Wouldn’t it be awesome if we could wave our magic wand and tell you the single company that has the lowest car insurance rates for a company car? That is not the case, however, as there are a lot of unknown elements like the level of liability coverage you want, the likelihood of vehicle theft where you live, and if full coverage is needed, that all impact the cost of your policy. Car insurance is kind of a dry topic, but this article will explain the things that influence insurance rates and will hopefully give you a good beginning to your quest for cheaper car insurance.
Establishing which companies have the lowest-priced auto insurance rates for a company car involves a little more effort in order to find coverage that fits your budget. Every insurance provider used slightly different criteria for setting rates, so we’ll go over the overall cheapest auto insurance companies in Fort Worth, TX.
It’s important to understand that Fort Worth auto insurance rates are influenced by many factors which can substantially decrease or increase the cost of a policy. Improving your credit rating, increasing liability limits, or getting a couple of tickets may cause policy rate changes that may make certain companies cheaper than others.
Find the Cheapest Car Insurance in Texas
Travelers offers some of the cheapest car insurance rates in Fort Worth at around $1,041 a year. This is $863 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance also are some of the cheaper Fort Worth, TX auto insurance companies.
As shown in the table above, if you are a customer of USAA and switched to Travelers, you might realize a yearly price reduction of approximately $76. Insureds with Texas Farm Bureau might save as much as $158 a year, and Germania Mutual customers might reduce rates by $203 a year.
Remember that these policy prices are averages for all types of drivers and the different vehicles they drive and and are not figured with an exact location for a company car. So the insurer that fits your needs best may not even be in the top 23 companies shown above. That points out the importance of why you need to compare as many prices as possible using your own driver information and specific vehicle type.
The type of vehicle you are seeking coverage for is a significant factor when consumers are trying to find affordable car insurance for a company car. Vehicles with higher performance characteristics, poor safety ratings, or a history of substantial liability claims will cost much more to insure than safer models.
The next list shows auto insurance rates for the most budget-friendly vehicles to buy insurance for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $901 |
| Ford Explorer XLT 4WD | $1,013 |
| Honda CR-V LX 2WD | $1,035 |
| Nissan Altima 2.5 4-Dr Sedan | $1,069 |
| Toyota RAV4 4WD | $1,076 |
| Jeep Wrangler Unlimited Sport 2WD 4-Dr | $1,082 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $1,089 |
| Dodge Grand Caravan SXT | $1,099 |
| Ford F-150 Lariat Crew Cab 4WD | $1,089 |
| Chevrolet Silverado LT Crew Cab 4WD | $1,143 |
| Ford Fusion SEL 4-Dr Sedan | $1,153 |
| Toyota Prius | $1,145 |
| Ford Escape Limited 4WD | $1,201 |
| Honda Odyssey EX W/Rear Entertainment | $1,209 |
| Ford Focus SE 2-Dr Coupe | $1,201 |
| Hyundai Sonata Limited 4-Dr Sedan | $1,220 |
| Toyota Camry Hybrid | $1,228 |
| Jeep Grand Cherokee Laredo 4WD | $1,225 |
| Chevrolet Equinox LT AWD | $1,231 |
| Dodge Ram Quad Cab Sport 4WD | $1,242 |
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Above prices assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, safe-driver, and multi-vehicle. Premium costs do not factor in specific location information which can lower or raise insurance rates significantly.
Looking at the rates, we can assume that models like the Honda Accord, Ford Explorer, Honda CR-V, Nissan Altima, and Toyota RAV4 will be the cheaper vehicles to insure for your employer’s vehicle.
The diagram below illustrates how your deductible choice can raise or lower annual premium costs when researching cheap insurance for a company car. The rate quotes are based on a single female driver, full coverage, and no other discounts are factored in.
In the chart above, a 50-year-old driver could save $302 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $456 by selecting a $1,000 deductible. Youthful drivers, like the Age 20 category, can cut up to $766 annually just by using higher deductibles. If you make the decision to raise deductibles, it will be necessary to have enough spare savings to satisfy the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
How to get discounts on Fort Worth car insurance
Insurers that offer cheap quotes for a company car may provide rate discounts that can lower rates by 40% or more if you can meet the requirements. A list of auto insurance companies and their offered discounts are detailed below.
- GEICO may include discounts for multi-policy, anti-theft, air bags, military active duty, and anti-lock brakes.
- Auto-Owners Insurance has discounts for anti-theft, paid in full, multiple vehicles, student away at school, company car, good student, and safe driver.
- American Family offers premium reductions for defensive driver, mySafetyValet, good driver, good student, TimeAway discount, and accident-free.
- Esurance may offer discounts for claim free, online shopper, anti-theft, paid-in-full, anti-lock brakes, Switch & Save, and online quote.
- Progressive has savings for multi-policy, good student, homeowner, continuous coverage, and online signing.
- State Farm includes discounts for safe vehicle, multiple policy, accident-free, good driver, and good student.
- AAA offers discounts including good student, multi-car, education and occupation, good driver, anti-theft, pay-in-full, and multi-policy.
The diagram below shows the comparison of insurance premiums with and without discounts applied to the rates. The costs are based on a female driver, no claims or driving citations, Texas state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows the price with no discounts. The second shows the rates with marriage, vehicle safety, claim-free, multiple vehicle, homeowner, and defensive driving course discounts applied. In this example, theaverage yearly reduction on auto insurance for a company car is 28% or $425.
Poor driving habits will raise your auto insurance rates
A great way to obtain the most affordable auto insurance premiums in Fort Worth for your employer’s vehicle is to drive cautiously and not receive tickets or have accidents. The illustration below highlights how speeding tickets and accident claims impact insurance premiums for each different age category. The premiums assume a single male driver, full coverage, $250 deductibles, and no discounts are applied.
In the previous chart, the average cost of a car insurance policy in Fort Worth per year with no accidents and a clean driving record is $2,671. Get written up for two speeding tickets and the average cost increases to $3,542, an increase of $870 each year. Next add one accident along with the two speeding tickets and the annual cost of auto insurance for a company car increases to an average of $4,430. That’s an increase of $1,759, or $147 per month, just for not paying attention while driving!