The Honda Fit is a subcompact hatchback that has been sold in the U.S. since 2006. Known as the Jazz in Europe and other markets, the Fit was developed to maximize interior space despite its small footprint. The Fit is powered by a 1.5L 4-cylinder engine producing up to 130 horsepower depending on the trim level. It seats up to 5 passengers and comes standard with a 6-speed manual transmission, although a CVT automatic is available.
The Fit has proven to be a very popular model for Honda. U.S. sales peaked at over 56,000 units in 2016 before declining slightly in recent years. Even so, Honda sold over 35,000 Fits in the U.S. in both 2018 and 2019 1, 2. Its affordability, fuel efficiency, and versatility make it an attractive option for many drivers. This practical hatchback appeals to young drivers, commuters, small families, and retirees alike.
The Fit’s mass appeal and high production volume make it a commonly insured model. Its reputation for low cost of ownership also makes it financially appealing to insure. This guide will explore the various insurance options and costs for Honda Fit owners.
Types of Auto Insurance
There are several common types of auto insurance coverage to consider:
Liability Insurance: This covers damages that the policyholder is legally responsible for when they cause an accident. Liability insurance is required in most states 1. It is typically split into two categories:
- Bodily injury liability – covers medical expenses for people injured in an accident you cause
- Property damage liability – covers repairs to the property you damage in an accident
Collision Insurance: This covers repair costs if your vehicle is damaged in an accident. Collision coverage is optional but recommended for financed or leased vehicles 2.
Comprehensive Insurance: This covers damage to your vehicle from non-collision causes like weather, vandalism, or theft. It is optional but also recommended for financed/leased vehicles.
Uninsured/Underinsured Motorist: This covers costs if you’re in an accident caused by a driver with no or insufficient insurance. It’s optional but required in some states.
Factors That Affect Insurance Cost
There are several key factors that auto insurance companies take into account when determining your insurance rates. These factors can cause your rates to go up or down. Some of the main factors that affect insurance costs for Honda Fit drivers include:
Age – Insurance rates are generally higher for younger drivers under 25, as they are considered higher risk. Rates start decreasing around age 25 as drivers gain more experience.
Location – Insurance rates are affected by your garaging location and where you drive. Urban areas with more accidents, theft and vandalism tend to have higher rates. Areas prone to weather risks like hail or hurricanes can also impact rates.
Driving Record – Drivers with accidents, speeding tickets or DUIs on their record pay more for insurance. Just one ticket can increase rates by 20-30% on average. Multiple incidents will result in much higher premiums.
Credit Score – In most states, insurers use your credit-based insurance score to help determine rates. Drivers with poor credit tend to file more claims, so they may pay higher premiums.
Mileage – Drivers who rack up fewer miles generally pay less for insurance. Insurers offer discounts for low mileage since less driving means lower accident risk.
Car Use – If you use your Honda Fit for business or ride-sharing, you’ll pay more as this is seen as higher risk usage by insurers.
Coverage Limits – The higher your liability and collision coverage limits, the more your insurance will cost. Going with lower limits or higher deductibles reduces premiums.
Average Insurance Cost for Honda Fit
According to The Zebra, the average annual cost of insurance for a Honda Fit ranges from $1,022 to $2,131 nationally, with an average of $1,576. This is based on profiles for both minimum coverage and full coverage. Rates can vary significantly by state and insurance provider.
For example, in California the average annual premium for a Honda Fit is $1,180. In Florida it’s $2,256. Whereas in Maine it’s just $896 per year (The Zebra).
Compared to other popular small hatchbacks like the Toyota Yaris, Nissan Versa, and Hyundai Accent, the Honda Fit has slightly higher average insurance costs. However, it is still one of the most affordable vehicles to insure overall.
The Honda Fit’s relatively low cost to insure is likely due to its excellent safety ratings, standard safety features, and high fuel economy. Factors like your age, location, driving record, and selected coverages will have a significant impact on your premiums as well.
How to Get the Best Rates
There are several ways to get the best insurance rates for a Honda Fit:
Having good credit can significantly lower your premiums. Insurers view drivers with higher credit scores as less risky and reward them with lower rates. Maintaining a credit score above 700 can save you hundreds per year.
Keeping your annual mileage low can also result in cheaper rates. Insurers assume drivers who drive fewer miles are less likely to get into accidents. Declaring lower mileage when getting a quote can lower your premiums.
Taking a defensive driving course shows insurers you are a safe driver. Many companies offer a discount for completing an approved course. This discount typically lasts 3 years before needing to retake a course.
Opting for a higher deductible like $500 or $1,000 means you pay more out-of-pocket if you file a claim, but your monthly premiums will be lower. Just make sure you have savings to cover the deductible if needed.
Take advantage of all possible discounts offered by insurers. Common discounts include good driver, good student, anti-theft devices, paying in full upfront, paperless billing, affinity memberships, multiple policies with same provider.
Shopping around and comparing quotes from multiple top insurers is essential to finding the best rate. Rates can vary dramatically between insurers for the exact same coverage.
Minimum State Requirements
Most states require drivers to carry a minimum amount of liability insurance. Liability coverage helps pay for damage and injuries you cause to others in an accident. For a Honda Fit, required minimum liability limits typically range from:
- Bodily Injury Liability: $15,000 – $25,000 per person / $30,000 – $50,000 per accident
- Property Damage Liability: $10,000 – $25,000 per accident
For example, in California the minimum liability coverage is 15/30/5 – $15,000 bodily injury per person, $30,000 bodily injury per accident, and $5,000 property damage per accident. Meanwhile, Maine requires 50/100/25 minimums.
It’s important to note that while state minimums satisfy legal requirements, most experts recommend carrying more liability protection. Minimums may not fully cover injuries and damages in a major accident. Many suggest at least 100/300/50 limits.
Add-on Coverages to Consider
When buying auto insurance for a Honda Fit, you’ll want to consider some key add-on coverages that can provide extra protection beyond basic liability and collision coverage:
Rental car reimbursement – This covers the cost of renting a car if your Honda Fit is in the shop after an accident. Rates vary but can reimburse up to $30-50 per day depending on your plan (https://smartfinancial.com/car-insurance-add-ons-worth-considering).
Roadside assistance – Provides help with lockouts, flat tires, battery jumps, fuel delivery and towing up to a set limit like 15-20 miles. This is very useful for a small car like the Honda Fit when you’re stranded. Cost is fairly low at around $10-20 per year (https://www.fool.com/the-ascent/insurance/auto/articles/5-car-insurance-add-ons-that-are-worth-paying-for/).
Gap insurance – Covers the gap between what your Fit is worth and what you owe if it gets totaled. This protects you from still owing money if the car is totaled shortly after purchase. Usually costs $200-300 for the term of a loan (https://www.kbb.com/car-advice/insurance/add-ons-car-insurance/).
Other options like road hazard tire/wheel coverage, windshield repair and diminished value coverage are also worth considering to fully protect a Honda Fit. Compare options and pricing from top insurers to find the right add-ons for your needs and budget.
How to File a Claim
Here is the typical process for filing an auto insurance claim with your provider:
1. Contact your insurance company as soon as possible after the accident. Many companies have 24/7 claims hotlines. Be prepared to provide details about the incident, including date/time, location, parties involved, and vehicle damage.
2. Review your policy and note relevant coverages, deductibles, and claim procedures. Understand what is covered before having repairs done or paying out of pocket.
3. Cooperate fully with your adjuster and provide all necessary documentation (police report, photos, repair estimates, etc.). Respond promptly to all requests to help settle the claim faster.
4. Take your vehicle to an approved repair shop once the claim is approved. Your insurer will outline the estimate, approved amount, and settlement check process.
5. For injuries or other losses, provide evidence like medical records and bills. Track expenses and lost wages for reimbursement per policy limits.
Tips for a smooth claim process:
- Document the scene with photos/video before vehicles are moved.
- Get contact information for other parties involved and any witnesses.
- Save all receipts for expenses related to the accident.
- Be truthful when providing your statement to avoid any issues later.
- Work constructively with your adjuster and body shop to settle the claim fairly.
FAQ
Here are some frequently asked questions about insuring a Honda Fit:
Is a Honda Fit more expensive to insure than other small cars?
The Honda Fit is very affordable to insure compared to other vehicles in its class. According to [insert cited source], it costs approximately $1,168 per year for basic coverage, which is below the industry average. Its reliability, safety ratings, and low repair costs help keep insurance costs down.
How much does insurance cost for a Honda Fit per month?
According to [insert cited source], the average monthly insurance payment for a Honda Fit is around $140 for full coverage. For basic liability-only coverage, expect to pay approximately $67 per month. The exact cost depends on factors like your age, driving record, location, and chosen coverage limits.
Should I get collision and comprehensive coverage?
Collision and comprehensive coverage are optional but recommended if you have an auto loan or lease on your Honda Fit. They cover damage from accidents, theft, vandalism, weather, and more. Given the Fit’s low value, dropping these coverages can save money if you can afford the out-of-pocket costs for repairs or replacement if an incident occurs.
How can I get the cheapest insurance on a Honda Fit?
The best way to save money is to shop around and compare quotes from multiple insurers. Consider raising your deductible and dropping unnecessary extras. Maintaining a good driving record and credit score can also result in discounts. Opting for just liability coverage will be the cheapest route.
What discounts are available?
Common discounts include good driver, low mileage, multi-policy, anti-theft devices, student away at school, and defensive driving course completion. Some insurers offer a new car and affinity group discounts. Be sure to ask about any ways to lower your Honda Fit insurance costs.
Top Providers for Honda Fit
Based on available data and expert recommendations, the top insurance providers for Honda Fit drivers are:
1. State Farm – This insurer offers some of the most competitive rates for Hondas according to websites like MoneyGeek. State Farm is known for good customer service and offers many discounts like multi-car, safe driver, and defensive driving discounts.
2. Geico – Geico provides reasonable rates for Hondas and has an easy online quoting and claims process. They offer a good selection of standard and optional coverages. Geico provides a multi-vehicle discount which can help Honda Fit owners.
3. Progressive – This insurer is known for competitive pricing and online tools that make managing your policy convenient. They offer Snapshot, a usage-based program that can help save good Honda Fit drivers money.
4. Allstate – Allstate has a long history in the insurance industry and competitive pricing for Hondas. They offer accident forgiveness, safe driving bonuses, and new car replacement that Fit owners may appreciate.
When comparing options, be sure to get quotes from several providers. Look at the discounts offered, customer service ratings, and coverages to find the best value for your Honda Fit.
