The vehicle you are insuring is one of the largest considerations that determines whether or not you find the cheapest insurance for a company car. Vehicles with economical engines, modern passenger safety features, or a positive history of liability claims will cost substantially less to insure than fast, unsafe models. The list below features car insurance rates for some of the most budget-friendly vehicles to insure in Virginia.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Chevrolet Impala LS||$1,315|
|Ford Escape Limited 2WD||$1,330|
|Chevrolet Equinox LT 2WD||$1,342|
|Ford Explorer Eddie Bauer AWD||$1,368|
|Honda CR-V LX 4WD||$1,390|
|Chevrolet Silverado 2500HD LT Crew Cab 4WD||$1,438|
|Jeep Grand Cherokee Limited 2WD||$1,446|
|Ford F-350 XL Crew Cab 2WD||$1,463|
|Ford Edge SE AWD||$1,513|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,525|
|Chevrolet Malibu Hybrid||$1,542|
|Toyota RAV4 Limited 2WD||$1,547|
|Dodge Ram 3500 Crew Cab SLT 2WD||$1,559|
|Dodge Grand Caravan CV||$1,566|
|GMC Sierra 2500HD SLE Extended Cab 2WD||$1,605|
|Toyota Tacoma 2WD||$1,615|
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include homeowner, safe-driver, multi-policy, multi-vehicle, and claim-free. Information does not factor in specific Virginia Beach, VA garaging location which can lower or raise coverage prices considerably.
Looking at the numbers, cars like the Chevrolet Impala, Ford Escape, and Chevrolet Equinox are going to be some of the most economical vehicles to insure for your employer’s vehicle.
One of the many considerations that are looked at to determine insurance cost is where you keep your car. Cities with larger populations tend to have more expensive car insurance rates, whereas areas that tend to be more rural benefit from having to pay less for coverage.
The information below rates the highest-priced areas in Virginia for a company car to purchase auto insurance in. Virginia Beach shows up at #18 with an annual rate of $920 for the average policyholder, which is about $77 monthly.
|Rank||City||Average Per Year|
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Rate information is estimated as vehicle location can change prices considerably.
Responsible drivers pay cheaper auto insurance rates
The best way to get the cheapest auto insurance prices for your employer’s vehicle is to be a cautious driver and avoid accidents and violations. The chart below demonstrates how citations and at-fault accidents raise auto insurance costs for different age groups. The premium estimates are based on a single female driver, comprehensive and collision coverage, $1,000 deductibles, and no other discounts are factored in.
The data above shows the average cost of a car insurance policy per year with no accidents or violations is $1,382. Receive one speeding ticket and the average cost swells to $1,568, an increase of $187 each year. Now include two accidents along with the one speeding ticket and the 12-month cost of auto insurance for a company car increases to an average of $3,324. That’s an increase of $1,943, or $162 per month, just for not keeping your driving record clean!
How much more does full coverage cost in Virginia Beach?
Saving on auto insurance is important to most people, and one of the fastest ways to buy cheap insurance for a company car is to only pay for liability coverage. The information below illustrates the comparison of yearly insurance costs with full coverage compared to only the Virginia minimum liability coverage. The data is based on no accidents, no driving violations, $100 deductibles, drivers are single, and no discounts are taken into consideration.
Averaged out for all age groups, comprehensive and collision coverage on your policy costs an extra $1,648 per year over having just liability coverage. That raises the question when is it a good idea to stop buying full coverage. There is no specific rule for eliminating full coverage on your policy, but there is a guideline you can use. If the annual cost of having full coverage is more than around 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
There are some circumstances where dropping full coverage is not a good plan. If you have an outstanding loan on your vehicle, you are required to maintain full coverage as part of the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should keep full coverage.
Shop around and save
Virginia Beach, VA auto insurance rates are influenced by many factors that may substantially change the cost of having a policy. Simply improving your credit, buying a different vehicle, or having an accident may generate price changes resulting in some rates now being cheaper than before.
Not only may your situation change, but car insurance companies file new Virginia car insurance rates every year or even multiple times each year in order to be able to pay unexpected claims. Larger than normal claims can result in higher prices, while a profitable period can cause cheaper Virginia Beach car insurance rates.
For instance, the bar chart below shows a variety of companies that have the cheapest car insurance in Virginia Beach, VA for a 45-year-old male driver with a good driving record, no prior claims, and solid credit. If we estimate prices based on his current rating profile, Travelers offers the lowest car insurance rates in Virginia Beach at $813 a year. This is $345 less than the average premium paid by Virginia drivers of $1,158. USAA, Penn National, Cincinnati Insurance, and Auto-Owners round out the rest of the cheapest Virginia Beach, VA 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 blemish on his driving record. Due to the fact that each insurance company has their own process for determining rates in each state, comparing quotes may now result in a completely different list of affordable companies as shown below.
Erie now has the cheapest rate in Virginia Beach with Utica National, Virginia Farm Bureau, Donegal Mutual, and Nationwide also being competitive. This shows why it is crucial to compare as many rates as possible to get the most affordable car insurance rates for a company car. Car insurance prices can be determined by many risk factors and change substantially, so the most economical company the last time you shopped around may now be priced much higher than other options.