The make and model of vehicle you are trying to insure is a significant factor when comparing affordable insurance for a company car. Vehicles with lower performance, good crash test ratings, or a low likelihood of having liability claims will cost much less to insure than high performance models.
The next list ranks insurance premiums for the most affordable automobiles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda Accord EX 4-Dr Sedan||$1,047|
|Honda CR-V EX 4WD||$1,070|
|Ford Escape Limited 2WD||$1,078|
|Dodge Grand Caravan SE||$1,174|
|Toyota Tacoma Double Cab 4WD||$1,241|
|Toyota RAV4 Sport 2WD||$1,246|
|Jeep Grand Cherokee Laredo 4WD||$1,241|
|Ford F-150 Lariat Super Cab 2WD||$1,264|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,275|
|Ford Explorer XLT AWD||$1,282|
|Nissan Rogue S AWD||$1,331|
|Chevrolet Silverado LS Extended Cab 2WD||$1,336|
|Volkswagen Jetta SEL 4-Dr Sedan||$1,331|
|Ford Focus SE 4-Dr Sedan||$1,333|
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Price data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include multi-vehicle, safe-driver, multi-policy, claim-free, and homeowner. Rate information does not factor in specific location which can raise or lower rates significantly.
Based on these rates, we can conclude that models like the Honda Accord, Honda CR-V, Ford Escape, and Dodge Grand Caravan are some of the more affordable vehicles to insure for your employer’s vehicle.
Finding out which company has the best car insurance rates for a company car calls for a bit more effort than just getting one or two price quotes.
Each company has a different formula to establish rates, so we need to take a look at the car insurance companies with the overall cheapest rates in Texas.
Cheapest Insurance Rates in Texas
|Rank||Company||Cost Per Year|
|3||Texas Farm Bureau||$1,235|
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Travelers generally has some of the cheapest car insurance rates in Lubbock at around $1,041 annually. This is $863 less than the average policy premium paid by Texas drivers of $1,904. USAA, Texas Farm Bureau, Germania Mutual, and Esurance would also make the list of some of the best Lubbock, TX auto insurance companies.
As depicted above, if you currently have coverage with Germania Mutual and switched to Travelers, you might achieve savings of in the vicinity of $241. Policyholders with Esurance might save as much as $366 a year, and California Casualty policyholders might realize rate reductions of up to $383 a year.
To find cheaper insurance rates for your vehicle, click here to begin a quote or click through to the companies below.
Remember that these policy rates are averages across all insureds and vehicles and are not factoring in an exact zip code location for a company car. So the insurer that has the lowest price for you may not even be in the top 23 companies in the list above. That emphasizes why you need to compare rates from multiple companies using your own driver and vehicle profiles.
One of the more important criteria that are used to help calculate the amount you pay for auto insurance is where you live. Cities with larger populations or higher claim trends tend to have more expensive car insurance rates, whereas areas with fewer weather claims and lower vehicle theft rates have the benefit of cheaper auto insurance prices.
The table below lists the most expensive areas in Texas for a company car to buy an auto insurance policy in. Lubbock ranks #14 costing $1,682 for coverage, which is around $140 per month.
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Annual rates are estimated as the specific zip code location can lower or raise coverage prices substantially.
Impact of careless driving on Lubbock car insurance rates
In a perfect world, the best way to maintain good car insurance rates in Texas for your employer’s vehicle is to pay attention while driving and avoid getting tickets or having accidents. The illustration below shows how traffic citations and at-fault claims can affect auto insurance rates for different age categories. The information is based on a married female driver, full coverage, $500 deductibles, and no other discounts are factored in.
In the chart above, the average cost of a car insurance policy in Lubbock per year with a clean driving record and no accidents is $1,380. Factor in one speeding ticket and the average cost hikes up to $1,610, an increase of $230 each year. Now add in one accident along with the one speeding ticket and the yearly cost of car insurance for a company car jumps again to an average of $2,243. That’s an increase of $863, or $72 per month, just for not driving carefully!
Texas car insurance company ratings
Picking a high-quality car insurance company can be rather challenging considering how many different companies sell coverage in Lubbock. The company information displayed below can help you decide which coverage providers you want to consider when trying find the best insurance for a company car. The rankings below only include insurance companies that insure vehicles in the majority of U.S. states, so smaller companies that only insure vehicles in Texas will not be included in the list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Discount Lubbock insurance
Car insurance companies that offer coverage for a company car may additionally offer rate discounts that could reduce prices by 25% or more if you are eligible for them. A few of the larger companies and a selection of discounts are:
- Progressive discounts include online signing, multi-vehicle, homeowner, continuous coverage, multi-policy, and good student.
- SAFECO has savings for anti-theft, accident prevention training, bundle discounts, multi-car, teen safety rewards, and safe driver.
- American Family may offer discounts for multi-vehicle, good student, defensive driver, bundled insurance, accident-free, and Steer into Savings.
- MetLife offers premium reductions for good student, accident-free, claim-free, good driver, defensive driver, and multi-policy.
- GEICO may include discounts for defensive driver, anti-lock brakes, daytime running lights, air bags, multi-policy, membership and employees, and five-year accident-free.
- The Hartford offers discounts including defensive driver, driver training, air bag, good student, vehicle fuel type, bundle, and anti-theft.
The information below illustrates the comparison of annual premium costs with and without discounts applied. The data is based on a female driver, no driving violations, no at-fault accidents, Texas state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with passive restraint, claim-free, safe-driver, homeowner, vehicle safety, and multiple policy discounts applied. When discounts are applied, theamount saved on car insurance for a company car is 28% or $771.
How to find budget-friendly auto insurance for a company car
Here are a few penny-pinching suggestions that can help drivers quote cheap auto insurance.
- Drive attentively and avoid accidents
- Don’t have frequent claims
- Bundle home and auto and save
- Tickets and violations raise rates
- Buy vehicles with good safety ratings
- Compare rates once a year for cheaper prices
The last item on the list is extraordinarily critical, as we hit on in the prior information. Prices charged by auto insurers can change considerably in a year, so don’t be afraid to buy a different policy if a better rate can be found.
We understand brand loyalty, but we do not recommend it if it’s costing you hundreds every year. Take a couple minutes and compare rates and find cheaper car insurance for a company car in Lubbock.
The insurance agencies below can most likely provide answers to your questions and help you determine which coverages and limits you need, as some drivers aren’t sure which coverage they need and prefer to have a professional recommendation when comparing insurance rates for your employer’s vehicle. It can be complicated to find the cheapest rate yourself, so insurance agents can give you peace of mind knowing your policy gives you adequate protection. To find a Lubbock insurance agent using an interactive map, click the button at the bottom of the list.
Allstate Insurance Agent: Doug Townsend
3901 84th St – Lubbock, TX 79423 – (806) 698-1611
Beadle Insurance Agency
8008 Slide Rd #22 – Lubbock, TX 79424 – (806) 798-7900
Scott Powell – State Farm Insurance Agent
3410 98th St Ste 3 – Lubbock, TX 79423 – (806) 793-2855