Finding low-cost car insurance is hard enough, and finding out which company has the cheapest car insurance rates for a company car may require even more rate comparisons. Each company uses their own method to determine premium rates, so let’s take a look at the car insurance companies that tend to have lower prices in Pennsylvania.
It’s important to know that Pennsylvania car insurance rates are impacted by many factors that will increase or decrease the price of coverage. This is why it is so important to compare many different companies to get the cheapest car insurance rates for a company car. Auto insurance prices are influenced by many things and can increase or decrease at any time, so the most affordable company three years ago may now be priced much higher than other options.
Find Cheaper Auto Insurance in Pennsylvania
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | General Casualty | $740 |
| 2 | Erie | $792 |
| 3 | Travelers | $803 |
| 4 | Penn National | $808 |
| 5 | USAA | $809 |
| 6 | Amica | $982 |
| 7 | Auto-Owners | $1,003 |
| 8 | Atlantic States | $1,036 |
| 9 | Donegal Mutual | $1,091 |
| 10 | GEICO | $1,123 |
| 11 | Allied | $1,155 |
| 12 | California Casualty | $1,198 |
| 13 | State Farm | $1,210 |
| 14 | State Auto | $1,267 |
| 15 | Encompass | $1,398 |
| 16 | Harleysville | $1,452 |
| 17 | Mutual Benefit Group | $1,454 |
| 18 | Progressive | $1,457 |
| 19 | Nationwide | $1,477 |
| 20 | Chubb | $1,583 |
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General Casualty may offer some of the best car insurance rates in Philadelphia at around $740 each year. Erie, Travelers, Penn National, and USAA also qualify as some of the lowest-priced Philadelphia, PA auto insurance companies.
As the rates illustrate above, if you are a policyholder with Travelers and switched to General Casualty, you could realize annual savings of in the vicinity of $63. Drivers with Penn National might save as much as $68 a year, and USAA insureds might realize rate reductions of up to $69 a year.
Understand that those estimates are averaged across all insureds and vehicles and are not factoring in a specific zip code for a company car. So the insurer that can offer you the best rate may not even be in the top 30 companies shown above. That helps illustrate why you need to get quotes using your own individual information.
One of the more important factors that aid in calculating the amount you pay for auto insurance is where you normally keep your vehicle. Cities with larger populations or higher claim trends will most likely pay more, whereas less populated areas benefit from lower rates.
The next table rates the most costly cities in Pennsylvania for a company car to buy car insurance in. Philadelphia shows up at #1 with an annual rate of $1,977 for the average insurance policy, which is around $165 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Philadelphia | $1,977 |
| 2 | Drexel Hill | $1,504 |
| 3 | Chester | $1,435 |
| 4 | Levittown | $1,407 |
| 5 | Norristown | $1,268 |
| 6 | Allentown | $1,130 |
| 7 | Pittsburgh | $1,095 |
| 8 | Wilkes-Barre | $1,089 |
| 9 | Erie | $1,082 |
| 10 | Hazleton | $1,078 |
| 11 | Reading | $1,077 |
| 12 | Scranton | $1,071 |
| 13 | Easton | $1,069 |
| 14 | Bethlehem | $1,055 |
| 15 | Municipality of Monr | $1,049 |
| 16 | Plum | $1,047 |
| 17 | New Castle | $1,046 |
| 18 | Harrisburg | $1,025 |
| 19 | Altoona | $1,012 |
| 20 | Bethel Park | $1,009 |
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Information shown are comparative as the vehicle garaging location can change premium rates considerably.
Get discount Philadelphia car insurance
Auto insurance companies that offer cheap quotes for a company car may additionally offer rate discounts that can reduce rates by 35% or more if you are eligible. A few popular companies and a summarized list of policyholder discounts are shown below.
- Progressive offers discounts including online signing, good student, multi-vehicle, online quote discount, homeowner, and continuous coverage.
- GEICO policyholders can earn discounts including military active duty, emergency military deployment, multi-vehicle, membership and employees, federal employee, multi-policy, and driver training.
- State Farm may offer discounts for safe vehicle, defensive driving training, multiple autos, Drive Safe & Save, and Steer Clear safe driver discount.
- Esurance has savings for Switch & Save, renters, good driver, online shopper, and homeowner.
- The Hartford discounts include good student, air bag, vehicle fuel type, anti-theft, and defensive driver.
The example below illustrates the difference between car insurance rates with and without discounts applied. The premium estimates are based on a female driver, a clean driving record, no at-fault accidents, Pennsylvania state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with safe-driver, passive restraint, claim-free, homeowner, marriage, and vehicle safety discounts applied. When discounts are factored in, theaverage yearly reduction on car insurance for a company car is 28% or $666.
Rate difference between full and liability-only coverage
Paying a lower price for car insurance should be important to the majority of drivers, and one way to find cheap insurance for a company car is to only buy liability insurance. The example below illustrates the comparison of insurance prices with and without full coverage. Data assumes no violations or accidents, $1,000 deductibles, single marital status, and no additional discounts are factored in.
On average, full coverage costs an extra $1,385 per year more than insuring for liability only. That amount may make you wonder if it’s a good idea to buy full coverage. There isn’t a written rule of when to eliminate comp and collision coverage, but there is a guideline you can consider. If the yearly cost of full coverage is more than 10% of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
There are a few situations where eliminating full coverage is not a good idea. If you still have a lienholder on your title, you are required to maintain full coverage to protect the lienholder’s interest. Also, if your savings is not enough to buy a different vehicle in the event your current vehicle is totaled, you should not consider dropping full coverage.
Who has the cheapest Philadelphia car insurance?
Pennsylvania car insurance rates are based on many factors that can increase the cost of having a policy. Improving your credit rating, having a teenage driver, or getting caught speeding can produce rate changes resulting in some companies being cheaper than before.
Also, auto insurance companies amend pricing every year or even multiple times each year to adjust for heavy claims or excess profits. Higher than normal claims can result in additional premium costs, while profitable underwriting may produce lower-priced Philadelphia car insurance rates.
For instance, the chart below analyzes the cheapest car insurance in Philadelphia, PA for a 40-year-old female driver with a clean driving record, no accidents, and good financial standing. When comparing rates based on her current rating profile, General Casualty quotes the lowest car insurance rates in Philadelphia at $1,634 a year. This is $23 less than the average price paid by Pennsylvania drivers of $1,657. USAA, Erie, Travelers, and Penn National are the rest of the cheapest Philadelphia, PA auto insurance companies.
In this next rate comparison, we will give the driver in the first chart a claim or two, a lower credit rating, and a speeding ticket. Since every insurance provider has their own formula for establishing rates, analyzing rates could now result in a different set of the cheapest Philadelphia car insurance companies as shown below.
Auto-Owners now has the lowest price in Philadelphia with Atlantic States, Donegal Mutual, GEICO, and USAA completing the list. This example proves why consumers need to take the time to do a thorough rate comparison when trying to get the most budget-friendly insurance quotes for a company car. Auto insurance prices are determined by many things and change frequently, so the best company three years ago may now be quite expensive.
If you like to have a professional recommendation when buying car insurance for a company car, the professional agents shown below can most likely aid you in deciding which policy fits your needs best. To locate a Philadelphia car insurance agency in your neighborhood, click the button link following the list.
- State Farm: Brian Cover
7005 Bustleton Ave – Philadelphia, PA 19149 – (215) 332-9000 - Paul Hoffman – State Farm Insurance Agent
2655 S 12th St – Philadelphia, PA 19148 – (215) 389-4737 - Les Moore – State Farm Insurance Agent
6750 N 5th St – Philadelphia, PA 19126 – (215) 224-4400
Find a Philadelphia, PA insurance agent near you
How to find economical car insurance for a company car
The list below shows some of the better penny-pinching ideas that can help you get cheap coverage.
- Do not file small claims
- Maintain a safe distance and avoid accidents
- Serious violations like DUI or careless driving can make car insurance unaffordable
- Buy vehicles with five-star safety ratings
- Do not pay for full coverage if not needed
- Buy your homeowners policy from the same company as your auto insurance
- Check for cheaper rates once a year
The last idea is certainly crucial, as was noted in this write-up. Prices charged by auto insurers adjust often, so drivers shouldn’t hesitate to switch companies if a better rate can be found.
Brand loyalty is not necessarily bad, but it isn’t a good idea if it’s costing you major coinage every year. It only takes a couple minutes to compare rates and find cheaper auto insurance for a company car in Philadelphia.