The words “cheap” and “auto insurance” probably shouldn’t be used in the same sentence, especially when trying to find the cheapest car insurance for a company car. To save some money, let’s lead off by showing you some situations that influence auto insurance rates, and come up with some ways to take a little off the next policy you buy.
Establishing which companies quote the cheapest car insurance rates for a company car will involve a little more sweat than just getting one or two price quotes. Each auto insurance company uses different criteria to set policy rates, so let’s look at the rankings for the most budget-friendly car insurance companies in Durham.
We do need to point out that Durham, NC car insurance rates are influenced by many factors which can substantially change the cost of having a policy. Getting older, marrying your spouse, or getting a reckless driving citation can trigger changes in premium that can now make some companies more affordable than others.
Find Cheaper Car Insurance in North Carolina
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $655 |
| 2 | Progressive | $658 |
| 3 | Liberty Mutual | $707 |
| 4 | NC Farm Bureau | $709 |
| 5 | Penn National | $725 |
| 6 | GEICO | $742 |
| 7 | Titan | $751 |
| 8 | State Farm | $779 |
| 9 | Auto-Owners | $870 |
| 10 | National General | $890 |
| 11 | Erie | $922 |
| 12 | Travelers | $927 |
| 13 | Allied | $928 |
| 14 | Peerless | $992 |
| 15 | Nationwide | $1,001 |
| 16 | MetLife | $1,007 |
| 17 | Unitrin | $1,012 |
| 18 | Encompass | $1,031 |
| 19 | Safeco | $1,044 |
| 20 | Allstate | $1,064 |
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Utica National has some of the most affordable car insurance rates in Durham at around $655 each year. Progressive, Liberty Mutual, NC Farm Bureau, and Penn National would also make the list of some of the most economical Durham, NC auto insurance companies.
As the rates illustrate above, if you currently have a policy with Liberty Mutual and switched to Utica National, you may realize a yearly price reduction of approximately $52. Drivers with NC Farm Bureau might save as much as $54 a year, and Penn National insureds might reduce prices by as much as $70 a year.
It’s important to note that these policy rates are averages across all drivers and vehicles and do not take into consideration a specific zip code for a company car. So the auto insurance company that can offer the best rates for your situation may not even be in the top 20 companies in the list above. That emphasizes why you need to get auto insurance quotes using your own specific driver information and vehicle.
The make and model of vehicle you are buying coverage for is a large consideration when quoting cheap coverage for a company car. Vehicles with reasonable performance levels, a plethora of safety features, or a low likelihood of having liability claims will cost quite a bit less to insure than high performance models. The next table outlines car insurance costs for a selection of the cheapest vehicles to buy insurance for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $1,043 |
| Honda CR-V LX 4WD | $1,053 |
| Toyota RAV4 4WD | $1,235 |
| Ford Explorer Limited 4WD | $1,259 |
| Chevrolet Impala LTZ | $1,300 |
| Ford Edge Sport 2WD | $1,308 |
| Ford Escape XLT 4WD | $1,310 |
| Toyota Prius | $1,321 |
| Honda Odyssey Touring | $1,323 |
| Volkswagen Jetta SE 4-Dr Sedan | $1,332 |
| Toyota Camry Hybrid | $1,412 |
| Ford F-150 STX Regular Cab 4WD | $1,430 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $1,438 |
| Dodge Ram 3500 Crew Cab SLT 2WD | $1,435 |
| Nissan Altima 2.5 S 4-Dr Sedan | $1,488 |
| Ford F-250 Lariat Super Cab Turbo Diesel 2WD | $1,500 |
| Dodge Grand Caravan Hero | $1,511 |
| Chevrolet Malibu Hybrid | $1,519 |
| Ford Fusion SE 4-Dr Sedan | $1,514 |
| Toyota Corolla XRS | $1,519 |
| Find Cheaper Rates Go | |
Data rating is based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-policy, and multi-vehicle. Table data does not factor in Durham, NC location which can impact insurance rates greatly.
Based upon the table data, you can assume that cars like the Honda Accord, Honda CR-V, Toyota RAV4, Ford Explorer, and Chevrolet Impala will definitely be some of the cheaper vehicles to insure for your employer’s vehicle.
For your employer’s vehicle, one of the big components that aid in calculating insurance cost is where you normally keep your vehicle in Durham. Areas with a lot of weather claims or more people likely pay more, whereas areas with less people or fewer weather incidents profit from lower rates.
The next table lists the most expensive places in North Carolina for a company car to buy an auto insurance policy in. Durham is ranked at #5 with the yearly price of $773 on average, which is about $64 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Fayetteville | $932 |
| 2 | Jacksonville | $891 |
| 3 | Charlotte | $808 |
| 4 | Gastonia | $779 |
| 5 | Durham | $773 |
| 6 | Raleigh | $767 |
| 7 | Cary | $765 |
| 8 | Huntersville | $764 |
| 9 | Wilmington | $758 |
| 10 | Greensboro | $756 |
| 11 | Apex | $747 |
| 12 | Wilson | $746 |
| 13 | Goldsboro | $743 |
| 14 | Hickory | $740 |
| 15 | Greenville | $738 |
| 16 | Indian Trail | $731 |
| 17 | Rocky Mount | $726 |
| 18 | Chapel Hill | $724 |
| 19 | High Point | $723 |
| 20 | Salisbury | $712 |
| 21 | Winston Salem | $709 |
| 22 | Burlington | $699 |
| 23 | Kannapolis | $690 |
| 24 | Concord | $690 |
| 25 | Asheville | $687 |
| Find Cheaper Rates Go | ||
Premium costs are comparative as the specific Durham residence address can decrease or increase coverage rates substantially.
The diagram below illustrates how your deductible choice can raise or lower premium costs when getting quotes for cheap insurance for a company car. The information is based on a married male driver, full physical damage coverage, and no additional discounts are factored in.
The data above shows that a 30-year-old driver could lower rates by $228 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $346 by changing to a $1,000 deductible. Younger drivers, such as the 20-year-old chart data, have the ability to save $692 every year just by choosing higher deductibles when buying full coverage.
If you make the decision to raise deductibles, it is a good idea to have enough funds in savings to enable you to cover the extra out-of-pocket expense, which deters some people from using high deductibles.
How to get discounts on Durham insurance
Insurers that provide policies for a company car may also offer policy discounts that can reduce rates by as much as 25% or more if you are eligible to receive them. Companies and their offered discounts can be found below.
- State Farm has discounts for driver’s education, anti-theft, good driver, Drive Safe & Save, passive restraint, Steer Clear safe driver discount, and good student.
- Liberty Mutual may include discounts for new vehicle discount, exclusive group savings, multi-policy, preferred payment discount, newly retired, multi-car, and safety features.
- American Family policyholders can earn discounts including TimeAway discount, multi-vehicle, defensive driver, good student, and mySafetyValet.
- Progressive includes discounts for online quote discount, good student, multi-vehicle, continuous coverage, multi-policy, homeowner, and online signing.
- Farmers Insurance has savings for multi-car, bundle discounts, early shopping, electronic funds transfer, business and professional, distant student, and youthful driver.
- Auto-Owners Insurance may offer discounts for student away at school, company car, safe driver, anti-lock brakes, mature driver, paid in full, and multiple vehicles.
- SAFECO offers discounts including teen safety rewards, anti-theft, accident prevention training, homeowner, and safe driver.
The diagram below shows the difference between premium costs with and without discounts. The rates are based on a male driver, no claims or violations, North Carolina state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with marriage, accident-free, safe-driver, anti-theft, defensive driving course, and multiple policy discounts applied. When these discounts are applied, theamount saved on car insurance for a company car is 28% or $533.
Difference between liability only and full coverage rates
Lowering the price of car insurance should be important to the majority of drivers, and one of the fastest ways to pay less for insurance for a company car is to only pay for liability coverage. The chart below illustrates the difference between insurance rates with full physical damage coverage and with liability coverage only. The premiums are based on a clean driving record, no at-fault accidents, $100 deductibles, single status, and no discounts are factored in.
If averaged for all ages, full coverage costs an extra $1,952 per year more than just insuring for liability. At some point, every insured wonders if buying full coverage is a good investment. There is no exact formula that works best for making the decision to drop physical damage coverage, but there is a general guideline. If the yearly cost of comp and collision coverage is more than 10% of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.
For example, let’s say your vehicle’s settlement value is $11,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, you would only receive $10,500 after the policy deductible has been paid. If you are paying more than $1,050 a year for physical damage coverage, then it may be the right time to buy liability only.
There are some conditions where only buying liability is not recommended. If you have an outstanding loan on your vehicle, you have to keep full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle if your current one is damaged, you should not consider dropping full coverage.
The insurance agencies below can most likely help you determine which insurance coverage you need, as some people have coverage questions and would like to get some guidance when shopping for cheaper insurance for a company car. It can be challenging to find the best coverage yourself, and getting professional guidance from a licensed agent can add satisfaction knowing your coverage gives you adequate protection.
To find a Durham insurance agent closest to you, click the button at the bottom.
- George Stevens Insurance Inc
1320 Hill St – Durham, NC 27707 – (919) 403-3611 - Protective Agency
4215 University Dr #1 – Durham, NC 27707 – (919) 416-4900 - Ashley Manuel – State Farm Insurance Agent
5842 Fayetteville Rd #112 – Durham, NC 27713 – (919) 544-8101 - Nationwide Insurance: Sizsiz L Wong
105 W North Carolina 54 Ste 279 – Durham, NC 27713 – (919) 544-7000