The words “low-priced” and “insurance” really don’t belong together, specifically when you are looking for the cheapest auto insurance for a company car. To save some money, let’s learn about some of the factors that significantly impact auto insurance premiums, and come up with some ideas to lower the cost of your next policy.
One of the many things that determine the amount you pay for auto insurance is where your car is garaged. Areas with increased crime or more people tend to pay slightly more, whereas areas with less crime or weather claims have the benefit of cheaper auto insurance prices.
The information below rates the highest-priced areas in Pennsylvania for a company car in which to buy car insurance. Pittsburgh shows up at #14 costing $1,053 for the average policyholder, which is about $88 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Philadelphia | $2,057 |
| 2 | Drexel Hill | $1,504 |
| 3 | Chester | $1,421 |
| 4 | Levittown | $1,421 |
| 5 | Norristown | $1,281 |
| 6 | Allentown | $1,130 |
| 7 | Erie | $1,104 |
| 8 | Municipality of Monr | $1,091 |
| 9 | Hazleton | $1,088 |
| 10 | Scranton | $1,081 |
| 11 | Bethlehem | $1,077 |
| 12 | Reading | $1,066 |
| 13 | Easton | $1,058 |
| 14 | Pittsburgh | $1,053 |
| 15 | Wilkes-Barre | $1,047 |
| 16 | Plum | $1,047 |
| 17 | New Castle | $1,026 |
| 18 | Bethel Park | $1,019 |
| 19 | Altoona | $1,012 |
| 20 | Harrisburg | $985 |
| 21 | Lancaster | $975 |
| 22 | Williamsport | $966 |
| 23 | York | $954 |
| 24 | Lebanon | $932 |
| 25 | State College | $869 |
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Rate information is approximated as the specific area where the vehicle is garaged can affect rates noticeably.
Deciphering which company offers the most affordable insurance rates for a company car takes a bit more effort than just getting one or two price quotes. Each insurance company has their own unique process for determining rates, so let’s take a look at the insurance companies that tend to be cheaper in Pittsburgh.
Find Cheaper Auto Insurance in Pennsylvania
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | General Casualty | $748 |
| 2 | Travelers | $811 |
| 3 | Erie | $816 |
| 4 | USAA | $817 |
| 5 | Penn National | $840 |
| 6 | Auto-Owners | $973 |
| 7 | Amica | $982 |
| 8 | Atlantic States | $1,047 |
| 9 | Donegal Mutual | $1,069 |
| 10 | GEICO | $1,111 |
| 11 | Allied | $1,144 |
| 12 | State Farm | $1,210 |
| 13 | California Casualty | $1,222 |
| 14 | State Auto | $1,267 |
| 15 | Encompass | $1,357 |
| 16 | Progressive | $1,429 |
| 17 | Nationwide | $1,447 |
| 18 | Harleysville | $1,452 |
| 19 | Mutual Benefit Group | $1,454 |
| 20 | Chubb | $1,583 |
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General Casualty may offer some of the best car insurance rates in Pittsburgh at around $748 per year. Travelers, Erie, USAA, and Penn National also are some of the cheapest Pittsburgh, PA car insurance companies.
As shown above, if you are a customer of Travelers and switched to General Casualty, you could realize yearly savings of in the vicinity of $63. Pennsylvania drivers with Erie might save as much as $68 a year, and USAA policyholders might lower prices by $69 a year.
Understand that those prices are averages for all drivers and vehicles and do not factor in a specific location for a company car. So the insurer that has the cheapest price for you may not even be in the top 30 companies in the list above. That underscores the importance of why you need to quote rates from as many companies as possible using your own individual information.
The make and model of vehicle requiring coverage is one of the biggest factors when comparing cheap coverage for a company car. Vehicles with lower performance, good safety features, or a track record of few liability claims will cost much less to insure than adrenaline junky models.
The next list presents auto insurance rates for a handful of the more affordable automobiles to insure in Pennsylvania.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $1,072 |
| Ford Edge SEL AWD | $1,243 |
| Chevrolet Impala LS | $1,250 |
| Chevrolet Equinox LS AWD | $1,269 |
| Ford Explorer Limited 2WD | $1,293 |
| Hyundai Elantra Blue 4-Dr Sedan | $1,309 |
| Honda Odyssey EX-L W/Navigation | $1,335 |
| Honda CR-V EX 4WD | $1,344 |
| Nissan Altima Hybrid 4-Dr Sedan | $1,359 |
| Chevrolet Silverado LS Crew Cab 4WD | $1,367 |
| GMC Sierra SLE Crew Cab 2WD | $1,359 |
| Hyundai Sonata GLS 4-Dr Sedan | $1,363 |
| Jeep Wrangler Sahara 4WD 2-Dr | $1,375 |
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Price data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Pennsylvania minimum liability limits. Discounts applied include claim-free, homeowner, multi-vehicle, multi-policy, and safe-driver. Premium costs do not factor in the specific area where the vehicle is garaged which can change insurance rates considerably.
Based upon the table data, cars like the Honda Accord, Ford Edge, Chevrolet Impala, Chevrolet Equinox, and Ford Explorer are likely to be the most economical vehicles to insure for your employer’s vehicle.
Cost comparison with and without full coverage
Saving on insurance is important to the majority of drivers, and one of the quickest ways to reduce the cost of insurance for a company car is to only buy liability coverage. The example below illustrates the difference between insurance costs with full coverage compared to only the Pennsylvania minimum liability coverage. Data assumes no violations or accidents, $500 deductibles, single marital status, and no discounts are applied to the premium.
If averaged for all ages, full coverage costs $1,554 per year more than just insuring for liability. A very common question is if full coverage is worth the money. There is no clear-cut formula to drop physical damage insurance, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
For example, let’s pretend your vehicle’s replacement cost is $6,500 and you have $1,000 policy deductibles. If your vehicle is destroyed, the most you would receive is $5,500 after you pay the deductible. If you are paying more than $550 annually for full coverage, then it might be time to consider dropping full coverage.
How to get discounts on Pittsburgh auto insurance rates
Insurance companies that sell policies for a company car may have price discounts that could lower prices by as much as 25% or more if you meet eligibility requirements. A list of insurance companies and a summarized list of policyholder discounts are outlined below.
- Progressive has savings for multi-vehicle, homeowner, multi-policy, online quote discount, continuous coverage, online signing, and good student.
- AAA policyholders can earn discounts including multi-policy, AAA membership discount, pay-in-full, education and occupation, good driver, anti-theft, and multi-car.
- Farmers Insurance includes discounts for business and professional, alternative fuel, multi-car, homeowner, early shopping, good student, and teen driver.
- GEICO offers discounts for defensive driver, air bags, multi-policy, military active duty, and five-year accident-free.
- Esurance may include discounts for multi-policy, emergency road assistance, good driver, claim free, renters, and paid-in-full.
- SAFECO has discounts for teen safety rewards, safe driver, anti-lock brakes, homeowner, and accident prevention training.
- State Farm offers discounts including Steer Clear safe driver discount, anti-theft, passive restraint, defensive driving training, student away at school, and Drive Safe & Save.
The information below shows the comparison of yearly insurance costs with and without discounts applied to the policy premium. The information is based on a male driver, no claims or violations, Pennsylvania state minimum liability limits, full physical damage coverage, and $100 deductibles.
The first bar for each age group shows premium with no discounts. The second shows the rates with claim-free, multiple vehicle, defensive driving course, homeowner, anti-theft, and vehicle safety discounts applied. With discounts applied, theamount saved on insurance for a company car is 28% or $713.
The importance of shopping around
Pittsburgh insurance rates are impacted by many things that may substantially change your annual premium. Turning one year older, buying a home instead of renting, or getting caught speeding can cause premium changes resulting in some rates now being more affordable than others.
And not only may your rating factors change, but companies change prices multiple times each year to adjust for unexpected claims or profits. A period of higher than normal claims can result in more expensive prices, while a better claims history may produce lower-cost Pittsburgh car insurance rates.
As an example, the chart below shows which companies have the cheapest car insurance in Pittsburgh, PA for a 35-year-old female driver with no violations or accidents, and a high credit rating. If we look at prices based on her current rating profile, General Casualty quotes the most affordable car insurance rates in Pittsburgh at $870 a year. This is $787 less than the average premium paid by Pennsylvania drivers of $1,657. Travelers, USAA, Penn National, and Erie are the rest of the best Pittsburgh, PA auto insurance companies.
In this example, we will give the driver from the first example an accident claim, slightly worse credit, and a stop sign violation. Due to the fact that every auto insurer uses their own calculation to establish rates, analyzing rate quotes may now result in a different ranking of the cheapest car insurance companies in Pittsburgh as shown below.
Amica now has the best price in Pittsburgh with Atlantic States, Donegal Mutual, Penn National, and GEICO also having competitive pricing. This illustrates why it is critical to compare as many rates as possible to find the most economical auto insurance quotes for a company car. Insurance rates can be altered by many things and can increase or decrease at any time, so the best company six months ago may now be quite expensive.