Commercial Vehicle Insurance Cost
(Find out how much you should be paying for coverage)
Written by
Jessica Huneck is an insurance writer from TrustedChoice.com. She began her writing career in 2011 and has since earned herself a bachelor's degree in English writing.
When owning and driving vehicles is central to your business, commercial vehicle insurance rates are a major consideration. Finding average commercial vehicle insurance rates is not an easy task because there are so many variables affecting the cost of coverage.
While you may find online insurance websites that provide quotes for your commercial car, bus, taxi or truck, the details of the coverage are often hidden from view.
Your premium costs are affected by many factors, including the type of vehicle your company owns and the risks involved. Low priced online quotes may not accurately reflect the coverage you need for the potentially large liability involved in commercial incidents.
Find an independent agent in our network today to get commercial insurance quotes that are relevant to your business at a rate you can afford. These agents can shop for the best rates, find discounts, and combine multiple business policies in order to simplify your life and save you money.
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Average Commercial Vehicle Insurance Rates
- Commercial car insurance cost: $1,200 to $2,400
- Commercial truck insurance cost: $800 to $2,000
- Commercial taxi insurance cost: $5,000 to $10,000
- Commercial bus insurance cost: $35,000
- Commercial tractor trailer insurance cost: $2,500+
What Determines Your Commercial Vehicle Insurance Rates?
Your commercial vehicle insurance rates will be affected by a number of factors, including the following:
- The driving records of all drivers: Insurance companies often have specific underwriting requirements, particularly for those who will be driving heavy duty trucks such as tractor trailers. Drivers with several driving violations may cost your company much higher premiums, or may prevent you from getting the insurance you need. Hire qualified, skilled, claims-free drivers to both lower your rates and reduce your risks.
- The value of your car, truck, van, taxi or limo: Many business owners consider premium rates when choosing vehicles to add to their fleet. You can research average rates by contacting a local member agent in the Trusted Choice network. Assessing the commercial auto insurance costs for a particular vehicle prior to buying can make a big difference in your annual insurance costs. Your premiums will also be affected if your truck has more features.
- The structure of your policy: If you buy each of your commercial policies separately, you will typically pay more than if you insure your commercial vehicles together under one insurance company. You can typically reduce the cost of your premiums by bundling them together for a multi-policy discount. Insurance companies also often provide bulk discounts depending on the size of your fleet.
- Driving location and distance. How far you and your employees drive impacts your commercial auto or commercial truck insurance costs. The more miles that your fleet travels, the higher your risk of being involved in an accident. Insurance companies take this into account when they calculate commercial insurance rates.
Manage Your Commercial Auto Insurance Costs
Businesses use vehicles for many different purposes. For instance, a construction company may have a company car that travels from one job site to another, as well as several commercial trucks to haul lumber and building supplies.
Your commercial vehicle costs will be affected by your liabilities with regard to each of these vehicles, the potential loss in the event of an accident and other factors.
It is a good idea to do an annual review of your insurance portfolio, commercial vehicle inventory, drivers and commercial vehicle insurance rates as many things can change. You may qualify for additional discounts, for example, if your company remains claim-free.
If your use of your cars, trucks or other vehicles has changed, you want to make sure you are not paying too much for coverage; by the same token, you’ll want to make sure your coverage is fully updated to match your needs and there are no coverage gaps.
One of the most important coverage types to assess on a regular basis is your company liability. Because lawsuits involving commercial vehicle accidents can result in very large judgments, making sure your commercial vehicle liability is adequate is essential.
Many business owners who have one or more commercial vehicles consider purchasing a commercial umbrella policy to cover excess liability costs above what is built into a standard policy.
An umbrella liability policy will increase your commercial insurance costs, but it can be a surprisingly affordable policy for the amount of protection it provides.
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Our independent agents shop around to find you the best coverage.
Find Commercial Vehicle Insurance Rates to Match Your Budget
A local independent agent in our network who specializes in business insurance can help you find a commercial auto insurance policy at a cost that matches your budget.
Member agents in this network partner with several different insurance companies, and can help you to compare options and prices and make an informed choice.
Your commercial insurance agent can answer any of your questions and work with you to protect your property and your employees. Contact an agent now, and get the support you need to find the right commercial vehicle insurance rates for your business.