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The cost of commercial auto insurance, also known as your premium, depends on a lot of factors. Each small business is unique and faces their own set of risks, so costs differ based on your industry. The best way to find out how much commercial auto insurance costs for you is to get a free quote from The Hartford. Call us today at 855-860-9763.Average Business Auto Insurance Costs
In 2022, the average annual cost for auto insurance in the United States was $1,588 per vehicle, or about $132 monthly per vehicle.1* Our figures are sourced from industry data and do not determine what your business might pay for commercial auto insurance. What you pay for business auto insurance will also depend on the state your business is located in. To get a fast and free quote for business auto insurance, give us a call at 855-860-9763.*These cost estimates are industry averages used for informational purposes only. Estimates are based on a full coverage policy for a driver under 65 years of age with more than six years of driving experience, no record of accidents, and residency in a suburban/urban location.
Factors That Affect the Cost of Commercial Auto Insurance
There are several factors that may influence your business’ auto insurance cost, including the:
- Amount of coverage needed: If you drive a specialized vehicle or truck, you may need additional coverage to properly protect the specialization to your company vehicle.
- Policy limits and deductibles: The coverage limits and deductible of your business auto insurance policy will define what you pay for coverage and how much coverage you receive.
- Type of business: The cost of insurance depends on the type of business you have, and how the vehicle is used and the miles driven annually .
- Driving records: The driving records of you and your employees may impact your commercial auto insurance rates.
- Number of vehicles: The number of vehicles your company owns, rents or leases for business purposes can affect how much you pay for commercial auto insurance. If any of your employees use their personal vehicle for job duties that will also be taken into account when pricing your insurance rates.
Top Industries That Need Commercial Auto Insurance
Although coverage availability and requirements vary by state, there are many different types of businesses that can benefit from having commercial auto insurance, including:- Business Consultants
- Technology Companies
- Engineers
- Photographers
- Contractors
- Caterers
- Landscapers
- Restaurants
- Retailers
- Wholesalers and Distributors
Common Questions About Business Auto Insurance Costs
Does the Average Cost of Commercial Auto Insurance Vary by State?
Yes, the average cost of commercial auto insurance will vary depending on which state your business is located in. Some states may have different requirements for how much coverage you’ll need. In most states, it is required to have commercial auto insurance if your business owns and operates any commercial or personal vehicles that you or your employees use for job duties. Be sure to check with your local state laws to make sure you’re fully protected.
Is Commercial Auto Insurance More Expensive Than Personal Auto Insurance?
Typically, commercial auto insurance will cost more than personal auto insurance because it protects you against more expensive risks and provides a higher level of coverage. A personal auto policy usually only covers you and your immediate family members using your car for non-business driving, like errands and commuting to and from work.
How Do Limits Impact How Much Business Auto Insurance Costs?
The coverage limits in your commercial auto policy will tell you the maximum amount of money that your insurer will pay for covered claims. Typically, a higher liability limit will increase the cost of a business auto insurance policy.
Get a Quote for Commercial Auto Insurance Costs From The Hartford
We know that small business owners face unique risks. Let us help you find the customized coverage you need. Get a commercial auto insurance quote from The Hartford to learn how you can protect your business while on the road. Call 855-860-9763 today to get a quote.
Last Updated: Aug. 1, 2023
1 Insurance Information Institute, “Facts + Statistics: Auto insurance” Retrieved on July 12, 2023.
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