The words “bargain” and “insurance” really shouldn’t be used in the same sentence, specifically when searching for the cheapest car insurance for business use. Because of the high cost, let’s open your eyes to some things that significantly impact car insurance premiums, and figure out some ways to cut the cost of your next policy.
Determining which company offers the most affordable auto insurance rates for business use will require more work than just quoting one company’s rates. Every auto insurer has their own formula for setting rates, so let’s take a look at the most competitive auto insurance companies in North Carolina.
It’s a good idea to be aware that Durham auto insurance rates are influenced by many factors that control the cost of coverage. Simply having another birthday, buying a home instead of renting, or getting a couple of tickets may generate price changes resulting in some companies being more affordable than before.
Best Car Insurance Prices for Business Use
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Progressive | $651 |
| 2 | Utica National | $662 |
| 3 | Liberty Mutual | $707 |
| 4 | NC Farm Bureau | $716 |
| 5 | Penn National | $717 |
| 6 | GEICO | $728 |
| 7 | Titan | $729 |
| 8 | State Farm | $749 |
| 9 | Auto-Owners | $852 |
| 10 | National General | $890 |
| 11 | Allied | $919 |
| 12 | Erie | $931 |
| 13 | Travelers | $936 |
| 14 | Peerless | $1,002 |
| 15 | Unitrin | $1,002 |
| 16 | Nationwide | $1,011 |
| 17 | MetLife | $1,038 |
| 18 | Allstate | $1,054 |
| 19 | Encompass | $1,073 |
| 20 | Safeco | $1,076 |
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Progressive may have some of the lowest car insurance rates in Durham at around $651 each year. This is $221 less than the average premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National also qualify as some of the more affordable Durham, NC auto insurance companies.
In the rate table above, if you currently have a policy with Utica National and switched to Progressive, you may see yearly savings of in the neighborhood of $11. Insureds with Liberty Mutual could save as much as $56 a year, and NC Farm Bureau insureds might see rate reductions of $65 a year.
If you want to see how much you could save, click here to begin a quote or feel free to get quotes from the companies below.
It’s important to note that these estimates are averages for all insureds and vehicles and are not factoring in a vehicle location for business use. So the auto insurance company that has the cheapest price for you may not even be in the top 20 companies shown above. That emphasizes why you need to get rate quotes from many companies using your own specific driver and vehicle information.
For using your car for business, one of the big considerations that aid in calculating auto insurance rates is where you normally keep your vehicle in Durham. Regions with larger populations or more claims are more likely to have higher rates, whereas areas with lower crime rates and fewer weather claims tend to receive slightly lower rates.
The table below sorts the most expensive areas in North Carolina for business use to buy auto insurance in. Durham ranks #5 with the annual price of $797 for car insurance, which is around $66 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Fayetteville | $896 |
| 2 | Jacksonville | $873 |
| 3 | Charlotte | $832 |
| 4 | Gastonia | $811 |
| 5 | Durham | $797 |
| 6 | Wilmington | $781 |
| 7 | Goldsboro | $765 |
| 8 | Greensboro | $763 |
| 9 | Cary | $749 |
| 10 | Huntersville | $742 |
| 11 | Raleigh | $737 |
| 12 | Wilson | $732 |
| 13 | Greenville | $730 |
| 14 | Chapel Hill | $724 |
| 15 | Indian Trail | $723 |
| 16 | High Point | $723 |
| 17 | Rocky Mount | $718 |
| 18 | Hickory | $718 |
| 19 | Apex | $717 |
| 20 | Winston Salem | $716 |
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Premium amounts are approximated as specific Durham garaging address can decrease or increase coverage prices noticeably.
Picking a good quality car insurance company is hard considering how many different companies insure vehicles in Durham. The company rank data listed below may help you choose which auto insurers to look at when trying to find cheaper insurance for business use. These rankings only include companies that insure vehicles across America, so companies that may only write in North Carolina are not taken into consideration for these rankings.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
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Data Source: Insure.com Best Car Insurance Companies
The information below illustrates how choosing a deductible can impact premium costs when researching cheap insurance for business use. The premium estimates are based on a single male driver, full coverage, and no discounts are applied.
In the chart above, a 30-year-old driver could lower their car insurance rates by $310 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $466 by switching to a $1,000 deductible. Young drivers, like the 20-year-old example, could roll back prices $924 or more by selecting a higher deductible. When increasing deductibles, it will be required to have spare funds to offset the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Discounts on Durham insurance rates
Insurance companies that offer cheap quotes for business use may also give you price discounts that can lower rates by as much as 30% if you meet eligibility requirements. Popular auto insurance companies and their possible discounts can be read below.
- Progressive has discounts for multi-vehicle, homeowner, online signing, online quote discount, multi-policy, and good student.
- GEICO policyholders can earn discounts including driver training, federal employee, seat belt use, daytime running lights, and emergency military deployment.
- State Farm may have discounts that include accident-free, multiple autos, multiple policy, good student, and Drive Safe & Save.
- Esurance offers discounts including online shopper, paid-in-full, renters, emergency road assistance, and homeowner.
- The Hartford includes discounts for good student, vehicle fuel type, defensive driver, bundle, driver training, anti-theft, and air bag.
The diagram below visualizes the comparison of insurance prices with and without discounts applied to the premium. The prices are based on a male driver, no tickets, no at-fault accidents, North Carolina state minimum liability limits, comprehensive and collision coverage, and $500 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with accident-free, safe-driver, multiple policy, multiple vehicle, marriage, and passive restraint discounts applied. With discounts applied, theaverage amount saved on auto insurance for business use is 28% or $443.
Why you should shop around
North Carolina auto insurance rates are calculated based on many things that will increase or decrease the cost of coverage. Simply getting older, buying higher coverage limits, or getting a ticket for careless driving may generate price changes that may make certain companies cheaper than before.
Not only may your situation change, but auto insurance companies change rates multiple times each year in order to be able to pay unexpected claims. Higher than normal claim frequency or severity may cause higher prices, while better underwriting can result in lower-cost Durham car insurance rates.
For instance, the graph below compares the cheapest car insurance in Durham, NC for a 45-year-old female driver with a clear driving record, no claims, and good credit. Based on her current risk factors, Progressive might offer the most affordable car insurance rates in Durham at $728 each year. This is $144 less than the average policy premium paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, Liberty Mutual, and Penn National are also on the list of the top five cheapest Durham, NC auto insurance companies.
Let’s now give the driver from the first set of rates a claim, a lower credit rating, and a traffic citation. Due to the fact that every insurance company uses their own calculation to set premium rates, analyzing rates may now result in a different set of affordable companies as shown below.
GEICO now has the best insurance rate in Durham, NC with State Farm, Auto-Owners, National General, and Allied now rounding out the top five. This example illustrates why it is critical to spend some time comparing rates to get cheap car insurance quotes for business use. Insurance prices are determined by many risk factors and change substantially, so the most economical option the last time you compared rates may now be priced much higher than other options.