You have most likely watched the catchy advertisements from insurers like GEICO, Liberty Mutual, and State Farm promising the cheapest rates. So you should just pick one randomly, right?
It’s just not that easy, however, as there are a whole slew of unknown aspects like whether you are married or single, what physical damage coverage deductibles you want, and what liability limits you need. We will touch on the best ways to avoid paying too much and will hopefully give you a good beginning to your quest for cheaper car insurance.
The vehicle model you are trying to insure is probably the largest consideration when shopping around for cheap insurance for business use. Vehicles with reasonable performance levels, modern passenger safety features, or a low likelihood of having liability claims will cost significantly less to insure than adrenaline junky models.
The next list illustrates auto insurance costs for a number of the cheaper vehicles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,197|
|Ford Escape XLS 2WD||$1,235|
|Toyota Tacoma 2WD||$1,270|
|Honda Accord EX-L 4-Dr Sedan||$1,306|
|Volkswagen Jetta S 2.5 Station Wagon||$1,315|
|Hyundai Elantra SE Touring Station Wagon||$1,306|
|Ford Explorer Eddie Bauer 4WD||$1,320|
|Honda Civic VP 4-Dr Sedan||$1,341|
|Toyota Camry SE||$1,367|
|Toyota Corolla XRS||$1,391|
|Jeep Grand Cherokee Limited 4WD||$1,397|
|Toyota RAV4 4WD||$1,416|
|Dodge Grand Caravan SXT||$1,445|
|Ford F-150 XLT Crew Cab 4WD||$1,453|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$1,452|
|Chevrolet Impala LT||$1,457|
|Chevrolet Silverado LT Extended Cab 4WD||$1,463|
|GMC Sierra 2500HD SLT Extended Cab 4WD||$1,459|
|Toyota Camry Hybrid||$1,480|
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Price 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 multi-vehicle, homeowner, safe-driver, claim-free, and multi-policy. Rate quotes do not factor in Greensboro, NC location which can increase or decrease coverage rates significantly.
Looking at the rates, cars like the Honda CR-V, Ford Escape, Toyota Tacoma, Honda Accord, and Volkswagen Jetta will definitely be a few of the cheapest vehicles to insure for using your car for business. Prices will be higher anyway because there is more inherent risk for business use, but overall those specific models will probably have the cheapest car insurance rates compared to other vehicles.
One of the more important criteria that help determine the cost of insurance is where you live in Greensboro. Larger areas tend to pay slightly more, whereas areas with less congestion tend to receive cheaper rates.
The following table sorts the priciest cities in North Carolina for business use to purchase auto insurance in. Greensboro is ranked #11 with the annual price of $756 for the average insured, which is around $63 each month.
|Rank||City||Average Per Year|
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Information shown are comparative as specific Greensboro zip code can decrease or increase premium rates greatly.
Finding the best insurance provider is difficult considering how many choices you have in North Carolina. The company information shown next may help you choose which car insurance companies you want to consider when trying to find cheaper insurance for business use. These rankings include large, nationwide insurance companies, so smaller regional companies will not be included in the list.
Top 10 Large Car Insurance Companies in Greensboro Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
- The Hartford – 87%
Top 10 Large Car Insurance Companies in Greensboro Ranked by Value
- American Family
- AAA Insurance
- Safeco Insurance
- The Hartford
- The General
- 21st Century
- Titan Insurance
Careless driving habits raise car insurance rates
The common sense way to receive cheap car insurance prices for using your car for business is to drive safely and avoid getting tickets or having accidents. The diagram below highlights how traffic violations and at-fault fender-benders can impact insurance prices for each different age group. The premiums assume a single male driver, comprehensive and collision coverage, $1,000 deductibles, and no other discounts are factored in.
The data in the chart shows the average cost of car insurance in Greensboro per year with a clean driving record and no accidents is $1,053. Factor in one speeding ticket and the average cost hikes up to $1,187, an increase of $135 each year. Then add two accidents along with the one speeding ticket and the annual cost of car insurance for business use goes up to an average of $2,451. That’s an increase of $1,398, or $117 per month, just for not paying attention while driving!
Chances are good that you’re overpaying for Greensboro car insurance
Greensboro car insurance rates are influenced by many factors which can substantially decrease or increase the cost of your policy. Improving your credit rating, buying a new vehicle, or having an at-fault accident can trigger price changes that may make certain companies much cheaper than others.
Not only may things change on your end, but car insurance companies amend premium rates as often as every quarter in order to offset underwriting gains or losses. A period of higher than normal claims may result in increased rates, while less frequent claims can produce lower-cost Greensboro car insurance rates.
The chart below shows the companies that have the cheapest car insurance in Greensboro, NC for a 45-year-old male driver with a good driving record, no prior claims, and a good credit history. Based on his personal profile, Progressive might quote the most affordable car insurance rates in Greensboro at $745 annually. This is $127 less than the average premium paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, Liberty Mutual, and GEICO also make the list of the best Greensboro, NC auto insurance companies.
Now we will give the driver from above some claims, a lower credit rating, and a speeding ticket. Due to the fact that every auto insurer has a different formula for setting rates, analyzing rate quotes may now show a significantly different list of the cheapest Greensboro car insurance companies as shown below.
Penn National now has the best auto insurance rate in Greensboro with State Farm, Utica National, Auto-Owners, and Erie now rounding out the top five. This example illustrates why it is important to do a thorough rate comparison when trying to find the cheapest car insurance quotes for business use.
Rates can be determined by many risk factors and change frequently, so the most economical company the last time you compared rates may now not even be in the top five.
How to find low-cost auto insurance for business use
The list below summarizes some of the recommended penny-pinching ideas that can help Greensboro drivers find low-cost auto insurance.
- At-fault accidents will increase rates
- Bundle home or renters insurance to earn a discount on car insurance
- Violations like speeding or DUI increase rates
- Pay for smaller claims out-of-pocket
- Vehicles with good safety ratings are usually cheaper to insure
- Drop full coverage on older vehicles
- Comparison shop at least once a year
That last idea is very important, as was stressed in this piece. Coverage rates change constantly, so don’t be unwilling to buy from a new company if a more affordable rate is found. Many consumers stick with the same company and that’s fine, but we do not recommend it if that stubbornness costs you lots of hard earned cash every month. Spend a few minutes and shop around to find cheaper insurance for business use in Greensboro.