The words “economical” and “auto insurance” probably shouldn’t be used in the same sentence, specifically when trying to find the best car insurance rates for business use. To help control this cost, let’s teach you a few of the things that help determine insurance rates, and see if you can cut the cost of your next policy.
The make and model of vehicle driven is one of the largest considerations that determines if you can find economical car insurance for business use. Vehicles with average performance, a great safety record, or a track record of few liability claims will cost significantly less to insure than high performance models.
The table below showcases coverage costs for a selection of the most economical vehicles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 2WD||$1,124|
|Toyota RAV4 Limited 4WD||$1,303|
|Ford Explorer Limited 2WD||$1,327|
|Ford F-150 Lariat Crew Cab 2WD||$1,336|
|Honda Accord EX-L 4-Dr Sedan||$1,367|
|Ford Escape Limited 2WD||$1,382|
|Hyundai Sonata GLS 4-Dr Sedan||$1,398|
|Ford Focus S 4-Dr Sedan||$1,463|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,482|
|Toyota Camry Hybrid||$1,489|
|Chevrolet Malibu Hybrid||$1,491|
|Nissan Altima 2.5 4-Dr Sedan||$1,497|
|Dodge Ram 3500 Mega Cab Laramie 2WD||$1,513|
|Ford Edge SEL AWD||$1,567|
|Toyota Camry SE||$1,570|
|Hyundai Elantra SE 4-Dr Sedan||$1,576|
|Volkswagen Jetta 2.0T 4-Dr Sedan||$1,598|
|Dodge Grand Caravan Hero||$1,608|
|Chevrolet Silverado 3500HD LT Extended Cab 4WD||$1,672|
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Prices above based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Indiana minimum liability limits. Discounts applied include homeowner, claim-free, safe-driver, multi-vehicle, and multi-policy. Rate quotes do not factor in garaging location in Indianapolis, IN which can raise or lower rates substantially.
Based upon the table data, you can presume that models like the Honda CR-V, Toyota RAV4, Ford Explorer, and Ford F-150 will definitely be a few of the cheaper vehicles to insure for using your car for business. The price of auto insurance will tend to be more expensive anyway because of the fact that there is more claim exposure for business use, but overall those makes and models will probably have the best rates that you’ll find.
Finding low-priced insurance is not the easiest thing to accomplish, and deciding which company has the cheapest car insurance rates for business use will take a little more work. Every auto insurer has a proprietary formula for determining rates, so to begin we’ll rank the overall cheapest car insurance companies in Indianapolis, IN.
It’s important that readers know that Indiana car insurance rates are impacted by many things which can substantially change the price of your policy. This price variability is why consumers need to take the time to perform a complete rate comparison to find the most affordable car insurance rates for business use. Insurance prices are made up of many factors and can change without notice, so the most affordable company six months ago may now be one of the higher cost companies.
Find the Cheapest Car Insurance for Business Use
Travelers has some of the lowest car insurance rates in Indianapolis at around $620 a year. Cincinnati Insurance, USAA, Erie, and Western Reserve also rank well as some of the more affordable Indianapolis, IN auto insurance companies.
As depicted above, if you are currently insured with Erie and switched to Travelers, you may realize an annual premium reduction of upwards of $106. Indiana drivers with Western Reserve could save as much as $226 a year, and Indiana Farmers Mutual insureds might lower prices by up to $255 a year.
To get a fast rate comparison, click here to start your free quote or quote rates from the companies below.
Understand that those estimates are averaged for all types of drivers and the different vehicles they drive and do not take into consideration a vehicle location for business use. So the auto insurance company that fits you best may not even be in the top 36 companies shown above. That helps illustrate why you need to get rate quotes from many companies using your own driver and vehicle profiles.
For using your car for business, one of the largest factors that are used to help calculate the amount you pay each year for auto insurance is the neighborhood you call home. More populated areas will most likely pay more, whereas areas with less people or fewer weather incidents have the benefit of cheaper car insurance.
The information below ranks the priciest cities in Indiana for business use in which to buy car insurance. Indianapolis makes the list at #8 having an annual price of $1,050 on average, which is around $88 each month.
|Rank||City||Average Per Year|
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Price information shown is estimated as the specific garaging location can impact insurance rates considerably.
The diagram below demonstrates how choosing different deductibles can increase or decrease yearly insurance costs when trying to find cheap insurance for business use. The information is based on a married male driver, full coverage, and no discounts are factored in.
In the chart above, a 30-year-old driver could cut expenses by $290 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $438 by selecting a $1,000 deductible. Young drivers, such as the 20-year-old chart data, have the ability to save up to $890 each year by using a higher deductible.
When insureds make the decision to increase the deductibles on their policy, it’s a good idea to have enough funds in savings to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Cost of full coverage
Saving money on car insurance is probably important to the majority of vehicle owners, and one common way to buy cheap insurance for business use is to buy only liability coverage. The illustration below illustrates the difference between auto insurance costs when comparing full coverage to liability only. The rates are based on no violations or claims, $1,000 deductibles, single status, and no discounts are applied.
Averaged out for all age groups, physical damage coverage costs an additional $1,184 per year more than insuring for liability only. Lot’s of drivers question if paying for full coverage is worth it. There is no set rule to delete physical damage coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to buy liability only.
For example, let’s say your vehicle’s book value is $3,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, you would only receive $2,000 after the deductible is paid. If it’s costing in excess of $200 annually for physical damage coverage, then you might consider buying liability only.
How to find the cheapest car insurance for business use
Below you’ll find many penny-pinching solutions that can help you buy cheap car insurance.
- Tickets and violations raise rates
- Vehicles with good safety ratings are usually cheaper to insure
- Higher credit ratings may save you money
- Claim-free policyholders usually earn a discount
- Avoid accidents and claims
- Compare rates regularly and switch companies to save money
The last tip is certainly significant, as we stressed in the prior information. Prices charged by car insurance companies in Indianapolis adjust often, so you should be ready to buy a policy from a new company if a better deal can be had. Having a favorite company is fine, but it’s not a good idea if that stubbornness costs you a wad of cash every year. If you have a few minutes, compare prices to find cheaper auto insurance for business use.
The agents below can most likely help you make a decision which coverages you need, since some drivers aren’t sure which coverage they need and prefer to get some help when comparing insurance rates for business use. It’s not always easy to find coverage yourself, and a licensed agent can give you comfort knowing your policy gives you decent coverage if you have a claim.
To locate an Indianapolis auto insurance agent in your neighborhood, click the button link following the list or click here to compare price quotes now.
Scott Nichols – State Farm Insurance Agent
7022 W 10th St b – Indianapolis, IN 46214 – (317) 243-3509
Elizabeth Marshall – State Farm Insurance Agent
6124 N College Ave – Indianapolis, IN 46220 – (317) 255-2700
Keith Eberg – State Farm Insurance Agent
7550 S Meridian St d – Indianapolis, IN 46217 – (317) 887-1400
Dalessandro Agency Inc – Titan Insurance
4918 S Emerson Ave – Indianapolis, IN 46203 – (317) 780-2500
Allstate Insurance: Sarah Franke
916 Shadeland Ave – Indianapolis, IN 46219 – (317) 359-8271