Wouldn’t it be perfect if we could tell you instantly the one company that has the best insurance prices for business use? It’s just not that easy, however, as there are a whole bunch of unknown factors such as what physical damage coverage deductibles you want, whether you are single or married, whether or not you have had gaps between policies, and your gender, that all impact the cost of your policy. This article will cover these topics and also should give you some help in finding cheaper rates.
The vehicle model on the policy is a significant factor when comparing low-cost auto insurance for business use. Vehicles with high performance engines, poor crash test ratings, or a history of substantial liability claims will cost much more to insure than safer, lower-performance models. The next table estimates car insurance premiums for some of the most affordable automobiles to buy coverage for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $1,992 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $2,191 |
| Volkswagen Jetta 2.0T Station Wagon | $2,325 |
| Honda CR-V EX-L 4WD | $2,338 |
| Chevrolet Malibu Hybrid | $2,357 |
| Toyota RAV4 Sport 2WD | $2,362 |
| Hyundai Elantra Blue 4-Dr Sedan | $2,434 |
| Ford Focus SEL 4-Dr Sedan | $2,439 |
| Ford Edge SE 2WD | $2,511 |
| Chevrolet Equinox LTZ AWD | $2,524 |
| Chevrolet Silverado LT Regular Cab | $2,527 |
| Hyundai Sonata GLS 4-Dr Sedan | $2,536 |
| Ford F-150 XLT Regular Cab 4WD | $2,562 |
| Dodge Ram Crew Cab SLT 2WD | $2,572 |
| Honda Accord LX-S 2-Dr Coupe | $2,649 |
| Kia Optima SX | $2,694 |
| Toyota Prius | $2,713 |
| Dodge Ram 3500 Mega Cab Laramie 2WD | $2,735 |
| Chevrolet Silverado 2500HD LT Crew Cab 2WD | $2,815 |
| Honda Odyssey EX | $2,831 |
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Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include claim-free, homeowner, multi-policy, multi-vehicle, and safe-driver. Estimates do not factor in specific garaging location which can affect price quotes significantly.
Looking at the rates, makes and models like the Ford Escape, Jeep Wrangler, Volkswagen Jetta, Honda CR-V, and Chevrolet Malibu will be some of the most budget-friendly vehicles to insure for using your car for business. The price of auto insurance will tend to be more expensive anyway just due to the fact that there is a higher risk for business use, but overall those vehicles will probably have the cheapest auto insurance rates compared to other vehicles.
For using your car for business, one of the more important factors that are looked at to determine the amount you pay each year for auto insurance is where your residence is. Areas with increased crime or more people tend to have more expensive auto insurance rates, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower coverage costs.
The information below ranks the most expensive areas in Florida for business use in which to buy car insurance. Tampa is listed at #8 with a yearly cost of $2,558 for the average insured, which is approximately $213 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Hialeah | $3,630 |
| 2 | Miami | $3,273 |
| 3 | Miami Gardens | $3,149 |
| 4 | Miami Beach | $3,013 |
| 5 | Miramar | $2,629 |
| 6 | West Palm Beach | $2,599 |
| 7 | Pompano Beach | $2,595 |
| 8 | Tampa | $2,558 |
| 9 | Davie | $2,548 |
| 10 | Hollywood | $2,526 |
| 11 | Fort Lauderdale | $2,500 |
| 12 | Pembroke Pines | $2,481 |
| 13 | Coral Springs | $2,474 |
| 14 | Brandon | $2,368 |
| 15 | Clearwater | $2,238 |
| 16 | St. Petersburg | $2,219 |
| 17 | Spring Hill | $2,102 |
| 18 | Orlando | $2,090 |
| 19 | Port St. Lucie | $1,994 |
| 20 | Jacksonville | $1,980 |
| 21 | Cape Coral | $1,917 |
| 22 | Lakeland | $1,827 |
| 23 | Palm Bay | $1,803 |
| 24 | Tallahassee | $1,801 |
| 25 | Gainesville | $1,696 |
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Rate information is approximated as the garaging address in Tampa can increase or decrease premiums substantially.
Figuring out which company has the most affordable auto insurance rates for business use takes a bit more effort in order to find the best policy. Every insurance company uses a different method to set their prices, so let’s rank the most budget-friendly auto insurance companies in Tampa.
Find Cheaper Auto Insurance for Business Use
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $986 |
| 2 | Amica | $1,712 |
| 3 | Electric | $1,764 |
| 4 | Progressive | $1,793 |
| 5 | Travelers | $1,945 |
| 6 | Mercury | $1,973 |
| 7 | Allied | $2,004 |
| 8 | Esurance | $2,020 |
| 9 | State Farm | $2,047 |
| 10 | Auto-Owners | $2,085 |
| 11 | GEICO | $2,108 |
| 12 | Allstate | $2,317 |
| 13 | 21st Century | $2,373 |
| 14 | Windhaven Insurance | $2,627 |
| 15 | MetLife | $2,900 |
| 16 | Safeco | $3,016 |
| 17 | Liberty Mutual | $3,039 |
| 18 | Hanover | $3,054 |
| 19 | United Automobile | $3,422 |
| 20 | Direct General | $3,942 |
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USAA may offer some of the most affordable car insurance rates in Tampa at around $986 each year. Amica, Electric, Progressive, and Travelers also are some of the cheapest Tampa, FL car insurance companies.
As shown above, if you are currently insured with Travelers and switched to Amica, you could see an annual savings of around $233. Drivers with Mercury could save as much as $261 a year, and Allied customers might lower prices by up to $292 a year.
Bear in mind that those estimates are averages across all types of insureds and vehicles and and are not calculated with a vehicle location for business use. So the company that can offer you the lowest price may not even be in the top 21 companies in the list above. That is why you need to get auto insurance quotes using your own driver and vehicle profiles.
How to get discounts on Tampa auto insurance
Car insurance companies that offer quotes for business use may also give you special discounts that can reduce rates by 30% or more if you can meet the requirements. A list of companies and their offered discounts are detailed below.
- State Farm has savings for passive restraint, multiple policy, multiple autos, Drive Safe & Save, Steer Clear safe driver discount, driver’s education, and safe vehicle.
- American Family offers discounts for air bags, defensive driver, accident-free, good student, bundled insurance, and TimeAway discount.
- GEICO may have discounts that include five-year accident-free, daytime running lights, military active duty, defensive driver, and driver training.
- 21st Century offers discounts including student driver, 55 and older, anti-lock brakes, good student, and teen driver.
- Progressive policyholders can earn discounts including homeowner, online signing, continuous coverage, multi-policy, good student, and online quote discount.
The chart below visualizes the comparison of insurance costs with and without discounts applied to the premium. Data assumes a female driver, no violations or claims, Florida state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with anti-theft, defensive driving course, claim-free, accident-free, homeowner, and multiple policy discounts applied. When these discounts are applied, the average savings per year on auto insurance for business use is 28% or $574.
Illustration showing the impact of accidents and violations
One of the best ways to snag low auto insurance prices in Florida for using your car for business is to be a good driver and not receive tickets or have accidents. The information below highlights how traffic violations and fender-benders drive up premium costs for different insured age categories. The rate quotes are based on a single female driver, full coverage, $250 deductibles, and no discounts are applied.
The data charted above shows the average cost of auto insurance in Tampa per year with no accidents or violations is $2,823. Factor in one speeding ticket and the average cost surges to $3,198, an increase of $376 each year. Now add in two accidents along with the one speeding ticket and the 12-month cost of auto insurance for business use goes up to an average of $6,445. That’s an increase of $3,622, or $302 per month, just for not driving responsibly!
Comparing rates can save you money
Tampa, FL auto insurance rates are influenced by many factors that can increase the cost of your policy. Getting older, buying a new vehicle, or having an at-fault accident can produce rate changes that can now make some companies cheaper than others. Not only that, but auto insurance companies amend pricing as often as every quarter in order to protect their financial rating. An unexpected high level of claims can result in higher rates, while a better loss history can result in cheaper Tampa car insurance rates.
To help illustrate this point, the data below shows the company with the cheapest car insurance in Tampa, FL for a 35-year-old male driver with a clean driving record, no accidents, and excellent credit. If we look at prices based on his personal risk profile, USAA has the most affordable car insurance rates in Tampa at $1,533 per year. This is $915 less than the average premium paid by Florida drivers of $2,448. Electric, Amica, Progressive, and Travelers are the remainder of the cheapest Tampa, FL auto insurance companies.
In this example, we will give the driver in the first chart a claim, bad credit, and a few traffic violations. Since each auto insurance company has their own process for filing rates in each state, comparing rates most likely will result in a significantly different list of affordable companies as shown below.
USAA now has the lowest price on auto insurance in Tampa, FL with Mercury, Esurance, State Farm, and GEICO also having competitive pricing. This shows why it is critical to perform a complete rate comparison when trying to get the most affordable insurance quotes for business use.
Insurance rates can be altered by many factors and change frequently, so the lowest-price company the last time you checked may now not even be in the top five.