Who Has Cheap Auto Insurance Quotes for Business Use in Maine?

You have probably seen the catchy advertisements from car insurance companies like State Farm, GEICO, and Liberty Mutual that say if you switch you’ll get the cheapest rates. So drivers should just pick the one with the catchiest commercial, right?

It’s not that easy, however, as there are a ton of unknowns such as if you need full coverage or just liability, what deductibles you want to use, and the type of vehicle you drive, that all have an effect on the price of a policy. We know insurance is not everyone’s favorite topic, but in this article we will cover some of these factors and also should give you a good start in finding the cheapest insurance in Maine.

The make and model of vehicle to be insured is one of the biggest factors that determines whether or not you find cheap car insurance for business use in Maine. Vehicles with lower acceleration and performance, a great safety record, or a positive history of liability claims will cost quite a bit less to insure than adrenaline junky models. The information below illustrates insurance costs for a selection of the most budget-friendly automobiles to buy coverage for.

Data assumes married female driver age 40, no speeding tickets, no at-fault accidents, $500 deductibles, and Maine minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Information does not factor in Maine location which can increase or decrease premium rates significantly.

Based upon these rates, you can infer that vehicles like the Ford Escape, Kia Forte, and Honda CR-V are the most affordable vehicles to insure for using your car for business. The cost of auto insurance will tend to be higher because of the fact that there is more exposure for business use, but overall those particular vehicles will probably have the lowest prices possible.

One of the many components that play a part in determining the cost of insurance is where you call home in Maine. Areas that are more densely populated like Ellsworth, Winslow, and Waterville tend to pay slightly more, whereas areas that are not as densely populated benefit from lower coverage costs.

The information below rates the more expensive cities in Maine for business use to purchase a policy in.

Rates are approximated as specific Maine zip code can alter coverage prices substantially.

Deciding which company quotes the lowest-priced car insurance rates for business use will take a tad more effort in order to find a policy that fits your budget.

Each company uses different criteria for establishing rates, so let’s look at the rankings for the car insurance companies with the overall cheapest rates in Maine.

Cheap Insurance Rates for Business Use

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Travelers quotes some of the cheapest car insurance rates in Maine at around $624 each year. USAA, Countryway Insurance, Vermont Mutual, and Patriot would also be considered some of the cheaper Maine car insurance companies.

As depicted above, if you currently have coverage with USAA and switched to Travelers, you could see yearly savings of around $5. Drivers with Countryway Insurance could save as much as $75 a year, and Vermont Mutual customers might see rate reductions of $97 a year.

Bear in mind that those premiums are averaged across all drivers and vehicles and do not factor in a price surcharge for business use. So the car insurance company that has the cheapest price for you may not even be included in the company chart above. That points out the importance of why you need to compare as many prices as possible using your own specific driver and vehicle information.

Difference between full coverage and liability only rates

Finding cheap car insurance for business use in Maine is probably important to the majority of vehicle owners, and a good way to reduce the cost of insurance is to not buy comprehensive and collision coverage. The diagram below illustrates the comparison of premium costs when comparing full coverage to liability only. The premiums assume no claims, a clean driving record, $100 deductibles, single marital status, and no other discounts are factored in.

If the expense is averaged for all age categories, full coverage on your policy costs $1,179 per year over liability only. Many drivers may wonder if you should buy full coverage at all. There isn’t a written rule to delete physical damage insurance, but there is a guideline you can consider. If the annual cost of coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.

How to get discounts on Maine car insurance

Insurance providers that provide cheap car insurance for business use in Maine may also offer policy discounts that can lower rates by as much as 35% or more if you meet the requirements. A few of the larger companies and a selection of discounts are outlined below.

The diagram below shows the comparison of insurance rates with and without discounts applied to the policy premium. Data assumes a male driver, no claims or driving violations, Maine 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 second bar shows the rates with defensive driving course, homeowner, marriage, anti-theft, multiple policy, and multiple vehicle discounts applied. When these discounts are applied to the policy premium, the the average yearly reduction on car insurance for business use is 42% or $840.

Company comparison: State Farm vs Allstate vs Geico vs Progressive

When buying car insurance, probably the best companies to start with are State Farm, Allstate, Geico, and Progressive. All of them offer liability and physical damage protection, but each on has slightly different coverage options that may affect your buying decision. The next table illustrates some of the different features offered by each one.