For using your car for business, one of the largest things that aid in calculating the amount you pay for auto insurance is where you live in Lincoln. Larger areas are more likely to pay higher prices, whereas areas with fewer weather claims and lower vehicle theft rates benefit from lower coverage costs.
The illustration below lists the most expensive areas in Nebraska for business use to buy an auto insurance policy in. Lincoln shows up at #24 with the annual price of $1,095 on average, which is approximately $91 per month.
|9||South Sioux City||$1,251|
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Premium amounts are approximated as vehicle location can impact rates noticeably.
Finding out which companies quote the cheapest insurance rates for business use will require a tad more effort in order to find the lowest price.
Every insurance company has a unique approach to set their prices, so let’s take a look at the insurance companies that tend to have lower prices in Nebraska.
Best Car Insurance Prices for Business Use
|Rank||Company||Cost Per Year|
|5||Farmers Mutual of Nebraska||$989|
|6||Farm Bureau Mutual||$1,010|
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Safeco generally has some of the cheapest car insurance rates in Lincoln at around $788 annually. The Hartford, Auto-Owners, Allied, and Farmers Mutual of Nebraska are also some of the most economical Lincoln, NE auto insurance companies.
As depicted above, if you currently have coverage with Allied and switched to The Hartford, you could earn savings of in the neighborhood of $82. Insureds with Farmers Mutual of Nebraska may save as much as $150 a year, and Farm Bureau Mutual insureds might realize rate reductions of up to $171 a year.
Remember that these premiums are averages across all types of drivers and the different vehicles they drive and are not factoring in a specific location for business use. So the company that fits your needs best may not even be in the top 24 companies shown above. That affirms the importance of why you need to get quotes using your own driver data and vehicle information.
The type of vehicle on the policy is one of the largest considerations when trying to find cheaper insurance for business use. Vehicles with lower acceleration and performance, good safety features, or a low likelihood of liability claims will cost quite a bit less to insure than adrenaline junky models. The next list showcases coverage costs for a selection of the most affordable vehicles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLT 2WD||$860|
|Honda CR-V LX 2WD||$868|
|Hyundai Elantra GLS Touring Station Wagon||$888|
|Honda Accord LX 4-Dr Sedan||$895|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$944|
|Dodge Grand Caravan Crew||$950|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$959|
|Ford F-150 XLT Super Cab 2WD||$964|
|Ford Edge SE 2WD||$978|
|Honda Odyssey EX-L W/Rear Entertainment||$984|
|GMC Sierra SLE Crew Cab 2WD||$1,000|
|Chevrolet Impala LS||$1,010|
|Chevrolet Equinox LS 2WD||$1,020|
|Chevrolet Malibu Hybrid||$1,029|
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Data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nebraska minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, homeowner, and safe-driver. Rate information does not factor in specific location which can affect premiums significantly.
Looking at the numbers, vehicles like the Ford Escape, Honda CR-V, Toyota Prius, and Hyundai Elantra are likely to be some of the cheapest vehicles to insure for using your car for business. The cost of a car insurance policy will tend to be more expensive anyway just due to the fact that there is more exposure for business use, but generally speaking those models will most likely have the cheapest auto insurance rates available.
The diagram below illustrates how your deductible choice can influence insurance costs when trying to find cheap insurance for business use. The rates are based on a married female driver, comp and collision included, and no discounts are taken into consideration.
A 30-year-old driver could lower their car insurance rates by $236 a year by switching from a $100 deductible up to a $500 deductible, or save $358 by using a $1,000 deductible. Younger drivers, like the age 20 example, can cut as much as $508 or even more by using higher deductibles when buying full coverage. When raising deductibles, it is important to have plenty of savings on hand to offset the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Illustration showing the impact of accidents and violations
The best way to maintain cheap insurance rates in Lincoln for using your car for business is to be a cautious driver and not have accidents or get tickets. The chart below demonstrates how speeding tickets and accidents can affect insurance rates for each different age category. The data assumes a single female driver, full physical damage coverage, $500 deductibles, and no discounts are applied to the premium.
The data above shows the average cost of car insurance per year with no accidents or violations is $1,350. Add in two speeding tickets and the average cost surges to $1,803, an increase of $453 each year. Now add two accidents along with the two speeding tickets and the 12-month cost of insurance for business use goes up to an average of $3,570. That’s an increase of $2,220, or $185 per month, just for being a little careless behind the wheel!
Get discount Lincoln auto insurance
Car insurance companies that provide policies for business use could also offer policy discounts that could reduce prices by 40% or more if you are eligible for them. A list of insurance companies and a selection of discounts include:
- Progressive may have discounts that include multi-vehicle, good student, homeowner, continuous coverage, multi-policy, online quote discount, and online signing.
- The Hartford has savings for air bag, bundle, defensive driver, anti-theft, driver training, vehicle fuel type, and good student.
- Mercury Insurance offers discounts including good student, multi-policy, professional/association, low natural disaster claims, ease of repair, anti-theft, and annual mileage.
- GEICO offers premium reductions for federal employee, defensive driver, driver training, five-year accident-free, anti-lock brakes, and multi-policy.
- AAA offers discounts for AAA membership discount, anti-theft, multi-car, good driver, and education and occupation.
- State Farm may include discounts for driver’s education, multiple autos, safe vehicle, good driver, Drive Safe & Save, accident-free, and passive restraint.
The information below illustrates the difference between insurance costs with and without some available policy discounts. The rate quotes are based on a female driver, no claims or driving citations, Nebraska state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with homeowner, vehicle safety, accident-free, multiple vehicle, passive restraint, and marriage discounts applied. When discounts are factored in, theaverage yearly reduction on insurance for business use is 28% or $413.
How to find the cheapest auto insurance for business use
The list below details some thrifty suggestions that can help you quote lower-cost car insurance.
- Get cheaper liability coverage by choosing a safer vehicle
- Raise comprehensive and collision coverage deductibles
- Increase your credit rating
- Do not get tickets
- If your vehicles are older, consider dropping full coverage
- Remain accident-free and save
- Shop around for cheaper rates regularly
The last tip in the list is incredibly valuable, as we pointed out in this article. Prices charged by auto insurers can change in a short period of time, so don’t be afraid to change insurance companies if a cheaper rate is available. Many consumers stick with the same company and that’s fine, but it’s not recommended if that loyalty results in overpaying several hundred dollars every year. Take a few minutes and compare prices and find cheaper insurance for business use in Lincoln.
The agents listed below can probably answer your questions and help you decide which auto insurance coverages would be the best in your situation, since many consumers aren’t sure which coverage to buy and prefer to have a little guidance when comparing insurance rates for business use. It’s not always easy to find the best coverage yourself, and agents can bring satisfaction knowing your policy gives you enough protection. To locate a Lincoln auto insurance agent close to you, click the link after the list.
- Rick Self – State Farm Insurance Agent
6030 Village Dr #101 – Lincoln, NE 68516 – (402) 434-2800
- MIAA – Midwest Insurance Agency Alliance
6120 Havelock Ave – Lincoln, NE 68507 – (402) 467-5355
- Solomon Halim – State Farm Insurance Agent
4007 S 48th St – Lincoln, NE 68506 – (402) 486-3839
- Independent Insurance Agents
8231 Northwoods Dr # B – Lincoln, NE 68505 – (402) 476-2951