Auto Insurance for Executives (Rates & Discounts)

Auto insurance for executives is about $90 per month. However, car insurance rates for executives vary, and if you own a luxury car you can expect higher rates. The cheapest auto insurance quotes for executives come from USAA, GEICO, and State Farm. Company cars are already covered, but you should shop around and compare affordable auto insurance for executives to find the best rates on your personal car.

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Rachel Bodine graduated from college with a BA in English. She has since worked as a Feature Writer in the insurance industry and gained a deep knowledge of state and countrywide insurance laws and rates. Her research and writing focus on helping readers understand their insurance coverage and how to find savings. Her expert advice on insurance has been featured on sites like PhotoEnforced, All...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insurance...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Apr 29, 2021

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What You Should Know

  • The average price for full coverage auto insurance is $90 per month
  • While your occupation has some impact on rates, other factors like driving record are much more important
  • Executives may be covered under their company’s business auto insurance

Auto insurance for executives on the voluntary market is no different than coverage for custodians. However, some executives have access to insurance through their employer.

Read through this executive auto insurance guide to finding auto insurance quotes online, the top companies for auto insurance, and other details concerning auto insurance rates for executives.

If you want to compare auto insurance quotes for executives and other occupations, enter your ZIP code in the free comparison tool above to compare multiple companies in your area.

What’s the average cost of auto insurance for executives?

According to the National Association of Insurance Commissioners (NAIC), full coverage car insurance is about $1,080 per year (or $90 per month).

However, your auto insurance rates vary by company. Let’s look at the total cost of auto insurance by the best companies in the United States and how their policies are affected by yearly commutes.

Average Annual Auto Insurance Rates by Commute
CompaniesAverage Annual Rates for a
10 Miles Commute
6,000 Annual Mileage
Average Annual Rates for a
25 Miles Commute
12,000 Annual Mileage
USAA$2,483$2,592
GEICO$3,163$3,267
State Farm$3,176$3,344
American Family$3,401$3,485
Nationwide$3,437$3,463
Progressive$4,030$4,041
Farmers$4,179$4,209
Travelers$4,400$4,470
Allstate$4,842$4,934
Liberty Mutual$5,995$6,152
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USAA, GEICO, and State Farm are the cheapest companies in the nation. The more you drive, the more you’ll pay for car insurance.

If you’re an executive that travels more frequently than the average driver, you’ll likely pay more than average.

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Are auto insurance rates for executives more expensive?

That depends on the risk. Executives are usually high-earning workers, but their wages aren’t a significant factor that determines the cost of auto insurance. Auto insurance companies will focus on other risk factors, such as age, gender, location, credit, and driving record.

If an executive is a married 40-year-old female with good credit, the chances are that the customer will have cheaper than average rates. Younger and single male policyholders will likely pay more.

Since executives make good money, they can often afford more expensive vehicles. A high-value car will cost more to insure than an economy car, so that will also impact rates.

Will a company policy cover an executive with a bad driving record?

Certain driving benefits may be excluded if you have a bad driving record. Most companies have business vehicle insurance, but a driver with a poor driving record may not receive a company car.

Therefore, they’ll have to use a personal auto insurance policy and inform their provider that it’s for business use. This means you’ll be liable for bodily injury and property damage if you get into an accident.

How can executives use executive protection insurance to ensure coverage?

High-ranking executives who are bad drivers can secure privileges through executive protection insurance. Although they may not drive company vehicles, executive protection insurance helps protect VIP executives who are under personal and elevated risk.

This could mean an essential executive with a poor driving record would have a driver to reduce the personal and commercial risk.

Most of these drivers are covered under an umbrella policy, which reassures the company that the vehicle is replaced if it’s considered a total loss.

However, your company may have an executive insurance policy with a combined single limit (CSL) attached. A CSL limits the coverage for various components of a filed claim to a single dollar amount.

A high-coverage, CEO insurance policy insures the vehicle and comes with other ways an executive can protect their wealth and other assets.

Does the employer cover a business-issued vehicle?

The short answer is yes. An employer that gives you access to a company vehicle provides coverage through the company’s auto insurance provider. Think of it like any other commercial vehicle that you drive.

Some companies have commercial auto insurance (or fleet insurance). This coverage type is needed when employers have more than a vehicle they need to insure because they have multiple drivers.

It comes with thorough liability coverage that has physical damage coverage and bodily injury coverage.

Under a personal insurance policy, collision, comprehensive, and liability auto insurance pays for damages and injuries.

Your personal auto insurance won’t cover your business vehicle and vice versa unless your employer has a policy covering your vehicle.

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

To secure affordable auto insurance for executives, you’ll have to have good credit and a clean driving record. While age and gender are restrictive factors, they can be canceled out with the right discounts.

There’s always a way to keep auto insurance rates down, and your occupation as an executive doesn’t disqualify you from cheap auto insurance.

Before you buy auto insurance for executives, compare the best companies near you by using our free online quote tool below.

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