Car Insurance for Executives

Car insurance for executives can be as cheap as car insurance for teachers, but auto insurance rates for executives depend on several factors. If you have a clean driving record and good credit history, you can pay as low as $90/mo for executive car insurance. Shop around and compare multiple companies to secure affordable auto insurance rates for executives.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 24, 2021

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The Rundown

  • Car insurance for executives is the same as any other driver in the United States
  • You can receive a car insurance discount for insuring more than one vehicle
  • Bundling car insurance with other policies can save up to 12% on your insurance rates

Executives are high-earning workers, and they have more assets than the average driver. However, a high-income bracket doesn’t disqualify executives from cheap car insurance.

Car insurance for executives can be as low as $90 per month, but several factors determine whether affordable car insurance for executives is available, including driving record and the kind of car on the policy.

Read through this guide to learn how to secure auto insurance discounts for executives and how much auto insurance costs.

Are you ready to compare car insurance for executives? Enter your ZIP code in the free online quote tool above to compare quotes from multiple companies near you.

How much are car insurance rates for executives?

Affordability isn’t a significant problem for executives. According to the U.S. Bureau of Labor Statistics, executives earn over $100,000 per year.

Despite the earning potential of executives, auto insurance for executives isn’t any different than a school teacher or restaurant manager. Therefore, car insurance for business executives costs the same as the average driver.

Here’s a look at auto insurance rates based on driving records from the best insurance companies in the United States.

Average Monthly Car Insurance Rates Based on Driving Record by Company
CompaniesMonthly Car Insurance Rates Based on a Clean Driving RecordMonthly Car Insurance Rates With One Speeding TicketMonthly Car Insurance Rates With One AccidentMonthly Car Insurance Rates With One DUI
Allstate$318$374$416$522
American Family$224$252$310$361
Farmers$288$340$377$393
GEICO$179$220$266$406
Liberty Mutual$398$475$517$634
Nationwide$229$259$283$379
Progressive$283$334$398$331
State Farm$235$266$283$303
Travelers$287$355$357$478
USAA$161$183$210$292
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The better your driving record, the more you’ll save on car insurance. But other factors can determine auto insurance for executives. Continue reading to learn more.

What factors determine car insurance quotes for executives?

Before you buy car insurance for executives, you’ll be taken through a quote process. You’re asked a series of questions, and your responses will determine your auto insurance quotes.

Here’s a list of factors that determine auto insurance quotes for executives:

  • Age
  • Gender
  • Marital Status
  • Location (the state where you live)
  • Deductible
  • Vehicle
  • Commute Mileage
  • Driving History
  • Credit History
  • Coverage Level

Your occupation has little effect on your car insurance. However, if you’re an executive that drives a lot during the year, your car insurance rates may be higher than average.

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Which car insurance discounts are available to executives?

Discounts lower executive auto insurance rates so ask your insurance provider which ones you might qualify for. Here’s a list of discounts that executives can ask for:

  • Multi-Policy Discount
  • Multi-Vehicle Discount
  • Low-Mileage Discount
  • Policy Bundle Discount
  • Safe Driver Discount (sometimes called Defensive Driver)
  • Good Credit Discount

Executive car insurance has a higher probability of generating low rates. That’s because most executives have good credit. Excellent and good credit scores correlate to low risk and cheaper car insurance rates.

When is full coverage car insurance required for executives?

When collision and comprehensive car insurance is added to your policy, it becomes full coverage. Comprehensive and collision auto insurance are property damage coverage options that provide compensation if your car is damaged in an accident.

Full coverage auto insurance is more expensive than liability-only coverage and is required for drivers who are still making payments on their vehicles. According to the National Association of Insurance Commissioners (NAIC), full coverage car insurance is about $90 a month.

What if my employer provides car insurance for company vehicles?

If you’re driving a company vehicle, it’s more than likely that your employer’s car insurance policy covers it. Not only is it likely, but it’s also required by law in most states.

If you own your own business, you will need business car insurance to cover your vehicles.

It’s the business’s best interest to have car insurance for any vehicles that it owns. The most common car insurance for businesses is commercial car insurance or fleet insurance.

Why is commercial umbrella insurance for executives necessary?

If you are driving a vehicle for work, then you will need to consider buying business car insurance for executives. Business car insurance needs more than the standard liability coverage. Therefore, some businesses can cover most situations through umbrella insurance.

With commercial umbrella insurance, you can secure coverage limits up to $1 million. Each company has different coverage limits, but they all cover bodily injury and property damage if you are involved in an accident with a work vehicle.

Car Insurance for Executives: What’s the bottom line?

Car insurance companies for executives can be the same as any occupation, but there may be other insurance companies that specifically offer business policies as well personal auto insurance.

If you’re an executive looking for cheaper auto insurance rates, focus on getting discounts.

Before you buy car insurance for executives, use our free comparison tool below to compare the top insurance companies in your local area.

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