The words “economical” and “insurance” really should not be used together, specifically when shopping around for the best car insurance rates for business use. Because it’s so expensive, let’s take a look at some things that have an impact on auto insurance rates, and come up with some ways to lower the price of the next policy you buy.
For using your car for business, one of the more important factors that are used to help calculate the annual cost of car insurance is where you keep your car. Larger areas tend to have more expensive car insurance rates, whereas areas with less crime or weather claims benefit from having to pay less for coverage.
The information below sorts the most expensive places in Florida for business use in which to purchase auto insurance. Jacksonville is listed at #20 with the yearly price of $1,980 for car insurance, which is about $165 each month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Hialeah | $3,630 |
| 2 | Miami Gardens | $3,245 |
| 3 | Miami | $3,241 |
| 4 | Miami Beach | $3,013 |
| 5 | West Palm Beach | $2,679 |
| 6 | Miramar | $2,629 |
| 7 | Pompano Beach | $2,620 |
| 8 | Tampa | $2,610 |
| 9 | Hollywood | $2,604 |
| 10 | Davie | $2,523 |
| 11 | Pembroke Pines | $2,505 |
| 12 | Fort Lauderdale | $2,500 |
| 13 | Coral Springs | $2,499 |
| 14 | Brandon | $2,368 |
| 15 | Clearwater | $2,260 |
| 16 | St. Petersburg | $2,196 |
| 17 | Spring Hill | $2,102 |
| 18 | Orlando | $2,069 |
| 19 | Port St. Lucie | $1,994 |
| 20 | Jacksonville | $1,980 |
| 21 | Cape Coral | $1,860 |
| 22 | Lakeland | $1,845 |
| 23 | Palm Bay | $1,786 |
| 24 | Tallahassee | $1,748 |
| 25 | Gainesville | $1,630 |
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Annual rates are approximated as specific Jacksonville zip code can decrease or increase insurance rates considerably.
The type of vehicle requiring coverage is probably the most important factor that determines whether or not you find the most economical insurance for business use. Vehicles with lots of horsepower, a lack of advanced safety features, or an increased likelihood of liability claims will cost much more to insure than more modest models. The data below presents car insurance prices for a selection of the most affordable automobiles to insure.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Toyota Prius | $1,170 |
| Honda Accord EX 4-Dr Sedan | $1,214 |
| Honda CR-V LX 2WD | $1,222 |
| Dodge Grand Caravan SXT | $1,275 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $1,283 |
| Ford Escape XLS 4WD | $1,298 |
| Jeep Grand Cherokee SRT-8 4WD | $1,340 |
| Ford Fusion SEL 4-Dr Sedan | $1,350 |
| Chevrolet Malibu LTZ | $1,340 |
| Ford F-150 XLT Crew Cab 2WD | $1,359 |
| GMC Sierra 2500HD SLT Extended Cab 4WD | $1,403 |
| Ford Edge Limited 2WD | $1,410 |
| Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD | $1,429 |
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Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Information does not factor in specific garaging location which can change coverage rates significantly.
Looking at the data, you can figure that cars like the Toyota Prius, Honda Accord, Honda CR-V, and Dodge Grand Caravan are going to be the most budget-friendly vehicles to insure for using your car for business. Rates will be more expensive just due to the fact that there is a higher risk for business use, but in general those particular vehicles will probably have the best rates compared to all other vehicles.
Discount Jacksonville car insurance
Car insurance companies that provide policies for business use could also offer special discounts that can reduce rates by 35% or more if you meet eligibility requirements. A few popular companies and a summarized list of policyholder discounts can be found below.
- State Farm may offer discounts for multiple policy, accident-free, multiple autos, Steer Clear safe driver discount, passive restraint, defensive driving training, and good driver.
- Progressive offers discounts including continuous coverage, online quote discount, multi-vehicle, multi-policy, good student, and online signing.
- Travelers may include discounts for IntelliDrive, multi-car, save driver, home ownership, and good student.
- American Family offers discounts for Steer into Savings, multi-vehicle, mySafetyValet, good driver, bundled insurance, and defensive driver.
- Liberty Mutual includes discounts for teen driver discount, safety features, multi-car, hybrid vehicle, and new graduate.
The information below illustrates the comparison of annual premium costs with and without some available policy discounts. The information is based on a male driver, no claims, a clean driving record, Florida state minimum liability limits, comprehensive and collision coverage, and $250 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with homeowner, multiple policy, passive restraint, anti-theft, marriage, and safe-driver discounts applied. When these discounts are applied, the average savings per year on auto insurance for business use is 28% or $667.
The diagram below highlights how deductible selection can increase or decrease yearly insurance costs when researching cheap insurance for business use. The costs are based on a single male driver, full coverage, and no discounts are factored in.
A 30-year-old driver could lower their policy premium by $384 a year by changing their physical damage coverage from a $100 deductible up to a $500 deductible, or save $582 by switching to a $1,000 deductible. Even younger drivers, like the 20-year-old, could potentially save as much as $1,126 or more by choosing a larger deductible amount. When choosing a higher deductible, it will be necessary to have plenty of money set aside to enable you to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Safe drivers Jacksonville pay cheaper rates
The easiest method to maintain the most affordable auto insurance rates for using your car for business is to be a good driver and avoid traffic citations and accidents. The information below shows how violations and at-fault fender-benders increase insurance prices for each different age group. The premiums assume a married female driver, comprehensive and collision coverage, $100 deductibles, and no additional discounts are factored in.
In the previous example, the average cost of an auto insurance policy per year with a clean driving record and no accidents is $2,051. Get written up for two speeding tickets and the average cost rises to $2,930, an increase of $879 each year. Then add in one accident along with the two speeding tickets and the annual cost of auto insurance for business use jumps again to an average of $3,812. That’s an increase of $1,761, or $147 per month, just for being a less-than-perfect driver!