One of the many considerations that are looked at to determine auto insurance rates is where you live in San Diego. Cities with more crime and/or more people tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper auto insurance prices.
The next table rates the most expensive cities in California for a company car to purchase car insurance in. San Diego comes in at #21 having an annual price of $1,381 for the average policy, which is around $115 monthly.
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Premium costs are estimated as specific San Diego zip code can revise premium rates considerably.
The vehicle you are insuring is a significant factor that determines if you can find economical car insurance for a company car. Vehicles with higher performance, poor safety ratings, or a history of substantial liability claims will cost significantly more to insure than safer, lower-performance models. The next table illustrates insurance prices for the most cost-effective automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$837|
|Ford Escape XLS 2WD||$846|
|Ford Explorer XLT 4WD||$938|
|Chevrolet Equinox LT AWD||$990|
|Jeep Wrangler Sport 4WD 2-Dr||$992|
|Ford Focus SES 4-Dr Sedan||$1,023|
|Honda Accord LX-P 4-Dr Sedan||$1,028|
|Ford Edge Sport 2WD||$1,042|
|Jeep Grand Cherokee SRT-8 4WD||$1,061|
|Ford Fusion SEL 4-Dr Sedan||$1,061|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$1,082|
|Honda Odyssey LX||$1,125|
|Hyundai Sonata Limited 4-Dr Sedan||$1,129|
|Nissan Altima 2.5 S 2-Dr Coupe||$1,135|
|Toyota Camry Hybrid||$1,129|
|Chevrolet Malibu LS||$1,133|
|GMC Sierra SLE Regular Cab 2WD||$1,139|
|Dodge Grand Caravan SE||$1,150|
|Dodge Ram 2500 Mega Cab Laramie 2WD||$1,181|
|Toyota Camry XLE||$1,192|
|Volkswagen Jetta SE 4-Dr Sedan||$1,214|
|Chevrolet Silverado 2500HD LTZ Crew Cab 4WD||$1,222|
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Data based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, claim-free, and multi-policy. Rate quotes do not factor in specific location information which can lower or raise premiums considerably.
Based on these rates, you can infer that cars like the Honda CR-V, Ford Escape, Ford Explorer, and Chevrolet Equinox are most likely to be a few of the most budget-friendly vehicles to insure for your employer’s vehicle.
The example below demonstrates how deductibles can raise or lower insurance premiums when trying to find cheap insurance for a company car. The information is based on a single female driver, full physical damage coverage, and no discounts are applied to the premium.
As shown above, a 30-year-old driver could lower their policy premium by $400 a year by switching from a $100 deductible to a $500 deductible, or save $604 by changing to a $1,000 deductible. Even younger drivers, like the Age 20 chart data, could possibly save as much as $888 or even more by choosing a larger deductible amount.
If you do decide to increase your deductibles, it is necessary to have additional funds squirreled away to enable you to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Types of discounts on San Diego insurance rates
Insurance providers that offer quotes for a company car could also offer policy discounts that can lower rates by as much as 25% or more if you meet certain criteria. A list of auto insurance companies and some of the discounts can be read below.
- Farm Bureau may offer discounts for multi-policy, renewal discount, youthful driver, safe driver, driver training, and 55 and retired.
- Liberty Mutual may have discounts that include preferred payment discount, exclusive group savings, safety features, hybrid vehicle, teen driver discount, and multi-policy.
- State Farm has discounts for Steer Clear safe driver discount, good student, multiple policy, student away at school, defensive driving training, and passive restraint.
- Auto-Owners Insurance offers premium reductions for safe driver, mature driver, anti-theft, good student, multi-policy, and paid in full.
- GEICO offers discounts for anti-theft, defensive driver, military active duty, five-year accident-free, driver training, multi-vehicle, and daytime running lights.
- SAFECO policyholders can earn discounts including homeowner, accident prevention training, teen safe driver, bundle discounts, multi-car, and anti-lock brakes.
The chart below illustrates the comparison of insurance premiums with and without policy discounts. The data assumes a female driver, no tickets, no at-fault accidents, California state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with claim-free, multiple policy, safe-driver, defensive driving course, vehicle safety, and accident-free discounts applied. When these discounts are applied to the policy premium, the average amount saved each year on auto insurance for a company car is 28% or $661.
Comparison of full coverage and liability-only policies
Saving money on auto insurance is probably important to most people, and one great way to find cheaper insurance for a company car is to not pay for full coverage. The information below shows the difference between premium costs with full coverage compared to only the California minimum liability coverage. The premiums are based on no accidents, no driving violations, $250 deductibles, single marital status, and no discounts are taken into consideration.
As an average for all age groups, physical damage insurance costs an additional $3,147 per year more than insuring for liability only. Lot’s of drivers question if it’s a good idea to buy full coverage. There is no clear-cut rule to drop physical damage insurance, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than around 10% of the replacement cost minus the deductible, then it could be time to drop full coverage.
For example, let’s say your vehicle’s book value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, you would only receive $7,000 after paying your deductible. If you are paying over $700 a year to have full coverage, then you might want to think about dropping full coverage.