Car Insurance for Executives

Executive car insurance rates are typically lower since they frequently fly and own multiple cars for bundle discounts. Executives carry heavy responsibility but are usually rewarded for it, in this case with lower rates. To find the lowest executive car insurance rates, use our quote comparison tool.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jul 30, 2020

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Here's what you need to know...

  • Executives carry heavy responsibility but are usually rewarded for it
  • There are different terms for an executive and each one describes a slightly different job
  • Executives can compare car insurance rates to see what company provides the best fit for their situation

Anyone who takes a leadership position in a company or organization takes on a lot of responsibility. Along with the great responsibility, though, becoming an Executive, CEO, CFO, or COO can be very professionally rewarding and can be financially rewarding as well.

An executive may spend time driving for company business or personally so they must have good car insurance.

On average, an executive pays less for car insurance than a receptionist would, regardless of driving record..

No matter what occupation you have, you can compare car insurance rates from top companies now by entering your ZIP code in the FREE box!

The Difference Between a CEO, CFO, COO, and Executive

happy african corporate worker in office with colleagues on background

These terms to describe the head of a company are hard to distinguish and some are used interchangeably.

These terms mean something in the business world but are often less clear to those on the outside.

  • CEO – Chief Executive Officer. This title has taken the place of President over the last several years. The CEO is responsible for running the entire company, setting vision, monitoring protocol, managing people, marketing the company, and answering for mistakes. CEOs also answer to Wall Street.
  • CFO – Chief Financial Officer. This position has all the responsibilities of an accountant on a much higher level. The CFO runs the day to day financial business of the company. The Chief Financial Officer also answers to the Securities and Exchange Commission of the US government.
  • COO – Chief Operations Officer. This individual is in charge of the day to day running of the company. They oversee what happens during the hours the company is open. They are responsible for human resources, management, and handling any major problems that arise with customers, products, or employees.

All three of these terms fall under the title executive.

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Legal Responsibility of Executives

There has been a lot in the news lately about executives taking advantage of stockholders and customers in the financial realm of the business.

It appears this happens a lot because of how much news coverage surrounds it, but this actually involves a very small percentage of executives.

Executives do bear some legal liability if things go wrong with the company.

This legal liability applies to intentional actions that deceive board members or shareholders.

If a company fails because of the economy or even because of poor decisions made by the executive, there are not legal ramifications only professional and career ramifications.

Executives basically answer to the shareholders of the company. If shareholders are not pleased with the direction of the company or they feel like the executive is not being honest or forthcoming, they can take action.

Taking action usually means asking the board of directors of the company to step in and require changes or to fire the executive.

Sometimes the legal action that is taken is by the Securities and Exchange Commission (SEC). The SEC is the arm of the federal government that regulates and monitors large businesses.

If they feel something illegal or deceptive has been done by the executive, they can file charges, launch an investigation, shut down a company, or demand a resignation.

Executive Car Insurance

man-person-night-car

Many executives do not do much driving themselves. Driving to meetings and appointments is often done by a driver. Sometimes employees under the executive go to these appointments in place of the executive.

Major travel tends to be done on airplanes and not on the road. Many times, meetings are held at the company headquarters which requires no driving for the executive.

Research shows that executives tend to own multiple vehicles and they have numerous assets to protect. The industry reviews this research and then sets car insurance rates for executives as well as rates for those in many other occupations.

No matter what occupation you have, you can compare car insurance rates from top companies now by entering your ZIP code in the FREE box!

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