What is the average cost of a commercial auto insurance? Commercial auto insurance costs mainly depend on how many vehicles are on the commercial auto policy, what type of business uses the vehicles, and the driving records for the employees driving those vehicles. Below you'll learn about the average cost of commercial auto insurance throughout country and how commercial auto insurance helps to protect a business vehicle and it's driver.
Over the past 5 years of all clients surveyed, as of 2017, the average cost of commercial auto insurance has been $1,982 annually, but most business auto insurance policies only have 1 vehicle, which brings the average cost down. The average cost for full coverage to insure just 1 vehicle on a commercial auto policy is $1,134 annually.
Commercial auto insurance is very similar to personal auto insurance, except for that the policy is geared towards protecting the business. Commercial auto mainly covers vehicles that are owned by a business or used in the course of a business's operations. A vehicle can be owned and titled to an individual and still maintain a commercial auto policy. If the vehicle is used for business purposes it doesn't really matter who the registered owner of the vehicle is.
Commercial auto insurance is sometimes the only option for certain types of vehicles. Not private passenger vehicles and not even pickup trucks, but larger vehicles like box trucks, tow trucks, flatbed trucks, tractor trailers, dump trucks, tank trucks, and many more. Personal auto insurance carriers vary rarely, and usually not at all, will be able to insure medium to large vehicles. These vehicles are mainly used in the course of business so a commercial auto insurance policy is the most appropriate policy anyway.
Commercial auto policies are very similar to personal auto insurance in coverage, but offer some additional endorsements that are more apt to cover the exposures of a vehicle used for business purposes.
When you are insuring your vehicle, make sure to understand whether the vehicle will be mainly used for personal or business purposes. A personal vehicle insurance will not cover any accidents that may happen while the vehicle is being used for business purposes. If you plan on using the vehicle for business, it is advisable to purchase commercial auto insurance. If you don't get a quote for commercial auto insurance, you could be out of luck.
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