The words “economical” and “insurance” probably shouldn’t be used in the same sentence, specifically when you are looking for the best car insurance rates for business use. Let’s start the ball rolling by going over some of the factors that impact auto insurance premiums, and come up with some ways to take the sting out of your next policy.
The car, truck, or SUV needing coverage is one of the largest factors in finding economical auto insurance for business use. Vehicles with high performance, poor passenger safety features, or a high likelihood of having liability claims will cost much more to insure than safer models.
The next table illustrates coverage rates for some of the cheapest automobiles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 4WD | $1,502 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,519 |
| Ford Escape XLS 2WD | $1,609 |
| Toyota Prius | $1,631 |
| Chevrolet Silverado LS Regular Cab 2WD | $1,734 |
| Toyota RAV4 Sport 2WD | $1,740 |
| Hyundai Elantra SE Touring Station Wagon | $1,751 |
| Ford Explorer Limited AWD | $1,773 |
| Ford Edge SE AWD | $1,866 |
| Dodge Grand Caravan CV | $1,871 |
| Chevrolet Impala LS | $1,917 |
| Chevrolet Malibu LT | $1,942 |
| Toyota Tacoma Double Cab 4WD | $1,950 |
| Jeep Grand Cherokee Laredo 4WD | $1,961 |
| Hyundai Sonata Limited 4-Dr Sedan | $1,989 |
| Toyota Camry Hybrid | $1,997 |
| Toyota Camry SE | $2,008 |
| Nissan Altima 2.5 S 4-Dr Sedan | $2,017 |
| Ford Focus SEL 4-Dr Sedan | $2,008 |
| Dodge Ram 2500 Crew Cab Laramie 4WD | $2,021 |
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Cost estimates assume single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Washington minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, homeowner, and safe-driver. Price estimates do not factor in specific location information which can revise price quotes considerably.
Based upon these rates, we can conclude that cars like the Honda CR-V, Jeep Wrangler, and Ford Escape will be the most economical vehicles to insure for using your car for business. The price of auto insurance will trend higher because of the fact that there is more liability risk for business use, but generally speaking those particular models will tend to have the cheapest rates that you are likely to find.
For using your car for business, one of the more important considerations that determine car insurance rates is where you choose to live. Areas with more people or higher crime rates are more likely to pay higher prices, whereas areas with fewer weather claims and lower vehicle theft rates receive better rates.
The illustration below rates the most expensive areas in Washington for business use to purchase auto insurance in. Seattle is listed at #6 with a yearly premium of $1,363 for the average insurance policy, which is about $114 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Lakewood | $1,420 |
| 2 | Auburn | $1,408 |
| 3 | Renton | $1,403 |
| 4 | Tacoma | $1,399 |
| 5 | Federal Way | $1,379 |
| 6 | Seattle | $1,363 |
| 7 | Kent | $1,350 |
| 8 | Shoreline | $1,326 |
| 9 | South Hill | $1,300 |
| 10 | Everett | $1,276 |
| 11 | Bellevue | $1,256 |
| 12 | Marysville | $1,221 |
| 13 | Sammamish | $1,220 |
| 14 | Kirkland | $1,207 |
| 15 | Redmond | $1,201 |
| 16 | Vancouver | $1,192 |
| 17 | Olympia | $1,083 |
| 18 | Lacey | $1,078 |
| 19 | Spokane | $1,071 |
| 20 | Spokane Valley | $1,065 |
| 21 | Yakima | $1,037 |
| 22 | Kennewick | $1,031 |
| 23 | Bellingham | $1,017 |
| 24 | Pasco | $998 |
| 25 | Richland | $993 |
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Rate quotes are estimated as specific location information can decrease or increase premiums considerably.
Trying to buy low-priced car insurance is confusing at best, and deciding which companies offer the cheapest car insurance rates for business use will require even more rate comparisons.
Each auto insurer has a unique approach for setting rates, so first we will examine the car insurance companies with the overall cheapest rates in Seattle, WA.
Find the Cheapest Car Insurance for Business Use
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Capital | $784 |
| 2 | Grange | $838 |
| 3 | Nationwide | $981 |
| 4 | PEMCO | $1,004 |
| 5 | Mutual Enumclaw | $1,023 |
| 6 | Travelers | $1,028 |
| 7 | The Hartford | $1,048 |
| 8 | USAA | $1,050 |
| 9 | Chubb | $1,083 |
| 10 | California Casualty | $1,105 |
| 11 | State Farm | $1,141 |
| 12 | Allied | $1,142 |
| 13 | American Family | $1,160 |
| 14 | Safeco | $1,192 |
| 15 | Amica | $1,243 |
| 16 | Liberty Mutual | $1,296 |
| 17 | Farmers | $1,315 |
| 18 | Progressive | $1,465 |
| 19 | National General | $1,525 |
| 20 | MetLife | $1,631 |
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Capital normally has some of the best car insurance rates in Seattle at around $784 each year. This is $628 less than the average policy premium paid by Washington drivers of $1,412. Grange, Nationwide, PEMCO, and Mutual Enumclaw are also some of the cheaper Seattle, WA car insurance companies.
As shown in the table above, if you currently have a policy with Nationwide and switched to Capital, you could realize an annual savings of roughly $197. Customers with PEMCO may save as much as $220 a year, and Mutual Enumclaw insureds might lower prices by up to $239 a year.
To get a fast rate comparison, click here to start your custom quote or quote rates from the companies below.
Understand that those premiums are averaged for all insureds and vehicles and do not factor in a specific location for business use. So the company that has the lowest price for you may not even be in the top 25 companies shown above. That’s why you need to compare prices as often as possible using your own individual information.
Types of discounts on Seattle auto insurance rates
Insurers that provide coverage for business use may provide rate discounts that could lower prices by as much as 35% if you meet specific eligibility requirements. Large car insurance companies and the discounts they provide are detailed below.
- State Farm offers premium reductions for anti-theft, good student, Drive Safe & Save, student away at school, and driver’s education.
- Progressive may offer discounts for homeowner, continuous coverage, multi-vehicle, online quote discount, and online signing.
- Travelers discounts include IntelliDrive, multi-policy, student away at school, good student, new car, and continuous insurance.
- American Family may have discounts that include good student, good driver, TimeAway discount, bundled insurance, and mySafetyValet.
- Liberty Mutual policyholders can earn discounts including teen driver discount, new move discount, preferred payment discount, multi-policy, hybrid vehicle, safety features, and newly retired.
The diagram below shows the comparison of insurance costs with and without discounts. The rate quotes are based on a female driver, no tickets, no at-fault accidents, Washington 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 accident-free, anti-theft, multiple policy, defensive driving course, passive restraint, and marriage discounts applied. In this example, theaverage yearly reduction on car insurance for business use is 28% or $407.
Ending up with a highly-rated insurance provider is hard considering how many companies there are to choose from in Seattle. The ranking information displayed below may help you analyze which insurers to look at when shopping insurance around for business use.
These rankings are for the companies with a significant amount of written premium nationwide, so companies that have a smaller presence are not factored into this list. If you’d like to compare prices from these and other companies in Washington, follow this link.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| USAA | 98 | 100 | 100 | 94% | A++ | 98.6 |
| American Family | 98 | 89 | 100 | 86% | A | 95.4 |
| State Farm | 88 | 93 | 96 | 90% | A++ | 92.4 |
| The Hartford | 94 | 92 | 90 | 89% | A+ | 91.7 |
| AAA Insurance | 88 | 89 | 95 | 91% | A | 91.2 |
| GEICO | 84 | 93 | 93 | 89% | A++ | 90.3 |
| The General | 89 | 91 | 89 | 88% | A- | 90 |
| Titan Insurance | 90 | 87 | 91 | 95% | A+ | 89.6 |
| Progressive | 84 | 91 | 93 | 87% | A+ | 89.5 |
| Allstate | 85 | 90 | 92 | 88% | A+ | 89.3 |
| Nationwide | 87 | 88 | 84 | 90% | A+ | 88.7 |
| Liberty Mutual | 84 | 87 | 93 | 88% | A | 88.5 |
| 21st Century | 85 | 86 | 87 | 88% | A | 86.7 |
| Esurance | 85 | 80 | 95 | 87% | A+ | 85.9 |
| Safeco | 85 | 85 | 85 | 86% | A | 85.8 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
The information below shows how different deductible levels can increase or decrease annual premium costs when trying to find cheap insurance for business use. The data is based on a single female driver, full physical damage coverage, and no discounts are taken into consideration.
As shown above, a 40-year-old driver could lower their car insurance rates by $234 a year by changing from a $100 deductible up to a $500 deductible, or save $354 by switching to a $1,000 deductible. Young drivers, like the Age 20 category, could drop their prices up to $592 every year just by choosing higher deductibles when buying full coverage.
If you do make the decision to raise your deductibles, it will be important to have additional funds squirreled away to satisfy the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.