What Auto Insurance is Cheapest for Business Use in Laredo?

For using your car for business, one of the largest considerations that determine the cost of insurance is where you keep your vehicle in Laredo. Areas with high crime rates or more dense population tend to have higher auto insurance costs, whereas areas with lower vehicle theft rates and fewer weather claims tend to receive cheaper rates.

The following table shows the most costly cities in Texas for business use in which to purchase auto insurance. Laredo shows up at #3 with the annual price of $1,889 for car insurance, which is around $157 monthly.

How much does auto insurance cost in Laredo?
Rank City Average Per Year
1 McAllen $1,936
2 Dallas $1,911
3 Laredo $1,889
4 Brownsville $1,870
5 Houston $1,853
6 Garland $1,850
7 Amarillo $1,840
8 Pasadena $1,794
9 Irving $1,772
10 Mesquite $1,753
11 Grand Prairie $1,740
12 Beaumont $1,720
13 Arlington $1,709
14 San Antonio $1,688
15 Lubbock $1,682
16 Fort Worth $1,653
17 Carrollton $1,647
18 Austin $1,610
19 Corpus Christi $1,588
20 McKinney $1,577
21 Plano $1,576
22 Waco $1,569
23 El Paso $1,568
24 Abilene $1,545
25 Killeen $1,473
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Table data uses comparative as the garaging address in Laredo can impact premium rates substantially.

The type of vehicle that is being insured is probably the biggest factor when looking for the most affordable insurance for business use. Vehicles with lots of horsepower, poor safety ratings, or a high likelihood of having liability claims will cost much more to insure than more economical and safe models. The next list outlines coverage premiums for the most economical automobiles to buy coverage for.

Cheapest Vehicles to Insure in Laredo, TX
Make and Model Estimated Cost for Full Coverage
Volkswagen Jetta S 2.5 Station Wagon $1,324
Honda Accord LX-P 4-Dr Sedan $1,336
Toyota Prius $1,351
Ford Escape Limited 2WD $1,366
Honda CR-V EX 4WD $1,375
Ford Focus SE 4-Dr Sedan $1,414
GMC Sierra SLE Crew Cab 2WD $1,441
Chevrolet Malibu Hybrid $1,447
Jeep Wrangler Sport 4WD 2-Dr $1,441
Toyota RAV4 4WD $1,450
Honda Odyssey LX $1,463
Ford F-150 XLT Regular Cab 2WD $1,471
Ford Explorer XLT 4WD $1,493
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Prices above based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Texas minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Information does not factor in vehicle garaging location which can affect coverage rates significantly.

Based upon these rates, we can assume that vehicles like the Volkswagen Jetta, Honda Accord, and Toyota Prius are likely to be some of the more affordable vehicles to insure for using your car for business. The cost of a car insurance policy will tend to be more expensive anyway just because there is a higher risk for business use, but in general those specific models will tend to have the best insurance prices that you are likely to find.

The diagram below shows how different deductible levels can influence insurance premiums when trying to find cheap insurance for business use. The information is based on a single male driver, comp and collision included, and no discounts are applied.

The data above shows that a 40-year-old driver could save $374 a year by changing from a $100 deductible to a $500 deductible, or save $564 by using a $1,000 deductible. Even younger drivers, such as the 20-year-old chart data, could drop their prices $1,236 or even more just by choosing higher deductibles. When raising deductibles, it will be important to have plenty of money set aside to cover the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.

Full coverage versus liability only rates

Finding cheaper auto insurance is the goal of most people, and one of the easiest ways to pay less for insurance for business use is to only pay for liability coverage. The information below illustrates the difference between insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Texas. The price estimates are based on a clean driving record, no claims, $1,000 deductibles, single marital status, and no discounts are applied.

As an overall average, physical damage coverage on your policy costs $1,598 per year more than just buying liability insurance. That amount may make you wonder if buying full coverage is a waste of money. There is no specific rule of when to exclude comp and collision coverage, but there is a general convention. If the yearly cost of comp and collision coverage is more than around 10% of the replacement cost minus the deductible, then it could be time to drop full coverage.

Get discounts on Laredo insurance rates

Auto insurance for using your car for business in Laredo, TXInsurance providers that provide coverage for business use may additionally offer special discounts that can lower rates by 40% or more if you meet eligibility requirements. Large auto insurance companies and their offered discounts are outlined below.

The chart below compares car insurance rates with and without discounts applied to the policy rates. The rate quotes are based on a male driver, no tickets, no at-fault accidents, Texas state minimum liability limits, full coverage, and $500 deductibles.

The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with safe-driver, anti-theft, accident-free, vehicle safety, passive restraint, and defensive driving course discounts applied. With discounts applied, the average amount saved each year on auto insurance for business use is 28% or $669.

How to find economical insurance for business use

It is possible to find better rates, and here are some of the recommended money-saving solutions that can help drivers buy more affordable auto insurance.

The final tip is very vital, as we discussed in the prior information. Rates can change significantly in a year, so drivers shouldn’t be resistant to buy a policy from a new company if a more affordable rate is found. We understand brand loyalty, but it’s not recommended if that inflexibility results in costing you lots of hard earned cash every month. In just a couple of minutes you could compare prices to find cheaper auto insurance for business use in Laredo.

The professional agents shown below can most likely help you decide which car insurance company is the best fit, as many consumers aren’t sure which coverage to buy and prefer to have a little guidance when trying to find the best insurance rates for business use. It can be complicated to find the best coverage on your own, so professional agents can add peace of mind knowing your policy gives you adequate protection in the event of a claim.

To find an auto insurance agency in your neighborhood, click the link at the bottom.

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