Who Has the Cheapest Car Insurance Quotes for a Company Car in Illinois?

The type of vehicle driven is probably the largest consideration when comparing the cheapest auto insurance for a company car in Illinois. Vehicles with higher performance characteristics, poor safety ratings, or a history of substantial liability claims will cost much more to insure than more economical and safe models.

The list below features car insurance prices for a number of the cheaper vehicles to buy coverage for.

Prices based on married male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, multi-policy, and safe-driver. Table data does not factor in garaging location in Illinois which can lower or raise price quotes substantially.

Looking at the numbers, you can presume that makes and models like the Honda CR-V, Subaru Forester, and Ford Escape are going to be the most budget-friendly vehicles to insure for your employer’s vehicle.

One of the key things that is looked at to help calculate a rate quote is where your home is located. Cities with larger populations or higher claims like Cicero, Berwyn, and Oak Lawn are more likely to pay higher prices, whereas areas that tend to be more rural benefit from lower coverage costs.

The table below lists the most expensive areas in Illinois for a company car to purchase car insurance in.

Premium costs are approximated as vehicle location can modify coverage rates significantly.

Figuring out which company quotes the cheapest auto insurance rates for a company car calls for a bit more effort in order to find the most economical policy. Each auto insurer used slightly different criteria for setting prices, so we need to take a look at the overall cheapest auto insurance companies in Illinois.

It’s important to know that Illinois auto insurance rates are based on many factors that can increase the price you pay. Simply turning a year older, buying a new vehicle, or getting a speeding ticket can produce rate changes that can cause some rates to be cheaper than competitors.

Best Cheap Insurance Rates in Illinois

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The Hartford may offer some of the cheapest car insurance rates in Illinois at around $769 a year. Rockford Mutual, Titan, Cincinnati Insurance, and Erie would also be considered some of the lowest-priced Illinois auto insurance companies.

As the rates illustrate above, if you buy coverage from Cincinnati Insurance and switched to The Hartford, you could realize a yearly price reduction of roughly $119. Policyholders with Erie could save as much as $136 a year, and Travelers policyholders might realize rate reductions of up to $183 a year.

Be aware that those policy prices are averaged across all types of drivers and the different vehicles they drive and and are not calculated with a rate discount for a company car. So the insurer that fits your age and vehicle best may not even be in the chart above. That’s why you need to get quotes using your own specific driver and vehicle information.

Discount Illinois auto insurance rates

Insurers that offer the cheapest auto insurance for a company car in Illinois may also offer rate discounts that may potentially lower prices by as much as 25% or more if you meet specific eligibility requirements. Larger auto insurance companies and a summarized list of policyholder discounts are detailed below.

• Farm Bureau offers discounts including good student, safe driver, 55 and retired, driver training, and renewal discount.
• Liberty Mutual offers discounts for good student, safety features, teen driver discount, exclusive group savings, hybrid vehicle, newly retired, and multi-policy.
• State Farm discounts include passive restraint, Steer Clear safe driver discount, defensive driving training, good driver, accident-free, multiple policy, and anti-theft.
• Auto-Owners Insurance may have discounts that include good student, student away at school, multiple vehicles, teen driver, mature driver, and company car.
• GEICO has discounts for emergency military deployment, federal employee, good student, daytime running lights, multi-policy, and membership and employees.
• SAFECO offers premium reductions for drive less, safe driver, bundle discounts, accident prevention training, anti-theft, and multi-car.

The chart below shows the comparison of auto insurance costs with and without some available policy discounts. The premium estimates are based on a male driver, no accidents, no driving violations, Illinois state minimum liability limits, full coverage, and $250 deductibles.

The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with vehicle safety, claim-free, multiple vehicle, passive restraint, multiple policy, and homeowner discounts applied. When these discounts are applied to the policy premium, the the average amount saved on auto insurance for a company car is 27% or $417.

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The diagram below highlights how deductible choice can affect insurance premiums when researching cheap insurance for a company car. The prices are based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.

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The chart above illustrates that a 50-year-old driver could pocket $256 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $388 by switching to a $1,000 deductible. Young drivers, such as the 20-year-old example, could possibly save up to $846 annually just by choosing higher deductibles. If you do make the decision to raise your deductibles, it’s a good idea to have enough spare savings to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.

How to get the cheapest auto insurance for a company car in Illinois

It’s not impossible to find cheaper rates, and here are a few penny-pinching ideas that can help Illinois drivers get low-cost auto insurance.

• Buying your home and auto policies from the same company can earn a discount
• Pay less by remaining claim-free
• Avoid accidents and claims
• Do not get traffic violations
• Drivers with good credit ratings often pay less
• Raise deductibles to save money
• Check for cheaper rates once a year

The last suggestion is extremely critical, as we discussed in this write-up. Insurance rates in Illinois can be changed at any time, so drivers shouldn’t hesitate to change insurance companies if a better rate can be found. Many drivers have brand loyalty and that’s fine, but it’s not a good idea if that devotedness results in you overpaying money that could be spent on other things. In less than five minutes you could compare prices and find cheaper auto insurance for a company car.

Cheap insurance quotes for your employer’s vehicle

You have a lot of ways to comparison shop for auto insurance in Illinois, but the most popular methods are through a captive (or exclusive) agency such as Liberty Mutual or Allstate, a non-exclusive or independent agent, or direct online or over the phone from a company like Geico or Progressive. All three ways can provide auto insurance quotes, but each is different in how they price policies.

Independent insurance agents write for multiple companies and can get rate quotes from all of them. These types of agencies can compare multiple rates, which can help you get a better chance of saving money. If premiums increase, they simply move your policy to a different company and you can remain with the same agent.

A captive, or exclusive, agent is ‘exlusive’ to just one company, two examples are State Farm and Allstate agents. Exclusive agents cannot provide a range of price quotes, so if rates are not competitive, they cannot give other choices.

Auto insurance from a direct company means you skip either of the other two types of agents and buy from a direct company like Geico. Shopping direct may be good for drivers who do not need complex risk management and have an above average understanding of how their policy works.

So out of those three methods, which one works best to buy the cheapest auto insurance for a company car in Illinois? The quick answer would be buying direct saves money since no commissions are paid to an agent, but that does not always hold true. It could also be said an independent agency results in the best rates because you have more choices, but that assumption is not true either. In many circumstances, the exclusive agents may have prices that cannot be beaten by either independent or direct companies.

Since auto insurance prices vary so much, the guaranteed way to get the cheapest rates is to get quotes and compare. If time allows, get price quotes all three ways to get a good idea who is cheapest. For a list of auto insurance companies with low rates, click here to view.