The type of vehicle to be insured is probably the most important factor that determines whether or not you can buy low-cost insurance for a company car. Vehicles with lower acceleration and performance, an excellent safety record, or a positive history of liability claims will cost much less to insure than higher performance models. The table below outlines coverage prices for a handful of the most affordable vehicles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$1,686|
|Ford Escape XLS 4WD||$1,847|
|Ford F-150 XLT Regular Cab 4WD||$1,888|
|Hyundai Elantra GLS Touring Station Wagon||$1,906|
|Honda Odyssey EX W/Rear Entertainment||$1,956|
|Toyota RAV4 Limited 4WD||$1,994|
|Chevrolet Malibu LT||$2,032|
|Toyota Corolla XLE||$2,102|
|Jeep Grand Cherokee SRT-8 4WD||$2,140|
|Volkswagen Jetta SEL 4-Dr Sedan||$2,148|
|Ford Explorer XLT 2WD||$2,146|
|Dodge Grand Caravan CV||$2,156|
|Chevrolet Impala LS||$2,146|
|Ford Focus SE 4-Dr Sedan||$2,154|
|Dodge Ram Crew Cab ST 2WD||$2,175|
|Chevrolet Equinox LS AWD||$2,187|
|Ford Edge SE AWD||$2,199|
|Ford F-250 XL Super Cab 2WD||$2,284|
|Kia Optima EX||$2,291|
|Compare Cheap Rates Go|
Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Wisconsin minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, claim-free, and safe-driver. Premium amounts do not factor in specific location information which can increase or decrease prices significantly.
Based upon the rates shown, you can presume that makes and models like the Honda CR-V, Ford Escape, Toyota Prius, and Ford F-150 are going to be some of the most economical vehicles to insure for your employer’s vehicle.
For your employer’s vehicle, one of the more important components that are used to help calculate insurance cost is where your residence is. Areas with high crime rates or more dense population tend to have higher auto insurance costs, whereas areas with less people or fewer weather incidents receive better rates.
The illustration below sorts the most expensive places in Wisconsin for a company car to buy auto insurance in. Milwaukee is ranked at #1 with an annual cost of $1,354 on average, which is approximately $113 per month.
|Get a Custom Quote Go|
Annual rates are approximated as zip code location can raise or lower premium rates noticeably.
Deciding which company quotes the best insurance rates for a company car takes a bit more effort in order to find coverage that fits your budget. Every car insurance company has their own formula to set premium rates, so let’s examine the insurance companies that tend to have lower prices in Milwaukee.
It’s important that you understand Milwaukee, WI insurance rates are impacted by many factors that will increase or decrease the policy premium. Improving your credit score, having a claim, or getting caught speeding can trigger changes in premium resulting in some companies being cheaper than before.
Find Cheaper Auto Insurance in Wisconsin
|Rank||Company||Cost Per Year|
|5||Rural Mutual Insurance||$756|
|11||West Bend Mutual||$899|
|13||Auto Club Group||$948|
|Quote Your Rates Go|
USAA generally has some of the lowest car insurance rates in Milwaukee at around $580 a year. Partners Mutual, Erie, Rockford Mutual, and Rural Mutual Insurance would also be considered some of the cheaper Milwaukee, WI auto insurance companies.
In the rate table above, if you currently have a policy with Partners Mutual and switched to USAA, you could earn annual savings of roughly $28. Customers with Erie may save as much as $137 a year, and Rockford Mutual insureds might reduce prices by as much as $174 a year.
It’s important to note that these estimates are averages for all types of drivers and the different vehicles they drive and and are not calculated with a specific vehicle garaging location for a company car. So the auto insurance company that can offer you the best rate may not even be in the list above. That’s why you need to get rate quotes using your own driver data and vehicle information.
Difference between full coverage and liability only rates
Buying cheaper insurance is probably important to the majority of drivers, and one of the easiest ways to pay lower rates for insurance for a company car is to not pay for full coverage. The diagram below visualizes the comparison of annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The data assumes no claims or driving citations, $1,000 deductibles, single status, and no policy discounts are applied.
Averaged for all ages 20 through 70, comprehensive and collision coverage on your policy costs an additional $974 per year over and above liability only. A very common question is if paying for full coverage is worth it. There isn’t a steadfast formula to stop paying for physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost of full coverage is more than 10% of the settlement you would receive from your company, then it may be the right time to buy liability only.
For example, let’s say your vehicle’s book value is $3,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $2,000 after the policy deductible has been paid. If it’s costing you more than $200 annually for physical damage coverage, the it may be a good time to stop paying for full coverage.
There are some circumstances where removing full coverage is not financially feasible. If you haven’t paid off your loan, you have to keep full coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not drop full coverage.
The information below shows how choosing a deductible can increase or decrease insurance costs when quoting cheap insurance for a company car. The data is based on a single male driver, full physical damage coverage, and no discounts are applied to the premium.
The data above shows that a 40-year-old driver could lower their car insurance rates by $256 a year by increasing from a $100 deductible to a $500 deductible, or save $384 by changing to a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could drop their prices up to $852 or more by choosing a larger deductible amount. If you do raise deductibles, it is important to have plenty of savings on hand to allow you to pay the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Ending up with the best auto insurance company can be a challenge considering how many companies there are in Milwaukee. The company ratings listed below could help you choose which providers you want to consider when comparing rate quotes.
These ratings only include insurance companies that insure vehicles in the majority of U.S. states, so companies that only write business in Wisconsin or surrounding areas are not factored into this list. To get rate quotes from many more Wisconsin auto insurance companies, click here.
Top 10 Major Auto Insurance Companies in Milwaukee Ranked by Value
- AAA Insurance
- Erie Insurance
- Liberty Mutual
- State Farm
- Safeco Insurance
- 21st Century
Top 10 Major Auto Insurance Companies in Milwaukee Ranked by A.M. Best Rating
- USAA – A++
- Travelers – A++
- State Farm – A++
- GEICO – A++
- Nationwide – A+
- Esurance – A+
- The Hartford – A+
- Erie Insurance – A+
- Progressive – A+
- Allstate – A+
The agents listed below can provide answers to your questions and help you determine which car insurance policy is best, as some drivers aren’t sure which coverage they need and prefer to have a little guidance when shopping for the best coverage for a company car. It can be time-consuming to find the cheapest auto insurance company, so insurance agents licensed in the state of Wisconsin can give you comfort knowing your coverage gives you sufficient coverage for your assets. To find a Milwaukee insurance agency in your neighborhood, click the button link following the list or click here to compare price quotes now.
- Dern and Company
10335 W Oklahoma Ave #203 – Milwaukee, WI 53227 – (414) 935-5700
- Allstate Insurance: Alex Ferreira
3436 South 13th Street – Milwaukee, WI 53215 – (414) 672-2000
- Procter Insurance Agency
2315 10th Ave – South Milwaukee, WI 53172 – (414) 762-8900
- Allstate Insurance: Mark Stanley
3525 S 68th St – Milwaukee, WI 53220 – (414) 321-3700
- Dominguez Insurance Agency
2016 W Howard Ave – Milwaukee, WI 53221 – (414) 282-5955
How to find cheaper car insurance for a company car
The list below details a few penny-pinching solutions that can help Wisconsin drivers find cheaper coverage.
- Bundle car and home insurance and save money
- Avoid accidents
- Do not get traffic tickets
- Pay for small claims rather than turning them in to your insurance company
- Vehicles with good safety ratings are usually cheaper to insure
- Do not waste money insuring older vehicles for full coverage
- Compare prices as often as possible
That last piece of advice is highly significant, as we emphasized in the prior article. Prices change constantly, so drivers shouldn’t be reluctant to buy a different policy if a better deal can be had.
Loyalty to a specific company is fine, but we do not recommend it if that inflexibility results in costing you lots of hard earned cash every month. If you have a few minutes, compare prices and find cheaper auto insurance for a company car in Milwaukee.