Do you want to learn how to find more affordable Hyundai Elantra insurance in Virginia Beach? Trying to find the cheapest insurance for a new or used Hyundai Elantra in Virginia can turn out to be a painful process, but you can learn a few tricks and make it easy. There are both good and bad ways to shop for auto insurance and you need to know the proper way to price shop coverage for a new or used Hyundai and locate the lowest price either online or from Virginia Beach insurance agents.
It’s a great practice to get comparison quotes once or twice a year because insurance prices are variable and change quite frequently. Just because you had the best price on Hyundai Elantra insurance in Virginia Beach at your last renewal other companies may now be cheaper. You’ll find quite a bit of inaccurate information about Elantra insurance online, but by reading this article, you’re going to learn some of the best techniques to lower your auto insurance bill.
Reducing your Hyundai Elantra insurance rates is surprisingly easy. You just need to take time comparing rates provided by online insurance companies.
The companies shown below can provide comparison quotes in Virginia. In order to find cheap car insurance in Virginia Beach, VA, we suggest you compare several of them to find the cheapest auto insurance rates.
Analysis of Hyundai Elantra rates
The premium table shown next covers different coverage prices for Hyundai Elantra models. Understanding more about how prices are formulated is important for drivers to make smart buying decisions.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Elantra GLS Touring Station Wagon | $140 | $222 | $218 | $12 | $66 | $658 | $55 |
| Elantra Blue 4-Dr Sedan | $140 | $318 | $258 | $16 | $78 | $810 | $68 |
| Elantra GLS 4-Dr Sedan | $162 | $318 | $258 | $16 | $78 | $832 | $69 |
| Elantra SE 4-Dr Sedan | $162 | $318 | $258 | $16 | $78 | $832 | $69 |
| Elantra SE Touring Station Wagon | $162 | $270 | $218 | $12 | $66 | $728 | $61 |
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Table data assumes married male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and Virginia minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Price information does not factor in specific location information which can impact auto insurance rates greatly.
The chart below shows how different deductible levels and can change Hyundai Elantra yearly insurance costs for different ages of insureds. The premiums assume a single male driver, full physical damage coverage, and no discounts are applied.
Tickets and at-fault accidents raise rates
The illustration below illustrates how traffic citations and accident claims drive up Hyundai Elantra insurance prices for different age groups. The rate quotes are based on a single female driver, full coverage, $1,000 deductibles, and no additional discounts are factored in.
Does it make sense to buy full coverage?
The chart below shows the comparison of Hyundai Elantra premium costs when comparing full coverage to state minimum liability only. The data assumes no claims or driving violations, $100 deductibles, marital status is single, and no discounts are applied.
Should you buy full coverage or liability only?
There isn’t a steadfast formula for excluding full coverage on your policy, but there is a general convention. If the annual cost of comprehensive and collision coverage is 10% or more of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s say your Hyundai Elantra settlement value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, you would only receive $3,000 after the policy deductible has been paid. If it’s costing in excess of $300 a year for full coverage, then you might consider buying liability only.
There are some conditions where eliminating full coverage is not recommended. If you still have a loan on your vehicle, you have to carry full coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle in the even your car is totaled, you should keep full coverage in place.
Three reasons to insure your Hyundai vehicle
Even though it can be expensive, paying for insurance serves an important purpose.
- Most states have compulsory liability insurance requirements which means the state requires specific minimum amounts of liability insurance if you want to drive legally. In Virginia these limits are 25/50/20 which means you must have $25,000 of bodily injury coverage per person, $50,000 of bodily injury coverage per accident, and $20,000 of property damage coverage.
- If you have a loan on your Hyundai Elantra, most banks will make it a condition of the loan that you buy insurance to guarantee their interest in the vehicle. If you do not pay your insurance premiums, the bank may insure your Hyundai at a significantly higher premium and force you to pay the higher premium.
- Insurance protects both your vehicle and your personal assets. Insurance will pay for medical transport and hospital expenses incurred in an accident. Liability insurance will also pay attorney fees in the event you are sued. If mother nature or an accident damages your car, collision and comprehensive coverages will cover the repair costs.
The benefits of buying insurance greatly outweigh the cost, especially when you need to use it. But the average driver in Virginia is wasting up to $869 every year so shop around at every policy renewal to ensure rates are inline.
Auto insurance coverages explained
Knowing the specifics of a auto insurance policy aids in choosing the right coverages at the best deductibles and correct limits. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording. Listed below are the usual coverages available from auto insurance companies.
Comprehensive coverages – Comprehensive insurance covers damage OTHER than collision with another vehicle or object. You first have to pay a deductible then your comprehensive coverage will pay.
Comprehensive can pay for things like damage from flooding, theft and vandalism. The maximum payout a auto insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low it’s not worth carrying full coverage.
Auto liability insurance – This coverage provides protection from damage that occurs to people or other property in an accident. Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. Your policy might show liability limits of 25/50/20 which stand for $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and property damage coverage for $20,000.
Liability coverage protects against claims such as structural damage, funeral expenses, repair costs for stationary objects and attorney fees. How much liability coverage do you need? That is up to you, but you should buy higher limits if possible. Virginia requires minimum liability limits of 25/50/20 but you should think about purchasing more coverage.
The chart below shows why the minimum limit may not be adequate.
Uninsured and underinsured coverage – This coverage protects you and your vehicle’s occupants from other drivers when they are uninsured or don’t have enough coverage. Covered claims include injuries sustained by your vehicle’s occupants and also any damage incurred to your Hyundai Elantra.
Since a lot of drivers have only the minimum liability required by law (25/50/20), it only takes a small accident to exceed their coverage. This is the reason having UM/UIM coverage is very important.
Collision coverage – Collision insurance pays to fix your vehicle from damage resulting from a collision with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.
Collision coverage pays for things such as driving through your garage door, sustaining damage from a pot hole, colliding with a tree and backing into a parked car. Paying for collision coverage can be pricey, so you might think about dropping it from older vehicles. Drivers also have the option to increase the deductible on your Elantra in order to get cheaper collision rates.
Coverage for medical payments – Medical payments and Personal Injury Protection insurance kick in for immediate expenses for funeral costs, hospital visits, chiropractic care, rehabilitation expenses and nursing services. They are used to fill the gap from your health insurance policy or if you are not covered by health insurance. Coverage applies to you and your occupants as well as if you are hit as a while walking down the street. Personal injury protection coverage is not universally available but can be used in place of medical payments coverage