I’m sure you’ve seen the catchy commercials from insurers like Allstate and Nationwide that say if you switch you’ll get enormous savings. So you should just choose the one with the best commercial, right?
It’s just not that easy, however, as there are a ton of unknown aspects like how old you are, the crash test ratings of your vehicle, what physical damage coverage deductibles you want, and the neighborhood you live in, that all have an effect on the price of a policy. This article will detail these topics and will hopefully give you a good beginning to your search for cheaper coverage.
Establishing which company has the best auto insurance rates for a company car will take a little more sweat than just getting one or two price quotes.
Each auto insurer uses their own formula to determine rates, so we will examine the auto insurance companies with the most affordable rates in Cleveland, OH. We do need to point out that Cleveland auto insurance rates are based on many factors that will increase or decrease the cost of coverage. Simply having a birthday, marrying your spouse, or getting a couple of tickets can trigger changes in premium resulting in some companies being cheaper than others.
Best Car Insurance Prices in Ohio
Utica National has some of the best car insurance rates in Cleveland at around $628 a year. This is $412 less than the average policy premium paid by Ohio drivers of $1,040. Erie, Allied, Frankenmuth, and USAA are also some of the lowest-priced Cleveland, OH insurance companies.
As shown above, if you currently have a policy with Allied and switched to Utica National, you might achieve a yearly savings of around $69. Customers with Frankenmuth might save as much as $73 a year, and USAA policyholders might reduce rates by $91 a year.
Be aware that those rates are averaged for all insureds and vehicles and do not take into consideration a specific zip code for a company car. So the insurer that fits you best may not even be in the top 33 companies shown above. That’s why you need to compare prices as often as possible using your own personal information and vehicle type.
The car, truck, or SUV you are trying to insure is one of the main factors when shopping around for low-priced car insurance for a company car. Vehicles with more horsepower, poor crash test ratings, or a history of substantial liability claims will cost significantly more to insure than more economical and safe models.
The data below outlines car insurance prices for a number of the most budget-friendly automobiles to insure in Ohio.
|Vehicle||Estimated Cost for Full Coverage|
|Honda Accord EX-L 4-Dr Sedan||$1,317|
|Chevrolet Impala LS||$1,409|
|Toyota Tacoma 2WD||$1,415|
|Ford Edge SEL 2WD||$1,409|
|Jeep Wrangler Sport 4WD 2-Dr||$1,437|
|GMC Sierra SLE Crew Cab 2WD||$1,442|
|Chevrolet Equinox LS AWD||$1,437|
|Toyota Camry LE||$1,445|
|Hyundai Elantra Blue 4-Dr Sedan||$1,482|
|Ford Focus SES 4-Dr Sedan||$1,489|
|Honda CR-V EX 2WD||$1,487|
|Toyota Corolla LE||$1,509|
|Volkswagen Jetta 2.0T 4-Dr Sedan||$1,537|
|Chevrolet Silverado LS Extended Cab 2WD||$1,542|
|Ford Explorer XLT 4WD||$1,557|
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Above prices assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include homeowner, multi-policy, claim-free, safe-driver, and multi-vehicle. Premium amounts do not factor in specific garaging location which can lower or raise insurance rates considerably.
Looking at the numbers, cars like the Honda Accord, Chevrolet Impala, and Toyota Tacoma will definitely be the more affordable vehicles to insure for your employer’s vehicle.
One of the more important considerations that aid in calculating the amount you pay for auto insurance is where you choose to live. Regions with larger populations or more claims likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims profit from lower rates.
The table below lists the highest-priced areas in Ohio for a company car to buy car insurance in. Cleveland shows up at #2 with an annual cost of $1,259 for car insurance, which is approximately $105 per month.
|Rank||City||Premium Per Year|
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Price information shown is estimated as the vehicle garaging location can alter coverage rates significantly.
Illustration showing the impact of accidents and violations
The easiest method to snag good auto insurance rates in Cleveland for your employer’s vehicle is to drive cautiously and have a clean driving record. The information below shows how traffic citations and fender-benders can drive up insurance prices for each age group. The costs are based on a single female driver, full coverage, $100 deductibles, and no discounts are factored in.
The data above shows the average cost of car insurance in Ohio per year with no accidents and a clean driving record is $1,242. Factor in two speeding tickets and the average cost hikes up to $1,669, an increase of $427 each year. Now get two accidents along with the two speeding tickets and the annual cost of auto insurance for a company car increases to an average of $3,176. That’s an increase of $1,934, or $161 per month, just for not maintaining a clean driving record!
The illustration below illustrates how your deductible choice can impact insurance costs when searching for cheap insurance for a company car. The rates are based on a single male driver, comprehensive and collision coverage, and no discounts are taken into consideration.
A 40-year-old driver could save $252 a year by switching from a $100 deductible up to a $500 deductible, or save $380 by switching to a $1,000 deductible. Youthful drivers, such as the Age 20 example, can cut $842 each year by using a higher deductible. When increasing deductibles, it is essential to have plenty of savings on hand to enable you to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Should you buy full coverage?
Saving money when shopping for auto insurance is probably important to most vehicle owners, and one of the best ways to save on the cost of insurance for a company car is to only pay for liability coverage. The diagram below shows the comparison of premium costs with and without full coverage. The costs are based on no claims, a clean driving record, $1,000 deductibles, single marital status, and no discounts are applied.
If the expense is averaged for all age categories, physical damage coverage costs an extra $961 per year over liability only. That raises the question if it’s worth it to buy full coverage. There is no specific rule to drop full coverage, but there is a general guideline. If the annual cost of having full coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s book value is $10,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would receive is $9,500 after the deductible is paid. If you are currently paying more than $950 annually for comprehensive and collision coverage, then you may need to consider dropping full coverage.
The agents listed below are a good start to help you determine which policy fits your needs best, since lots of people like to have some professional guidance when buying car insurance for your employer’s vehicle. It’s not always easy to find the best policy yourself, so getting advice from a licensed agent can give comfort knowing your coverage gives you suitable coverage if you have an accident.
To locate a Cleveland car insurance agency near you, click the button below the list or click here to get price quotes now.
- Phil Pavarini Insurance Agent * InsureCLE.com
2012 W 25th St #501 – Cleveland, OH 44113 – (216) 374-4500
- AandA Action Auto Insurance Agency
3421 Prospect Ave E – Cleveland, OH 44115 – (216) 361-8988
- Bass Ohio Insurance Agency LLC
815 Superior Avenue E, Suite 1412 – Cleveland, OH 44114 – (440) 862-0352
- Select Insurance Services Agency, Inc.
12608 State Rd – Cleveland, OH 44133 – (440) 237-8555
How to find the cheapest insurance for a company car
Here are many thrifty solutions that can help Cleveland drivers quote lower-cost car insurance.
- If your vehicles are older, consider dropping full coverage
- Ensure your driving record is clean
- Drive attentively and avoid accidents
- Higher physical damage deductibles lower rates
- Buy vehicles with five-star safety ratings
- Pay cheaper rates with good credit scores
- Look for cheaper rates once a year by shopping around
The last tip is very necessary, as we hit on in the article above. Auto insurance rates can be adjusted at any time, so don’t be afraid to buy from a new company if a lower-cost policy is available.
Brand loyalty is great, but it’s not a great idea if that loyalty results in overpaying thousands of dollars over several years. Now is a great time to shop around to find cheaper insurance for a company car in Cleveland.