Commercial Auto Insurance
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How much does commercial auto insurance cost?

Commercial auto insurance covers the vehicles owned by a business. The cost depends on the number of vehicles, their value, and their business use, among other factors.

What is the average cost of commercial auto insurance?

For a policy limit of $1 million, the median cost of commercial auto insurance is $142 per month or $1,704 per year. The median cost offers a more accurate estimate of what your business is likely to pay than the average cost of commercial auto insurance because it excludes outlier high and low premiums.

Commercial auto insurance for employee operated vehicles

Many small business owners (44%) pay less than $1,500 per year for commercial auto coverage. The figures in the charts below were sourced from an analysis of thousands of insurance policies purchased by Insureon small business customers.

Cost of commercial auto insurance for Insureon customers.

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What factors affect business auto insurance rates?

Like your personal auto insurance policy, your insurance company calculates your commercial vehicle insurance premiums based on a number of factors, including:

  • The type of commercial vehicles you own
  • The number of motor vehicles
  • How often your business vehicles are driven
  • You and your employees’ driving records

Beyond these basic factors, your premium also depends on the type of coverage you choose, your industry risks, and the policy limits. Chat with a licensed insurance agent if you're unsure which options to choose.

The insurance coverage you choose

The type of auto coverage you buy will also have a big impact on your commercial auto insurance costs. You can choose auto liability only, or comprehensive coverage.

Auto liability coverage is required by law in most states and protects you if you or your employee are to blame for an accident in your commercial vehicle. Auto liability is your lowest cost option, and provides limited coverage to help pay for:

  • Physical damage to other vehicles or property damage
  • Medical expenses from bodily injury to another party

If you opt for comprehensive auto insurance, your coverage will increase – but so will your insurance rates. In addition to what’s covered under auto liability coverage, comprehensive commercial auto insurance covers theft and damage due to weather, vandalism, or fire.

Additional coverage options like roadside assistance, rental reimbursement, or collision coverage can further increase your premium. For an accurate auto insurance quote, make sure to provide details about your insurance needs.

Compare commercial auto insurance quotes

Your industry risks

Your industry risks also affect how much you will pay for a commercial auto insurance policy, along with how your vehicles are used for business purposes. For example, a food truck that’s always on the road will likely have higher rates. So might construction vehicles that frequent dangerous job sites.

The coverage limits you select

If you want a commercial auto policy that pays for a wide range of damage, you need to choose higher limits on your policy. High coverage limits cost more than basic coverage. Among Insureon small business customers, the median limit is $1 million for commercial auto insurance.

Learn more about business insurance costs

Updated: October 21, 2022
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