The make and model of vehicle to be insured is a large factor when looking for the best cheap coverage for business use. Vehicles with lower acceleration and performance, good safety features, or a track record of few liability claims will cost significantly less to insure than adrenaline junky models.
The table below illustrates insurance costs for some of the most affordable automobiles to buy coverage for.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $980 |
| Honda Accord EX-L 4-Dr Sedan | $1,062 |
| Honda CR-V EX-L 4WD | $1,129 |
| Toyota RAV4 4WD | $1,154 |
| Dodge Ram Quad Cab ST 2WD | $1,176 |
| Ford Escape Limited 4WD | $1,189 |
| Jeep Wrangler Unlimited Sport 4WD 4-Dr | $1,191 |
| Honda Odyssey EX-L | $1,216 |
| Toyota Prius | $1,218 |
| Chevrolet Impala LS | $1,238 |
| Ford Explorer Eddie Bauer 2WD | $1,240 |
| GMC Sierra 3500HD SLE Crew Cab 2WD | $1,261 |
| Chevrolet Malibu Hybrid | $1,263 |
| Dodge Grand Caravan Hero | $1,269 |
| Ford F-150 XL Crew Cab 4WD | $1,269 |
| Chevrolet Silverado 3500HD LTZ Crew Cab 2WD | $1,283 |
| Chevrolet Equinox LT AWD | $1,301 |
| Volkswagen Jetta LE 4-Dr Sedan | $1,309 |
| Nissan Rogue SL AWD | $1,301 |
| Toyota Camry Hybrid | $1,323 |
| Ford Focus SEL 4-Dr Sedan | $1,334 |
| Ford Edge Sport 2WD | $1,339 |
| Dodge Ram 2500 Crew Cab Laramie 4WD | $1,345 |
| Find Cheaper Rates Go | |
Prices above based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, homeowner, and safe-driver. Price information does not factor in the specific area where the vehicle is garaged which can revise prices substantially.
Based upon the table data, cars like the Hyundai Elantra, Honda Accord, Honda CR-V, Toyota RAV4, and Dodge Ram are most likely to be the more affordable vehicles to insure for using your car for business. The price of auto insurance will be higher anyway just due to the fact that there is more risk for business use, but overall those particular vehicles will have the lowest prices that you’ll find.
One of the many components that aid in calculating the annual cost of car insurance is where you normally keep your vehicle in Nashville. Regions with larger populations or more claims are more likely to pay higher prices, whereas more rural areas have the luxury of cheap car insurance rates.
The information below lists the highest-priced areas in Tennessee for business use to purchase car insurance in. Nashville is ranked #8 with the yearly price of $1,201 for the average insurance policy, which is about $100 per month.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Memphis | $1,446 |
| 2 | Bartlett | $1,363 |
| 3 | Collierville | $1,363 |
| 4 | Germantown | $1,360 |
| 5 | Jackson | $1,266 |
| 6 | Oak Ridge | $1,223 |
| 7 | Knoxville | $1,218 |
| 8 | Nashville | $1,201 |
| 9 | La Vergne | $1,197 |
| 10 | Murfreesboro | $1,194 |
| 11 | Columbia | $1,178 |
| 12 | Hendersonville | $1,170 |
| 13 | Clarksville | $1,170 |
| 14 | Franklin | $1,164 |
| 15 | Maryville | $1,160 |
| 16 | Smyrna | $1,159 |
| 17 | Spring Hill | $1,157 |
| 18 | Gallatin | $1,155 |
| 19 | Chattanooga | $1,149 |
| 20 | Cookeville | $1,147 |
| 21 | Brentwood | $1,144 |
| 22 | Morristown | $1,137 |
| 23 | Cleveland | $1,091 |
| 24 | Kingsport | $1,037 |
| 25 | Johnson City | $1,031 |
| Find Cheaper Rates Go | ||
Premium amounts are estimated as the vehicle garaging location can affect auto insurance rates considerably.
The information below demonstrates how deductible levels can affect insurance premiums when trying to find cheap insurance for business use. The data assumes a married male driver, full coverage, and no policy discounts are applied.
The chart above illustrates that a 40-year-old driver could cut expenses by $204 a year by changing from a $100 deductible to a $500 deductible, or save $306 by using a $1,000 deductible. Younger drivers, like the 20-year-old category, could drop their prices $670 each year by selecting a higher deductible. If you do raise deductibles, it is important to have enough savings to offset the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Get discount Nashville car insurance
Insurance providers that sell policies for business use may provide special discounts that may potentially lower prices by 35% or more if you meet the requirements. Companies and a summarized list of policyholder discounts can be read below.
- Mercury Insurance may offer discounts for age of vehicle, location of vehicle, accident-free, multi-policy, good driver, annual mileage, and anti-theft.
- Farmers Insurance may include discounts for teen driver, bundle discounts, homeowner, business and professional, switch companies, and multi-car.
- Farm Bureau offers discounts for renewal discount, youthful driver, 55 and retired, good student, and driver training.
- State Farm may have discounts that include driver’s education, defensive driving training, safe vehicle, accident-free, student away at school, multiple policy, and multiple autos.
- Allstate has discounts for new car, early signing, safe driver, passive restraint, and teenSMART discount.
- GEICO has savings for daytime running lights, seat belt use, good student, multi-vehicle, military active duty, and federal employee.
The information below shows the comparison of auto insurance rates with and without discounts applied to the rates. The information is based on a male driver, no claims or violations, Tennessee state minimum liability limits, full physical damage coverage, and $100 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with safe-driver, multiple policy, accident-free, passive restraint, defensive driving course, and multiple vehicle discounts applied. When discounts are factored in, theaverage yearly reduction on insurance for business use is 27% or $456.
Full coverage or liability only
Paying a lower price for insurance should be important to the majority of drivers, and one way to pay less for insurance for business use is to not pay for full coverage. The chart below compares annual premium costs with full coverage compared to only the Tennessee minimum liability coverage. The information is based on no claims or driving violations, $1,000 deductibles, drivers are not married, and no discounts are applied.
Averaged out for all age groups, physical damage coverage on your policy costs $1,318 per year over liability only. That is a large expense which might make you wonder if you should buy full coverage. There is no set rule of when to eliminate comp and collision coverage, but there is a general convention. If the yearly cost for physical damage coverage is about 10% or more of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let’s pretend your vehicle’s replacement cost is $3,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $2,000 after you pay the deductible. If you are currently paying more than $200 a year to have full coverage, then you may need to consider dropping full coverage.
The Nashville car insurance agencies listed below can probably help you determine which car insurance policy is best, since some drivers have questions and prefer to have some professional guidance when comparing insurance rates for business use. It can be challenging to find coverage yourself, and getting advice from a licensed Tennessee insurance agent can give peace of mind knowing your coverage gives you adequate coverage if you have an accident or claim. To find an auto insurance agency by location nearest to you, click the button link following the list.
- HQ Insurance, Inc.
2451 Atrium Way – Nashville, TN 37214 – (615) 884-3535 - Roy Arnold – State Farm Insurance Agent
2600 Lebanon Pike a – Nashville, TN 37214 – (615) 871-0663 - Phil Hardeman – State Farm Insurance Agent
3708 Nolensville Rd c – Nashville, TN 37211 – (615) 832-0630 - Nationwide Insurance: April Bowers Agency Inc
211 Donelson Pike #8 – Nashville, TN 37214 – (615) 883-8183
View more Nashville, TN insurance agents
Ideas for buying more affordable insurance for business use
The list below shows some thrifty suggestions that can help you locate lower-cost car insurance.
- Better credit scores save money
- Choose a safer vehicle and pay lower rates
- Serious violations like DUI or careless driving can make car insurance unaffordable
- Increase your comprehensive and collision deductibles
- Do not get into accidents
- Compare rates often to find the best deal
The last suggestion is certainly important, as was discussed in the prior information. Car insurance rates can change significantly in a year, so don’t hesitate to switch companies if a cheaper rate is available. Brand loyalty is not necessarily bad, but it’s not a good idea if that faithfulness ends up costing you money that could be used for better things. In just a few minutes you could compare prices and find cheaper car insurance for business use in Nashville.