact, replacement parts and costs will be slightly less than for larger vehicles. Even the types of people who drive Honda Fits—upwardly-mobile, environmentally-conscious younger and older drivers—can have an impact on the overall cost of car insurance for a single owner.
The Honda Fit also has some disadvantages when it comes to insurance costs. Because of its small size, the chance of injury if involved in an accident with a larger vehicle is higher, resulting in higher premiums. Further, if you drive many more miles, which you are likely to do with good gas mileage, your premiums can jump as well.
However, overall average prices for Honda Fit insurance are basically in line with other cars of its size and construction. The average cost to ensure a Honda fit is $1,220 per year. Bear in mind that this figure is an average and may in no way be reflective of an actual quote. A 32-year-old female in Ohio may pay only $400 per year, while a 20-year-old male in California may pay $1,800.
It helps to compare averages against other vehicles, rather than take averages as an indication of what you will pay; for example, the Ford Focus average is $1,120 per year, or about $100 less per year than the Honda Fit.
This number is far more indicative of what you are likely to see than the premium quote itself; you can expect to pay about $10 more per month for insurance for a Honda Fit than for a Ford Focus.
Of course, your driving record, location, and other demographics will have the biggest impact on what you pay for insurance. Be sure to get multiple quotes to find the best rates for insuring your new Honda Fit.