The Best Commercial Auto Insurance of 2024

Getting the right coverage has never been easier.

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Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

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As a smart business owner, you know that getting the best commercial insurance is a top priority. If you are starting a business, have acquired new vehicles, or your business insurance needs have changed, now is the time to review your commercial vehicle insurance options. 

Whether your business uses a car, delivery van, dump truck, tractor trailer, or an entire vehicle fleet, be sure to compare commercial auto insurance quotes to find the best fit.

Finding the best auto or truck insurance policy is no simple task. Prices for commercial vehicle insurance vary considerably from carrier to carrier. The difference in price to insure one car, a large truck, or a fleet of delivery vans will be something for you to consider as you purchase a policy. 

It's important to compare commercial auto insurance quotes from multiple sources to find the best coverage and value. Contact a local independent insurance agent who specializes in commercial insurance to find the right business vehicle insurance for your needs.

The 5 Best Commercial Vehicle Insurance Companies in 2024

Best Overall Commercial Auto Insurance: Progressive

When choosing an insurance company, you look for great service, affordability, coverage options and customer service. Based on these factors, we picked Progressive as the head of the class for commercial auto insurance.

Progressive has been in business for more than 85 years and is the largest commercial auto insurer in the US, according to the Insurance Information Institute. 

With more than 30 types of liability and vehicle insurance coverage, Progressive can help small businesses get the protection they need.

Let’s look at how Progressive raced ahead of the competition.

AM Best Rating: A+

AM Best is a credit rating agency that focuses on the insurance industry and assigns credit ratings that assess an insurance company's creditworthiness and financial stability.

Progressive insures a variety of commercial vehicles – including autos, trucks, vans, dump trucks, food trucks, and tow trucks.

Most commercial policies come with the following standard coverage:

For small businesses that need specialized protection, Progressive offers these options:

Best Commercial Auto Insurance for Value: Nationwide

With deductibles as low as $0, plus a range of affordable policy options, Nationwide comes in first for value.

In addition to standard protections such as collision, comprehensive and liability, Nationwide offers a variety of optional coverages:

AM Best Financial Strength Rating: A+

Best Commercial Auto Insurance for Single Vehicles: Progressive

With the resources to handle big or small commercial auto insurance needs, Progressive scores again in this category. While they can insure entire fleets, Progressive also offers coverage for single vehicles used for business purposes.

AM Best Financial Strength Rating: A+

Best Commercial Auto Insurance for Fleets: The Hartford

Offering commercial auto insurance to mid- to large-size businesses in a variety of industries, The Hartford comes in first for fleets.

In addition to providing solid coverage, The Hartford offers FleetAhead, a telematics program that gathers real-time driver data designed to help businesses improve fleet operations and reduce claim losses.

AM Best Financial Strength Rating: A+

Best Commercial Auto Insurance for Customer Service: Nationwide

Ranked third in customer service in the J.D. Power 2022 U.S. Small Commercial Insurance Study, Nationwide’s customer service inched ahead of the competition as the best in this category.

Nationwide got high marks from customers for their simple claims process, as well as the array of discounts and options available. The company’s customer service accolades made them a winner, alongside robust and innovative coverage options. For instance, businesses get a discount if they use Vantage 360, Nationwide’s telematic monitoring tool, and individual drivers can earn points for good driving that can be redeemed for gift cards.

AM Best Financial Strength Rating: A+

What Is Commercial Vehicle Insurance?

Also known as “business auto insurance,” commercial auto insurance is similar to personal auto insurance except that it’s specifically for vehicles that are used for business purposes. This type of insurance helps businesses pay the costs of property damage, vehicle repairs, medical expenses, and legal liabilities after a covered accident.

Commercial vehicle insurance can cover a wide range of vehicles, including:

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How Does Commercial Vehicle Insurance Work?

Commercial insurance can be purchased for a single vehicle or an entire fleet. The business owner works with an agent or insurance company representative to determine coverage types, policy limits, deductibles, monthly premiums, and other policy details.

When considering commercial insurance, businesses should look for policies that offer necessary coverage along with reasonable deductibles and monthly premiums.

Similar to personal auto insurance, if a business vehicle gets into an accident, the policyholder files a claim. If the incident is covered, the insurer will pay for damages as determined by the policy.

What Does Commercial Vehicle Insurance Cover?

While policies can be customized based on a business’s needs, a typical policy will offer the following coverage:

Insurance companies also offer additional coverage types that can provide extra protection:

Why Do I Need Commercial Auto Insurance?

Commercial auto insurance is required for any company that uses vehicles for business purposes – from an independent contractor to a large corporation.

Moreover, commercial insurance can meet the needs of industries that require specialized vehicles or additional protection. These include:

If you use a vehicle for business purposes, you will need commercial insurance. Remember, your personal auto insurance won’t cover you If you get into an accident while driving your car for work.

How Much Does Commercial Auto Insurance Cost?

The cost of your commercial auto insurance policy varies depending on a number of the following factors, including your business's location:

Did you know?

The average cost of a commercial auto policy for many businesses is $133 per month, or just under $1,600 per year.

An independent insurance agent can help you find exact quotes for commercial auto insurance in your area.

Frequently Asked Questions about Commercial Auto Insurance

Is Commercial Auto Insurance More Expensive than Standard Auto Insurance?

Commercial auto insurance is generally more expensive than standard auto insurance, as it provides more extensive coverage and protection for businesses. The cost of commercial auto insurance will depend on a variety of factors, including the type of vehicles used for business, the number of vehicles, and the type of business and its location.

Larger, more expensive vehicles will typically cost more to insure than smaller vehicles. Additionally, vehicles used for delivery or transportation services will generally be more expensive to insure than those used for sales or service.

Businesses with good driving records will typically pay less for insurance than those with poor records.

When Do You Need Different Commercial Vehicle Insurance?

As soon as you employ a new driver or add another vehicle to your business, it is important to update your coverage. When changing or adding to your fleet, you may want to compare commercial vehicle insurance rates and consider finding a better value or a new policy that more closely matches your needs.

If you upgrade to a new or better truck, the conditions of your policy may be affected, so it is important to review the coverage you would need in the event of an incident.

A change in the location where you send your delivery drivers, the roads they use, or the cargo they haul, can all impact your policy. You may think that your insurer is already aware of obvious changes such as a new address.

However, it is your duty to inform your agent or insurance company of changes to ensure that there are no interruptions in coverage or difficulties processing your claims after an accident.

Tips to Help You Compare Commercial Vehicle Insurance Prices

As a business owner, you want to be sure to get the best value for your money. Use these tips to compare commercial vehicle insurance prices, get the most accurate quotes, and make an educated choice on the best coverage for your company:

Managing risk and reducing the likelihood of incidents will keep your employees and vehicles safe, protect your business investment, and result in the best commercial vehicle insurance rates.

How Independent Insurance Agents Can Help with Commercial Auto Insurance

It’s simple. Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut through the jargon and clarify the fine print, so you know exactly what you’re getting.

Independent insurance agents also have access to multiple insurance companies, ultimately finding you the best commercial auto coverage, accessibility, and competitive pricing while working for you.

https://www.jdpower.com/business/press-releases/2022-us-small-commercial-insurance-study

https://www.progressivecommercial.com/coverages/

https://www.nationwide.com/lc/resources/small-business/articles/business-auto-policy

https://www.thehartford.com/commercial-auto-insurance

https://money.com/best-commercial-auto-insurance-companies/

https://constructioncoverage.com/commercial-auto-insurance

https://www.insurancebusinessmag.com/us/news/breaking-news/ranked--americas-25-leading-commercial-auto-insurers-in-2022-425800.aspx

https://www.forbes.com/advisor/car-insurance/best-commercial-auto-insurance-companies/

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