How Much Does Car Insurance Cost for a Company Car in West Virginia?

For West Virginia drivers, one of the factors that is looked at to help calculate the amount you pay each year for auto insurance is where your home is located in West Virginia. Cities with larger populations or higher claim trends like Elkins, Princeton, and Beckley tend to have higher auto insurance costs, whereas areas with less crime or weather claims tend to receive slightly lower rates.

The illustration below lists the most expensive places in West Virginia for a company car to buy an auto insurance policy in.

Table data uses estimated as zip code location can lower or raise coverage rates significantly.

The safety and performance level of the vehicle needing coverage is probably the most important factor when shopping for cheap insurance for a company car in West Virginia. Vehicles with lots of speed or power, poor safety ratings, or a history of substantial liability claims will cost much more to insure than more economical and safe models. The tables below ranks coverage premiums for some of the cheaper automobiles to buy insurance for.

Data based on married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and West Virginia minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Prices do not factor in vehicle garaging location which can impact prices greatly.

Prices based on married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and West Virginia minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Prices do not factor in specific West Virginia garaging location which can lower or raise price quotes substantially.

Table data assumes married female driver age 30, no speeding tickets, no at-fault accidents, $1000 deductibles, and West Virginia minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, multi-policy, and homeowner. Premium amounts do not factor in vehicle location which can raise or lower coverage prices significantly.

Figuring out which companies have the cheapest car insurance rates for a company car will take a bit more effort than just picking a company at random.

Every insurance company has a proprietary method for filing rates in each state, so let’s take a look at the most affordable car insurance companies in West Virginia.

Lowest Insurance Price Quotes in West Virginia

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Erie offers some of the most affordable car insurance rates in West Virginia at around $913 per year. The Hartford, State Auto, USAA, and Westfield would also be considered some of the cheapest West Virginia car insurance companies.

As illustrated above, if you are currently insured with State Auto and switched to Erie, you could realize a yearly price reduction of approxmiately $303. West Virginia drivers with USAA could save as much as $361 a year, and Westfield customers might cut rates by $401 a year.

To get a quick, customized rate comparison, click here to get a free quote or visit several of the following companies.

Bear in mind that those estimates are averaged for all ages of drivers and types of vehicles and do not take into consideration a price decrease for a company car. So the auto insurance company that is best for you may not even be in the list of companies shown earlier. That underscores the importance of why you need to get rate quotes using your own personalized driver profile and vehicle information.

Full coverage rates compared to liability only

Finding cheap insurance for a company car in West Virginia should be important to most people, and one of the fastest ways to save on the cost of insurance is to not buy comprehensive and collision coverage. The diagram below illustrates the difference between insurance costs when comparing full coverage to liability only. The premiums are based on no accidents, no driving violations, $250 deductibles, marital status is single, and no discounts are applied to the premium.

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As an overall average, comprehensive and collision coverage on your policy costs $2,131 per year more than carrying just liability coverage. That amount may make you wonder if paying for full coverage is a waste of money. There is no written rule for dropping physical damage coverage on your policy, but there is a general school of thought. If the annual cost of coverage is 10% or more of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.

For example, let’s assume your vehicle’s replacement cost is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would receive is $6,000 after paying your deductible. If it’s costing you more than $600 annually for full coverage, then it’s probably a good time to buy liability coverage only.

There are some situations where buying only liability insurance is not advised. If you still owe a portion of the original loan, you have to carry full coverage in order to keep the loan. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not buy liability only.

The information below shows how choosing a deductible can impact insurance rates when quoting cheap insurance for a company car. The data assumes a married male driver, full physical damage coverage, and no additional discounts are factored in.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 4187,3815,3411,3025],[‘Age 30’, 2173,1979,1759,1547],[‘Age 40’, 2085,1905,1703,1511],[‘Age 50’, 1913,1749,1567,1391],[‘Age 60’, 1879,1719,1539,1365],[‘Age 70’, 2165,1989,1797,1613]]);var options = {title: ‘Impact of Deductibles on Insurance Cost in West Virginia’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

In the chart above, a 40-year-old driver could reduce rates by $346 a year by changing from a $100 deductible to a $500 deductible, or save $522 by selecting a $1,000 deductible. Even younger drivers, like the Age 20 category, can save up to $1,162 every year by using higher deductibles when buying full coverage. When raising deductibles, it’s a good idea to have additional funds in a savings account to cover the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.

How to find cheaper insurance for a company car

The list below summarizes many money-saving suggestions that can help you get cheap coverage.

• Avoid preventable accidents
• Avoid getting tickets or violations
• Increase the comprehensive and collision deductibles on your policy
• Full coverage is expensive so only insure older vehicles for liability only
• Safe vehicles cost less to insure
• Pay cheaper rates with good credit scores
• Keep rates low by shopping around frequently

That last tip is extremely critical, as we emphasized in the prior information. Prices charged by companies vary greatly, so don’t hesitate to switch to a new company if a better deal can be had. Many drivers have brand loyalty and that’s fine, but it’s not a good idea if that inflexibility results in costing you a fortune every year. In just a few minutes you could compare rates to find cheaper insurance for a company car.