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Commercial Auto Costs

Commercial auto insurance premiums are typically higher than personal car insurance policies. Factors that increase or decrease the cost of a commercial auto insurance policy include:

Type of vehicle

Larger loads with more cargo space will need more coverage which also means higher premiums.

Value of vehicles

Premiums for physical damage coverage is a percentage of the vehicle’s value. A higher vehicle value will mean a higher premium.

Number of cars/number of employees driving

The more business vehicles a company needs coverage for, and the more employees have access to these cars, means a higher risk for insurance companies and more insurance costs for business owners.

Distance/radius of travel

Company vehicles that travel longer distances will have higher insurance premiums. Those that cross state lines will have more expensive insurance rates as well.

Coverage types

The more endorsements a policy for an insured vehicle has, the more expensive the premiums will be.

Coverage limits

If a business owner increases coverage limits on a policy, the premiums will also be higher.

Deductibles

Higher deductibles will lower premiums but will also cause out-of-pocket expenses to go up or down.

Cargo types

Insurance premiums will also depend on the type of cargo that is hauled. For example, vehicles that haul hazardous material will cost more to insure than cars that haul food as part of a delivery service.

Credit history

Depending on the insurance provider, lower credit scores can mean higher insurance premiums.

Loss history

Companies with multiple insurance claims on their records are subject to higher premiums than companies that have no claims on their history at all.

More Information

Do you have any additional questions regarding insuring your personal vehicle for business use, roadside assistance for commercial vehicles, or auto liability coverage options? Our insurance agents and customer service representatives are here to help with your low-cost auto insurance needs. Call us today at 1-888-949-6289 or visit your nearest Insurance Navy location. Because we care about your convenience, our offices open from 8 a.m. to 9 p.m. CST. Moreover, they are open 7 days a week.

Additionally, we can help you find an insurance quote right on our website. Because we want  to help you save money wherever possible, we offer our insurance quotes completely free of charge. By navigating our website, you can also inform yourself about many useful topics such as how comprehensive coverage pays to repair damages after an accident, hired and non owned auto insurance, and which situations will result in your car insurance company paying for medical expenses instead of you.

We also have a strong presence on social media, so like or follow us on Twitter, Facebook, Instagram, or Pinterest. After that, we can keep you updated on helpful business auto insurance tips, local news and much more.

Lastly, we also have blogs that may help you with any questions you have. For instance, our blogs cover many different topics. From how to keep your car cool in the summer, to proper steps to take after Godzilla damages your car.

*Please review your own policy carefully for details on your commercial auto coverage. Coverage options vary by policy and provider.