Establishing which insurers offer the cheapest auto insurance rates for real estate agents will take a little more sweat than just comparing a company or two.
Each auto insurance company has a different process for setting rates, so let’s look at the rankings for the auto insurance companies that tend to be cheaper in Massachusetts.
Cheap Insurance Rates for Realtors
|Rank||Company||Cost Per Year|
|2||National Grange Mutual||$831|
|9||Norfolk and Dedham||$1,078|
|View More Rates Go|
State Farm quotes some of the lowest car insurance rates in Boston at around $733 each year. This is $502 less than the average price paid by Massachusetts drivers of $1,235. National Grange Mutual, GEICO, Commerce Group, and OneBeacon would also be considered some of the cheaper Boston, MA insurance companies.
In this example, if you are a policyholder with Commerce Group and switched to State Farm, you might achieve an annual premium reduction of about $142. Massachusetts drivers with OneBeacon could save as much as $152 a year, and Progressive policyholders might realize rate reductions of up to $256 a year.
It’s important to note that these premium estimates are averages across all drivers and vehicles in Massachusetts and do not take into consideration an exact zip code location for real estate agents. So the auto insurance company that is most affordable for your situation may not even be in the list above. That affirms the importance of why you need to get car insurance quotes using your own specific driver and vehicle information.
One of the more important things that help determine the price you pay for insurance is where you live in Boston. Areas with more people or even just a higher incidence of claims tend to have more expensive car insurance rates, whereas areas with fewer weather claims and lower vehicle theft rates get the luxury of paying less.
The illustration below ranks the highest-priced places in Massachusetts for real estate agents to purchase auto insurance in. Boston is listed at #7 with an annual cost of $1,735 for the average insured, which is around $145 each month.
|Rank||City||Average Per Year|
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Premium costs are estimated as specific Boston garaging address can increase or decrease coverage prices considerably.
The car, truck, or SUV requiring coverage is a large factor when comparing low-cost car insurance for real estate agents. Vehicles with high performance engines, poor passenger safety features, or a history of substantial liability claims will cost more to insure than safer, lower-performance models.
The table below illustrates insurance prices for some of the cheapest automobiles to buy insurance for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$1,379|
|Ford Escape XLT 4WD||$1,411|
|Honda Accord EX-L 4-Dr Sedan||$1,501|
|Dodge Grand Caravan Hero||$1,636|
|Toyota RAV4 Limited 4WD||$1,641|
|Toyota Tacoma 4WD||$1,688|
|Ford Edge Sport 2WD||$1,723|
|Chevrolet Equinox LTZ AWD||$1,752|
|Kia Optima LX||$1,762|
|Nissan Rogue S 2WD||$1,752|
|Ford Explorer XLT AWD||$1,755|
|Ford Focus S 4-Dr Sedan||$1,800|
|Ford F-150 FX4 4WD||$1,823|
|Chevrolet Impala LT||$1,839|
|Chevrolet Silverado 2500HD LT Crew Cab Diesel 4WD||$1,871|
|Toyota Camry SE||$1,884|
|Toyota Corolla S||$1,891|
|Honda Odyssey EX-L||$1,884|
|Chevrolet Silverado 3500HD LT Crew Cab Diesel 2WD||$1,903|
|Hyundai Sonata GLS 4-Dr Sedan||$1,911|
|Jeep Grand Cherokee Limited 4WD||$1,921|
|Chevrolet Malibu LTZ||$1,931|
|Find Cheaper Rates Go|
Cost estimates assume single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Massachusetts minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Information does not factor in vehicle location which can impact coverage prices considerably.
Looking at the data, we can expect models like the Honda CR-V, Ford Escape, and Honda Accord are likely to be the most affordable vehicles to insure for realtors.
How accidents and violations affect rates
The easiest method to snag affordable auto insurance prices in Boston for realtors is to be a careful driver and avoid accidents and traffic citations. The chart below illustrates how speeding tickets and at-fault collisions can drive up annual premium costs for each age group. The data assumes a married male driver, comprehensive and collision coverage, $100 deductibles, and no discounts are taken into consideration.
The data charted above shows the average cost of car insurance in Massachusetts per year with no violations or accidents is $2,187. Get written up for one speeding ticket and the average cost rises to $2,511, an increase of $324 each year. Then include one accident along with the one speeding ticket and the annual cost of auto insurance for real estate agents increases to an average of $3,441. That’s an increase of $1,255, or $105 per month, just for not driving safely!
The example below shows how different deductible levels can impact insurance prices when quoting cheap insurance for real estate agents. Data assumes a married female driver, full coverage, and no discounts are applied.
As shown above, a 30-year-old driver could cut expenses by $358 a year by increasing from a $100 deductible up to a $500 deductible, or save $538 by changing to a $1,000 deductible. Even younger drivers, like the age 20 example, could shave $762 or even more by choosing a larger deductible amount.
If you make the decision to raise deductibles, it will be required to have enough savings to offset the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Full coverage versus liability-only
Finding the cheapest auto insurance is the goal of most drivers, and one of the best ways to pay less for insurance for real estate agents is to only buy liability coverage. The information below shows the difference between auto insurance rates with liability coverage only compared to full coverage. The data is based on no claims, a clean driving record, $100 deductibles, drivers are not married, and no discounts are taken into consideration.
Averaged out for all age groups, full coverage on your policy costs $2,612 per year more than carrying just liability coverage. At some point, about every driver wonders if buying full coverage is worth the expense. There is no definitive rule to stop buying comprehensive and collision coverage on your policy, but there is a general guideline. If the annual cost of coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
For example, let’s assume your vehicle’s book value is $4,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, you would only receive $3,500 after paying your policy deductible. If you are paying in excess of $350 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.
There are some scenarios where dropping physical damage coverage is not in your best interest. If you haven’t satisfied your loan, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should keep full coverage.
Ideas to find the cheapest insurance for real estate agents
The list below shows some of the better penny-pinching suggestions that can help you quote cheaper auto insurance.
- Prevent rate increases by staying accident-free
- Don’t have frequent claims
- Do not get tickets or violations
- Bundle home and auto and save
- Safer vehicles generally have cheaper insurance rates
- Shop around for cheaper rates regularly
That final tip is very critical, as was pointed out in this article. Coverage rates adjust often, so don’t be unwilling to buy a different policy if you can find a cheaper rate. Loyalty to a specific company is fine, but it’s not recommended if that dedication is costing a small fortune year after year. Take a couple minutes and compare rates and find cheaper car insurance for real estate agents in Boston.
The agencies below can provide answers to your questions and help you determine which policy fits your needs best, since lots of drivers aren’t clear which coverage they need and would like to have some professional guidance when shopping around for cheaper insurance for real estate agents. It can be complicated to find the best rates on your own, and getting advice from a licensed Massachusetts insurance agent can bring peace of mind knowing your policy gives you enough protection.
To find an auto insurance agency in your neighborhood, click the button link following the list or click here to compare price quotes now.
Knapp Schenck Insurance Services
1 India St #204 – Boston, MA 02109 – (617) 742-3366
Metro Boston Insurance Agency
78 Bennington St – Boston, MA 02128 – (617) 561-3191
1361 Cambridge St – Cambridge, MA 02141 – (617) 492-4150
Thomas J. Bennett Insurance Agency
480 Washington St – Dorchester Center, MA 02124 – (617) 825-9676
A-Affordable Insurance Agency, Inc.
55 Union St – Boston, MA 02108 – (617) 924-4915