One of the more important factors that are looked at to help calculate the amount you pay each year for auto insurance is where you live. Areas with more people or even just a higher incidence of claims are more likely to have higher rates, whereas areas with less crime or weather claims receive better rates.
The following table rates the priciest cities in North Carolina for a company car to buy car insurance in. Raleigh shows up at #10 with an annual rate of $760 for coverage, which is around $63 each month.
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Price information shown is comparative as the vehicle garaging location can change prices greatly.
The car, truck, or SUV you are seeking coverage for is one of the largest considerations that determines whether or not you can buy affordable car insurance for a company car. Vehicles with lots of horsepower, poor safety ratings, or high incidents of liability claims will cost much more to insure than more modest models.
The next list features coverage premiums for a number of the most affordable vehicles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,121|
|Honda CR-V LX 4WD||$1,126|
|Nissan Altima 2.5 4-Dr Sedan||$1,210|
|Chevrolet Malibu Hybrid||$1,217|
|Toyota RAV4 Sport 4WD||$1,210|
|Chevrolet Impala LT||$1,217|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$1,247|
|Toyota Corolla LE||$1,274|
|Jeep Grand Cherokee Limited 2WD||$1,297|
|Hyundai Sonata GLS 4-Dr Sedan||$1,305|
|Kia Optima LX||$1,297|
|Chevrolet Silverado LTZ Crew Cab 4WD||$1,305|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,319|
|Dodge Grand Caravan Hero||$1,324|
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Data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Estimates do not factor in your specific Raleigh, NC location which can decrease or increase auto insurance rates significantly.
Looking at the rates, makes and models like the Ford Escape, Honda CR-V, Nissan Altima, Chevrolet Malibu, and Toyota RAV4 will be a few of the most affordable vehicles to insure for your employer’s vehicle.
Determining which companies quote the most affordable insurance rates for a company car involves a bit more work in order to find the best policy. Each company has a different process to determine rates, so let’s take a look at the overall cheapest insurance companies in North Carolina.
Lowest Insurance Price Quotes in North Carolina
|Rank||Company||Cost Per Year|
|6||NC Farm Bureau||$737|
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Progressive may offer some of the lowest car insurance rates in Raleigh at around $632 a year. This is $240 less than the average policy premium paid by North Carolina drivers of $872. Utica National, Penn National, Liberty Mutual, and GEICO also make the cut as some of the most economical Raleigh, NC auto insurance companies.
As the example above demonstrates, if you currently have coverage with Penn National and switched to Progressive, you could see an annual premium reduction of about $93. North Carolina drivers with Liberty Mutual might save as much as $96 a year, and GEICO customers might see rate reductions of $96 a year.
If you want to see how much you could save, click here to begin a quote or click several companies below for low rates.
Understand that those policy rates are averaged across all ages of drivers and types of vehicles and do not factor in a vehicle location for a company car. So the insurer that has the cheapest rates for you may not even be in the list above. That emphasizes why you need to compare prices as often as possible using your own driver and vehicle profiles.
Discount Raleigh auto insurance rates
Auto insurance companies that provide coverage for a company car could also offer policy discounts that can reduce rates by 25% or more if you can meet the requirements. Larger insurance companies and their offered discounts can be found below.
- GEICO offers premium reductions for good student, membership and employees, air bags, emergency military deployment, five-year accident-free, seat belt use, and daytime running lights.
- Auto-Owners Insurance has savings for safe vehicle, multiple vehicles, paid in full, safe driver, good student, multi-policy, and company car.
- American Family offers discounts for multi-vehicle, TimeAway discount, early bird, accident-free, good student, and bundled insurance.
- Esurance may have discounts that include online quote, online shopper, multi-car, homeowner, emergency road assistance, and anti-theft.
- Progressive may offer discounts for online signing, continuous coverage, good student, multi-vehicle, multi-policy, and homeowner.
- State Farm includes discounts for passive restraint, multiple autos, defensive driving training, Steer Clear safe driver discount, multiple policy, and accident-free.
- AAA policyholders can earn discounts including education and occupation, pay-in-full, good student, multi-policy, and AAA membership discount.
The illustration below illustrates the comparison of insurance prices with and without discounts applied to the policy premium. The data is based on a male driver, no accidents, no driving violations, North Carolina state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with passive restraint, safe-driver, vehicle safety, multiple vehicle, homeowner, and defensive driving course discounts applied. When taking advantage of discounts, theaverage amount saved on insurance for a company car is 27% or $361.
Choosing a highly-rated insurer is hard considering how many different companies there are to choose from in North Carolina. The rank data in the lists below can help you analyze which car insurance providers to look at shopping prices with. These ratings only include companies who write in the majority of U.S. states, so smaller companies are not taken into consideration for the list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
The example below demonstrates how choosing different deductibles can influence insurance costs when trying to find cheap insurance for a company car. The data assumes a married male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
The data above shows that a 30-year-old driver could pocket $256 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $388 by changing to a $1,000 deductible. Even younger insureds, like the 20-year-old example, could roll back prices as much as $788 or more by choosing a larger deductible amount.
When choosing a higher deductible, it is essential to have additional funds in a savings account to allow you to cover the extra out-of-pocket expense that comes with higher deductibles.
The agents listed below can probably provide answers to your questions and help you determine which auto insurance coverages would be the best in your situation, as many consumers aren’t sure which coverage to buy and prefer to have the advice of a professional agent when shopping for cheaper insurance for a company car. It can be time-consuming to find the cheapest car insurance policy, and using a licensed agent can provide you comfort knowing your policy gives you adequate coverage if you have an accident or claim.
To find an auto insurance agency using an interactive map, click the link after the list or click here to compare price quotes now.
Doug Wingate – State Farm Insurance Agent
2414 Wycliff Rd #110 – Raleigh, NC 27607 – (919) 787-0888
Karen Boone – State Farm Insurance Agent
5603 Creedmoor Rd – Raleigh, NC 27612 – (919) 782-6666
State Farm: Jerome Murray
8410 Louisburg Rd #100 – Raleigh, NC 27616 – (919) 266-9371
Alex Burt – State Farm Insurance Agent
3021 Berks Way #102 – Raleigh, NC 27614 – (919) 435-1417
Spurling Cook – State Farm Insurance Agent
7501 Creedmoor Rd #114 – Raleigh, NC 27613 – (919) 676-2502
How to find economical car insurance for a company car
The list below summarizes some penny-pinching suggestions that can help drivers find low-cost coverage.
- At-fault accidents will increase rates
- Safe vehicles cost less to insure
- Drop full coverage on older vehicles
- Clean up your credit rating
- Save money by bundling your home and auto policies
- Ensure you have the best deal by shopping around regularly
The final tip is extremely significant, as we emphasized in this write-up. Prices charged by car insurance companies in Raleigh change frequently, so don’t be hesitant to switch to a new company if you find a better deal. Many drivers tend to have loyalty to a certain company, but is isn’t recommended if your bullheadedness ends up costing you money that could be used for better things. It takes less than five minutes to compare rates to find cheaper car insurance for a company car.