Is it cheaper to insure a Honda Accord or Civic?

UPDATED: Dec 2, 2015

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Asked December 2, 2015

1 Answer

As you know from experience, there's so much to consider when you're buying a vehicle. Since new car buyers drive their cars for an average of 6 years, you have to consider how much it's going to cost before you decide if you'd like to drive a Honda Accord or a Honda Civic for the next handful of years. Both cars have great reputations for value retention, but the cost of ownership varies by model even when they are produced by the same manufacturer.

Use True Cost to Own Data

If you've never owned a car, it's hard to really estimate how much it's going to cost you to buy a car and maintain it. You can easily determine the total cost of your auto loan, but there are so many other expenses that people overlook. That's why the proprietary data compiled by Edmunds can be useful to help you predict how much you'll spend after 5 years of owning a specific car.

What is the True Cost to Own a Honda Civic?

When deciding between a Honda Civic LX sedan and a Honda Accord, you should look at the True Cost to Own each car. Based on a 5-year estimate where the car has been driven an average of 15,000 miles per year, the True Cost to Own a 2016 Civic LX is $31,257, assuming that you paid $20,078 to purchase the vehicle.

What is the True Cost to Own a Honda Accord?

The Honda Accord Sedan is another popular model produced by Honda that's known for its roomy interior, exceptional handling, quick acceleration, and generous standard features. The Accord is a step up from the Civic which is why you can expect to pay more over a 5-year period when owning it. According to Edmunds same True Cost to Own, the Honda Accord LX Sedan will cost $34,533 to own assuming that the vehicle was purchased for $22,944.

Insurance Costs for the Honda Civic vs. the Honda Accord

Insurance costs can influence your purchasing decision. Just because one car costs more to maintain over time doesn't mean it's going to cost more to insure. You'll have to look at the estimated cost to maintain insurance over the life of the car to determine which car actually costs more to insure.

Your Honda Civic Sedan will cost you around $6627 to insure with full coverage over a span of 5 years. The Honda Accord Sedan will cost you around $6017 to insure for the same period of time. Your own personal rating factors will affect the total insurance cost, but with the same rating factors on each policy, the Civic costs about $610 more to insure.

Why Does the Civic Cost More to Insure?

There are plenty of reasons why a Civic costs more to insure than an Accord. It's not all about the sales price of a car. In fact, it's a lot more about claims statistics and demographics than it is about a car's value. The value may come into play for luxury cars, but not for standard Hondas.

One of the main reasons that a Civic carriers higher premiums over time is because it depreciates slowly. Since it retains more value than an Accord when it's 3, 4, and 5 years old, the rates will be higher as the car ages. Since the insurer pays for the Actual Cash Value of the car at the time of a damage claim, the premiums are higher when retention is higher.

Another factor is that the Civic is a popular choice among younger drivers who have more losses. This means the claims rate will be higher for the Civic than the Accord, which translates into higher insurance costs because of the car's ISO risk rating through Veririsk.

Answered May 3, 2017 by AutoGuy

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