Locating reasonably-priced insurance is tough enough, and deciding which companies have the cheapest insurance rates for business use requires a bit more work. Each auto insurance company has a different formula for establishing rates, so first let’s look at the rankings for the insurance companies that tend to be cheaper in Nevada.
Compare Cheap Insurance Quotes for Business Use
|Rank||Company||Cost Per Year|
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Travelers normally has some of the cheapest car insurance rates in Henderson at around $903 per year. This is $671 less than the average premium paid by Nevada drivers of $1,574. Allied, Capital, Oregon Mutual, and American Family would also make the list of some of the cheapest Henderson, NV car insurance companies.
In the rate table above, if you currently have coverage with Oregon Mutual and switched to Travelers, you might achieve a yearly price reduction of in the vicinity of $255. Drivers with American Family might save as much as $315 a year, and GEICO policyholders might lower prices by $316 a year.
Remember that these estimates are averages across all drivers and vehicles and and are not figured with a vehicle location for business use. So the insurer that fits your situation best may not even be in the top 20 companies shown above. That is why you need to get car insurance quotes using your own personal information and vehicle type.
The vehicle you are buying coverage for is a significant factor when comparing the best car insurance for business use. Vehicles with high performance features, poor crash test ratings, or a track record of large liability claims will cost substantially more to insure than safer, lower-performance models.
The data below presents car insurance prices for a handful of the more affordable automobiles to insure in Nevada.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 2WD||$2,003|
|Honda Accord EX 4-Dr Sedan||$2,191|
|Jeep Wrangler Sahara 4WD 2-Dr||$2,242|
|Ford Escape Limited 2WD||$2,249|
|Toyota Tacoma Double Cab 4WD||$2,369|
|Honda Odyssey LX||$2,401|
|Chevrolet Impala LTZ||$2,497|
|Dodge Ram Crew Cab ST 4WD||$2,583|
|Toyota RAV4 Sport 4WD||$2,596|
|Jeep Grand Cherokee Laredo 4WD||$2,606|
|Volkswagen Jetta LE 4-Dr Sedan||$2,596|
|Dodge Grand Caravan Hero||$2,606|
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Data based on single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include multi-policy, multi-vehicle, safe-driver, claim-free, and homeowner. Table data does not factor in specific location which can change premium rates significantly.
Based upon the table data, we can expect vehicles like the Honda CR-V, Honda Accord, Toyota Prius, Jeep Wrangler, and Ford Escape will be some of the more affordable vehicles to insure for using your car for business. The price of auto insurance will tend to be more expensive anyway because there is more liability risk for business use, but generally speaking those specific models will probably have the best insurance prices possible.
Get discount Henderson car insurance
Insurers that sell policies for business use may provide price discounts that can reduce rates by as much as 40% or more if you qualify. Companies and their offered discounts can be read below.
- Progressive may offer discounts for online signing, multi-policy, good student, continuous coverage, homeowner, multi-vehicle, and online quote discount.
- AAA offers discounts including pay-in-full, AAA membership discount, good student, education and occupation, and multi-car.
- Farmers Insurance includes discounts for pay in full, teen driver, homeowner, bundle discounts, and business and professional.
- GEICO policyholders can earn discounts including seat belt use, five-year accident-free, multi-vehicle, air bags, daytime running lights, anti-theft, and defensive driver.
- Esurance may have discounts that include emergency road assistance, anti-theft, online shopper, safety device, multi-policy, multi-car, and renters.
- SAFECO has discounts for teen safe driver, homeowner, multi-car, anti-lock brakes, bundle discounts, and accident prevention training.
- State Farm discounts include good driver, safe vehicle, student away at school, multiple policy, multiple autos, and driver’s education.
The diagram below visualizes the comparison of car insurance costs with and without discounts applied to the policy premium. The premiums are based on a male driver, no claims or violations, Nevada state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with passive restraint, marriage, anti-theft, multiple vehicle, homeowner, and safe-driver discounts applied. In this example, the average savings per year on insurance for business use is 28% or $484.
Safe drivers pay less for insurance
The easiest method to enjoy the most affordable insurance premiums in Henderson for using your car for business is to be a cautious driver and not have accidents or get tickets. The information below shows how speeding tickets and at-fault fender-benders drive up yearly insurance costs for different age groups. The premium estimates are based on a single male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are taken into consideration.
In the example above, the average cost of auto insurance in Henderson per year with no accidents and a clean driving record is $2,368. Get one speeding ticket and the average cost swells to $2,667, an increase of $299 each year. Now include one accident along with the one speeding ticket and the yearly cost of insurance for business use increases to an average of $3,523. That’s an increase of $1,155, or $96 per month, just for not driving safely!
The example below highlights how deductible selection can affect insurance costs when searching for cheap insurance for business use. The data is based on a single male driver, comp and collision included, and no additional discounts are factored in.
A 30-year-old driver could lower their policy premium by $340 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $514 by switching to a $1,000 deductible. Even younger drivers, like the 20-year-old example, could potentially save as much as $1,002 every year by using higher deductibles when buying full coverage.
If you do make the decision to raise your deductibles, it will be important to have enough savings to be able to pay the extra out-of-pocket expense that deters many people from opting for higher deductibles.
Don’t make the mistake of not shopping around
Henderson insurance rates are calculated based on many things that may substantially change the price of your policy. Improving your credit rating, buying higher coverage limits, or having an at-fault accident may generate price changes resulting in some companies being cheaper in comparison to the competition. Not only may your situation change, but car insurance companies change rates multiple times each year in order to offset underwriting gains or losses. Higher than usual claims may cause more expensive prices, while lower claim levels may cause lower-cost Henderson car insurance rates.
As an example, the chart below shows a variety of companies that have the cheapest car insurance in Henderson, NV for a 40-year-old male driver with no prior claims, no tickets, and a decent credit rating. If we estimate rates based on his personal profile, Allied may have the cheapest car insurance rates in Henderson at $1,453 each year. This is $121 less than the average rate paid by Nevada drivers of $1,574. Travelers, Capital, Oregon Mutual, and American Family round out the rest of the best Henderson, NV auto insurance companies.
The example below compares rates after we give the driver from above an accident claim, a lower credit rating, and an imperfect driving record. Due to the fact that every insurance company has their own guidelines to set premium rates, comparing quotes may now result in a different list of the cheapest companies as shown below.
GEICO now has the cheapest auto insurance in Henderson with Nationwide, Safeco, USAA, and Capital now rounding out the top five. This shows why drivers need to shop around when trying to find the most economical auto insurance rates for business use. Insurance rates are influenced by many risk factors and change frequently, so the most economical company a year ago may now be one of the more expensive options.