The words “cheap” and “insurance” really should not be used together, specifically when you are trying to find the lowest insurance prices for a company car. Because of the high cost, let’s introduce you to some situations that have a considerable impact on auto insurance rates, and find out if you can take the bite out of the next policy you buy.
For your employer’s vehicle, one of the largest factors that aid in calculating car insurance rates is where you normally keep your vehicle. More densely populated places tend to pay more, whereas areas with lower vehicle theft rates and fewer weather claims tend to receive cheaper rates.
The following table lists the priciest cities in Oregon for a company car to purchase auto insurance in. Portland is listed at #2 with the yearly price of $1,529 for the average policyholder, which is about $127 each month.
|Rank||City||Premium Per Year|
|Find Cheaper Insurance Go|
Annual rates are estimated as the specific geographic location can impact insurance rates noticeably.
The vehicle to be insured is a large factor when comparing quotes for economical insurance for a company car. Vehicles with high performance, a lack of safety features, or high incidents of liability claims will cost quite a bit more to insure than more economical and safe models. The list below showcases coverage prices for some of the cheapest vehicles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,382|
|Ford Edge SEL AWD||$1,603|
|Ford Focus SE 4-Dr Sedan||$1,609|
|Ford Escape XLT 4WD||$1,619|
|Jeep Grand Cherokee Laredo 2WD||$1,632|
|Toyota Tacoma Double Cab 4WD||$1,638|
|Chevrolet Silverado LS Regular Cab 2WD||$1,638|
|Dodge Grand Caravan SXT||$1,664|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,691|
|Honda Accord EX-L 4-Dr Sedan||$1,715|
|Toyota Corolla XLE||$1,718|
|Nissan Rogue S 2WD||$1,752|
|GMC Sierra 3500HD SLT Extended Cab 2WD||$1,782|
|Honda Civic DX 4-Dr Sedan||$1,838|
|Find Cheaper Rates Go|
Data based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oregon minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Price information does not factor in vehicle garaging location which can change prices significantly.
By looking at the data, vehicles like the Honda CR-V, Toyota Prius, and Ford Edge are most likely going to be some of the most affordable vehicles to insure for your employer’s vehicle.
Violations and accidents raise rates
The recommended way to snag the best car insurance premiums in Oregon for your employer’s vehicle is to drive cautiously and avoid accidents and traffic citations. The information below shows how speeding tickets and fender-benders can affect car insurance costs for different age groups. The information is based on a married male driver, comprehensive and collision coverage, $500 deductibles, and no additional discounts are factored in.
The data in the chart shows the average cost of an auto insurance policy per year with a clean driving record and no accidents is $1,286. Receive one speeding ticket and the average cost hikes up to $1,479, an increase of $192 each year. Next add 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 $2,010. That’s an increase of $724, or $60 per month, just for not being more responsible behind the wheel!
Should you buy full coverage?
Buying cheaper car insurance should be important to the majority of vehicle owners, and an effective way to reduce the cost of insurance for a company car is to only buy liability coverage. The illustration below compares premium costs with full physical damage coverage compared to only buying the minimum liability limits required in Oregon. The price estimates are based on a clean driving record, no claims, $1,000 deductibles, single status, and no discounts are applied to the premium.
As an average for all age groups, comp and collision coverage costs an additional $1,791 per year over having just liability coverage. Many drivers will wonder if it’s a good idea to buy full coverage. There is no definitive formula to stop buying full coverage on your policy, but there is a guideline you can use. If the annual cost of comprehensive and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
For example, let’s assume your vehicle’s claim settlement value is $3,000 and you have $1,000 deductibles. If your vehicle is destroyed, you would only receive $2,000 after paying your policy deductible. If it’s costing you more than $200 annually for full coverage, the it may be a good time to stop paying for full coverage.
Choosing the best auto insurance provider can be difficult considering how many companies there are in Portland. The company information below may help you select which auto insurance companies you want to consider when comparing auto insurance rates for a company car. The rankings below are only comprised of the largest auto insurers in America, so companies that have a smaller presence are not included in the list.
Top 10 Large Auto Insurance Companies in Portland Ranked by Customer Service
- State Farm
- The Hartford
- The General
- AAA Insurance
- American Family
- Liberty Mutual
Top 10 Large Auto Insurance Companies in Portland Ranked by A.M. Best Rating
- USAA – A++
- Travelers – A++
- GEICO – A++
- State Farm – A++
- The Hartford – A+
- Esurance – A+
- Nationwide – A+
- Allstate – A+
- Progressive – A+
- The General – A-
If you have questions and prefer to have professional advice when comparing insurance rates for a company car, the insurance agencies below can most likely provide answers to your questions and help you determine which coverages you need. To locate a Portland car insurance agency using an interactive map, click the button below the list or click here to compare price quotes.
- Lisa Parks – State Farm Insurance Agent
11116 NE Halsey St A – Portland, OR 97220 – (503) 256-3077
- Donna Tallman – State Farm Insurance Agent
6305 SE Powell Blvd – Portland, OR 97206 – (503) 771-2579
- Peninsula Insurance
12700 NW Cornell Rd – Portland, OR 97229 – (503) 644-5333
- Chet Hill Insurance
10402 NE Sandy Blvd – Portland, OR 97220 – (503) 256-2020
- Chris Lawson – State Farm Insurance Agent
3118 NE Broadway St – Portland, OR 97232 – (503) 282-4569