The words “low-priced” and “insurance” really don’t belong together, especially when you are shopping around for the lowest insurance rates for a company car. Let’s start off by going over a few of the factors that determine insurance prices, and find some ways to reduce the cost of your next policy.
The vehicle you are buying coverage for is one of the primary factors when comparing the lowest-priced auto insurance for a company car. Vehicles with limited top-end speed, a great safety record, or low incidents of liability claims will cost less to insure than adrenaline junky models. The list below ranks car insurance rates for a number of the most economical automobiles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$1,323|
|Honda CR-V EX-L 2WD||$1,533|
|Chevrolet Impala LS||$1,538|
|Toyota RAV4 Limited 2WD||$1,567|
|Toyota Camry LE||$1,573|
|Jeep Grand Cherokee Laredo 4WD||$1,567|
|Dodge Grand Caravan Hero||$1,573|
|Chevrolet Malibu LT||$1,595|
|Jeep Wrangler Sahara 4WD 2-Dr||$1,624|
|Toyota Corolla LE||$1,650|
|Hyundai Elantra SE 4-Dr Sedan||$1,657|
|Kia Optima LX||$1,681|
|Ford Edge SEL AWD||$1,684|
|Ford Explorer Eddie Bauer 2WD||$1,686|
|Ford Fusion S 4-Dr Sedan||$1,717|
|Ford F-150 XLT Super Cab 4WD||$1,725|
|Find Cheaper Rates Go|
Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Price information does not factor in the specific area where the vehicle is garaged which can decrease or increase prices substantially.
Looking at the rates, you can conclude that makes and models like the Ford Escape, Honda CR-V, Chevrolet Impala, and Toyota RAV4 are most likely going to be a few of the most economical vehicles to insure for your employer’s vehicle.
One of the many things that are looked at to determine the annual cost of car insurance is your zip code. More densely populated places will most likely have higher rates, whereas areas with less people or fewer weather incidents profit from lower rates.
The information below rates the most expensive places in California for a company car in which to purchase auto insurance. Oakland makes the list at #3 costing $1,755 for the average policy, which is about $146 each month.
|Rank||City||Average Per Year|
|Find Cheaper Rates Go|
Table data uses approximated as specific Oakland zip code can affect premium rates noticeably.
Impact of citations and accidents on insurance rates
The best way to earn cheap car insurance prices for your employer’s vehicle is to drive attentively and not have accidents or get tickets. The diagram below demonstrates how speeding tickets and fender-benders can affect insurance costs for different ages of insureds. The rates are based on a single male driver, comp and collision included, $250 deductibles, and no discounts are factored in.
In the previous chart, the average cost of an auto insurance policy per year with no accidents or violations is $3,093. Factor in one speeding ticket and the average cost increases to $3,488, an increase of $395 each year. Next add two accidents along with the one speeding ticket and the 12-month cost of car insurance for a company car jumps again to an average of $6,913. That’s an increase of $3,820, or $318 per month, just for not being attentive to the road!
Types of discounts on Oakland auto insurance rates
Insurance providers that provide policies for a company car may have rate discounts that can lower rates by as much as 30% if you meet the requirements. Large car insurance companies and their offered discounts are:
- State Farm may include discounts for good student, student away at school, safe vehicle, driver’s education, good driver, multiple policy, and Steer Clear safe driver discount.
- GEICO offers discounts including federal employee, multi-policy, air bags, anti-theft, military active duty, seat belt use, and defensive driver.
- SAFECO has discounts for anti-lock brakes, accident prevention training, teen safe driver, bundle discounts, safe driver, homeowner, and drive less.
- Farmers Insurance has savings for multi-car, youthful driver, good student, mature driver, and pay in full.
- AAA offers premium reductions for anti-theft, multi-policy, education and occupation, AAA membership discount, and multi-car.
- USAA may offer discounts for safe driver, multi-policy, family discount, military installation, and loyalty savings.
The illustration below illustrates the difference between yearly insurance costs with and without discounts applied. The rate quotes are based on a female driver, no accidents or driving violations, California state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with homeowner, multiple policy, vehicle safety, accident-free, defensive driving course, and anti-theft discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on car insurance for a company car is 28% or $662.
Last year’s bargain might be this year’s rip off
Oakland, CA car insurance rates are based on many factors which can substantially change the price you pay for coverage. Simply getting older, having a teenage driver, or getting caught speeding may cause policy rate changes that may make certain companies affordable when they were higher priced.
Not only may things change on your end, but insurance companies change rates as often as every quarter to help ensure profitability. A period of higher than normal claims can cause increased rates, while lower claim levels can produce more affordable Oakland car insurance rates.
The bar chart below demonstrates which company has the cheapest car insurance in Oakland, CA for a 30-year-old female driver with no prior claims, no tickets, and excellent credit. If we look at prices based on her current rating profile, USAA may have the most affordable car insurance rates in Oakland at $1,454 each year. This is $197 less than the average policy premium paid by California drivers of $1,651. Wawanesa, Century National, CSAA, and Nationwide also make the list of the best Oakland, CA auto insurance companies.
In the next rate comparison, we’ll give the driver from the above example an accident claim, less-than-perfect credit, and a few traffic violations. Because every insurance company uses a different method for determining rates, comparing rates may now result in a substantially altered list of the cheapest car insurance companies in Oakland as shown below.
Grange now has the lowest price on auto insurance in Oakland with Mercury, Allstate, GEICO, and Progressive also being competitive. This example proves why it is important to compare many different companies to find the cheapest insurance rates for a company car. Prices are determined by many factors and can decrease or increase without notice, so the most affordable company a year ago may now be priced much higher than other options.
How to find low-cost car insurance for a company car
The list below shows a few penny-pinching ideas that can help you locate cheap auto insurance.
- Being accident-free can lower rates significantly
- Older vehicles may not need full coverage
- Buying your home and auto policies from the same company can earn a discount
- Pay lower rates with good credit
- Buy vehicles with good safety ratings
- Check for cheaper rates once a year
The last tip in the list is notably vital, as was pointed out in this write-up. Coverage rates can be changed at any time, so drivers shouldn’t be reluctant to switch companies if a more affordable rate is found.
Staying with the same car insurance company is fine, but it’s not a good idea if that inflexibility results in costing you hundreds every year. It only takes a couple minutes to compare prices to find cheaper auto insurance for a company car in Oakland.
The Oakland auto insurance agencies shown below are willing to aid you in deciding which coverages are best, as lots of drivers aren’t clear which coverage they need and would like to get some guidance when shopping around for cheaper insurance for your employer’s vehicle. It can be hard to find the best coverage on your own, so insurance agents licensed in the state of California can bring satisfaction knowing your coverage gives you adequate asset protection. To find an agent near you, click the link at the bottom or click here to compare rates now.
Fiesta Auto Insurance Center
4102 International Blvd – Oakland, CA 94601 – (510) 261-1300
Links Insurance Services
1155 3rd St # 220 – Oakland, CA 94607 – (925) 361-5185
Farmers Insurance – Sharon Li
320 13th St #103 – Oakland, CA 94612 – (510) 986-1128