The make and model of vehicle requiring coverage is one of the largest considerations that determines whether or not you can buy the best cheap car insurance for a company car. Vehicles with more horsepower, poor crash test ratings, or a track record of large liability claims will cost significantly more to insure than more modest models.
The next table presents car insurance prices for a handful of the cheaper automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$1,292|
|Hyundai Elantra GLS Touring Station Wagon||$1,383|
|Honda Accord LX 4-Dr Sedan||$1,426|
|Ford Escape XLS 2WD||$1,433|
|Chevrolet Equinox LS 2WD||$1,497|
|Jeep Grand Cherokee Laredo 2WD||$1,505|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$1,543|
|Ford Explorer XLT AWD||$1,548|
|Dodge Grand Caravan CV||$1,556|
|Honda Odyssey EX-L||$1,576|
|Toyota Camry SE||$1,586|
|Ford Edge Limited 2WD||$1,604|
|Ford Fusion Sport 4-Dr Sedan||$1,609|
|Chevrolet Malibu LTZ||$1,604|
|Honda Civic Hybrid 4-Dr Sedan||$1,611|
|Nissan Rogue S 2WD||$1,604|
|GMC Sierra SL Crew Cab 4WD||$1,613|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$1,631|
|Chevrolet Impala LT||$1,637|
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Table data represents single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, claim-free, homeowner, multi-policy, and safe-driver. Rates do not factor in specific zip code location which can affect prices noticeably.
Looking at the rates, we can expect models like the Honda CR-V, Hyundai Elantra, and Toyota Prius will be the cheaper vehicles to insure for your employer’s vehicle.
Trying to find cheap insurance is not most people’s favorite thing to do, and figuring out which company has the lowest-priced auto insurance rates for a company car takes more quotes for comparison.
Each auto insurance company uses their own calculation to establish rates, so we need to take a look at the auto insurance companies with the most affordable rates in Columbus, OH. It’s important that you understand Ohio auto insurance rates are impacted by many factors that control the price of coverage. This is why consumers need to take the time to spend some time comparing rates when trying to find cheap insurance rates for a company car. Insurance prices are influenced by many factors and change frequently, so the most economical option the last time you compared rates may now not even be in the top five.
Find Cheaper Car Insurance in Ohio
Utica National quotes some of the best car insurance rates in Columbus at around $654 a year. Erie, Allied, Frankenmuth, and USAA are also some of the best Columbus, OH auto insurance companies.
As illustrated above, if you are a policyholder with Frankenmuth and switched to Erie, you could realize a yearly savings of about $20. Policyholders with USAA might save as much as $52 a year, and Travelers customers might reduce prices by as much as $59 a year.
To find cheaper insurance rates for your vehicle, click here to get quotes or click through to the companies below.
These premiums are averaged across all types of insureds and vehicles and are not factoring in an exact vehicle garaging location for a company car. So the company that has the cheapest rates for you may not even be in the list above. That affirms the importance of why you need to get rate quotes from many companies using your own driver and vehicle profiles.
For your employer’s vehicle, one of the big criteria that are looked at to determine the cost of insurance is where your residence is. Larger areas will most likely pay more, whereas less populated areas receive better rates.
The following table shows the most expensive areas in Ohio for a company car to purchase car insurance in. Columbus is ranked at #4 with an annual rate of $1,211 for the average insurance policy, which is about $101 each month.
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Annual rates are approximated as specific Columbus zip code can alter premium rates considerably.
Insuring your vehicle with a good quality auto insurance company is difficult considering how many different companies insure vehicles in Columbus. The company ratings below may help you analyze which coverage providers to look at when comparing rates. These rankings are only comprised of large insurance companies, so companies that may only write in Ohio are not included in the list.
Top 10 Large Auto Insurance Providers in Columbus Ranked by Customer Satisfaction
- USAA – 92%
- Erie Insurance – 88%
- American Family – 88%
- State Farm – 88%
- Nationwide – 88%
- 21st Century – 88%
- AAA Insurance – 87%
- Liberty Mutual – 87%
- Farmers Insurance – 87%
- The Hartford – 87%
Rate difference between full and liability-only coverage
Saving on auto insurance is the goal of most drivers, and one common way to save on the cost of insurance for a company car is to not buy comprehensive and collision coverage. The diagram below visualizes the comparison of yearly insurance costs with full coverage compared to only the Ohio minimum liability coverage. The data is based on no tickets, no at-fault accidents, $500 deductibles, drivers are not married, and no discounts are applied to the premium.
If averaged out across all ages, full coverage costs an extra $1,458 per year over liability only. At some point, almost every driver questions if buying full coverage is worth the money. There isn’t a written rule that works best for making the decision to drop comp and collision coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.
The information below highlights how deductible choice can affect insurance prices when researching cheap insurance for a company car. The prices are based on a single male driver, comp and collision included, and no discounts are factored in.
The chart above illustrates that a 40-year-old driver could pocket $224 a year by increasing from a $100 deductible to a $500 deductible, or save $338 by selecting a $1,000 deductible. Even younger drivers, like the Age 20 chart data, could potentially save as much as $734 every year by choosing a higher deductible. When choosing a higher deductible, it is a good idea to have enough savings to cover the extra out-of-pocket expense that is associated with using high deductibles.
Tips for buying cheaper insurance for a company car
It is possible to find better rates, and here are some of the better money-saving solutions that can help Ohio drivers get low-cost car insurance.
- Increase your policy deductibles
- Increase your credit score
- Do not get traffic citations
- Buy vehicles with five-star safety ratings
- Older vehicles may not need full coverage
- Prevent rate increases by staying accident-free
- Compare rates often to find the best deal
That last idea is highly crucial, as we emphasized in the article above. Car insurance prices vary considerably, so drivers shouldn’t be resistant to change to a new company if a more affordable price is available. Being loyal to a particular company is commendable, but it’s not a good idea if that inflexibility results in costing you hundreds every year. If you have a few minutes, compare prices to find cheaper car insurance for a company car in Columbus.
If you aren’t sure which coverage to buy and prefer to get help from a professional when trying to find lower insurance rates for a company car, the agents shown below can probably aid you in deciding which coverages are best. To find an auto insurance agency closest to you, click the button below the list or click here to compare rates now.
Buddy White – State Farm Insurance Agent
1500 S Hamilton Rd – Columbus, OH 43227 – (614) 864-1050
Amie Kim – State Farm Insurance Agent
1246 N High St – Columbus, OH 43201 – (614) 586-8701
IHT Insurance Agency Group LLC
655 Metro Pl S Suite 330 – Dublin, OH 43017 – (614) 761-2825