The car, truck, or SUV on the policy is probably the most important factor when comparison shopping for affordable insurance for a company car. Vehicles with lower performance, good safety features, or low incidents of liability claims will cost significantly less to insure than higher performance models.
The information below outlines coverage prices for a selection of the most cost-effective vehicles to insure in Illinois.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$2,046|
|Honda Accord EX-L 4-Dr Sedan||$2,218|
|Chevrolet Malibu Hybrid||$2,422|
|Honda Civic LX 4-Dr Sedan||$2,504|
|Ford Escape XLT 2WD||$2,507|
|Honda Odyssey LX||$2,578|
|Ford F-150 XLT Regular Cab 2WD||$2,585|
|Volkswagen Jetta SEL 4-Dr Sedan||$2,598|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$2,606|
|Toyota Tacoma 4WD||$2,630|
|Ford F-350 XLT Crew Cab Lariat 2WD||$2,689|
|Hyundai Elantra SE Touring Station Wagon||$2,724|
|Hyundai Sonata SE 4-Dr Sedan||$2,730|
|Ford Focus S 4-Dr Sedan||$2,724|
|Nissan Rogue SL AWD||$2,734|
|Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD||$2,767|
|Toyota Camry Hybrid||$2,773|
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include homeowner, multi-vehicle, multi-policy, safe-driver, and claim-free. Rates do not factor in zip code location which can revise prices greatly.
Looking at the rates, we can conclude that models like the Honda CR-V, Honda Accord, Chevrolet Malibu, and Honda Civic are most likely to be the most affordable vehicles to insure for your employer’s vehicle.
For your employer’s vehicle, one of the more important things that are looked at to help calculate auto insurance rates is where you call home. Areas with more people or higher crime rates tend to pay more, whereas less populated areas have the luxury of cheap car insurance rates.
The table below rates the most expensive places in Illinois for a company car to purchase a policy in. Chicago shows up at #2 with a yearly cost of $1,484 for coverage, which is about $124 monthly.
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Premium costs are approximated as vehicle location can alter insurance rates considerably.
Deciding which company quotes the lowest-priced car insurance rates for a company car will take a bit more effort in order to find the most economical policy. Each auto insurer has their own unique process for setting rates, so let’s rank the lowest cost car insurance companies in Illinois.
Keep in mind that Chicago car insurance rates are impacted by many factors that control the cost of your policy. Simply getting older, buying a different vehicle, or getting into an accident can produce rate changes resulting in some companies being cheaper than before.
Find Cheaper Car Insurance in Illinois
|Rank||Company||Cost Per Year|
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The Hartford may offer some of the most affordable car insurance rates in Chicago at around $746 per year. Rockford Mutual, Titan, Erie, and Cincinnati Insurance would also be considered some of the more affordable Chicago, IL car insurance companies.
As shown in the rates above, if you currently have a policy with Rockford Mutual and switched to The Hartford, you might see savings of about $67. Illinois drivers with Titan may save as much as $140 a year, and Erie policyholders might lower prices by $159 a year.
To see if you’re overpaying, click here to begin a quote or visit any of the low-priced companies below.
It’s important to note that these policy prices are averages for all drivers and vehicles and do not factor in an exact zip code location for a company car. So the company that fits you best may not even be in the list above. That is why you need to get car insurance quotes using your own driver information and specific vehicle type.
The diagram below highlights how deductible selection can change yearly insurance costs when searching for cheap insurance for a company car. The prices are based on a single male driver, full physical damage coverage, and no other discounts are factored in.
The data above shows that a 40-year-old driver could lower their car insurance rates by $214 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $324 by switching to a $1,000 deductible. Even younger insureds, like the 20-year-old, could lower their rates as much as $702 each year by selecting a higher deductible.
If you do decide to increase your deductibles, it will now be necessary to have additional savings on hand to allow you to pay the extra out-of-pocket expense that is associated with using high deductibles.
Impact of citations and accidents on insurance rates
A great way to find the most affordable car insurance prices for your employer’s vehicle is to drive carefully and avoid accidents and violations. The chart below demonstrates how traffic citations and at-fault accidents impact insurance premiums for different age groups of insureds. The information is based on a single male driver, full coverage, $500 deductibles, and no additional discounts are factored in.
The data in the chart shows the average cost of an auto insurance policy per year with no violations or accidents is $1,238. Get two speeding tickets and the average cost jumps to $1,631, an increase of $394 each year. Then include two accidents along with the two speeding tickets and the annual cost of car insurance for a company car increases to an average of $3,171. That’s an increase of $1,933, or $161 per month, just for being a careless driver!
Should you buy full coverage?
Saving on car insurance is important to most vehicle owners, and an easy way to buy cheaper insurance for a company car is to only buy liability coverage. The chart below shows the difference between insurance costs when comparing full coverage to liability only. The premiums assume no claims or driving citations, $1,000 deductibles, drivers are single, and no discounts are applied.
If the expense is averaged for all age categories, full coverage on your policy costs $1,488 per year over liability only. At some point, every insured wonders if buying full coverage is worth the expense. There is no clear-cut rule to delete full coverage, but there is a general guideline you can use. If the annual cost of coverage is about 10% or more of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.
How to find cheaper car insurance for a company car
Lowering your rates is not difficult, and here are a few money-saving solutions that can help Illinois drivers locate more affordable auto insurance.
- Do not insure for full coverage
- Do not get into accidents
- Buying your home and auto policies from the same company can earn a discount
- Drive a car with a high safety rating
- Maintaining good credit helps earn cheaper rates
- Shop around and save
The final tip is incredibly important, as was noted in this write-up. Prices in Chicago can change considerably in a year, so don’t be afraid to switch companies if you find a better deal.
Staying with the same company for years is fine, but is isn’t recommended if it’s costing you several hundred dollars every year. If you have a few minutes, compare rates and find cheaper insurance for a company car.