The words “low-priced” and “insurance” really shouldn’t be used together, in particular when trying to find the best car insurance for a company car. To help control this cost, let’s teach you some of the factors that have an effect on insurance prices, and find some ways to take the bite out of your next policy.
The make and model of vehicle to be insured is probably the most important factor when quoting low-cost auto insurance for a company car. Vehicles with average performance, good safety features, or a low likelihood of liability claims will cost much less to insure than adrenaline junky models.
The next list ranks coverage premiums for a number of the cheaper vehicles to insure in New York.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $1,986 |
| Honda CR-V EX 4WD | $2,318 |
| Volkswagen Jetta LE 4-Dr Sedan | $2,347 |
| Toyota RAV4 Limited 4WD | $2,353 |
| Chevrolet Equinox LT AWD | $2,347 |
| Toyota Camry XLE | $2,472 |
| Toyota Prius | $2,510 |
| Toyota Tacoma 4WD | $2,549 |
| Dodge Ram Crew Cab ST 4WD | $2,561 |
| Nissan Rogue SL AWD | $2,641 |
| Chevrolet Impala LS | $2,650 |
| Honda Odyssey EX W/Rear Entertainment | $2,641 |
| Kia Optima SX | $2,686 |
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Cost estimates assume single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and New York minimum liability limits. Discounts applied include claim-free, homeowner, safe-driver, multi-policy, and multi-vehicle. Estimates do not factor in the specific area where the vehicle is garaged which can influence coverage prices greatly.
Based upon the table data, we can assume that vehicles like the Ford Escape, Honda CR-V, and Volkswagen Jetta are most likely to be some of the more affordable vehicles to insure for your employer’s vehicle.
For your employer’s vehicle, one of the big criteria that determine insurance cost is where you choose to live in Buffalo. Larger areas tend to have higher auto insurance costs, whereas areas with fewer weather claims and lower vehicle theft rates have the luxury of cheap car insurance rates.
The table below sorts the priciest cities in New York for a company car to purchase a policy in. Buffalo makes the list at #13 with a yearly cost of $1,548 for the average insured, which is about $129 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | New York | $2,735 |
| 2 | Freeport | $2,303 |
| 3 | Hempstead | $2,301 |
| 4 | Levittown | $2,041 |
| 5 | Mount Vernon | $1,997 |
| 6 | Yonkers | $1,958 |
| 7 | Hicksville | $1,900 |
| 8 | West Babylon | $1,856 |
| 9 | Brentwood | $1,853 |
| 10 | Coram | $1,784 |
| 11 | White Plains | $1,661 |
| 12 | New Rochelle | $1,659 |
| 13 | Buffalo | $1,548 |
| 14 | West Seneca | $1,237 |
| 15 | Cheektowaga | $1,216 |
| 16 | Niagara Falls | $1,189 |
| 17 | Tonawanda | $1,177 |
| 18 | Utica | $1,103 |
| 19 | Syracuse | $1,086 |
| 20 | Troy | $1,085 |
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Information shown are estimated as the specific area where the vehicle is garaged can impact auto insurance rates significantly.
Finding decent, cheap insurance is not the easiest thing to accomplish, and finding out which company quotes the cheapest insurance rates for a company car calls for more quotes for comparison.
Each insurance company uses their own formula for determining prices, so let’s take a look at the most affordable insurance companies in Buffalo.
Lowest Insurance Price Quotes in New York
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,199 |
| 2 | Erie | $1,255 |
| 3 | Utica National | $1,504 |
| 4 | Progressive | $1,512 |
| 5 | MetLife | $1,572 |
| 6 | Travelers | $1,575 |
| 7 | Allstate | $1,603 |
| 8 | Amica | $1,644 |
| 9 | Preferred Mutual | $1,737 |
| 10 | New York Central Mutual | $1,874 |
| 11 | GEICO | $1,907 |
| 12 | Safeco | $1,908 |
| 13 | State Farm | $1,962 |
| 14 | Central Mutual | $1,968 |
| 15 | Liberty Mutual | $2,005 |
| 16 | Hanover | $2,323 |
| 17 | Encompass | $2,662 |
| 18 | Nationwide | $3,147 |
| 19 | Mercury | $3,926 |
| 20 | 21st Century | $4,324 |
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USAA offers some of the most affordable car insurance rates in Buffalo at around $1,199 annually. Erie, Utica National, Progressive, and MetLife would also make the list of some of the lowest-priced Buffalo, NY car insurance companies.
As depicted above, if you currently have coverage with MetLife and switched to Erie, you may realize yearly savings of in the neighborhood of $317. Insureds with Travelers might save as much as $320 a year, and Allstate customers might cut rates by $348 a year.
It’s important to note that these policy prices are averaged for all types of drivers and the different vehicles they drive and are not factoring in an exact location for a company car. So the company that has the lowest price for you may not even be in the top 20 companies in the list above. That affirms the importance of why you need to get car insurance quotes using your own individual information.
Get discounts on Buffalo auto insurance
Insurance providers that sell policies for a company car may also give you price discounts that can lower rates by 25% or more if you can meet the requirements. A few of the larger companies and their possible discounts are outlined below.
- Progressive policyholders can earn discounts including continuous coverage, homeowner, online quote discount, multi-policy, online signing, good student, and multi-vehicle.
- GEICO offers premium reductions for military active duty, anti-lock brakes, driver training, membership and employees, anti-theft, and emergency military deployment.
- State Farm may offer discounts for anti-theft, good driver, accident-free, good student, multiple policy, passive restraint, and multiple autos.
- Esurance offers discounts for online shopper, claim free, paid-in-full, multi-policy, renters, online quote, and safety device.
- The Hartford may include discounts for anti-theft, air bag, vehicle fuel type, defensive driver, and driver training.
The information below shows the difference between car insurance costs with and without discounts applied to the policy rates. The data assumes a male driver, no violations or claims, New York state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with vehicle safety, claim-free, defensive driving course, multiple policy, marriage, and multiple vehicle discounts applied. With discounts applied, theamount saved on insurance for a company car is 27% or $383.
Irresponsible driving raises your rates
The best way to earn affordable insurance prices for your employer’s vehicle is to be a good driver and avoid traffic citations and accidents. The information below shows how traffic citations and accident claims drive up auto insurance costs for different age groups. The data assumes a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied.
The data above shows the average cost of car insurance in Buffalo per year with no accidents and a clean driving record is $1,118. Get written up for two speeding tickets and the average cost swells to $1,469, an increase of $351 each year. Then throw in one accident along with the two speeding tickets and the 12-month cost of insurance for a company car increases to an average of $1,825. That’s an increase of $707, or $59 per month, just for being a less-than-perfect driver!
The chart below shows how choosing a deductible can impact insurance costs when quoting cheap insurance for a company car. The price estimates are based on a married male driver, comp and collision included, and no other discounts are factored in.
The data above shows that a 40-year-old driver could save $250 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $376 by changing to a $1,000 deductible. Young drivers, such as the 20-year-old chart data, could reduce their rates up to $838 or more by choosing larger deductibles on their policy.
When insureds make the decision to increase the deductibles on their policy, it is important to have additional funds in a savings account to pay the extra out-of-pocket expense, which deters some people from using high deductibles.