Best Car Insurance for CPAs in 2024 (Top 10 Companies)
State Farm, Allstate, and Nationwide are renowned as the best car insurance for CPAs, featuring rates notably lower than their rivals. State Farm leads at $115, followed by Allstate and Nationwide. Explore tailored coverage, competitive rates, and comprehensive risk management.
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Heidi Mertlich
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Heidi works with top-rated life insurance carriers to bring her clients the highest quality protection at the most competitive prices. She founded NoPhysicalTermLife.com, specializing in life insurance that doesn’t require a medical exam. Heidi is a regular contributor to several insurance websites, including FinanceBuzz.com, Insurist.com, and Forbes. As a parent herself, she understands the ...
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UPDATED: Oct 21, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Oct 21, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Among its top picks overall, State Farm is recognized for its competitive rates, averaging $115 per month for good drivers varying based on individual driving records, location, and coverage preferences. It also provides personalized service for professions including CPAs, ensuring reliable coverage.
Our Top 10 Company Picks: Best Car Insurance for CPAs
| Company | Rank | Multi-Policy Discount | Safe Driver Discount | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 17% | 30% | Personalized Service | State Farm |
 | #2 | 25% | 20% | Enhanced Protection | Allstate |
 | #3 | 20% | 10% | Industry Expertise | Nationwide |
 | #4 | 10% | 31% | Customizable Coverage | Progressive |
 | #5 | 10% | 20% | Comprehensive Policies | Farmers |
 | #6 | 25% | 30% | Strong Financials | Liberty Mutual |
 | #7 | 13% | 23% | Flexible Options | Travelers |
 | #8 | 5% | 15% | Specialized Coverage | The Hartford |
 | #9 | 29% | 22% | Industry Knowledge | American Family |
 | #10 | 15% | 25% | Global Reach | AIG |
Delve into the key factors CPAs should consider when selecting auto insurance, ranging from coverage options to claims handling, offering industry expertise, enhanced protection, and flexible coverage options to ensure optimal financial security and peace of mind on the road.
To discover the ideal insurance plan that aligns with both your car and budget, enter your ZIP code above and compare rates offered by top insurance providers in the industry. Seize the chance to secure the most advantageous car insurance for accountants.
- Tailored coverage options for CPAs’ professional needs
- Personalized service addressing CPAs’ specific requirements
- State Farm is the top choice at $115/month for reliable coverage
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#1 – State Farm: Top Overall Pick
Pros
- Tailored Solutions: State Farm excels in providing personalized service, ensuring CPAs receive auto insurance solutions specifically designed for their unique needs.
- Consistent Discounts: Offering a 17% multi-policy discount and a 17% safe driver discount, State Farm provides reliable opportunities for CPAs to save on premiums.
- Reputation: State Farm insurance review & ratings underscore the company’s robust reputation for customer satisfaction and financial stability, bolstering confidence among policyholders.
Cons
- Competitive Discounts: While State Farm offers competitive discounts, some rivals may provide slightly higher discounts, affecting overall affordability.
- Rate Variability: Depending on individual profiles, State Farm’s average monthly rate for good drivers starts at $115 and may be relatively higher in certain cases.
#2 – Allstate: Best for Enhanced Protection
Pros
- Comprehensive Coverage: Allstate is known for providing enhanced protection, addressing specific risks faced by CPAs on the road with innovative coverage options.
- Generous Safe Driver Discount: Offering a substantial 25% safe driver discount, Allstate promotes and rewards safe driving habits.
- Innovation: Allstate introduces innovative features and technologies, offering CPAs additional tools for safety and convenience.
Cons
- Higher Premiums: Allstate insurance review & ratings reveal that the average monthly rate for good drivers, standing at $120, tends to be comparatively higher, which could influence the overall cost-effectiveness.
- Fewer Discounts: While offering high discounts, Allstate provides fewer opportunities for additional savings through discounts compared to some competitors.
#3 – Nationwide: Best for Industry Expertise
Pros
- Tailored for Professions: Nationwide boasts industry expertise, understanding the specific needs of CPAs and addressing them in their auto insurance coverage.
- Cost-Effective Bundling: CPAs benefit from a 20% multi-policy discount, making Nationwide a cost-effective choice for those with multiple insurance needs.
- Diverse Coverage Options: Nationwide offers a comprehensive range of coverage options, allowing CPAs to customize their policies to align with their unique requirements.
Cons
- Moderate Safe Driver Discount: Nationwide insurance review & ratings indicate that while the company offers a safe driver discount of 20%, some may view this as moderate compared to offerings from other providers.
- Moderate Affordability: The average monthly rate for good drivers with Nationwide is reasonable at $105 but not the lowest, potentially influencing affordability.
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#4 – Progressive: Best for Customizable Coverage
Pros
- Tailored Policies: Progressive stands out for its customizable coverage options, allowing CPAs to tailor policies according to their unique needs.
- Encourages Bundling: The “Progressive Insurance Review & Ratings” emphasize the company’s provision of a 15% multi-policy discount, aiming to incentivize CPAs to consolidate their insurance policies for possible savings.
- Innovative Snapshot Program: Progressive’s Snapshot program, monitoring driving habits, can lead to additional discounts based on safe driving behavior.
Cons
- Average Safe Driver Discount: While offering safe driver discounts, the 15% discount may be perceived as average compared to competitors.
- Rate Variability: Progressive’s rates may vary significantly based on individual profiles, potentially resulting in higher premiums for some customers.
#5 – Farmers: Best for Comprehensive Policies
Pros
- Extensive Coverage: Farmers is recognized for offering comprehensive policies, ensuring CPAs have coverage for various risks.
- Promotes Bundling: According to Farmers insurance review & ratings, Farmers extends a 15% multi-policy discount, advocating for policy bundling as a means to access extra savings.
- Financial Stability: Farmers’ strong financial stability provides confidence in the company’s ability to handle claims and fulfill obligations.
Cons
- Limited Multi-Policy Discount: While Farmers offers a multi-policy discount, it is relatively lower compared to some other providers in the list.
- Discount Discrepancies: Farmers’ 5% safe driver discount may be considered lower than expected, potentially affecting overall affordability.
#6 – Liberty Mutual: Best for Strong Financials
Pros
- Financial Confidence: Liberty Mutual is known for its strong financial stability, providing confidence to policyholders, including CPAs, in times of need.
- High Safe Driver Discount: Liberty Mutual, as outlined in our “Liberty Mutual Insurance Review & Ratings“, incentivizes and acknowledges safe driving practices by offering a generous 25% safe driver discount.
- Global Reach: Liberty Mutual’s global reach can be advantageous for CPAs with international travel or business needs.
Cons
- Average Monthly Rate: The average monthly rate may be relatively higher for some customers, impacting overall affordability.
- Limited Multi-Policy Discount: While offering a multi-policy discount, it is similar to some competitors and may not stand out as a major cost-saving factor.
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#7 – Travelers: Best for Flexible Options
Pros
- Tailor-Made Policies: Travelers is praised for its flexible insurance options, allowing CPAs to tailor coverage according to their preferences.
- Multi-Policy Discount: Providing a 12% multi-policy discount, Travelers offers savings for bundling and potentially reduces overall insurance costs.
- Customer Service Reputation: According to Travelers insurance review & ratings, Travelers is renowned for its exceptional customer service, which contributes to an enhanced overall customer experience.
Cons
- Moderate Safe Driver Discount: The safe driver discount is moderate compared to some competitors, limiting opportunities for additional savings.
- Competitive Rates: While offering discounts, Travelers’ average monthly rate may be competitive but not the lowest in the market.
#8 – The Hartford: Best for Specialized Coverage
Pros
- Tailored to Professions: The Hartford specializes in providing coverage tailored to specific needs, addressing the unique risks faced by CPAs.
- Encourages Bundling: Offers a 20% multi-policy discount, encouraging customers to bundle for savings and potentially reducing overall insurance costs.
- Expertise Recognition: The Hartford is recognized for its expertise in serving specific professional groups, including CPAs.
Cons
- Average Safe Driver Discount: While offering safe driver discounts, it’s not the highest in the market, potentially limiting additional savings.
- Average Monthly Rate: The average monthly rate could be somewhat higher for certain customers, which may influence the overall affordability aspect. This is noted in “Hartford Insurance Review & Ratings“.
#9 – American Family: Best for Industry Knowledge
Pros
- In-Depth Understanding: American Family is recognized for its industry knowledge, understanding the unique requirements of CPAs.
- Multi-Policy Discount: Provides a 20% multi-policy discount, encouraging bundling for cost savings and potentially reducing overall insurance expenses.
- Coverage Variety: American Family offers a variety of coverage options, allowing CPAs to tailor their policies to their specific needs.
Cons
- Average Monthly Rate: For certain customers, the average monthly rate might be relatively higher, thus impacting the overall affordability aspect. This observation is highlighted in “American Family Insurance Review & Ratings“.
- Safe Driver Discount: While offering a safe driver discount, it’s not the highest in the market, potentially limiting additional savings.
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#10 – AIG: Best for Global Reach
Pros
- International Coverage: AIG insurance review & ratings highlight the company’s global reach, which is advantageous for CPAs with international travel or business needs.
- Multi-Policy Discount: Provides a 10% multi-policy discount, offering some savings for bundling and potentially reducing overall insurance costs.
- Variety of Coverage Options: AIG provides a range of coverage options, allowing CPAs to customize their policies according to their unique requirements.
Cons
- Moderate Safe Driver Discount: The safe driver discount is moderate compared to some competitors, limiting opportunities for additional savings.
- Average Monthly Rate: While competitive, the average monthly rate for good drivers may not be the lowest, potentially influencing overall affordability.
Comparison of Auto Insurance Coverage Options for CPAs
When evaluating auto insurance providers for Certified Public Accountants (CPAs), it’s essential to consider the range of coverage options. Each company offers varying levels of protection, from minimum coverage to comprehensive full coverage.
AIG starts at $100 for minimum and $300 for full coverage. Allstate offers minimum at $120 and full up to $350. American Family begins at $110 and reaches $320 for full coverage. Farmers starts at $130 and extends to $380 for full coverage. Liberty Mutual’s minimum is $140, with full coverage up to $400. Nationwide begins at $105 and goes up to $330 for full coverage.
Car Insurance Monthly Rates for CPAs by Coverage Level
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| AIG | $100 | $300 |
| Allstate | $120 | $350 |
| American Family | $110 | $320 |
| Farmers | $130 | $380 |
| Liberty Mutual | $140 | $400 |
| Nationwide | $105 | $330 |
| Progressive | $95 | $300 |
| State Farm | $115 | $350 |
| The Hartford | $105 | $320 |
| Travelers | $120 | $360 |
Progressive starts at $95 and reaches $300 for full coverage. State Farm starts at $115 and offers full coverage up to $350. The Hartford begins at $105 for minimum and extends to $320 for full coverage. Travelers starts at $120 and goes up to $360 for full coverage. Understanding these options helps CPAs make informed decisions based on their needs and budget.
Why CPAs Need Specialized Auto Insurance Coverage
As a CPA, your profession involves traveling to various client locations, attending meetings, and sometimes transporting sensitive financial documents. This profession-specific requirement necessitates a specialized auto insurance policy that caters to your needs.
One key reason why CPAs need specialized auto insurance coverage is the nature of their work. CPAs often carry valuable equipment, such as laptops, printers, and scanners, in their vehicles. These items are essential for conducting their work effectively and efficiently. In the event of an accident or theft, a specialized auto insurance policy can provide coverage for the replacement or repair of these valuable tools. (For more information, read our “Is car theft covered by car insurance?“).
Jeff Root Licensed Life Insurance Agent
Furthermore, CPAs frequently drive long distances to meet with clients or attend conferences and seminars. This increased mileage puts them at a higher risk of being involved in accidents. A specialized auto insurance policy can provide coverage for medical expenses, property damage, and legal fees that may arise from such accidents, ensuring that CPAs are protected financially.
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Key Coverage Options Every CPA Should Consider in Their Auto Insurance Policy
Factors to Consider When Choosing Auto Insurance for CPAs
When selecting the best insurance for accountants, several key factors demand attention. First, consider the extent of coverage provided. Look for policies that offer comprehensive protection for your vehicle and the valuables it carries. Additionally, it is crucial to evaluate the liability coverage limits to ensure they align with the potential risks you may face.
Another important factor to consider is the insurer’s financial stability. As a CPA, you understand the importance of financial security, so it is essential to choose an insurance company that has a solid track record and is capable of fulfilling its obligations in the event of a claim.
Car Insurance Monthly Rates for CPAs by Age & Gender
| Insurance Company | 20-Year-Old Female | 20-Year-Old Male | 30-Year-Old Female | 30-Year-Old Male | 45-Year-Old Female | 45-Year-Old Male | 60-Year-Old Female | 60-Year-Old Male |
|---|---|---|---|---|---|---|---|---|
| AIG | $395 | $445 | $290 | $300 | $120 | $338 | $328 | $333 |
| Allstate | $465 | $515 | $348 | $358 | $162 | $343 | $333 | $338 |
| American Family | $420 | $470 | $315 | $325 | $115 | $320 | $310 | $315 |
| Farmers | $490 | $540 | $375 | $385 | $139 | $290 | $280 | $285 |
| Liberty Mutual | $505 | $555 | $395 | $405 | $171 | $370 | $360 | $365 |
| Nationwide | $425 | $475 | $325 | $335 | $113 | $390 | $380 | $385 |
| Progressive | $385 | $435 | $295 | $305 | $112 | $350 | $340 | $345 |
| State Farm | $455 | $505 | $343 | $353 | $86 | $310 | $300 | $305 |
| The Hartford | $430 | $480 | $315 | $325 | $115 | $310 | $300 | $305 |
| Travelers | $470 | $520 | $355 | $365 | $98 | $285 | $275 | $280 |
Lastly, carefully examine the policy’s terms and conditions. Pay attention to the exclusions and limitations that may impact your coverage. Be mindful of any additional endorsements or riders that can enhance your policy to fit your unique needs as a CPA.
How to Save Money on Auto Insurance as a CPA
To save money on auto insurance as a CPA, consider bundling policies for potential discounts. Maintain a clean driving record to qualify for lower rates. Opt for a higher deductible to reduce monthly premiums. Utilize available discounts like safe driving or multi-policy discounts. Choose a vehicle with safety features for potential rate reductions.
Review coverage periodically and adjust as needed. Improve your credit score for potential savings. Shop around for quotes from multiple providers and inquire about professional discounts. By implementing these strategies, CPAs can save money on auto insurance while ensuring adequate coverage.
Read More: How To Get Discounts on Car Insurance
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Tips for Obtaining Competitive Auto Insurance Quotes as a CPA
As a Certified Public Accountant (CPA), obtaining competitive auto insurance quotes can help you find the best CPA car insurance at the most affordable rates. Start by reviewing your coverage needs and gathering necessary information, such as your driver’s license, vehicle registration, and driving history.
Utilize online comparison tools and consider working with an independent insurance agent to gather quotes from multiple carriers. Provide accurate information when requesting quotes and carefully review policy details, including coverage limits, deductibles, and exclusions.
Ask questions if needed and consider factors such as customer service reputation and claims handling process when evaluating insurance providers. By following these steps, you can find the coverage you need at a price that fits your budget as a CPA.
Case Examples: Personalized Auto Insurance Solutions for Certified Public Accountants (CPAs)
Certified Public Accountants (CPAs) often face unique challenges when it comes to finding auto insurance. In the following case studies, we explore how three CPAs found tailored solutions to meet their specific requirements.
- Case Study #1 – Comprehensive Coverage: Sarah, a CPA, needed specialized auto insurance. State Farm provided tailored solutions, offering a 17% multi-policy discount and 17% safe driver discount. Sarah chose State Farm for personalized coverage, ensuring financial security on the road.
- Case Study #2 – Enhanced Protection: John, a busy CPA, sought comprehensive coverage. Allstate offered innovative coverage options and a 25% safe driver discount. John selected Allstate for comprehensive protection, including safeguards for professional liabilities.
- Case Study #3 – Industry Expertise: Maria, an experienced CPA, prioritized industry knowledge. Nationwide offered a 20% multi-policy discount, catering to Maria’s diverse insurance needs. She chose Nationwide for tailored coverage and cost savings through bundling.
These case studies demonstrate how CPAs can benefit from personalized auto insurance solutions. Providers like State Farm, Allstate, and Nationwide offer solutions to address the specific requirements of CPAs on the road.
Melanie Musson Published Insurance Expert
CPAs seeking personalized auto insurance solutions should consider exploring offerings from State Farm, Allstate, and Nationwide, which have demonstrated their ability to provide tailored coverage, innovative options, and industry expertise.
Conclusion: Empowering CPAs With Tailored Auto Insurance Solutions
Now that you are aware of the importance of specialized auto insurance coverage for CPAs and have gained insights into the various coverage options, provider considerations, and money-saving strategies, you can confidently make informed decisions when selecting the best car insurance for accountants tailored to your specific needs. Find the best auto insurance company near you by entering your ZIP code into our free quote tool below.
Remember to thoroughly assess your risks, review policy terms, compare quotes, and consult with insurance professionals to ensure you have the best coverage protecting you and your assets while on the road.
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Frequently Asked Questions
Why do CPAs need specialized auto insurance coverage?
Certified Public Accountants (CPAs) require specialized auto insurance coverage to address the unique risks they face on the road. Standard policies may not adequately account for the specific needs and challenges associated with the profession.
For additional details, read our “Types of Car Insurance Coverage“.
How can CPAs save money on auto insurance?
CPAs can save money on auto insurance by taking advantage of multi-policy discounts, safe driver discounts, and other incentives offered by insurance providers. Comparing quotes from different companies and maintaining a good driving record are also effective strategies for cost savings.
What are the key coverage options every CPA should consider in their auto insurance policy?
CPAs should consider comprehensive coverage, liability insurance, and coverage for business vehicles. It’s essential to have a policy that addresses both personal and professional driving needs, providing a comprehensive shield against various potential risks.
How are claims handled for CPA car insurance?
The claims process for CPA car insurance involves reporting incidents promptly, providing necessary documentation, and working closely with the insurance company. Professional liability coverage can play a crucial role in ensuring adequate protection and assistance during the claims process.
What factors should be considered when choosing CPA car insurance?
CPAs should consider factors such as the provider’s reputation, coverage options, discounts offered, and the ability to tailor policies to their professional and personal requirements. Additionally, understanding how rates are determined based on factors like credit scores, mileage, and driving records is crucial.
What makes the best car insurance for accountants different from standard auto insurance policies?
Car insurance for accountants, often referred to as CPA car insurance, typically includes coverage tailored to the specific needs of Certified Public Accountants. This may include coverage for business-related driving, such as commuting to client meetings or transporting sensitive financial documents.
How can I find the best insurance for accountants that suits my needs?
To find the best insurance for accountants, consider researching insurance companies that offer specialized coverage for professionals like CPAs. Look for policies that provide adequate coverage for both personal and business driving, competitive rates, and additional benefits tailored to your profession.
What types of coverage should I look for in CPA car insurance policies?
CPA car insurance policies should ideally include comprehensive coverage options such as liability coverage, collision coverage, uninsured/underinsured motorist coverage, and coverage for business use of your vehicle. It’s essential to ensure that the policy adequately protects you in various scenarios relevant to your profession.
Can I use my personal car insurance for business-related driving as an accountant?
Personal insurance may not cover all scenarios; consider purchasing specialized CPA car insurance. It’s advisable to discuss your specific needs with insurance providers and consider purchasing a specialized CPA car insurance policy to ensure adequate coverage.
Are there any specific liability considerations for accountants when it comes to CPA car insurance?
Accountants may face unique liability risks related to their profession, such as transporting sensitive client documents or equipment in their vehicles. It’s essential to ensure that your CPA car insurance policy includes adequate liability coverage to protect you in case of accidents or damage involving your vehicle during business-related activities.
How can I save money on CPA car insurance premiums?
To save money on CPA car insurance discounts, consider bundling policies, maintain a clean record, opt for higher deductibles, and compare quotes from multiple insurance providers to help you find the most competitive rates.
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What should I consider when transitioning from employee to self-employed regarding CPA car insurance?
Review your policy to ensure it covers new business-related driving activities. You may need to update your policy or consider purchasing a specialized CPA car insurance policy to accommodate your changing needs.
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Heidi Mertlich
Licensed Insurance Agent
Heidi works with top-rated life insurance carriers to bring her clients the highest quality protection at the most competitive prices. She founded NoPhysicalTermLife.com, specializing in life insurance that doesn’t require a medical exam. Heidi is a regular contributor to several insurance websites, including FinanceBuzz.com, Insurist.com, and Forbes. As a parent herself, she understands the ...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
