It’s impossible to miss the catchy advertisements from companies like GEICO and Nationwide that claim big savings, so drivers just need to choose any one of them, right?
Unfortunately, it’s not that simple as there are a ton of unknowns like whether you are married or single, the deductible level you need, and if you want full coverage included, that all impact the price you pay. This article goes into detail about the different scenarios that increase car insurance cost and will hopefully give the reader a solid foundation to find cheaper car insurance.
Finding dependable, low-cost insurance is easier said than done, and deciding which insurers offer the lowest-priced auto insurance rates for business use will involve even more shopping around. Each auto insurer has their own unique process for determining rates, so first we will examine the auto insurance companies with the most affordable rates in Baltimore.
We do need to point out that Baltimore, MD auto insurance rates are calculated based on many things that control the price you have to pay. This is why it is crucial to compare lots of rates to get affordable car insurance rates for business use. Auto insurance prices can be altered by many different factors and can increase or decrease at any time, so the best company six months ago may now be priced much higher than other options.
Find the Best Cheap Insurance for Business Use
USAA may have some of the best car insurance rates in Baltimore at around $930 each year. Liberty Mutual, Penn National, Erie, and State Auto also qualify as some of the best Baltimore, MD insurance companies.
As shown in the table above, if you are insured with Penn National and switched to USAA, you may realize a yearly savings of approximately $174. Drivers with Erie might save as much as $231 a year, and State Auto insureds might cut rates by $260 a year.
To find out how your current rates compare, click here to start a quote or feel free to get quotes from the companies below.
Remember that these estimates are averages for all drivers and vehicles and and are not calculated with a specific vehicle garaging location for business use. So the company that has the cheapest rates for you may not even be in the top 16 companies in the list above. That points out the importance of why you need to compare rates from as many companies as possible using your own personal information and vehicle type.
One of the many components that help determine the amount you pay each year for auto insurance is where you keep your car. Areas with more people or more claims tend to have higher rates, whereas areas with fewer weather claims and lower vehicle theft rates have the gratification of cheaper auto insurance rates.
The following table shows the priciest cities in Maryland for business use to buy an auto insurance policy in. Baltimore is ranked #1 with a yearly cost of $1,796 on average, which is around $150 monthly.
|23||Bel Air South||$1,186|
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Information shown are estimated as the specific Baltimore residence address can impact coverage prices substantially.
The car, truck, or SUV to be insured is probably the biggest factor that determines whether or not you can buy affordable insurance for business use. Vehicles with reasonable performance levels, a great safety record, or a low likelihood of having liability claims will cost quite a bit less to insure than higher performance models. The next table illustrates insurance rates for a handful of the more affordable vehicles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$2,721|
|Honda Accord LX 4-Dr Sedan||$3,047|
|Volkswagen Jetta LE 4-Dr Sedan||$3,150|
|Ford Explorer Limited 2WD||$3,210|
|Ford Escape XLS 2WD||$3,261|
|Toyota Corolla S||$3,317|
|Chevrolet Silverado 2500HD LTZ Crew Cab 4WD||$3,376|
|Chevrolet Silverado LTZ Extended Cab 4WD||$3,383|
|Dodge Ram Crew Cab ST 4WD||$3,432|
|Honda Civic GX 4-Dr Sedan||$3,480|
|Ford F-350 XLT Crew Cab 2WD||$3,498|
|Chevrolet Impala LS||$3,539|
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Data based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Maryland minimum liability limits. Discounts applied include multi-vehicle, multi-policy, safe-driver, homeowner, and claim-free. Information does not factor in your specific Baltimore, MD location which can revise premium rates substantially.
Based upon the rates shown, models like the Honda CR-V, Toyota Prius, and Honda Accord are most likely going to be a few of the cheaper vehicles to insure for using your car for business. The price for car insurance will be more costly just due to the fact that there is more liability risk for business use, but in general those particular vehicles will probably have the cheapest rates that you’ll find.
Discounts on Baltimore auto insurance rates
Auto insurance companies that offer cheap quotes for business use may have special discounts that can lower rates by 25% or more if you qualify for them. A few of the larger companies and their offered discounts are outlined below.
- State Farm discounts include multiple policy, Steer Clear safe driver discount, accident-free, passive restraint, good student, multiple autos, and anti-theft.
- Farmers Insurance policyholders can earn discounts including bundle discounts, alternative fuel, mature driver, switch companies, early shopping, good student, and business and professional.
- GEICO has savings for daytime running lights, anti-lock brakes, multi-vehicle, membership and employees, federal employee, air bags, and defensive driver.
- American Family may offer discounts for early bird, multi-vehicle, Steer into Savings, good driver, and TimeAway discount.
- Nationwide includes discounts for business or organization, Farm Bureau membership, family plan, defensive driving, and accident-free.
- Progressive may include discounts for homeowner, online signing, continuous coverage, online quote discount, good student, and multi-vehicle.
The diagram below illustrates the difference between insurance prices with and without discounts applied to the premium. The data assumes a male driver, no violations or claims, Maryland state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with accident-free, passive restraint, vehicle safety, multiple policy, safe-driver, and marriage discounts applied. With discounts applied, the average amount saved each year on auto insurance for business use is 28% or $879.
Cost comparison with and without full coverage
Finding the cheapest auto insurance should be important to most people, and an easy way to find cheaper insurance for business use is to only buy liability coverage. The illustration below compares yearly insurance costs with and without full coverage. The rate quotes are based on no driving violations, no at-fault accidents, $500 deductibles, drivers are not married, and no additional discounts are factored in.
On average, comp and collision coverage costs an additional $2,550 per year more than just buying liability only. That may make you wonder when is the right time to remove full coverage. There is no definitive formula to stop paying for physical damage coverage on your policy, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is 10% or more of the settlement you would receive from your company, then you may need to consider dropping full coverage.
For example, let’s say your vehicle’s settlement value is $7,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled, you would only receive $6,000 after paying your policy deductible. If premium cost is more than $600 annually for physical damage coverage, then it could be time to drop full coverage.
Ending up with the best auto insurance company can be difficult considering how many different companies there are to choose from in Baltimore. The ranking information listed below can help you pick which car insurance companies you want to consider when trying to find the cheapest insurance for business use.
These ratings only include companies that insure vehicles across America, so smaller companies are not factored into the list. To view rates from these and other competitive companies, simply click here.
Top 10 Large Auto Insurance Providers in Baltimore Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
- The Hartford – 87%
Top 10 Large Auto Insurance Providers in Baltimore Ranked by Customer Service
- AAA Insurance
- Safeco Insurance
- State Farm
- The Hartford
- The General
How to find cheaper insurance for business use
It is possible to find better rates, and here are some thrifty ideas that can help you get cheap car insurance.
- Drive vehicles with five-star safety ratings
- Buy your auto and home insurance from the same company and save
- Prevent price hikes by avoiding at-fault accidents
- Earn discounts for being claim-free
- Avoid getting tickets or violations
- Compare prices frequently to find the best deal
That final tip is especially important, as we stressed in the prior information. Prices can be modified anytime, so drivers shouldn’t hesitate to buy a different policy if you can save money. Staying with the same company for years is fine, but it’s not a good idea if that loyalty ends up costing thousands of dollars over the life of your policy. It only take a few minutes to compare prices to find cheaper auto insurance for business use in Baltimore.