For realtors, one of the big things that help determine the annual cost of car insurance is your address. Regions with more people or even just more weather-related claims will most likely have higher rates, whereas areas with lower crime rates and fewer weather claims profit from lower rates.
The table below sorts the highest-priced areas in Michigan for real estate agents to purchase car insurance in. Detroit is ranked #1 with an annual premium of $4,813 for the average insured, which is about $401 monthly.
|Rank||City||Average Per Year|
|11||St. Clair Shores||$2,792|
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Premium amounts are estimated as the specific area where the vehicle is garaged can affect coverage rates greatly.
The make and model of vehicle you are insuring is one of the main factors when looking for the most affordable coverage for real estate agents. Vehicles with high performance engines, a lack of safety features, or high incidents of liability claims will cost quite a bit more to insure than more modest models. The table below features coverage prices for some of the most economical vehicles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$4,565|
|Ford Escape Limited 2WD||$4,667|
|Honda Accord EX-L 4-Dr Sedan||$4,948|
|Toyota RAV4 Sport 4WD||$5,400|
|Jeep Grand Cherokee Laredo 4WD||$5,405|
|Ford Edge SE 2WD||$5,754|
|Ford F-150 XL Regular Cab 4WD||$5,870|
|Ford F-350 XL Crew Cab Cabela Package 2WD||$5,890|
|Nissan Rogue SL AWD||$6,079|
|Hyundai Sonata SE 4-Dr Sedan||$6,086|
|Ford Focus SE 2-Dr Coupe||$6,079|
|Ford Fusion Sport AWD 4-Dr Sedan||$6,171|
|Chevrolet Equinox LS 2WD||$6,195|
|Toyota Camry LE||$6,202|
|GMC Sierra SL Extended Cab 2WD||$6,195|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$6,297|
|Chevrolet Malibu LT||$6,312|
|Dodge Ram Quad Cab ST 2WD||$6,316|
|Honda Odyssey EX||$6,491|
|Toyota Corolla XLE||$6,520|
|Chevrolet Silverado LS Extended Cab 4WD||$6,627|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$6,637|
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Table data represents single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include safe-driver, multi-policy, claim-free, multi-vehicle, and homeowner. Information does not factor in specific Detroit, MI garaging location which can influence auto insurance rates considerably.
Looking at the numbers, you can presume that models like the Honda CR-V, Ford Escape, Honda Accord, Toyota Prius, and Toyota RAV4 are likely to be a few of the most affordable vehicles to insure for realtors.
Trying to find low-cost car insurance is not the easiest thing to accomplish, and determining which companies have the best auto insurance rates for real estate agents will take even more work. Each insurance company has their own guidelines for setting prices, so we need to take a look at the auto insurance companies with the overall cheapest rates in Detroit, MI.
It’s important that you understand Michigan auto insurance rates are impacted by many factors which can substantially decrease or increase the price you have to pay. Things like having a birthday, buying a different vehicle, or getting a couple of tickets may cause policy rate changes that can make some companies more expensive than others.
Best Insurance Companies for Realtors
|Rank||Company||Cost Per Year|
|6||Pioneer State Mutual||$1,430|
|17||Auto Club Group||$2,391|
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USAA may offer some of the best car insurance rates in Detroit at around $978 a year. GEICO, Safeco, MetLife, and Chubb also qualify as some of the most economical Detroit, MI auto insurance companies.
As shown in the table above, if you are a policyholder with Chubb and switched to GEICO, you may see yearly savings of roughly $395. Policyholders with Pioneer State Mutual might save as much as $397 a year, and MEEMIC policyholders might lower prices by $417 a year.
To find the cheapest coverage for you, click here to get quotes or click several companies below for low rates.
Remember that these policy rates are averaged for all drivers and vehicles in Michigan and are not factoring in a specific vehicle garaging location for real estate agents. So the company that has the cheapest price for you may not even be in the top 30 companies in the list above. That point stresses why you need to get auto insurance quotes using your own driver information and specific vehicle type.
Liability-only versus full coverage
Saving money when shopping for auto insurance is probably important to the majority of people, and an effective way to save on the cost of insurance for real estate agents is to buy liability only. The chart below shows the comparison of car insurance costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The information is based on no tickets, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are applied.
On average, physical damage coverage costs $4,905 per year over liability only. Lot’s of drivers question if it’s a good idea to buy full coverage. There is no clear-cut formula to drop physical damage coverage, but there is a guideline you can consider. If the yearly cost of full coverage is 10% or more of the replacement cost minus the deductible, the it may be a good time to stop paying for full coverage.
Selecting a highly-rated car insurance company is difficult considering how many choices there are in Michigan. The rank data shown below could help you pick which insurers you want to consider comparing rates from. The ratings below only include companies that write coverage in many states, so companies without a large exposure will not be included in these rankings.
Top 10 Major Auto Insurance Providers in Detroit Ranked by A.M. Best Rating
- State Farm – A++
- USAA – A++
- GEICO – A++
- The Hartford – A+
- Allstate – A+
- Nationwide – A+
- Esurance – A+
- Progressive – A+
- Safeco Insurance – A
- Liberty Mutual – A
Top 10 Major Auto Insurance Providers in Detroit Ranked by Customer Service
- The Hartford
- American Family
- State Farm
- Farmers Insurance
- Safeco Insurance
- Liberty Mutual
The importance of shopping around
Michigan auto insurance rates are impacted by many things that control the policy price. Simply improving your credit, marrying your spouse, or having a fender bender can cause premium changes resulting in some companies being cheaper than others. Not only may your situation change, but companies change rates every year or even multiple times each year to ensure their profitability. A period of higher than normal claims can cause rate increases, while a lower level of claims can cause cheaper Detroit car insurance rates.
For instance, the graph below analyzes the cheapest car insurance in Detroit, MI for a 45-year-old female driver with no prior accidents, a clean driving record, and solid credit. If we compare prices based on her current risk factors, USAA quotes the lowest car insurance rates in Detroit at $2,325 annually. This is $68 less than the average price paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and Chubb are the remainder of the top five cheapest Detroit, MI auto insurance companies.
In this next rate comparison, we will give the driver in the first chart an accident surcharge, less-than-perfect credit, and a few traffic violations. Due to the fact that every insurance company has a different process for determining prices, getting updated rate quotes most likely will result in a substantially altered list of affordable companies as shown below.
GEICO now has the cheapest insurance rate in Detroit with Pioneer State Mutual, Safeco, USAA, and Hastings Mutual also having competitive pricing. This example illustrates why it is crucial to shop around to get the most budget-friendly auto insurance quotes for real estate agents. Insurance prices are determined by many risk factors and can decrease or increase without notice, so the cheapest rate six months ago may now cost much more than other companies.
How to find more affordable car insurance for real estate agents
The list below details some of the better thrifty solutions that can help you get cheaper auto insurance.
- Buy a car with high safety ratings
- Try paying for small claims out-of-pocket
- Full coverage is expensive so only insure older vehicles for liability only
- Improve your credit
- Higher physical damage deductibles lower rates
- Buying home and auto insurance together can earn discounts
- Shop around for lower rates once a year
That last tip is highly vital, as we pointed out in this piece. Rates in Detroit can be adjusted at any time, so don’t be hesitant to switch to a new company if a better deal can be had.
Staying with the same company for years is fine, but we do not recommend it if that dedication is costing big bucks every year. Now is a great time to shop around and find cheaper auto insurance for real estate agents.
The Detroit auto insurance agencies shown below can provide answers to your questions and help you determine which policy fits your needs best, since lots of people like to get some help when trying to find the best insurance rates for real estate agents. It can be time-consuming to find the best coverage yourself, so insurance agents licensed in the state of Michigan can give satisfaction knowing your coverage gives you sufficient coverage for your assets.
To locate a Detroit auto insurance agent near you, click the link at the bottom.
Dave Gilead Insurance Agency
18323 W McNichols Rd – Detroit, MI 48219 – (313) 533-3220
16119 W Warren Ave – Detroit, MI 48228 – (313) 582-1500
Diebold Detroit Insurance Agency
1420 Broadway St #101 – Detroit, MI 48226 – (313) 964-3750