Best Commercial Auto Insurance of 2022

Bryan Keith

If your business requires frequent traveling, then a commercial auto insurance policy can offer you a peace of mind but will also make the safety of yourself, your business, employees, and automobiles a top priority. We’ve evaluated the best commercial auto insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

What is commercial auto insurance?

Commercial auto insurance, as the name suggests, covers a multitude of automobiles such as cars, vans, trucks, etc., used for commercial purposes. It not only protects your business against any unwanted damage but also covers instances that might not be typically covered in a personal auto insurance.

This insurance policy, specifically curated for your business, offers coverage for collision, liability damages, and medical bills if you or your employees have suffered or caused physical damage to others. You can add to your employees’ safety and your automobiles no matter if you have bought, rented, or even leased a vehicle.

Who needs commercial auto insurance?

If you own, rent, or lease vehicles for business purposes, you should consider liability coverage which will save you from financial losses or damages caused to others’ assets. You should consider commercial auto insurance if:

  • Your business relies on automobiles and traveling.
  • Your business deals in transporting equipment, goods, or people.
  • You own or have leased a car, truck, or van that are solely used for business purposes.
  • Your vehicle is commercially registered and carries a commercial license plate.

Even if your use your vehicle once a month for commercial purposes, commercial auto insurance can help protect you from landing in unwanted situations.

What does commercial auto insurance cover?

Commercial auto insurance provides you with the following coverages:

  1. Medical expenses: The policy reimburses the medical expenses of the driver as well as passengers present in the automobile during an accident or collision.
  2. Property damage: This coverage offers assurance in case your vehicle causes damage to others’ property.
  3. Collision coverage: It covers your vehicle from loss in case it collides with another vehicle.
  4. Comprehensive physical damage: It insures your vehicle against theft, fire, flood, etc.
  5. Uninsured motorist coverage: It not only reimburses for your medical bills but, most of the times, also insures you against the damage caused by an uninsured employee or driver.
  6. Combined single limit: It offers the maximum amount for covering various injuries or damages caused to property in an accident.
  7. Bodily injury liability: If you are responsible for an accident, this coverage covers physical injuries or the death of the other party.

What type of vehicles are covered?

Commercial auto insurance coverage is applicable for any vehicles that you or your employees use for accomplishing business purposes, irrespective of the size. These vehicles include cars, box trucks, service utility trucks, vans, food trucks, fleets, and trailers. However, any vehicle that you are using for personal purposes might not be eligible for commercial auto insurance coverage. Personal purposes can be covered if the insurance provider offers dual auto insurance, which usually comes at a premium.

How much does commercial auto insurance cost?

The cost of commercial auto insurance is affected by several factors including the value of vehicles, their number, and the business purposes. The median cost of commercial auto insurance is $1,704 per year or $142 per month. Also, 44% of small business owners pay less than $1,500 per year for this coverage, as opposed to 22% owners who pay over $3,000 per year.

The average insurance cost per commercial vehicle varies between $900 and $1,200. Besides, you can receive additional coverage for hired and non-owned auto liability, roadside assistance, rental reimbursement, etc., at additional prices.

How to choose the best commercial auto insurance?

Are you planning to buy a commercial auto insurance policy for the first time but are confused with a mammoth of options available in the market? If yes, here are the following factors that you should consider when investing in a reliable commercial auto insurance policy:

  • Financial strength: Make a list of insurance companies you might want to collaborate with. Do your research, note down their pros and cons, visit their website to see what customers say about them and if they are really worth your money.
  • Compare insurance providers: If you are still unsure about which policy to choose or which insurance provider to go with, take the advice of an agent. Having expertise in this field, they can guide you to select the right policy depending on the nature of your business.
  • Don’t follow the ‘one size fits all’ approach: Did you know you can customize your policy depending on your requirements? If your business demands an amalgam of general coverage, and specific coverage for a few areas, don’t be afraid to ask your insurance company for a customized solution. Providers, who are willing to go an extra mile to make their customers happy, will understand your needs and create a policy accordingly.

Many factors including your business’s locale, size of vehicles, and nature of your business play a huge role in determining the right coverage and the associated premium costs. So, weigh your choices and keep the aforementioned factors in mind while deciding for a reliable auto insurance coverage for commercial purposes.