For your employer's vehicle, one of the big things that are looked at to help calculate the amount you pay for auto insurance is where your residence is in Indiana. Cities with larger populations like Gary, Portage, and Indianapolis are more likely to have higher rates, whereas less populated areas benefit from lower prices.
The table below lists the highest-priced places in Indiana for a company car in which to purchase auto insurance.
|Rank||City||Premium Per Year|
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Rate information is comparative as the garaging address in Indiana can increase or decrease premium rates noticeably.
The car, truck, or SUV requiring insurance is probably the most important factor that determines if you can find the lowest-priced car insurance for a company car. Vehicles with high performance features, poor safety features, or an increased likelihood of liability claims will cost quite a bit more to insure than safer models.
The table below outlines insurance rates for some of the cheaper automobiles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$554|
|Ford Escape XLT 2WD||$560|
|Hyundai Elantra SE Touring Station Wagon||$603|
|Chevrolet Silverado LS Regular Cab 4WD||$608|
|Honda Accord LX 4-Dr Sedan||$627|
|Ford Focus S 4-Dr Sedan||$643|
|GMC Sierra SLE Regular Cab 2WD||$657|
|Jeep Grand Cherokee Laredo 4WD||$662|
|Chevrolet Malibu LS||$657|
|Toyota RAV4 Sport 4WD||$665|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$669|
|Ford Explorer Limited 2WD||$674|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$669|
|Honda Odyssey EX-L W/Navigation||$704|
|Toyota Corolla LE||$694|
|Ford F-150 XLT Super Cab 4WD||$696|
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Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include multi-vehicle, claim-free, multi-policy, homeowner, and safe-driver. Information does not factor in zip code location which can increase or decrease premium rates noticeably.
By looking at the data, we can assume that cars like the Honda CR-V, Ford Escape, and Hyundai Elantra will definitely be the cheapest vehicles to insure for your employer's vehicle.
Should you buy full coverage?
Finding cheaper auto insurance is important to the majority of vehicle owners, and one of the quickest ways to save on the cost of insurance for a company car in Indiana is to buy only liability coverage. The chart below shows the difference between insurance premiums with and without physical damage coverage. The premiums assume no accidents, no driving violations, $100 deductibles, marital status is single, and no discounts are factored in.
Averaged out for all age groups, physical damage coverage costs $1,613 per year more than just buying liability insurance. At some point, almost every driver questions if it's worth it to buy full coverage. There is no clear-cut formula for dropping full coverage on your policy, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than 10% of the vehicle's replacement cost less your deductible, then it may be the right time to buy liability only.
There are some cases where only buying liability is not in your best interest. If you still have a loan on your vehicle, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you don't have enough money to buy a different vehicle if your current one is in an accident, you should keep full coverage.
Discount Indiana auto insurance rates
Insurers that sell policies for a company car may also provide premium discounts that may potentially lower prices by as much as 30% if you meet eligibility requirements. Companies and some of the discounts can be found below.
- GEICO offers discounts for daytime running lights, good student, driver training, multi-policy, and defensive driver.
- Travelers policyholders can earn discounts including save driver, good student, student away at school, driver training, payment discounts, new car, and hybrid/electric vehicle.
- Farm Bureau has savings for safe driver, driver training, renewal discount, multi-vehicle, 55 and retired, and good student.
- Liberty Mutual has discounts for hybrid vehicle, multi-car, safety features, new move discount, good student, newly retired, and new graduate.
- American Family may offer discounts for TimeAway discount, defensive driver, good student, Steer into Savings, and accident-free.
- Progressive may include discounts for homeowner, good student, multi-policy, online quote discount, online signing, multi-vehicle, and continuous coverage.
The information below compares auto insurance rates with and without discounts applied to the policy premium. The data is based on a male driver, no claims or driving violations, Indiana state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with safe-driver, anti-theft, marriage, vehicle safety, accident-free, and homeowner discounts applied. With discounts applied, the the average yearly reduction on auto insurance for a company car is 28% or $600.
Are you paying too much for car insurance in Indiana?
Indiana auto insurance rates are impacted by many things that can increase the cost of having a policy. Improving your credit score, moving across town, or getting into an accident may generate price changes that may make certain companies more affordable than others. Not only may your risk profile change, but auto insurance companies amend pricing at least once a year to ensure their profitability. Higher than normal claims may cause rate hikes, while lower claims may result in more affordable Indiana car insurance rates.
For instance, the data below shows the company with the cheapest car insurance in Indiana for a 45-year-old female driver with no violations or accidents, and a good credit history. If we compare prices based on her personal profile, Travelers may offer the best car insurance rates in Indiana at $596 annually. This is $644 less than the average premium paid by Indiana drivers of $1,240. USAA, Cincinnati Insurance, Erie, and Western Reserve are the rest of the cheapest Indiana auto insurance companies.
Now we will pretend the driver from the first rate comparison a couple of claims, poor credit, and a few blemishes on her driving record. Due to the fact that every insurance company has their own formula to establish rates, analyzing rates could now result in a significantly different list of companies as shown below.
Indiana Farmers Mutual now has the best insurance rate in Indiana with Auto-Owners, USAA, Nationwide, and Utica National completing the list. This example shows why it is critical to compare lots of rates when trying to find the most economical insurance rates for a company car. Car insurance prices consist of many factors and can change without notice, so the lowest-price company the last time you compared rates may now be quite expensive.
How to find the cheapest auto insurance for a company car
The list below details many penny-pinching solutions that can help Indiana drivers buy lower-cost coverage.
- Clean up your credit rating
- Avoid preventable accidents
- Drive a car with a high safety rating
- Do not get tickets
- Discounts for being claim-free can be substantial
- Comparison shop at least once a year
The last item on the list is remarkably critical, as was stressed in the prior information. Rates can change considerably based on profitability, so drivers shouldn't be resistant to buy a policy from a new company if you find a cheaper price. Loyalty to a specific company is fine, but it isn't a good idea if that stubbornness costs you money that could be used for better things. If you have a few minutes, compare rates and find cheaper car insurance for a company car.