Cheapest Auto Insurance Quotes for a Company Car in Maryland

You have probably seen the catchy commercials from companies like Progressive and The General that guarantee the cheapest rates, so you just need to choose the one with the most memorable commercial, right?

Unfortunately, it’s not that simple as there are a lot of unknown factors such as whether you are female or male, your credit score, how experienced of a driver you are, and if you rent or own your home, that all go into determining the rate you pay. This article covers some of these factors and will hopefully give you a good beginning to your search for cheaper coverage.

For your employer’s vehicle, one of the big components that help determine rate quotes is where you choose to live. More densely populated places like Baltimore, Dundalk, and Essex will most likely pay more, whereas more rural areas generally benefit from lower car insurance rates.

The information below ranks the more expensive cities in Maryland for a company car to purchase car insurance in.

Prices are comparative as the garaging address in Maryland can increase or decrease coverage rates considerably.

Finding good, budget auto insurance is challenging, and figuring out which companies have the best car insurance rates for a company car requires even more shopping around. Every auto insurer uses their own formula for setting prices, so first we will examine the most budget-friendly car insurance companies in Maryland.

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USAA may offer some of the best car insurance rates in Maryland at around $948 each year. Penn National, Liberty Mutual, Erie, and State Auto also are some of the most economical Maryland car insurance companies.

As the rates illustrate above, if you buy coverage from Liberty Mutual and switched to USAA, you may see an annual savings of approxmiately $166. Policyholders with Erie could save as much as $167 a year, and State Auto customers might realize rate reductions of up to $242 a year.

Bear in mind that those premium estimates are averages for all types of drivers and the different vehicles they drive and are not factoring in a rate decrease for a company car. So the auto insurance company that can offer the best rates for your situation may not even be included in the rate chart shown above. That underscores the importance of why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.

The vehicle you are seeking coverage for is one of the primary factors when comparison shopping for the best cheap car insurance for a company car. Vehicles with more horsepower, a lack of advanced safety features, or a high likelihood of having liability claims will cost much more to insure than more economical and safe models. The information below shows car insurance premiums for some of the most affordable automobiles to buy insurance for.

Price data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and Maryland minimum liability limits. Discounts applied include multi-policy, safe-driver, claim-free, homeowner, and multi-vehicle. Prices do not factor in vehicle garaging location which can raise or lower rates considerably.

Based upon the table data, you can presume that models like the Ford Escape, Honda CR-V, Ford F-150, and Chevrolet Traverse will definitely be the most economical vehicles to insure for your employer’s vehicle.

Difference between liability only and full coverage rates

Finding the cheapest auto insurance for a company car in Maryland is probably important to most vehicle owners, and one way to buy cheap insurance is to only buy liability coverage. The information below compares insurance costs with and without physical damage coverage. The price estimates are based on no accidents or driving violations, $250 deductibles, drivers are single, and no discounts are taken into consideration.

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Averaged for all ages 20 through 70, physical damage coverage on your policy costs an extra $2,896 per year more than just buying liability only. At some point, almost every driver questions if buying full coverage is worth the expense. There isn’t a steadfast formula that works best for making the decision to drop physical damage insurance, but there is a guideline you can consider. If the annual cost of having full coverage is 10% or more of any settlement you would receive from your insurance company, then it could be time to drop full coverage.