Best Cheap Auto Insurance Quotes for a Company Car in Minnesota

The type of vehicle you are insuring is probably the biggest factor when looking for cheap car insurance for a company car. Vehicles with more horsepower, poor safety features, or a history of substantial liability claims will cost quite a bit more to insure than more economical and safe models.

The table below outlines coverage rates for a number of the most affordable vehicles to insure.

Data rating is based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Minnesota minimum liability limits. Discounts applied include claim-free, multi-vehicle, homeowner, multi-policy, and safe-driver. Price information does not factor in Minnesota location which can affect premiums substantially.

Based upon the rates shown, you can figure that vehicles like the Ford Edge, Ford Escape, and Honda CR-V are a few of the most economical vehicles to insure for your employer’s vehicle.

Deciding which company quotes the lowest-priced insurance rates for a company car may require a tad more effort in order to find the best price.

Every car insurance company has their own formula for filing rates in each state, so let’s take a look at the insurance companies with the overall best prices in Minnesota.

Cheap Insurance Rates in Minnesota

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Travelers may offer some of the cheapest car insurance rates in Minnesota at around $667 per year. Farm Bureau Mutual, USAA, Western National, and The Hartford also are some of the best Minnesota auto insurance companies.

In the above example, if you are a policyholder with Farm Bureau Mutual and switched to Travelers, you might realize savings of about $138. Policyholders with USAA could save as much as $156 a year, and Western National customers might cut rates by $234 a year.

To see if you’re overpaying, click here to start your custom quote or visit any of the companies below.

It’s important to note that these premium estimates are averages across all types of insureds and vehicles and and are not calculated with a rate decrease for a company car. So the company that fits your situation best may not even be featured in the list above. That is why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.

Should you buy full coverage?

Finding the best cheap auto insurance for a company car in Minnesota is the goal of the majority of drivers, and one of the easiest ways to buy cheap insurance is to not buy comprehensive and collision coverage. The chart below compares annual premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Minnesota. Data assumes no violations or accidents, $500 deductibles, drivers are not married, and no discounts are taken into consideration.

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Averaged for all age groups, comprehensive and collision coverage on your policy costs an additional $1,639 per year more than just insuring for liability. A very common question is if buying full coverage is worth the expense. There isn’t a steadfast formula for dropping comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.

There are a few situations where buying only liability insurance is not advised. If you still owe a portion of the original loan, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should not buy liability only.

Ending up with the top insurance provider can be difficult considering how many different companies sell coverage in Minnesota. The rank data shown below may help you choose which companies you want to consider to insure your vehicles. These ratings include companies that write coverage in many states, so companies that focus mainly on Minnesota business are not taken into consideration for these rankings.

Cheap insurance quotes for your employer’s vehicle

Drivers have a lot of ways to get cheap insurance quotes in Minnesota, but the most frequently used ways are through an independent agent, an exclusive insurance agent such as Allstate or State Farm, or from a direct company like Geico.

Each way has the same basic steps, but insurance buyers need to understand the differences in how they give price quotes.

Independent insurance agents write business for many companies and can compare coverage rates with each one. Agents of this type do not sell for just one brand and can get prices from more than one company, which may give you more bang for your buck. If you are not satisfied with one company, they simply move your policy to a different company which makes it simple for you.

An exclusive agent is able to quote prices with one insurance company such as a State Farm or Allstate agent. They are unable to quote rates from more than one company, so they are skilled at selling on more than just price.

Opting to purchase insurance direct means you skip local agents and buy direct online or over the phone from a company like Progressive or Esurance. Buying insurance direct is good for people who have little risk and have an above average understanding of what insurance covers.

What is the best way to buy the best cheap auto insurance for a company car in Minnesota? Most drivers assume that shopping direct results in the cheapest rates since there is no need to pay agent commissions, but that does not always hold true. A good argument could also be made that buying insurance from an independent agent guarantees the cheapest rates because you have more choices, but again, that’s not a true statement. For the right applicant, exclusive agencies have extremely competitive rates that other companies cannot beat.

Because of the variability of insurance rates, the guaranteed way to ensure you are not overpaying is to obtain price quotes and compare them. It’s recommended that drivers get rate quotes from all three to give yourself the best selection. For a list of companies with online discounts, click here to view.