One of the more important criteria that determine the amount you pay each year for auto insurance is where you normally keep your vehicle in Riverside. Cities with more crime and/or more people are more likely to pay higher prices, whereas less populated areas benefit from lower rates.
The information below sorts the most expensive areas in California for a company car in which to purchase auto insurance. Riverside is ranked #12 with a yearly premium of $1,542 for the average policy, which is around $129 per month.
|Rank||City||Average Per Year|
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Information shown are comparative as specific Riverside zip code can raise or lower coverage prices noticeably.
The vehicle you are insuring is one of the largest considerations in finding the best coverage for a company car. Vehicles with economical engines, excellent safety ratings, or a low likelihood of having liability claims will cost much less to insure than high performance models. The information below ranks car insurance rates for a selection of the more affordable vehicles to insure in California.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$1,183|
|Honda CR-V EX-L 2WD||$1,216|
|Ford F-150 XL Regular Cab 2WD||$1,236|
|Nissan Altima 2.5 4-Dr Sedan||$1,241|
|Toyota RAV4 Sport 2WD||$1,249|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$1,252|
|Dodge Grand Caravan SE||$1,282|
|Toyota Corolla S||$1,308|
|Ford Edge Sport AWD||$1,318|
|Nissan Rogue SL 2WD||$1,331|
|Ford Focus S 4-Dr Sedan||$1,333|
|Toyota Camry LE||$1,359|
|Ford Explorer Limited 2WD||$1,386|
|Toyota Tacoma Double Cab 4WD||$1,398|
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Table data represents single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, claim-free, and multi-vehicle. Price information does not factor in your specific Riverside, CA location which can alter rates significantly.
Looking at the data, you can see that makes and models like the Ford Escape, Honda CR-V, Ford F-150, and Nissan Altima should be some of the more affordable vehicles to insure for your employer’s vehicle.
The diagram below shows how different deductible levels can raise or lower insurance prices when getting quotes for cheap insurance for a company car. The data assumes a married female driver, comprehensive and collision coverage, and no discounts are applied.
The data above shows that a 40-year-old driver could save $420 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $634 by changing to a $1,000 deductible. Even younger insureds, like the age 20 example, could potentially save up to $1,042 annually by selecting a higher deductible. When insureds make the decision to increase the deductibles on their policy, it will now be necessary to have additional savings on hand to enable you to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
How to get discounts on Riverside auto insurance
Insurers that provide policies for a company car may also give you special discounts that can lower rates by as much as 35% if you are eligible for them. A few popular companies and some of the premium reductions they offer are shown below.
- The Hartford includes discounts for air bag, vehicle fuel type, anti-theft, driver training, good student, and bundle.
- American Family may include discounts for accident-free, early bird, bundled insurance, air bags, multi-vehicle, and mySafetyValet.
- Progressive has discounts for multi-vehicle, multi-policy, good student, continuous coverage, online quote discount, homeowner, and online signing.
- Travelers discounts include continuous insurance, save driver, good student, IntelliDrive, and new car.
- Farmers Insurance offers discounts including business and professional, pay in full, multi-car, good student, and teen driver.
- USAA offers discounts for safe driver, loyalty savings, new vehicle, defensive driver, vehicle storage, and multi-policy.
- Liberty Mutual offers premium reductions for hybrid vehicle, teen driver discount, multi-car, preferred payment discount, and safety features.
The diagram below illustrates the comparison of auto insurance costs with and without some available policy discounts. The premium estimates are based on a female driver, no driving violations, no at-fault accidents, California state minimum liability limits, comp and collision included, and $500 deductibles. The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with defensive driving course, accident-free, homeowner, safe-driver, marriage, and multiple policy discounts applied. When these discounts are applied, the average amount saved each year on auto insurance for a company car is 28% or $549.
Difference between full coverage and liability only rates
Reducing the cost of auto insurance is probably important to most drivers, and one of the easiest ways to lower the cost of insurance for a company car is to only buy liability coverage. The information below shows the comparison of auto insurance costs with full physical damage coverage and with liability coverage only. The premium estimates are based on a clean driving record, no claims, $250 deductibles, single status, and no discounts are applied.
If we average the cost for ages 20 through 70, physical damage insurance costs $2,314 per year over liability only. Many of you may wonder if buying full coverage is worth the expense. There is no exact rule of when to drop physical damage coverage on your policy, but there is a general convention. If the annual cost of having full coverage is more than around 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
For example, let’s pretend your vehicle’s settlement value is $8,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $7,000 after paying the physical damage deductible. If you are paying more than $700 a year for your policy with full coverage, then it’s probably a good time to buy liability coverage only.
There are some situations where dropping full coverage is not a good idea. If you still owe money on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should keep full coverage on your policy.
Here’s why you should shop around
California auto insurance rates are influenced by many factors which can significantly increase or decrease the price you have to pay. Getting older, marrying your spouse, or having an at-fault accident can trigger price changes that can cause some rates to be much cheaper than others.
Not only that, but insurers modify pricing every year or even multiple times each year to adjust for unexpected claims or profits. Higher than normal claims may cause higher rates, while a profitable period may result in more affordable Riverside car insurance rates.
To illustrate this point, the chart below shows rates for the cheapest car insurance in Riverside, CA for a 35-year-old female driver with no accidents or violations, and a high credit rating. If we estimate rates based on her personal profile, USAA might offer the best car insurance rates in Riverside at $1,319 a year. This is $332 less than the average policy premium paid by California drivers of $1,651. Century National, Wawanesa, CSAA, and Nationwide are the remaining most affordable Riverside, CA auto insurance companies.
The next chart shows rates after we give the driver in the first example some claims, a lower credit score, and an imperfect driving record. Since each company uses a different method for determining rates in each state, comparing quotes may now present a significantly different list of companies as shown below.
Grange now has the lowest price on auto insurance in Riverside with Mercury, Progressive, GEICO, and Allstate completing the list. This shows why it is important to compare rates when trying to get the most budget-friendly auto insurance quotes for a company car. Prices are impacted by many risk factors and can decrease or increase without notice, so the best company the last time you shopped your coverage around may now be one of the higher cost companies.