One of the most common questions we get at Rogue Risk is:
How much does commercial auto insurance cost?
Now, I don’t want to bury the lead because I’m assuming what you’re really looking for is a number. Unfortunately, the cost of commercial auto insurance has a very wide range.
That being said, here’s a couple numbers…
In general, if you’re talking about a liability only policy on an old commercial vehicle, like a truck that you’re just driving around to do some handyman work, you might be looking at somewhere around a $1,000, maybe a little less, maybe a little more.
Watch this video (or keep reading) to learn more…
How Much Does Commercial Auto Insurance Cost?
If you’re driving a newer vehicle that has comp and collision (full coverage), that is going to a lot of jobs, that has branding on it, that may have a rack, that is rigged out with different equipment, you’re going to be looking closer to $2,000 or more depending on how many vehicles you have, what those vehicles are doing.
There are several factors that play into what the cost of your commercial auto insurance is going to be.
Some of these factors will sound very similar to your personal insurance, make, model, year of the vehicle.
What does the vehicle cost new?
Some of them that are particular to a commercial auto insurance policy such as, what is the gross weight of the vehicle?
Now if your commercial auto is a car, not a huge issue, but if it’s a truck, if you’re getting into the, say if you’re driving a Ford F-250 an F-350, some of these larger, heavy duty, work trucks, those trucks will have an increased cost because of the gross weight of that vehicle.
Then you can have more standard items, like what is the driving record or history of the primary driver, the employee who primarily drives that vehicle? What is the claims history for that particular vehicle?
Then for commercial auto, something else that’s unique is, what are the specific usage of that vehicle?
Are you going to be towing things?
Do you do deliveries?
Is there any additional equipment on that vehicle that performs different functions, like a bucket loader? There are all types of different apparatus that can be appended onto a commercial truck or a commercial vehicle that can increase the cost to insure that particular vehicle.
Different insurance carriers, such as Progressive, will give discounts depending on the number of vehicles that you are insuring.
There are many different factors that go into a commercial auto insurance policy, but many of them are very similar to a personal auto policy, except for additional items attached to the vehicle, the particular usage of the vehicle, the gross weight of the vehicle, just to name three that are unique to a commercial auto insurance policy.
Here are three reasons you should call Rogue Risk for your commercial auto insurance:
- You think that you may be overpaying for commercial auto,
- You don’t think your commercial auto is currently placed with the appropriate carrier, or,
- Your insurance professional doesn’t have conversations with you like this one.
If your current insurance professional has never addressed issues like this with you before, then I’d encourage you to reach out to us today.
I look forward to introducing you to a new way of viewing your insurance program.