Wouldn’t life be great if you could just know the single best company in Fort Wayne that has the cheapest car insurance rates for business use? It’s just not that easy, however, as there are a whole bunch of unknown elements like any tickets or violations, your credit rating, and if you have a spouse. In this article, we will teach you about the causes of high insurance rates and will hopefully give you some help in finding cheaper rates.
The vehicle that is being insured is one of the main factors when comparison shopping for affordable coverage for business use. Vehicles with average performance, excellent safety ratings, or a track record of few liability claims will cost much less to insure than high performance models. The list below presents auto insurance rates for some of the cheapest vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$952|
|Ford Escape XLS 2WD||$960|
|Dodge Grand Caravan SE||$1,067|
|Honda CR-V EX 2WD||$1,089|
|Chevrolet Silverado LS Extended Cab 4WD||$1,124|
|Ford Edge Sport AWD||$1,184|
|Hyundai Elantra SE 4-Dr Sedan||$1,191|
|Chevrolet Impala LTZ||$1,184|
|Chevrolet Equinox LTZ AWD||$1,206|
|Jeep Wrangler Sport 4WD 2-Dr||$1,216|
|Chevrolet Silverado 2500HD LTZ Crew Cab 4WD||$1,206|
|Ford Explorer XLT 4WD||$1,222|
|Toyota Camry LE||$1,288|
|Toyota RAV4 Limited 2WD||$1,297|
|GMC Sierra 2500HD SLE Regular Cab 2WD||$1,288|
|Dodge Ram Crew Cab SLT 4WD||$1,308|
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Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Table data does not factor in the specific area where the vehicle is garaged which can decrease or increase rates considerably.
Based upon the rates shown, you can expect vehicles like the Honda Accord, Ford Escape, Dodge Grand Caravan, Honda CR-V, and Chevrolet Silverado are likely to be the cheapest vehicles to insure for using your car for business. Car insurance rates will trend higher just because there is more claim exposure for business use, but overall those particular models will have the lowest prices compared to all other vehicles.
Establishing which insurers offer the cheapest insurance rates for business use will require more work in order to find the best price. Each auto insurer uses different criteria for establishing rates, so let’s take a look at the most affordable insurance companies in Fort Wayne.
It’s a good idea to be aware that Fort Wayne insurance rates are impacted by many things that will increase or decrease the cost of coverage. Turning one year older, buying a new vehicle, or having an accident can trigger rate changes that may make certain companies cheaper than before.
Best Auto Insurance Prices for Business Use
|Rank||Company||Cost Per Year|
|7||Indiana Farmers Mutual||$867|
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Travelers may offer some of the lowest car insurance rates in Fort Wayne at around $602 each year. This is $638 less than the average rate paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and The Hartford would also be considered some of the cheapest Fort Wayne, IN auto insurance companies.
As shown above, if you are a policyholder with The Hartford and switched to USAA, you may realize annual savings of approximately $202. Customers with Western Reserve might save as much as $203 a year, and Indiana Farmers Mutual policyholders might lower prices by up to $206 a year.
It’s important to note that these rates are averages across all types of drivers and the different vehicles they drive and and are not figured with a specific vehicle garaging location for business use. So the company that has the lowest price for you may not even be in the top 36 companies in the list above. That underscores the importance of why you need to get auto insurance quotes using your own specific driver and vehicle information.
The diagram below demonstrates how choosing different deductibles can affect insurance costs when researching cheap insurance for business use. The premium estimates are based on a single female driver, full coverage, and no other discounts are factored in.
The data above shows that a 50-year-old driver could lower their policy premium by $268 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $404 by choosing a $1,000 deductible. Even younger insureds, such as the 20-year-old chart data, could roll back prices $678 each year just by choosing larger deductibles. If you do raise deductibles, it is a good idea to have plenty of discretionary funds to be able to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Impact of violations and accidents on rates
The easiest method to snag cheap insurance premiums for using your car for business is to pay attention while driving and not receive tickets or have accidents. The example below highlights how traffic violations and at-fault claims can impact car insurance rates for each age group. The data is based on a single male driver, comp and collision included, $1,000 deductibles, and no discounts are taken into consideration.
In the prior example, the average cost of car insurance per year with no accidents or violations is $1,577. Add in one speeding ticket and the average cost surges to $1,780, an increase of $203 each year. Next add two accidents along with the one speeding ticket and the 12-month cost of insurance for business use goes up to an average of $3,696. That’s an increase of $2,120, or $177 per month, just for not being attentive to the road!
The Fort Wayne, IN, insurance agents below can answer your questions and help you decide which car insurance company is the best fit, since some drivers wish to have professional advice when shopping around for cheaper insurance for using your car for business. It can be complicated to find the best policy yourself, and a professional agent can provide you comfort knowing your policy gives you suitable coverage if you ever need to use it. To locate a Fort Wayne insurance agent nearest to you, click the link after the list or click here to compare price quotes now.
- InsureOne Insurance Agency
3213 E State Blvd – Fort Wayne, IN 46805 – (260) 216-0024
- Wise Insurance Agency
7410 Bluffton Rd – Fort Wayne, IN 46809 – (260) 747-5373
- W.C. Starks – State Farm Insurance Agent
3818 S Calhoun St – Fort Wayne, IN 46807 – (260) 744-4357
- PMG Agency
3711 Rupp Dr #103 – Fort Wayne, IN 46835 – (260) 436-9669
- Terry Anderson – State Farm Insurance Agent
5668 St Joe Rd – Fort Wayne, IN 46835 – (260) 486-8663
Ideas to find low-cost car insurance for business use
The list below details some of the better penny-pinching ideas that can help Fort Wayne drivers get low-cost coverage.
- At-fault accidents will increase rates
- Buy your homeowners policy from the same company as your auto insurance
- Pay for small claims rather than turning them in to your insurance company
- Do not pay for full coverage if not needed
- Ensure your driving record is clean
- Get cheaper liability coverage by choosing a safer vehicle
- Compare prices as often as possible
That last tip is very vital, as was pointed out in the prior information. Prices charged by auto insurers in Fort Wayne can change considerably based on profitability, so don’t be afraid to change to a new company if a cheaper price is available. Staying with the same car insurance company is fine, but we do not recommend it if your bullheadedness ends up costing you thousands of dollars over the life of your policy. Now is a great time to shop around and find cheaper insurance for business use.