The car, truck, or SUV needing coverage is probably the biggest factor when looking for the lowest-priced insurance for a company car. Vehicles with higher performance characteristics, a lack of safety features, or a high likelihood of having liability claims will cost more to insure than more modest models.
The next table outlines coverage prices for a selection of the more affordable automobiles to insure.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $1,207 |
| Honda Odyssey LX | $1,330 |
| Ford Escape XLS 4WD | $1,384 |
| Honda CR-V EX 4WD | $1,417 |
| Toyota RAV4 Limited 4WD | $1,432 |
| Ford F-150 FX2 2WD | $1,459 |
| Ford Explorer Limited AWD | $1,465 |
| Dodge Grand Caravan Crew | $1,459 |
| Ford Focus SEL 4-Dr Sedan | $1,479 |
| Honda Accord LX 4-Dr Sedan | $1,482 |
| Chevrolet Silverado LTZ Crew Cab 4WD | $1,534 |
| Chevrolet Malibu LTZ | $1,540 |
| GMC Sierra SLE Regular Cab 4WD | $1,534 |
| Dodge Ram Crew Cab ST 4WD | $1,562 |
| GMC Sierra 2500HD SLT Crew Cab 4WD | $1,609 |
| Volkswagen Jetta LE 4-Dr Sedan | $1,639 |
| Toyota Tacoma Double Cab 4WD | $1,649 |
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Data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Ohio minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Table data does not factor in vehicle garaging location which can alter insurance rates greatly.
Based upon the table data, we can infer that vehicles like the Hyundai Elantra, Honda Odyssey, Ford Escape, and Honda CR-V are most likely to be some of the cheaper vehicles to insure for your employer’s vehicle.
One of the more important components that aid in calculating insurance cost is where you live. Cities with larger populations are more likely to pay higher prices, whereas areas with lower crime rates and fewer weather claims get the luxury of paying less.
The illustration below shows the most costly cities in Ohio for a company car to purchase car insurance in. Toledo makes the list at #3 with an annual cost of $1,241 on average, which is around $103 each month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Youngstown | $1,285 |
| 2 | Cleveland | $1,259 |
| 3 | Toledo | $1,241 |
| 4 | Cincinnati | $1,222 |
| 5 | Columbus | $1,199 |
| 6 | Cleveland Heights | $1,178 |
| 7 | Akron | $1,157 |
| 8 | Dayton | $1,154 |
| 9 | Hamilton | $1,146 |
| 10 | Euclid | $1,140 |
| 11 | Fairfield | $1,095 |
| 12 | Newark | $1,095 |
| 13 | Springfield | $1,094 |
| 14 | Lakewood | $1,063 |
| 15 | Canton | $1,058 |
| 16 | Middletown | $1,055 |
| 17 | Beavercreek | $1,047 |
| 18 | Cuyahoga Falls | $1,037 |
| 19 | Mansfield | $1,022 |
| 20 | Kettering | $1,009 |
| 21 | Parma | $1,007 |
| 22 | Strongsville | $1,001 |
| 23 | Lorain | $985 |
| 24 | Mentor | $978 |
| 25 | Elyria | $975 |
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Information shown are approximated as specific Toledo zip code can influence insurance rates substantially.
Comparing quotes for budget insurance is not always easy, and finding out which companies have the best auto insurance rates for a company car will involve additional perseverance. Every insurance company uses slightly different criteria for establishing rates, so let’s rank the lowest cost auto insurance companies in Ohio.
Best Car Insurance Prices in Ohio
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $647 |
| 2 | Erie | $681 |
| 3 | Allied | $690 |
| 4 | Frankenmuth | $701 |
| 5 | Travelers | $705 |
| 6 | USAA | $733 |
| 7 | Cincinnati Insurance | $756 |
| 8 | Merchants Insurance Group | $771 |
| 9 | Motorists Mutual | $792 |
| 10 | Grange Mutual | $812 |
| 11 | General Casualty | $837 |
| 12 | Central Mutual | $848 |
| 13 | State Farm | $858 |
| 14 | Hastings Mutual | $858 |
| 15 | Westfield | $908 |
| 16 | Atlantic States | $913 |
| 17 | Western Reserve | $941 |
| 18 | Progressive | $982 |
| 19 | Nationwide | $988 |
| 20 | Auto-Owners | $988 |
| Quote Your Rates Go | ||
Utica National generally has some of the best car insurance rates in Toledo at around $647 annually. Erie, Allied, Frankenmuth, and Travelers also are some of the cheapest Toledo, OH auto insurance companies.
In this example, if you are insured with Erie and switched to Utica National, you might see an annual premium reduction of approximately $34. Customers with Allied may save as much as $43 a year, and Frankenmuth insureds might lower prices by $54 a year.
To find out how much you can save, click here to start your free quote or feel free to get quotes from the companies below.
Be aware that those premiums are averages for all insureds and vehicles and do not factor in a specific zip code for a company car. So the car insurance company that fits you best may not even be in the list above. That affirms the importance of why you need to quote rates from as many companies as possible using your own specific driver and vehicle information.
The chart below highlights how deductible selection can change premium costs when researching cheap insurance for a company car. The premium estimates are based on a single female driver, full coverage, and no policy discounts are applied.
A 50-year-old driver could lower their car insurance rates by $178 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $272 by changing to a $1,000 deductible. Young drivers, like the 20-year-old example, could lower their rates $456 or even more just by choosing higher deductibles when buying full coverage.
When using a larger deductible, it is a good idea to have plenty of discretionary funds to offset the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Discounts on Toledo auto insurance
Insurance providers that offer cheap quotes for a company car may additionally offer price discounts that could reduce prices by 35% or more if you meet certain criteria. Larger auto insurance companies and a summarized list of policyholder discounts can be read below.
- Farmers Insurance includes discounts for teen driver, youthful driver, electronic funds transfer, distant student, and homeowner.
- Esurance may include discounts for DriveSense, Pac-12 alumni, emergency road assistance, online quote, paid-in-full, good driver, and homeowner.
- State Farm may have discounts that include accident-free, student away at school, driver’s education, multiple autos, and anti-theft.
- GEICO offers discounts for five-year accident-free, anti-theft, membership and employees, seat belt use, air bags, and good student.
- Allstate may offer discounts for eSmart discount, 55 and retired, senior citizen, premier discount, multi-policy, and good student.
The illustration below illustrates the difference between insurance prices with and without discounts applied to the premium. The premium estimates are based on a female driver, no claims or driving violations, Ohio state minimum liability limits, comp and collision included, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with marriage, safe-driver, accident-free, anti-theft, defensive driving course, and multiple vehicle discounts applied. When discounts are factored in, the average savings per year on auto insurance for a company car is 27% or $253.
Cautious Toledo drivers save money
A great way to maintain low auto insurance prices for your employer’s vehicle is to drive cautiously and avoid accidents and violations. The information below shows how violations and at-fault accidents can raise yearly insurance costs for each different age group. The premiums assume a single female driver, full coverage, $100 deductibles, and no discounts are applied.
The chart shows that the average cost of a car insurance policy per year with no accidents and a clean driving record is $1,688. Get two speeding tickets and the average cost rises to $2,271, an increase of $583 each year. Now add one accident along with the two speeding tickets and the yearly cost of auto insurance for a company car goes up to an average of $2,861. That’s an increase of $1,173, or $98 per month, just for being a less-than-perfect driver!
Tips for buying cheaper auto insurance for a company car
The list below summarizes a few thrifty solutions that can help drivers locate low-cost coverage.
- Safer vehicles generally have cheaper insurance rates
- Drive attentively and avoid accidents
- Good credit can help you save money
- Do not get traffic citations
- Pay less by remaining claim-free
- Check for cheaper rates once a year
The last item on the list is incredibly important, as was affirmed in the prior information. Insurance prices in Toledo change a lot, so don’t be unwilling to buy from a new company if a lower-cost policy is available.
Being loyal to a particular company is commendable, but it’s not a great idea if that inflexibility results in costing you thousands of dollars over the life of your policy. In just a few minutes you could shop around to find cheaper car insurance for a company car.
If you have questions and prefer to have a consultation when trying to find lower insurance rates for a company car, the professional agents shown below are willing to provide answers to your questions and help you determine which insurance coverage will be best for you. To find a Toledo insurance agency by location nearest to you, click the button at the bottom of the list or click here to compare rates now.
- Nationwide Insurance: AOK Ins and Financial Services LLC
4452 Heatherdowns Blvd – Toledo, OH 43614 – (419) 472-9405 - Brooks Insurance
1120 Madison Ave – Toledo, OH 43604 – (419) 243-1191 - Becki Ballenger – State Farm Insurance Agent
3520 Heatherdowns Blvd #5 – Toledo, OH 43614 – (419) 385-5775 - American Family Insurance – Bob Rowland
3138 Tremainsville Rd – Toledo, OH 43613 – (419) 472-9777