The vehicle you are insuring is probably the largest consideration when comparing the lowest-priced insurance for a company car. Vehicles with lower performance, excellent safety ratings, or low incidents of liability claims will cost significantly less to insure than adrenaline junky models.
The next list features auto insurance rates for the cheapest automobiles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$915|
|Ford F-150 STX Super Cab 4WD||$1,025|
|Honda Odyssey EX||$1,040|
|Honda CR-V EX-L 4WD||$1,048|
|Hyundai Elantra SE 4-Dr Sedan||$1,117|
|Chevrolet Silverado LTZ Crew Cab 4WD||$1,136|
|GMC Sierra 2500HD SLE Crew Cab 4WD||$1,142|
|Jeep Grand Cherokee Limited 2WD||$1,136|
|Dodge Ram Quad Cab SLT 4WD||$1,158|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$1,163|
|Honda Civic SI 4-Dr Sedan||$1,171|
|Chevrolet Impala LS||$1,192|
|Ford Focus SE 2-Dr Coupe||$1,194|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,205|
|Toyota RAV4 Sport 4WD||$1,214|
|Toyota Camry LE||$1,223|
|Toyota Tacoma Double Cab 4WD||$1,237|
|Chevrolet Silverado 2500HD LTZ Crew Cab 2WD||$1,289|
|Volkswagen Jetta LE 4-Dr Sedan||$1,300|
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Prices above based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Estimates do not factor in vehicle location which can decrease or increase coverage prices significantly.
By looking at the data, makes and models like the Ford Escape, Toyota Prius, Ford F-150, Honda Odyssey, and Honda CR-V will be the most budget-friendly vehicles to insure for your employer’s vehicle.
For your employer’s vehicle, one of the largest considerations that aid in calculating the amount you pay each year for auto insurance is where you normally keep your vehicle. More populated areas tend to have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower prices.
The next table sorts the most costly cities in Indiana for a company car to buy an auto insurance policy in. Fort Wayne ranks #16 with the annual price of $956 for the average policyholder, which is approximately $80 each month.
|Rank||City||Premium Per Year|
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Price information shown is comparative as specific Fort Wayne garaging address can decrease or increase prices greatly.
Comparing rates for cheap car insurance is not always easy, and finding out which company offers the best auto insurance rates for a company car will take a little more work. Each insurer uses a little different formula to establish rates, so we need to take a look at the most affordable auto insurance companies in Fort Wayne, IN.
Find the Cheapest Auto Insurance in Indiana
|Rank||Company||Cost Per Year|
|5||Indiana Farmers Mutual||$849|
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Travelers offers some of the most affordable car insurance rates in Fort Wayne at around $602 annually. This is $638 less than the average rate paid by Indiana drivers of $1,240. Cincinnati Insurance, USAA, Erie, and Indiana Farmers Mutual would also be considered some of the most economical Fort Wayne, IN insurance companies.
In the rate table above, if you are insured with USAA and switched to Travelers, you could see an annual premium reduction of upwards of $79. Policyholders with Erie may save as much as $131 a year, and Indiana Farmers Mutual policyholders might lower prices by $247 a year.
To find the cheapest coverage for you, click here to start a quote or click several companies below for low rates.
These prices are averaged across all ages of drivers and types of vehicles and do not take into consideration a vehicle location for a company car. So the car insurance company that can offer you the lowest price may not even be in the list above. That points out the importance of why you need to get quotes using your own individual information.
Do you need full coverage?
Paying a lower price for auto insurance is probably important to the majority of drivers, and a good way to find cheaper insurance for a company car is to not pay for full coverage. The illustration below visualizes the comparison of auto insurance rates with full coverage and liability only. The premium estimates are based on no claims, a clean driving record, $250 deductibles, marital status is single, and no discounts are factored in.
As an average for all age groups, physical damage coverage on your policy costs $1,480 per year more than buying just liability insurance. A very common question is if buying full coverage is a waste of money. There is no clear-cut formula for phasing out comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost minus the deductible, then it could be time to drop full coverage.
Auto insurance rates are higher with tickets and accidents
In a perfect world, the ideal way to snag good auto insurance prices in Fort Wayne for your employer’s vehicle is to be a careful driver and avoid traffic citations and accidents. The chart below highlights how speeding tickets and at-fault claims impact car insurance costs for different age groups of insureds. Data assumes a single female driver, full coverage, $250 deductibles, and no discounts are taken into consideration.
The chart shows that the average cost of auto insurance per year with no accidents and a clean driving record is $1,405. Add in one speeding ticket and the average cost increases to $1,592, an increase of $186 each year. Now throw in one accident along with the one speeding ticket and the 12-month cost of auto insurance for a company car goes up to an average of $2,113. That’s an increase of $707, or $59 per month, just for not paying attention while driving!
The illustration below demonstrates how deductible levels can raise or lower insurance premiums when researching cheap insurance for a company car. The rates are based on a single female driver, comp and collision included, and no discounts are factored in.
As shown above, a 40-year-old driver could lower their car insurance rates by $310 a year by increasing from a $100 deductible to a $500 deductible, or save $468 by changing to a $1,000 deductible. Even younger insureds, such as the 20-year-old chart data, can save as much as $790 or more by choosing a higher deductible. When using a larger deductible, it will be necessary to have plenty of money set aside to allow you to cover the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.