How Much are Auto Insurance Quotes for Real Estate Agents in Massachusetts?

When discussing auto insurance, the words “cheap” or “affordable” should not appear anywhere in the article to describe car insurance prices. Despite the oxymoron, cheap car insurance for real estate agents is almost non-existent. But fear not, because we will tell you how you can find car insurance that is more affordable.

When shopping for the cheapest insurance for realtors, one of the many factors used to calculate a rate quote is where you choose to live in Massachusetts. Regions with more people or even just more weather-related claims like Revere, Lynn, and Lawrence will most likely have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates enjoy lower insurance rates.

The table below sorts the most expensive cities in Massachusetts for real estate agents to purchase car insurance in.

Table data uses approximated as the specific garaging location can raise or lower premiums substantially.

Deciding which companies quote the best car insurance rates for real estate agents will take a little more work in order to find the best price. Each auto insurance company has their own formula for setting prices, so let’s take a look at the car insurance companies with the overall cheapest rates in Massachusetts.

It’s a good idea to be aware that Massachusetts car insurance rates are influenced by many factors which can substantially change the price you pay. Simply improving your credit, filing a claim, or having a fender bender can produce rate changes resulting in some rates now being cheaper than competitors.

Best Auto Insurance Prices for Realtors

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State Farm has some of the cheapest car insurance rates in Massachusetts at around $741 each year. National Grange Mutual, Commerce Group, GEICO, and OneBeacon also are some of the lowest-priced Massachusetts auto insurance companies.

In this example, if you currently buy coverage from OneBeacon and switched to National Grange Mutual, you may see savings of in the neighborhood of $104. Customers with Progressive could save as much as $200 a year, and Arbella policyholders might realize rate reductions of up to $211 a year.

Be aware that those prices are averaged for all types of drivers and the different vehicles they drive and are not factoring in a price decrease for real estate agents. So the auto insurance company that has the lowest price for you may not even be featured in the company chart above. That affirms the importance of why you need to compare rates from multiple companies using your own driver and vehicle profiles.

Rate difference between full and liability-only coverage

Finding cheap car insurance for real estate agents in Massachusetts is important to most vehicle owners, and one way to buy cheap insurance is to buy liability only. The diagram below illustrates the difference between annual premium costs with liability coverage only compared to full coverage. The price estimates are based on a clean driving record, no at-fault accidents, $250 deductibles, single marital status, and no discounts are applied to the premium.

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If averaged out across all ages, physical damage insurance costs an extra $2,387 per year more than just buying liability insurance. That is a large expense and it proposes the question if buying full coverage is worth the money. There is no definitive formula for phasing out physical damage coverage on your policy, but there is a general convention. If the yearly cost of full coverage is more than 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.

There are some conditions where dropping full coverage is not financially feasible. If you haven’t satisfied your loan, you have to maintain full coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not opt for liability only.

Massachusetts car insurance companies ranked

Choosing a high-quality insurance company is hard considering how many choices you have in Massachusetts. The rank data shown below may help you pick which car insurance providers to look at when shopping car insurance rates for real estate agents. These ratings are only made up of large insurance companies, so companies that have a smaller presence will not be included in these rankings.

Allstate, Progressive, Geico, or State Farm: Which is best?

If you want the best car insurance for realtors, four of the best places to start are Allstate, Progressive, Geico, and State Farm. They all have the same basic coverages, but each one has a slightly different set of options and discounts that buyers can select from. The next table breaks down price, claims, and customer service ratings, as well as some optional coverages that policyholders can buy.