The vehicle that needs insurance is one of the biggest factors when comparison shopping for the lowest-priced car insurance for a company car. Vehicles with reasonable performance levels, excellent safety ratings, or low incidents of liability claims will cost quite a bit less to insure than fast, unsafe models.
The next table features coverage prices for some of the most cost-effective vehicles to buy coverage for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $1,235 |
| Honda CR-V LX 4WD | $1,245 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,268 |
| Volkswagen Jetta 2.0T Station Wagon | $1,321 |
| Toyota RAV4 4WD | $1,335 |
| Ford Fusion S 4-Dr Sedan | $1,340 |
| Ford F-150 FX4 4WD | $1,361 |
| Ford Explorer Limited 2WD | $1,370 |
| Toyota Prius | $1,412 |
| Chevrolet Impala LS | $1,428 |
| Chevrolet Silverado 3500HD LTZ Crew Cab 2WD | $1,483 |
| Chevrolet Malibu Hybrid | $1,503 |
| GMC Sierra SL Extended Cab 2WD | $1,511 |
| Chevrolet Equinox LT AWD | $1,503 |
| Kia Optima SX | $1,526 |
| Hyundai Sonata Limited 4-Dr Sedan | $1,532 |
| Toyota Camry Hybrid | $1,526 |
| Dodge Grand Caravan Crew | $1,536 |
| Toyota Tacoma Double Cab 4WD | $1,546 |
| Ford Edge Sport AWD | $1,541 |
| Get a Custom Quote Go | |
Prices above based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include safe-driver, homeowner, claim-free, multi-vehicle, and multi-policy. Rate quotes do not factor in specific garaging location which can modify coverage prices significantly.
By looking at the data, vehicles like the Ford Escape, Honda CR-V, Jeep Wrangler, Volkswagen Jetta, and Toyota RAV4 will be some of the cheapest vehicles to insure for your employer’s vehicle.
One of the more important factors that are used to help calculate the price you pay for insurance is where you live in Stockton. Regions with larger populations or more claims likely pay more, whereas areas with less crime or weather claims tend to receive cheaper rates.
The following table shows the most expensive places in California for a company car to purchase a policy in. Stockton comes in at #6 with the yearly price of $1,603 for the average insured, which is approximately $134 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Los Angeles | $2,168 |
| 2 | Glendale | $2,121 |
| 3 | Oakland | $1,755 |
| 4 | San Francisco | $1,745 |
| 5 | Sacramento | $1,720 |
| 6 | Stockton | $1,603 |
| 7 | San Bernardino | $1,596 |
| 8 | Santa Clarita | $1,595 |
| 9 | Long Beach | $1,578 |
| 10 | Garden Grove | $1,570 |
| 11 | Moreno Valley | $1,551 |
| 12 | Modesto | $1,547 |
| 13 | Fontana | $1,519 |
| 14 | Riverside | $1,497 |
| 15 | Anaheim | $1,488 |
| 16 | Santa Ana | $1,483 |
| 17 | Fresno | $1,457 |
| 18 | San Jose | $1,437 |
| 19 | Huntington Beach | $1,416 |
| 20 | Irvine | $1,384 |
| Start a Quote Go | ||
Prices are comparative as specific location information can increase or decrease auto insurance rates considerably.
How to get discounts on Stockton auto insurance rates
Car insurance companies that offer cheap quotes for a company car may also provide policy discounts that could lower prices by as much as 25% or more if you qualify. Companies and some of the premium reductions they offer are included below.
- GEICO offers premium reductions for daytime running lights, membership and employees, anti-theft, defensive driver, and good student.
- SAFECO has savings for teen safety rewards, teen safe driver, drive less, homeowner, and anti-theft.
- State Farm may offer discounts for driver’s education, anti-theft, safe vehicle, Steer Clear safe driver discount, multiple policy, good driver, and defensive driving training.
- MetLife includes discounts for good student, accident-free, multi-policy, defensive driver, and claim-free.
- 21st Century has discounts for defensive driver, theft prevention, early bird, homeowners, and good student.
- Progressive may include discounts for online quote discount, multi-vehicle, continuous coverage, multi-policy, and good student.
The example below shows the comparison of annual premium costs with and without some available policy discounts. The premium estimates are based on a male driver, no claims, a clean driving record, California state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with anti-theft, passive restraint, defensive driving course, multiple vehicle, marriage, and accident-free discounts applied. When these discounts are applied to the policy premium, theaverage yearly reduction on insurance for a company car is 28% or $640.
Should you buy full coverage?
Finding the cheapest insurance is important to most drivers, and one great way to lower the cost of insurance for a company car is to not buy full coverage. The chart below illustrates the difference between annual premium costs with and without physical damage coverage. The prices are based on no claims or driving violations, $250 deductibles, single status, and no discounts are factored in.
If we average the cost for all age groups, full coverage costs an extra $2,314 per year more than just buying liability only. Many drivers may wonder when is it safe to stop buying full coverage. There is no specific rule to stop paying for full coverage, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than 10% of the vehicle’s replacement cost less your deductible, then you may want to consider only buying liability coverage.
For example, let’s pretend your vehicle’s book value is $4,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $3,000 after the policy deductible has been paid. If premiums are more than $300 a year to have full coverage, then it may be the right time to buy liability only.
There are some situations where buying only liability insurance is not advised. If you haven’t satisfied your loan, you have to keep full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not eliminate full coverage.
How to find cheaper insurance for a company car
It is possible to find better rates, and here are many thrifty suggestions that can help you find cheaper coverage.
- Avoid having at-fault accidents
- Raise deductibles to save money
- Full coverage may not be needed on older vehicles
- Tickets and violations raise rates
- Improve your credit rating
- Safe vehicles cost less to insure
- Keep rates low by shopping around frequently
That final tip is very important, as was discussed in the article above. Prices can change significantly in a year, so drivers shouldn’t be reluctant to buy a policy from a new company if a cheaper rate is available. Loyalty to a specific company is fine, but it’s not a great idea if that loyalty results in overpaying thousands of dollars over several years. If you have a few minutes, now is a great time to compare rates and find cheaper auto insurance for a company car in Stockton.
The insurance agents in Stockton listed below can aid you in deciding which car insurance company is the best fit, as lots of people like to have some professional guidance when buying car insurance for your employer’s vehicle. It can be complicated to do it yourself, and a professional agent can give you satisfaction knowing your coverage gives you enough coverage when you need it. To locate a Stockton auto insurance agent near you, click the button at the bottom of the list or click here to compare rates now.
- Mark Berbower Insurance Agency
2 W Swain Rd – Stockton, CA 95207 – (209) 405-1088 - Ramon Fernandez – State Farm Insurance Agent
3443 Deer Park Dr D – Stockton, CA 95219 – (209) 461-0170 - Farmers Insurance: W. Faye Giovenetti
1833 W March Ln #2 – Stockton, CA 95207 – (209) 472-7704 - Big Savings Insurance Agency, Inc
7153 Pacific Ave – Stockton, CA 95207 – (209) 956-2000 - Don Widmer – State Farm Insurance Agent
2155 W March Ln a – Stockton, CA 95207 – (209) 951-4008