Top Commercial Auto Insurance Coverage: What You Need to Know [2024]
The best companies for commercial auto insurance are Progressive, Travelers, and Old Republic. However, Chubb and Travelers are two commercial car insurance companies with the best A.M. Best ratings. Meanwhile, companies like Allstate and State Farm are best for customer satisfaction. Under the right circumstances, you can get commercial insurance for as low as $50/month. Shop around and compare to secure the best deal.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
UPDATED: Mar 10, 2024
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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Mar 10, 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 provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Commercial auto insurance is designed to insure business-owned vehicles
- You can pay as low as $50 a month for commercial auto insurance
- Progressive has the highest market share in the commercial auto insurance industry
- State Farm has the best small business insurance overall
Do you want to know more about the best companies for commercial auto insurance? Buying affordable commercial auto insurance isn’t as complicated as it seems.
But which companies provide the best business insurance coverage Don’t worry – we’re here to help.
Read our guide to learn how top auto insurance discounts can secure an insurance policy at the best companies for commercial car insurance. Also, we’ll look at small business insurance companies that provide commercial auto insurance coverage.
After you learn about the best companies for commercial auto insurance, use our free online quote tool above to compare multiple insurance companies in your area.
Where can I find the best companies for commercial auto insurance?
The top commercial car insurance companies provide policies across the nation. But which insurance companies are the best at providing commercial auto insurance?
Here’s a list of the top 10 commercial auto insurance companies.
- Progressive
- Travelers
- Old Republic
- Liberty Mutual
- Nationwide
- Zurich
- Berkshire Hathaway Inc.
- Allstate
- Chubb
- W. R. Berkley Corp.
The companies on this list have the highest market share in the commercial car insurance industry.
Progressive commercial auto insurance is the best overall, but Nationwide commercial auto insurance has the best value.
Read More: Chubb Auto Insurance Review
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What are the top 10 commercial auto insurance companies?
The top 10 commercial insurance companies have the highest market share, but it doesn’t mean other companies aren’t reliable.
Let’s look at the top 50 commercial auto insurance companies and their market shares.
| Rank | Company | Market share |
|---|---|---|
| 1 | Progressive | 12.33% |
| 2 | Travelers | 6.33% |
| 3 | Old Republic Insurance | 4.17% |
| 4 | Liberty Mutual | 3.74% |
| 5 | Nationwide | 3.67% |
| 6 | Zurich | 3.59% |
| 7 | Berkshire Hathaway Inc. | 3.24% |
| 8 | Allstate Corp | 2.36% |
| 9 | Chubb | 1.98% |
| 10 | W. R. Berkley Corp. | 1.86% |
| 11 | AIG | 1.82% |
| 12 | The Hartford | 1.72% |
| 13 | The Cincinnati Insurance Cos. | 1.69% |
| 14 | Great American Insurance | 1.69% |
| 15 | Tokio Marine | 1.65% |
| 16 | Erie Insurance | 1.51% |
| 17 | State Farm | 1.50% |
| 18 | Selective | 1.50% |
| 19 | Fairfax Financial | 1.39% |
| 20 | CNA | 1.30% |
| 21 | ACUITY A Mutual Insurance Co. | 1.30% |
| 22 | Markel | 1.26% |
| 23 | Federated Insurance | 1.24% |
| 24 | EMC Insurance | 1.18% |
| 25 | Farmers Insurance | 1.12% |
| 26 | AmTrust Financial | 0.84% |
| 27 | The Hanover Insurance Group | 0.79% |
| 28 | Kemper | 0.77% |
| 29 | IAT Insurance | 0.69% |
| 30 | Clear Blue Insurance | 0.67% |
| 31 | Canal Insurance | 0.66% |
| 32 | FCCI | 0.65% |
| 33 | American Transit Insurance Co. | 0.65% |
| 34 | AXA SA | 0.64% |
| 35 | United Fire Group Inc. | 0.63% |
| 36 | American Family Insurance | 0.62% |
| 37 | State Auto | 0.58% |
| 38 | Utica National Insurance Group | 0.57% |
| 39 | Protective Insurance Corp. | 0.57% |
| 40 | Everest Re | 0.57% |
| 41 | Westfield Insurance | 0.55% |
| 42 | Mercury Insurance | 0.53% |
| 43 | Trisura Group Ltd. | 0.49% |
| 44 | Prime Insurance | 0.48% |
| 45 | Houston International Insurance | 0.48% |
| 46 | Motors Insurance Corporation | 0.47% |
| 47 | Western National Insurance | 0.44% |
| 48 | STARR Cos. | 0.42% |
| 49 | West Bend Mutual Insurance Co. | 0.40% |
| 50 | ProSight Specialty | 0.37% |
Read more:
- AXA Insurance Company Review
- Canal Indemnity Company Review
- Clear Blue Specialty Insurance Company Review
- Clear Blue Insurance Company Review
- Berkshire Hathaway Specialty Insurance Company Review
- FCCI Insurance Company Review
- Kemper Auto Insurance Review
- Motors Insurance Corporation Review
- Prime Insurance Company Review
- Selective Insurance Company of America: Customer Ratings & Reviews
- The Cincinnati Insurance Company Review
- The Hanover Insurance Review
- Travelers Commercial Insurance Company Review
- Tokio Marine America Insurance Company Review
- Trisura Specialty Insurance Company Review
- Utica National Assurance Company Review
Although Farmers isn’t in the top 10 companies, it provides the best coverage for single vehicles (ideal for ridesharers and delivery drivers).
If you want to insure a fleet (multiple vehicles under commercial car insurance), consider buying a policy from The Hartford.
State Farm commercial car insurance is known for its customer service experience.
Read more:
What coverage options come with commercial auto insurance?
Commercial car insurance can provide the same coverage options as personal insurance. However, the degree of coverage is much higher.
Businesses require more coverage limits because there’s more to cover. But which car insurance coverages are better?
Here’s a list of essential coverage options for commercial auto insurance.
- Bodily injury liability – This coverage pays for bodily injury to others when you or an employee is at fault in an accident.
- Property damage liability – The property damage of the other driver is covered by property damage liability when you or your employee is at fault in an accident.
- Collision coverage – This essential coverage option pays for property damage to your vehicle regardless of fault.
- Comprehensive coverage – Any damage to your commercial vehicle that doesn’t involve a collision is covered by comprehensive insurance.
- Combined additional coverage (CAC) with limited comprehensive/fire and theft – CAC is usually for trucks that encounter fire damage, theft, and other incidents.
- Medical payments (MedPay) – The insurance company covers medical expenses regardless of fault.
- Personal injury protection (PIP) – PIP covers the cost of any lost wages, child care, legal fees, and other personal injury-related incidents.
- Uninsured/underinsured motorist coverage – The commercial insurance company pays for damage when a driver is uninsured or the damage exceeds their coverage limits.
- Roadside assistance – This essential service assists when your vehicle breaks down to due minor or major mechanical issues.
- Hired and non-owned auto insurance – This specific option provides coverage for rental vehicles and employee-owned cars.
- Named insured coverage – A coverage option that targets specific employees at your business and provides the same level of coverage as any other vehicle.
- Rental car reimbursement – The insurance company reimburses you for a rental car during repairs on a covered claim.
Commercial car insurance coverage is similar to personal car insurance. However, commercial liability insurance coverage has policy limits that are over $1 million.
Read more:
- Best Commercial Auto Insurance for Businesses
- Top Rental Car Insurance Coverage: What You Need to Know
What’s the difference between commercial and regular auto insurance?
Commercial car insurance targets insurance for business vehicles. Meanwhile, regular car insurance is personal insurance coverage for an individual or family.
Which vehicles are covered by commercial auto insurance?
Personal car insurance provides coverage for passenger cars, vans, pickups, and SUVs. Commercial auto insurance expands the types of vehicles you can insure.
Check out the list below to see what vehicles are covered.
- Passenger cars
- Vans
- Pickups
- SUVs
- Delivery vans
- Cement mixers
- Haulers
- Cranes
- Various trucks (including semis)
Other vehicle types may also be included. Ask the commercial insurance company if they can provide insurance for specialty vehicles.
Read more:
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How much is commercial auto insurance?
Each car type has a unique commercial car insurance cost. Examine the average commercial auto insurance rates below to see how much each vehicle type costs.
| Car Type | Min. Monthly Cost Commercial Auto Insurance | Max Monthly Cost Commercial Auto Insurance |
|---|---|---|
| Car | $50 | $200 |
| Semi | $667 | $1,042 |
| Cargo/Delivery Van | $275 | $517 |
| Limo | $333 | $500 |
| Cab | $417 | $833 |
Cars are the cheapest vehicles to insure at commercial insurance companies. Cabs and limos are the most expensive cars to insure at commercial auto insurance companies.
Which factors determine the cost of commercial auto insurance rates?
Several factors affect the cost of commercial car insurance rates. Here’s a list of the most critical characteristics that impact commercial auto insurance quotes.
- Vehicle type
- Vehicle value
- Number of cars insured
- Driving records of insured employees
- Location
- Mileage (how often you and your employees drive)
- Policy limit
- Deductible
The car type includes the trim level and weight of the vehicle. Passenger cars are much lighter than SUVs and pickup trucks.
Also, your car’s value impacts your commercial auto insurance. The higher the value, the more you’ll pay for commercial insurance.
What are the best commercial auto insurance discounts?
Commercial auto insurance has similar discounts to those that you usually find with personal auto insurance.
Here’s a list of commercial car insurance deals that can save you hundreds of dollars per year.
- Clean driving record discount – Secure commercial auto insurance deals when you and your employees have a clean driving history.
- Experienced commercial drivers discount – The commercial car insurance company will provide savings if you have multiple experienced drivers with a commercial driver’s license.
- Pay-in-full discount – Commercial insurance companies provide deals to businesses that pay commercial auto insurance in full.
- Bundled policy discount – Receive additional savings when you bundle general liability or other insurance types to commercial car insurance.
- Automatic payment discount – You can get a small discount when you set up automatic payments on your commercial insurance policy
- Safety features discount – Vehicles with certain safety features can get discounted rates.
- Professional association discount – If your business is part of a larger organization, you can receive a discount.
These are only a few discounts. Some insurance companies may have more. Consider raising your commercial auto insurance deductibles to save even more.
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Which commercial auto insurance company has the best financial strength ratings?
Financial strength ratings show current and potential customers how well an insurance company is doing financially.
You’ve seen how various commercial auto insurance companies rank in market share. But what are the A.M. Best ratings for the top 10 commercial car insurance companies in the United States?
Let’s examine the most recent ratings.
| Companies | A.M. Best Ratings |
|---|---|
| Allstate Corp | A+ |
| Berkshire Hathaway Inc. | A+ |
| Chubb | A++ |
| Liberty Mutual | A |
| Nationwide | A+ |
| Old Republic Insurance | A+ |
| Progressive | A+ |
| Travelers | A++ |
| W. R. Berkley Corp. | A+ |
| Zurich | A+ |
Although Progressive has the highest market share in the commercial auto insurance industry, Chubb and Travelers have better A.M. Best ratings.
All companies on the top 10 list have excellent to superior ratings. This means each company has a strong financial standing and can pay claims.
Read more:
Which commercial auto insurance companies have the best J.D. Power score?
If you want to explore ratings beyond A.M. Best, try J.D. Power. J.D. Power measures customer satisfaction with commercial businesses through its index rankings each year.
We compared J.D. Power Overall Customer Satisfaction Index Ranking below. Let’s see which has the highest J.D. Power score.
| Companies | 2020 J.D. Power Scores | 2021 J.D. Power Scores |
|---|---|---|
| Allstate | 829 | 848 |
| State Farm | 852 | 846 |
| Erie Insurance | 850 | 845 |
| Farmers | 840 | 839 |
| Chubb | 853 | 838 |
| Travelers | 835 | 831 |
| *Industry Average | 836 | 829 |
| Nationwide (Allied) | 829 | 828 |
| The Hanover | N/A | 817 |
| Liberty Mutual | 850 | 811 |
| The Hartford | 827 | 803 |
Read more: Allied Insurance Company of America Review
Progressive isn’t included in the J.D. Power rankings of small businesses. Chubb and Travelers are included, but both companies rank lower than Allstate and State Farm.
But this J.D. Power study focuses on small business insurance companies. According to the U.S. Auto Insurance Industry Study, State Farm has the best satisfactory scores in most regions in the nation.
Case Studies: Top Commercial Auto Insurance Coverage
Case Study 1: Acme Construction and Builders Insurance
Acme Construction faced a major accident with a commercial vehicle, resulting in significant damage to a client’s property. Fortunately, their comprehensive commercial auto insurance policy from Builders Insurance covered repair costs, liability claims, and legal expenses, allowing Acme Construction to resume operations without financial setbacks.
Case Study 2: Global Logistics Corporation and SecureTrans Insurance
Global Logistics Corporation faced a major theft incident with a cargo truck, jeopardizing its reputation and finances. Luckily, their robust commercial auto insurance from SecureTrans Insurance covered the full value of the stolen goods, mitigating the financial impact and highlighting the necessity of tailored coverage for logistics companies.
Case Study 3: Foodie Express Restaurant Delivery and FoodGuard Insurance
Foodie Express, a renowned restaurant delivery service, faced a collision with a delivery vehicle, causing significant damages and potential liability claims. Luckily, their comprehensive commercial auto insurance policy from FoodGuard Insurance covered repair costs, liability claims, and legal expenses, ensuring minimal disruption to their operations and financial well-being.
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Best Companies for Commercial Auto insurance: The Bottom Line
Progressive, Travelers, and Old Republic are the best commercial car insurance companies.
Although commercial auto insurance rates are difficult to pinpoint, you can pay as low as $50 a month. However, your rates may be different based on factors that are specific to your business and vehicles.
Now that you know more about the best companies for commercial auto insurance, enter your ZIP code in the free online quote tool below to compare multiple companies near you.
Frequently Asked Questions
Where can I find the best companies for commercial auto insurance?
The top commercial car insurance companies include Progressive, Travelers, and Old Republic. Chubb and Travelers have the best A.M. Best ratings, while Allstate and State Farm excel in customer satisfaction. It’s important to shop around and compare quotes to secure the best deal.
What are the top 10 commercial auto insurance companies?
The top 10 commercial auto insurance companies based on market share are Progressive, Travelers, Liberty Mutual, Zurich, Nationwide, Berkshire Hathaway, State Farm, AmTrust, Chubb, and Farmers. However, other companies may also provide reliable coverage.
What coverage options come with commercial auto insurance?
Commercial auto insurance offers similar coverage options as personal auto insurance but with higher limits. Essential coverage options include liability insurance, collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, and medical payments coverage.
What’s the difference between commercial and regular auto insurance?
Commercial auto insurance is specifically designed for business vehicles, while regular auto insurance is for personal use. Commercial auto insurance provides coverage for a broader range of vehicles used for business purposes.
Which vehicles are covered by commercial auto insurance?
Commercial auto insurance covers a variety of vehicles, including cars, vans, pickups, SUVs, box trucks, dump trucks, tow trucks, and more. Specialty vehicles may also be covered, depending on the insurance company.
How much does commercial auto insurance cost?
The cost of commercial auto insurance varies depending on factors such as the type of vehicle, driving history, location, coverage limits, and more. On average, cars are the cheapest to insure, while cabs and limos are the most expensive.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.