The words “bargain” and “insurance” probably shouldn’t be used together, especially when you are searching for the best insurance rates for a company car. To help control this cost, let’s get started by showing you some of the factors that help determine car insurance prices, and figure out some ideas to slash the price of your next policy.
For your employer’s vehicle, one of the more important components that help determine the amount you pay each year for auto insurance is where your residence is in Honolulu. Areas with more people or higher crime rates tend to have more expensive auto insurance rates, whereas more rural areas have the luxury of cheap car insurance rates.
The illustration below shows the most expensive places in Hawaii for a company car in which to purchase auto insurance. Honolulu is listed at #13 having an annual price of $1,036 for the average policy, which is around $86 monthly.
|Rank||City||Average Per Year|
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Prices are comparative as specific Honolulu garaging address can alter insurance rates greatly.
The type of vehicle on the policy is one of the main factors in finding low-priced insurance for a company car. Vehicles with reasonable performance levels, a plethora of safety features, or a track record of few liability claims will cost less to insure than adrenaline junky models.
The information below shows insurance premiums for some of the more affordable vehicles to insure in Hawaii.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$924|
|Hyundai Elantra GLS Touring Station Wagon||$932|
|Honda Civic LX-S 4-Dr Sedan||$987|
|Honda CR-V LX 4WD||$994|
|Honda Accord LX 4-Dr Sedan||$1,002|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$1,018|
|Chevrolet Malibu LTZ||$1,024|
|Ford Explorer Eddie Bauer 2WD||$1,038|
|Ford Focus S 4-Dr Sedan||$1,075|
|Ford Edge SEL AWD||$1,083|
|Chevrolet Silverado 2500HD LTZ Crew Cab Diesel 4WD||$1,094|
|Jeep Grand Cherokee Laredo 2WD||$1,096|
|Ford F-350 Super Cab Cabela Turbo Diesel 2WD||$1,112|
|Dodge Grand Caravan SXT||$1,116|
|GMC Sierra 2500HD SLE Extended Cab 2WD||$1,145|
|Honda Odyssey EX W/Rear Entertainment||$1,151|
|Ford F-250 XL Super Cab 4WD||$1,157|
|Chevrolet Equinox LT AWD||$1,173|
|Toyota RAV4 Limited 2WD||$1,179|
|Toyota Tacoma Double Cab 4WD||$1,173|
|Volkswagen Jetta SE 4-Dr Sedan||$1,178|
|Nissan Rogue S AWD||$1,175|
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Data variables include single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Hawaii minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Estimates do not factor in specific garaging location which can affect rates considerably.
Based upon these rates, you can see that makes and models like the Ford Escape, Hyundai Elantra, Honda Civic, Honda CR-V, and Honda Accord are some of the most economical vehicles to insure for your employer’s vehicle.
Finding decent, affordable auto insurance is not the easiest thing to accomplish, and determining which companies offer the most affordable insurance rates for a company car will involve even more work.
Every car insurance company uses their own formula to determine rates, so let’s begin by examining the insurance companies with the overall cheapest rates in Hawaii. It’s a good idea to be aware that Honolulu insurance rates are impacted by many factors which can substantially change the price you pay. Events like turning one year older, buying a newer car, or getting a DUI can trigger rate changes resulting in some companies being cheaper in comparison to the competition.
Compare Cheap Insurance Quotes in Hawaii
|Rank||Company||Cost Per Year|
|7||First of Hawaii||$1,947|
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USAA offers some of the lowest car insurance rates in Honolulu at around $964 each year. State Farm, GEICO, Liberty Mutual, and Progressive also rank well as some of the more affordable Honolulu, HI insurance companies.
As the example above demonstrates, if you are insured with Progressive and switched to State Farm, you could earn savings of upwards of $456. Customers with Allstate could save as much as $806 a year, and First of Hawaii insureds might lower prices by $827 a year.
To see if your current coverage is too expensive, click here to begin a quote or feel free to get quotes from the companies below.
Bear in mind that those prices are averages for all drivers and vehicles in Hawaii and and are not calculated with a specific location for a company car. So the company that can offer you the best price may not even be in the list above. That’s why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.
Buying coverage from a good quality auto insurance provider is hard considering how many companies sell coverage in Hawaii. The company ratings shown below can help you choose which coverage providers you want to consider comparing price quotes from.
The rankings below are for large, nationwide insurance companies, so smaller companies are not included in the list. If you wish to compare rates from many more Hawaii auto insurance companies, simply click here.
Top 10 Large Auto Insurance Companies in Honolulu Ranked by Claims Service
- State Farm
- AAA Insurance
- Liberty Mutual
- The Hartford
- Farmers Insurance
Top 10 Large Auto Insurance Companies Overall in Honolulu
- American Family
- State Farm
- The Hartford
- AAA Insurance
- Liberty Mutual
Types of discounts on Honolulu auto insurance
Insurance providers that provide policies for a company car may have premium discounts that could lower prices by as much as 25% or more if you meet specific criteria. A list of insurance companies and some of the discounts are shown below.
- GEICO offers discounts for military active duty, air bags, five-year accident-free, federal employee, membership and employees, and seat belt use.
- MetLife may include discounts for good student, defensive driver, claim-free, multi-policy, and good driver.
- State Farm may have discounts that include Steer Clear safe driver discount, safe vehicle, accident-free, driver’s education, multiple autos, and defensive driving training.
- Progressive offers discounts including multi-vehicle, good student, continuous coverage, online signing, and multi-policy.
- Mercury Insurance offers premium reductions for low natural disaster claims, multi-car, multi-policy, good driver, ease of repair, and location of vehicle.
- 21st Century has savings for student driver, driver training, good student, 55 and older, and theft prevention.
- Allstate may offer discounts for premier discount, FullPay discount, new car, premier plus, and auto/life discount.
The example below compares insurance costs with and without policy discounts. The costs are based on a male driver, no claims, a clean driving record, Hawaii state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with marriage, multiple policy, passive restraint, accident-free, homeowner, and anti-theft discounts applied. When discounts are factored in, theaverage yearly reduction on insurance for a company car is 28% or $334.
The illustration below illustrates how choosing a deductible can affect annual premium costs when getting quotes for cheap insurance for a company car. Data assumes a single male driver, full physical damage coverage, and no policy discounts are applied.
In the chart above, a 50-year-old driver could cut expenses by $218 a year by switching from a $100 deductible up to a $500 deductible, or save $328 by using a $1,000 deductible. Younger drivers, like the 20-year-old category, can save up to $714 every year by choosing larger deductibles on their policy. When insureds make the decision to increase the deductibles on their policy, it’s a good idea to have emergency funds available to allow you to cover the extra out-of-pocket expense that is associated with using high deductibles.
The auto insurance agents in Honolulu shown below can most likely provide answers to your questions and help you determine which is the best policy, since some people have coverage questions and would like to have professional advice when trying to find lower insurance rates for your employer’s vehicle. It can be complicated to find the best coverage on your own, so insurance agents can bring comfort knowing your coverage gives you adequate protection in the event of a claim. To locate an agency close to you, click the link after the list or click here to get price quotes now.
Royal State National Insurance Company
819 S Beretania St – Honolulu, HI 96813 – (808) 539-1600
Kaina Kauahi – State Farm Insurance Agent
560 N Nimitz Hwy #217f – Honolulu, HI 96817 – (808) 524-9997
Sean Huh – State Farm Insurance Agent
23 S Vineyard Blvd #205 – Honolulu, HI 96813 – (808) 528-0001