The vehicle model that needs insurance is one of the largest considerations when consumers are trying to find cheap auto insurance for a company car. Vehicles with lots of horsepower, a lack of advanced safety features, or an increased likelihood of liability claims will cost quite a bit more to insure than safer, lower-performance models. The information below estimates insurance prices for some of the more affordable vehicles to insure in North Carolina.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $1,032 |
| Ford Escape XLS 4WD | $1,130 |
| Honda Accord LX 4-Dr Sedan | $1,136 |
| Ford Edge SE 2WD | $1,132 |
| Dodge Grand Caravan CV | $1,155 |
| Toyota Tacoma 2WD | $1,196 |
| Toyota Camry LE | $1,219 |
| Chevrolet Equinox LT AWD | $1,227 |
| Volkswagen Jetta S 2.5 Station Wagon | $1,228 |
| Ford F-150 FX2 2WD | $1,244 |
| Toyota Prius | $1,290 |
| Kia Optima LX | $1,304 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,311 |
| Ford Explorer XLT AWD | $1,317 |
| GMC Sierra SL Extended Cab 2WD | $1,334 |
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Data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Rate information does not factor in vehicle garaging location which can change premium rates significantly.
Based upon the rates shown, we can tell that vehicles like the Honda CR-V, Ford Escape, Honda Accord, Ford Edge, and Dodge Grand Caravan will definitely be some of the less-costly vehicles to insure for your employer’s vehicle.
For your employer’s vehicle, one of the largest things that determine the price you pay for insurance is where you choose to live in Greensboro. Regions with larger populations or more claims tend to pay slightly more, whereas more rural areas have the gratification of cheaper auto insurance rates.
The next table sorts the highest-priced areas in North Carolina for a company car to buy an auto insurance policy in. Greensboro makes the list at #6 with an annual cost of $786 for coverage, which is about $66 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Fayetteville | $905 |
| 2 | Jacksonville | $900 |
| 3 | Charlotte | $808 |
| 4 | Gastonia | $803 |
| 5 | Durham | $789 |
| 6 | Greensboro | $786 |
| 7 | Wilmington | $781 |
| 8 | Goldsboro | $765 |
| 9 | Huntersville | $764 |
| 10 | Raleigh | $760 |
| 11 | Greenville | $760 |
| 12 | Cary | $749 |
| 13 | Apex | $747 |
| 14 | Wilson | $746 |
| 15 | Indian Trail | $745 |
| 16 | Hickory | $732 |
| 17 | Chapel Hill | $724 |
| 18 | High Point | $723 |
| 19 | Rocky Mount | $718 |
| 20 | Salisbury | $712 |
| 21 | Burlington | $699 |
| 22 | Winston Salem | $695 |
| 23 | Asheville | $687 |
| 24 | Kannapolis | $676 |
| 25 | Concord | $669 |
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Rate information is approximated as the specific garaging location can change coverage rates greatly.
Picking a high-quality insurance company is difficult considering how many companies sell coverage in North Carolina. The company information below may help you analyze which providers you want to consider when trying to find cheaper insurance for a company car. The ratings below are for the largest companies in the United States, so companies without a large exposure are not factored into these rankings.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
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Data Source: Insure.com Best Car Insurance Companies
Poor driving habits will raise your insurance rates
A great way to earn the most affordable insurance rates in North Carolina for your employer’s vehicle is to be a safe driver and avoid at-fault accidents and violations. The illustration below highlights how traffic violations and accidents raise car insurance rates for each age group. Data assumes a married female driver, comp and collision included, $500 deductibles, and no additional discounts are factored in.
The data above shows the average cost of an auto insurance policy per year with no violations or accidents is $1,206. Get one speeding ticket and the average cost swells to $1,407, an increase of $201 each year. Now throw in two accidents along with the one speeding ticket and the 12-month cost of insurance for a company car increases to an average of $3,217. That’s an increase of $2,011, or $168 per month, just for not driving responsibly!
Comparing rates can save you money
Greensboro insurance rates are influenced by many factors that control the policy premium. Improving your credit score, marrying your spouse, or getting a couple of tickets can trigger rate changes resulting in some rates now being cheaper than before. Not only may your situation change, but companies file new rates as needed in order to be able to pay unexpected claims. Significantly higher claims may cause rate hikes, while a better loss history may produce more affordable Greensboro car insurance rates.
To illustrate this example, the graph below shows the companies that have the cheapest car insurance in Greensboro, NC for a 30-year-old male driver with no accidents, a clean driving record, and a high credit rating. If we compare prices based on his current risk profile, Utica National offers the most affordable car insurance rates in Greensboro at $727 each year. This is $145 less than the average policy premium paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and GEICO round out the rest of the top five cheapest Greensboro, NC auto insurance companies.
The chart below compares rates after we give the driver from the first rate comparison an accident claim, less-than-perfect credit, and a few blemishes on his driving record. Since every car insurance company has their own formula for determining prices, analyzing rate quotes most likely will result in a different list of companies as shown below.
Titan now has the lowest price in Greensboro, NC with State Farm, Auto-Owners, Allied, and Erie also being competitive. This example demonstrates why it is critical to spend some time comparing rates when trying to get the most economical auto insurance quotes for a company car. Auto insurance prices are influenced by many risk factors and can change without notice, so the most economical company a year ago may now be one of the higher cost companies.