Can't-Miss Facts

  • Managers and directors will likely qualify for most auto insurance
  • You can make your policies more affordable by lowering risk
  • There are also an abundance of commercial auto policies available

Being a manager or director of a company can cause a lot of stress. However, these risks can be mitigated with the addition of a proper insurance policy that covers you in the event of an accident.

For leaders who are constantly on the road, it would make sense to have auto insurance for managers and directors. These coverage options would cover any fees, legal, vehicle, or otherwise, that come up during the travel between business locations.

Ready to find out what you could pay for auto insurance for managers and directors? Just enter your ZIP code into our free tool to get an idea of what the auto insurance rates for managers might be.

How do managers and directors get lower auto insurance rates?

Managing an organization can create a lot of stress, which can be viewed by insurers as increased risk. Since insurers base your premiums off how much risk they’re taking on, the policyholder will want to make sure that they lower their potential risk as much as possible.

How do insurers determine rates?

When you apply for a new auto insurance policy, expect them to ask a few questions about your life through a process called underwriting. This can be as simple as car information or as extensive as your current job and credit info.

If something happens to you or your car, the insurer has the potential to pay out a large sum to cover that. If there is statistically a higher chance for you to be in an accident or some other issue, you’ll have to pay more in premiums to cover that potential.

That being said, some of the factors that will determine your manager;s and director’s car insurance rates are:

  • Your Age – Younger drivers are more likely to be in accidents over older drivers. Not likely an issue for many managers.
  • Your Vehicle – The more expensive the parts for your vehicle, the more it will cost to insure.
  • Your Driving History – If you have a tendency to be in accidents or get tickets, the insurer will view that as risky behavior that could cost it.
  • Your Credit – In 47 states, car insurance companies can charge you more if you have bad credit, but you can also save if your credit is good.

There are other variables too, and some insurers vary with the each state’s unique requirements for insurance.

How Managers and Directors Can Lower Risk

Since insurers look at the risk you pose to them having to pay out a large sum of money, it follows that one of they keys to getting lower rates would be to lower your risk of getting into an accident or getting a ticket that will cause you to have higher premiums in the future.

Some other methods that can help lower your future car insurance rates would be to drive safer, obey traffic laws, and make sure that your main vehicle is something reliable and easily available on the market, just in case it does need those spare parts.

Making sure your credit rating is in a good place will also show the auto insurer that the manager is serious about making their payments on time and regularly. A good credit rating might even be able to help the policyholder save more if their credit rating is high enough.

Types of Car Insurance Policies for Managers and Directors

If you have a low enough likelihood for risk, you can likely get affordable manager’s car insurance coverage for affordable rates. Auto insurance for directors will typically be looked at as low-risk, except for in cases where the vehicle or person insured is an outlier.

That being said, it also depends heavily on what type of insurance coverage the insured has on the car. If one is looking to buy manager’s car insurance for affordable rates, it’s a good idea to start from lower coverage and slowly increase until you find the coverage and price you’re comfortable with.

How Coverage Can Affect Your Rates

It follows that the more you and your vehicle are insured for, the more you will have to pay monthly to cover that. Managers and directors car insurance quotes will be projected for more if the individual is seeking more money in coverage.

There are two main types of car insurance. Liability covers you when you damage someone else’s property, and car value covers you when your property is damaged. While liability is required in most states, car value is more typically used by those who can afford the higher rates.

Liability vs. Car Value Insurance

As stated above, the main difference between car value and automobile insurance liability is who’s property is being covered by the insurer. Liability insurance of a certain amount is required in every state, with the only state not requiring any being New Hampshire.

Car value insurance isn’t required in any states, but can help take care of any assets or property lost in an accident or natural disaster. While you will have to pay more for the coverage, it would prevent you from having to completely pay out of pocket for repairs or a new vehicle.

Commercial Auto Liability Insurance for Managers and Directors

Depending on the extent of travel and use of vehicles in your business, you will most likely be required to have some form of liability insurance to protect any property and individuals that are damaged by an employee of your business.

Having extensive coverage is a good way to make sure that you don’t have to swallow the whole burden of paying out for new vehicles, in addition to the damage you’re legally obligated to pay.

Some of the managers car insurance companies that offer commercial auto insurance for managers and directors are:

  • GEICO – In addition to its extensive retail auto policies, GEICO also offers commercial policies that can cover a wide selection of larger vehicles.
  • Allstate – This insurer offers coverage that can cover your vehicles’ repairs and employees’ medical bills in case of an accident.
  • Progressive – Customize your policy to cover everything from your cars to semi-trucks and trailers.

These are just a few of the many options that will offer manager and director car insurance quotes for your business.

Should I get a business auto insurance policy?

Not only is auto liability insurance a requirement in nearly every state, it will help prevent your business from having to pay completely out of pocket in the case of an accident. It’ll save you more money in the long run, and may be the safety net that keeps your business afloat.

Auto Insurance Rates for Management: The Bottom Line

When it comes to manager’s auto policy rates, they can easily be made affordable by making sure that they minimize coverage while also still making sure to stay within a range that makes them feel more comfortable.

While the minimum amount of coverage may be more attractive, it could mean that you or your business will have to pay out more in the case of an accident.

Curious about getting auto insurance for managers and directors? Enter your ZIP code into our free quote tool to get an idea of what your auto insurance rates for management might be.