The car, truck, or SUV needing coverage is a large consideration that determines if you can find low-priced car insurance for a company car. Vehicles with reasonable performance levels, good safety features, or a track record of few liability claims will cost significantly less to insure than high performance models. The next list illustrates insurance premiums for a number of the cheaper vehicles to buy coverage for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $4,214 |
| Honda Accord EX 4-Dr Sedan | $4,219 |
| Jeep Wrangler Sahara 4WD 2-Dr | $4,732 |
| Ford F-150 XLT Super Cab 4WD | $4,825 |
| Ford Escape XLS 4WD | $4,830 |
| Chevrolet Silverado LT Extended Cab 4WD | $4,993 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $5,086 |
| Toyota Corolla S | $5,249 |
| Honda Odyssey LX | $5,314 |
| Volkswagen Jetta SEL 4-Dr Sedan | $5,342 |
| Nissan Altima Hybrid 4-Dr Sedan | $5,347 |
| Toyota Camry Hybrid | $5,701 |
| Chevrolet Impala LT | $5,725 |
| Chevrolet Equinox LT AWD | $5,732 |
| Toyota Prius | $5,743 |
| Dodge Ram 2500 Mega Cab Laramie 4WD | $5,799 |
| Ford Focus SE 4-Dr Sedan | $5,995 |
| Ford Edge Sport AWD | $6,023 |
| Honda Civic LX 2-Dr Coupe | $6,111 |
| Chevrolet Malibu LS | $6,116 |
| Toyota RAV4 Sport 4WD | $6,121 |
| Hyundai Sonata GLS 4-Dr Sedan | $6,139 |
| Dodge Ram Quad Cab ST 2WD | $6,223 |
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Above prices assume single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Prices do not factor in zip code location which can affect prices greatly.
Based upon the rates shown, you can presume that vehicles like the Honda CR-V, Honda Accord, Jeep Wrangler, and Ford F-150 should be a few of the most budget-friendly vehicles to insure for your employer’s vehicle.
Figuring out which companies offer the cheapest auto insurance rates for a company car involves a little more work in order to find the best price. Every auto insurer uses different criteria to establish rates, so let’s take a look at the most affordable auto insurance companies in Detroit, MI.
It’s important to understand that Detroit, MI auto insurance rates are based on many factors that may substantially change the cost of coverage. Improving your credit score, having a claim, or getting a DUI can trigger rate changes that can make some companies much cheaper than others.
Cheapest Insurance Rates in Michigan
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $987 |
| 2 | GEICO | $1,033 |
| 3 | Safeco | $1,069 |
| 4 | MetLife | $1,364 |
| 5 | Chubb | $1,386 |
| 6 | MEEMIC | $1,408 |
| 7 | Pioneer State Mutual | $1,444 |
| 8 | Hastings Mutual | $1,595 |
| 9 | Frankenmuth | $1,645 |
| 10 | Auto-Owners | $1,702 |
| 11 | SECURA | $1,832 |
| 12 | Progressive | $1,847 |
| 13 | Wolverine Mutual | $2,191 |
| 14 | Grange Mutual | $2,253 |
| 15 | Allied | $2,263 |
| 16 | Allmerica | $2,316 |
| 17 | Hanover | $2,399 |
| 18 | Auto Club Group | $2,464 |
| 19 | Farm Bureau | $2,599 |
| 20 | Nationwide | $2,618 |
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USAA quotes some of the cheapest car insurance rates in Detroit at around $987 annually. GEICO, Safeco, MetLife, and Chubb also make the cut as some of the most economical Detroit, MI auto insurance companies.
As shown in the rates above, if you currently have coverage with Chubb and switched to GEICO, you might achieve yearly savings of approximately $353. Michigan drivers with MEEMIC may save as much as $375 a year, and Pioneer State Mutual policyholders might reduce prices by as much as $411 a year.
It’s important to note that these premium estimates are averaged across all drivers and vehicles and are not factoring in a specific location for a company car. So the auto insurance company that is best for you may not even be in the top 30 companies shown above. That illustrates why you need to quote rates from as many companies as possible using your own specific driver and vehicle information.
For your employer’s vehicle, one of the largest components that determine the amount you pay each year for auto insurance is where you keep your vehicle in Detroit. Cities with larger populations or higher claim trends tend to have higher rates, whereas areas that tend to be more rural have the enjoyment of a little cheaper coverage.
The information below sorts the most expensive cities in Michigan for a company car to buy an auto insurance policy in. Detroit is ranked #1 costing $5,009 on average, which is around $417 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Detroit | $5,009 |
| 2 | Dearborn | $4,123 |
| 3 | Southfield | $3,980 |
| 4 | Pontiac | $3,639 |
| 5 | Flint | $3,439 |
| 6 | Warren | $3,390 |
| 7 | Dearborn Heights | $3,337 |
| 8 | Taylor | $3,210 |
| 9 | Sterling Heights | $3,014 |
| 10 | Westland | $2,937 |
| 11 | St. Clair Shores | $2,792 |
| 12 | Farmington Hills | $2,786 |
| 13 | Troy | $2,640 |
| 14 | Livonia | $2,608 |
| 15 | Novi | $2,539 |
| 16 | Royal Oak | $2,537 |
| 17 | Saginaw | $2,507 |
| 18 | Rochester Hills | $2,467 |
| 19 | Lansing | $2,439 |
| 20 | Battle Creek | $2,426 |
| 21 | Grand Rapids | $2,252 |
| 22 | Kalamazoo | $2,192 |
| 23 | Kentwood | $2,183 |
| 24 | Wyoming | $2,130 |
| 25 | Ann Arbor | $2,128 |
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Rate information is estimated as zip code location can revise price quotes noticeably.
Cost comparison with and without full coverage
Paying less for auto insurance is the goal of most vehicle owners, and one of the best ways to buy cheaper insurance for a company car is to not insure for full coverage. The information below shows the comparison of auto insurance costs with full coverage compared to only the Michigan minimum liability coverage. The rates are based on no claims or driving citations, $1,000 deductibles, marital status is single, and no discounts are applied to the premium.
If we average the cost for all age groups, comprehensive and collision coverage on your policy costs $3,841 per year more than just buying liability only. At some point, about every driver wonders if buying full coverage is a waste of money. There is no specific rule to drop physical damage coverage on your policy, but there is a general school of thought. If the yearly cost of comp and collision coverage is 10% or more of the settlement you would receive from your company, then it may be the right time to buy liability only.
There are some conditions where removing full coverage is not advised. If you still owe money on your vehicle, you have to maintain full coverage to protect the lienholder’s interest. Also, if you cannot afford to purchase a different vehicle if your current one is totaled, you should not eliminate full coverage.
Get discount Detroit insurance
Car insurance companies that provide policies for a company car may provide special discounts that could potentially reduce rates by 25% or more if you are eligible to receive them. A few of the larger companies and some of the discounts are shown below.
- Farm Bureau has discounts for youthful driver, multi-policy, 55 and retired, safe driver, good student, renewal discount, and driver training.
- Liberty Mutual may have discounts that include new move discount, new graduate, new vehicle discount, multi-car, and newly married.
- State Farm offers discounts for student away at school, multiple autos, good driver, Steer Clear safe driver discount, accident-free, anti-theft, and Drive Safe & Save.
- Auto-Owners Insurance has savings for paid in full, air bags, multi-policy, safe vehicle, anti-theft, teen driver, and anti-lock brakes.
- GEICO discounts include anti-theft, seat belt use, good student, daytime running lights, and air bags.
- SAFECO offers discounts including anti-theft, drive less, homeowner, multi-car, bundle discounts, and accident prevention training.
The diagram below shows the difference between annual premium costs with and without discounts applied to the premium. The information is based on a female driver, a clean driving record, no at-fault accidents, Michigan state minimum liability limits, comprehensive and collision coverage, and $500 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with passive restraint, claim-free, multiple vehicle, anti-theft, vehicle safety, and homeowner discounts applied. When drivers qualify for the discounts, the average amount saved each year on auto insurance for a company car is 28% or $936.
Insuring your vehicle with the top car insurance provider can be challenging considering how many companies there are to choose from in Michigan. The company information displayed below could help you select which companies you want to consider to insure your vehicles. These rankings only include large insurance companies, so companies that focus mainly on Michigan business will not be included in the list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| The Hartford | 88 | 96 | 91 | 93% | A+ | 92.6 |
| Progressive | 84 | 94 | 99 | 90% | A+ | 92.4 |
| State Farm | 84 | 93 | 95 | 87% | A++ | 91 |
| Farmers Insurance | 87 | 92 | 90 | 85% | A | 90.6 |
| Safeco Insurance | 85 | 91 | 87 | 86% | A | 88.4 |
| USAA | 71 | 93 | 98 | 87% | A++ | 88 |
| GEICO | 73 | 93 | 95 | 85% | A++ | 87.1 |
| 21st Century | 85 | 85 | 91 | 89% | A | 86.9 |
| Liberty Mutual | 72 | 91 | 97 | 83% | A | 86.4 |
| AAA Insurance | 85 | 85 | 88 | 86% | A | 85.8 |
| Nationwide | 71 | 90 | 93 | 83% | A+ | 84.9 |
| Allstate | 69 | 92 | 92 | 83% | A+ | 84.4 |
| American Family | 77 | 96 | 80 | 85% | A | 83.8 |
| Esurance | 70 | 80 | 89 | 77% | A+ | 79.2 |
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Data Source: Insure.com Best Car Insurance Companies
How to find more affordable insurance for a company car
The list below details many thrifty solutions that can help drivers quote cheap coverage.
- Avoid getting tickets or violations
- Increase your policy deductibles
- Drive vehicles with five-star safety ratings
- Avoid having at-fault accidents
- Remove physical damage coverage on older vehicles
- Better credit rating means better rates
- Compare quotes from other companies often
That last idea is extremely vital, as was emphasized in this article. Prices fluctuate considerably, so drivers shouldn’t be resistant to switch companies if a lower price can be found.
Staying with the same company for years is fine, but it isn’t a good idea if that loyalty results in overpaying hundreds every year. If you have a few minutes, now is a great time to compare rates to find cheaper car insurance for a company car in Detroit.
If you have coverage questions and would like to have the advice of a professional agent when comparing insurance rates for a company car, the agents below are a good start to help you decide which car insurance company is the best fit.
To find an auto insurance agency nearest to you, click the button following the list.
- Michigan Basic Property Insurance
3245 E Jefferson Ave – Detroit, MI 48207 – (313) 877-7400 - Advasure
22824 John R Rd – Hazel Park, MI 48030 – (248) 398-5200 - Marsh
600 Renaissance Center # 2100 – Detroit, MI 48243 – (313) 393-6800 - Cosby Insurance Agy and Financial Services
10140 W McNichols Rd – Detroit, MI 48221 – (313) 864-3285