How to get cheap commercial car insurance |
How to get cheap commercial car insurance

How to get cheap commercial car insurance

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Find simple ways to cut back on a business policy without cutting corners.

Getting car insurance for your business vehicles is worth the cost. The trick is to compare the lowest rates for the right coverage.

Compare cheap commercial car insurance

Name Product AM Best financial rating Available states
All 50 states
This big-name lender offers general and specialized coverage for your drivers or fleet. But don’t expect top customer support.
Drivers in these states can apply: AK, AL, AZ, CA, CT, DC, FL, GA, HI, ID, KS, MA, MD, ME, MT, NC, NE, NH, NJ, NY, OH, OR, SC, TN, TX, UT, VA, VT, WA, WY
Geico promises low premiums and high limits for your company cars. Businesses in California, Florida, New Jersey, New York and Texas are welcome to apply.
All 50 states
Thanks to customizable coverage and speedy claims, this big-name insurer can help protect you, your employees and your assets.
All 50 states
Reduce the risk of fleet accidents with Liberty Mutual’s driver safety training and monitoring.
All states except AK, DE, HI, MT, NH, VT, WY
Esurance offers a modern online and mobile experience that helps you take your insurance on the go. Available in 43 states.
All 50 states
Backed by nearly 100 years in the business and an A+ AM Best rating, Farmers Insurance aims to help you find the coverage you need for your business.
Not rated
All 50 states
Insurance321 matches you with an agent or broker who can find the best commercial car insurance coverage for your business.
Not rated
All 50 states
Your customized business vehicle insurance starts with a quick expert assessment to find the best coverage for your company.

Compare up to 4 providers

Cheapest commercial vehicle insurance

Insurance costs generally depend on the type of business vehicle you’re using. For example, insuring a commercial car can be considerably less expensive than insuring a bus.

VehicleAverage annual cost to insure
Commercial car$1,250
Semi truck$1,575
Tractor trailer$2,500+
Taxi cab$7,500

How to save on commercial car insurance

When calculating commercial vehicle insurance, insurers look at accident reports, your vehicle’s weight and the areas you cover, among other factors.

Still, you can save money on your premium without breaking the bank in ways that include:

  • Hire safe drivers. Who you insure on your policy influences your rates. Some insurers offer a discount for putting experienced drivers on your team.
  • Raise your deductible. Increasing how you pay out of pocket before insurance kicks in can lower your premiums. It may not work for businesses that primarily transport people or goods.
  • Pay in full. Your insurer might extend a discount if you pay your full premium at the start of your policy, rather than spreading out payments over the quarter or year.
  • Set up autopay. Don’t want to pay up front? Let your insurance deduct payments from your account each month. Some insurers are willing to reward you for easy, reliable payments.
  • Check seasonal rates. You may save money if you run a seasonal business. Ask your insurer if you can reduce coverage in the off-season to save money.
  • Bundle business policies. Chances are good that you need more than one type of business insurance policy. If you can bundle your policies together, you might see savings all around.
  • Add security features. Most insurers offer discounts for having antitheft devices and safety features on your business fleet vehicles.

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Best discounts for commercial car insurance

Businesses can enjoy many discounts with commercial car insurance. Opportunities vary by provider, but look out for:

  • Multipolicy discounts. Save with multiple insurance policies for your business fleet, commercial property, employee benefits and more.
  • Multicar discounts. Find an insurer that discounts the rate for multiple business cars.
  • Fleet safety. You may see a discount for installing tracking devices on your vehicles or urging your employees to take safety training.
  • Affinity programs. Learn if you’re eligible for a discount through membership in professional groups.
  • Commercial driver’s license. Drivers may help you reach a discount if they’ve held a CDL for a year or more.
  • Loyalty discounts. If you’ve held a policy with an insurer for several years, ask whether you’re eligible for savings.

When cheap isn’t always best

It may be nice for your wallet, but the cheapest policy you’re eligible for may not cover your business’s or customers’ best interest.

When considering your options, look for enough coverage to cover your business essentials and worst-case scenarios without straining the company budget.

A few things to watch out for:

  • Low coverage. The cheapest option may not provide adequate coverage, requiring hefty payments out of pocket after an accident.
  • High deductibles. A cheap policy can translate into unaffordable upfront costs before your insurance kicks in to cover damages.
  • Low maximums. Big vehicles can cause big, expensive damages. If you’re covered for only $50,000 in property damage and cause $100,000 in an accident, you’ll have to pay out of pocket to cover the differences — not to mention the cost of repairing costly trucks and equipment.
  • Claims hassles. Choosing the cheapest provider could mean a hassle when filing claims. You could even be denied coverage if the situation runs into a gray area.
  • Passenger coverage. If your business transports passengers, consider allocating more coverage to protect that precious cargo in an accident. Such coverage may increase your premium.
  • Cargo and equipment. Consider coverage for what you transport and the tools you need to thrive. The more valuable those items, the more likely you’ll need protection in an accident.

Bottom line

You’ll likely pay more to insure your business vehicles than your personal car. But you can lower the price you pay by opting for a cost-effective vehicle, lowering safety risks or qualifying for discounts.

In the end, the best policy for your business will cover you, your customers and your employees with adequate protection without overburdening your budget.

Get the cheapest quotes

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