Cheapest Auto Insurance for a Company Car in Louisiana

The words “low-priced” and “insurance” really don’t belong together, in particular when you are looking for the lowest insurance prices for a company car. To save some money, let’s teach you a few of the things that influence insurance premiums, and find a way to cut the cost of the next policy you buy.

When shopping for cheaper insurance for your employer’s vehicle, one of the many criteria that help determine a rate quote is where your residence is in Louisiana. Areas with a lot of weather claims or more people like New Orleans, Harvey, and Baton Rouge tend to have higher rates, whereas cities that are not as densely populated generally pay less for insurance.

The next table sorts the highest-priced areas in Louisiana for a company car to buy car insurance in.

Rate quotes are estimated as the vehicle garaging location can impact rates significantly.

Deciphering which companies have the cheapest insurance rates for a company car may require a little more effort than just getting one or two price quotes. Every car insurance company uses a different method to determine rates, so to begin we’ll rank the insurance companies that tend to have lower prices in Louisiana.

We do need to point out that Louisiana insurance rates are impacted by many things which can significantly increase or decrease the price you pay. Simply turning a year older, marrying your spouse, or getting a driving violation can trigger rate changes resulting in some companies being more affordable than competitors.

Best Auto Insurance Prices in Louisiana

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USAA may have some of the most affordable car insurance rates in Louisiana at around $1,578 annually. MetLife, GEICO, Progressive, and Safeway also qualify as some of the more affordable Louisiana auto insurance companies.

As shown in the table above, if you have coverage with MetLife and switched to USAA, you could see an annual savings of upwards of $276. Drivers with GEICO could save as much as $329 a year, and Progressive customers might realize rate reductions of up to $427 a year.

To get a fast rate comparison, click here to start a quote or visit several of the following companies.

Understand that those policy rates are averaged for all ages of drivers and types of vehicles and and are not figured with a price discount for a company car. So the insurer that is best for you may not even be shown in the list of companies shown earlier. That affirms the importance of why you need to quote rates from as many companies as possible using your own personalized driver profile and vehicle information.

Rate comparison of full coverage and liability-only

Finding the cheapest auto insurance for a company car in Louisiana is important to the majority of vehicle owners, and one way to pay lower rates for insurance is to buy only liability coverage. The diagram below illustrates the difference between insurance prices with full physical damage coverage compared to only buying liability only. The data assumes no claims or driving violations, $250 deductibles, marital status is single, and no policy discounts are applied.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $250 Deductibles’, ‘Liability Only’],[‘Age 20’, 4151,1399],[‘Age 30’, 2175,767],[‘Age 40’, 2141,711],[‘Age 50’, 1949,665],[‘Age 60’, 1883,653],[‘Age 70’, 2297,875]]);var options = {title: ‘Full Versus Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in Louisiana’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If averaged out across all ages, physical damage coverage costs $2,433 per year more than just insuring for liability. That proposes the question if buying full coverage is a waste of money. There is no exact formula to stop buying physical damage insurance, but there is a guideline you can consider. If the yearly cost for physical damage coverage is 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.

There are some circumstances where removing full coverage is not a good idea. If you still have a loan on your vehicle, you have to maintain full coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle in the even your car is totaled, you should not drop full coverage.

Discounts on Louisiana auto insurance

Car insurance companies that provide the cheapest auto insurance for a company car in Louisiana may provide discounts that could potentially reduce rates by as much as 35% if you are eligible to receive them. Large insurance companies and their offered discounts are included below.

The illustration below shows the difference between insurance rates with and without discounts applied to the policy premium. The rates are based on a male driver, no claims or driving citations, Louisiana state minimum liability limits, full coverage, and $500 deductibles.

The first bar for each age group shows insurance cost with no discounts. The second bar shows the rates with multiple policy, safe-driver, marriage, homeowner, accident-free, and defensive driving course discounts applied. When drivers qualify for the discounts, the average savings per year on insurance for a company car is % or $.

google.charts.setOnLoadCallback(drawDiscqcibChart);function drawDiscqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Male Driver No Discounts’, ‘Male Driver with Discounts’],[‘Age 20’, 3713,2665],[‘Age 30’, 1955,1417],[‘Age 40’, 1911,1387],[‘Age 50’, 1745,1261],[‘Age 60’, 1689,1221],[‘Age 70’, 2079,1497]]);var options = {title: ‘Insurance Premium Comparison for a Company Car’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’:{left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9’, ‘#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdisc’));chart.draw(data, options);}

How to find the cheapest auto insurance for a company car in Louisiana

It is possible to find better rates, and here are some of the recommended money-saving ideas that can help Louisiana drivers get the cheapest car insurance.

• Good credit can mean cheaper rates
• Ensure your driving record is clean
• Having too many claims will increase rates substantially
• Raise deductibles
• Insure your home and auto with the same company
• Avoid accidents
• Compare prices as often as possible

That last tip is particularly significant, as was stressed in this article. Insurance rates in Louisiana adjust often, so don’t be tentative to switch companies if you can save money. Many drivers tend to have loyalty to a certain company, but it’s not recommended if that loyalty ends up costing a considerable chunk of change every month. Take a couple minutes and shop around to find cheaper insurance for a company car.