5+ years writing insurance and personal finance topics
Auto, home, health, and life insurance expertise
Elizabeth has extensive insurance industry experience, having written for Insureon, Rate Retriever, and Insurify. She’s also finance and insurance editor for Car and Driver.
Becky Helzer is an editor at Insurify. She loves helping writers express their ideas clearly and authentically. With a diverse background in editing everything from curriculum and books to magazine articles and blog posts, she’s worked on topics ranging from home finance, insurance, and cloud computing to the best tools for home improvement.
A proud graduate of Colorado State University with a degree in technical journalism, Becky lives in Fort Collins, CO, with her husband and their two spoiled rescue dogs.
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Commercial vehicle fleet insurance covers multiple cars and trucks that your business owns.[1] Besides protecting the company from liability if an employee causes an accident while driving a company vehicle, it can also cover vehicle damage.
Business owners with several vehicles can benefit from commercial vehicle fleet insurance. Nearly every U.S. state requires it, and it protects your business against the legal and financial consequences of at-fault collisions.
Quick Facts
A commercial vehicle fleet insurance policy can be cheaper than insuring vehicles separately.
This policy type covers cars, trucks, trailers, food trucks, and other common business vehicles.
Premiums depend on factors such as your location, vehicle types, vehicle ages, and employee driving records.
What is commercial vehicle fleet insurance?
Commercial vehicle fleet insurance protects your business from financial losses due to accidents, property damage, and lawsuits. Designed to cover all the vehicles your business owns or leases, a fleet insurance policy is typically more cost-effective than insuring each vehicle separately.
A standard commercial vehicle fleet policy can cover many types of business vehicles, including:
Box trucks
Cargo vans
Cars
Construction vehicles
Food trucks
Light trucks
Pickup trucks
Trailers
Some insurers define a fleet as two or more vehicles, while others offer coverage only for fleets of 20 or more vehicles.
Important Information
Commercial vehicle fleet insurance differs from personal auto insurance. It protects your business against losses or accidents during work-related vehicle use. Unlike personal car insurance, it includes two coverage limits: a per-occurrence limit and an aggregate limit.
Who needs commercial vehicle fleet insurance?
Any business owner who uses multiple vehicles for business purposes needs commercial vehicle fleet insurance. It protects your business from vehicle repair costs and lawsuits related to accidents, and every state except New Hampshire requires it.
The professions listed below often need commercial vehicle fleet insurance:
Catering
Cleaning and janitorial services
Construction
Logistics
Retail
Trades like electrical and plumbing
Transportation services
Trucking
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What commercial vehicle fleet insurance covers
A standard commercial vehicle fleet insurance policy covers liability when an authorized driver causes an accident. You can also add coverage for physical damage and losses that uninsured drivers cause.
The following coverages are standard components of a commercial auto insurance policy:[2]
Comprehensive insurance covers non-collision vehicle damage, such as vandalism, theft, fire, falling objects, explosions, and hail.
Uninsured/underinsured motorist insurance
Uninsured/underinsured motorist insurance helps pay for your medical expenses and property damage if a driver without insurance (or one without adequate coverage) causes an accident.
Optional fleet insurance coverages
In addition to the standard coverage commercial vehicle fleet insurance provides, optional coverages can fill the gaps in your basic policy.
Common commercial fleet insurance coverage options include:
Roadside assistance: Roadside assistance coveragepays for basic roadside repairs, like flat-tire changes, fuel delivery, lockouts, and battery jump-starts. Most policies also cover several miles of towing.
Gap insurance: Gap insuranceprovides valuable protection for leased or financed vehicles in your fleet. If a vehicle is stolen or totaled, it covers the difference between its value and what you owe.
Rental reimbursement insurance: Rental reimbursement insurance pays for a rental vehicle while a business car or truck is repaired after a covered loss.
Hired and non-owned insurance: Hired and non-owned auto insurance covers vehicles your business rents or borrows. It also covers your employees’ personal vehicles used for work purposes.
Commercial vehicle fleet insurance cost
The cost of commercial vehicle fleet insurance is different for every business. Rates depend on various factors specific to your business and also the types of vehicles you need to insure.
Because commercial vehicle fleet insurance premiums can vary widely, it’s important to shop around. Comparing quotes from several insurance companies can help you find the most affordable commercial auto insurance policy for your situation and coverage needs.
Factors that affect the cost of commercial vehicle fleet insurance
As with personal auto insurance, many factors affect how much you’ll pay for business fleet insurance. These are some factors insurers look at when calculating premiums:[3]
Location: Your business location affects coverage costs. For instance, you might pay more if your business stores its fleet in a major city where theft is more likely.
Type of vehicles: Insurers consider the type of vehicles your business uses. Insuring heavy trucks and construction vehicles typically costs more than insuring smaller cars.
Age of vehicles: If your fleet consists primarily of brand-new vehicles, you’ll pay more for commercial vehicle insurance than someone with a fleet of older vehicles. Newer vehicles with safety features like anti-theft devices might qualify for lower insurance rates.
Vehicle operations: Your fleet utilization can affect your insurance rates, as it reflects the level of risk your business poses to the insurer. For instance, a cleaning business with three vehicles might have lower premiums than a logistics company with 10 trucks in its fleet.
Business claims history: If your business has filed a commercial insurance claim in the past few years, you could pay higher rates for your commercial vehicle fleet insurance.
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How to save money on commercial vehicle fleet insurance
If you’re looking to save money on commercial vehicle fleet insurance, these strategies can potentially reduce your rate:[4]
Bundle multiple policies
Many insurance companies offer a discount for purchasing more than one commercial insurance policy. You could save money by buying your commercial vehicle fleet insurance from the same insurer that provides your general liability coverage or workers’ compensation insurance.
Enroll in a telematics program
Some commercial insurance companies offer programs that use telematics systems and GPS tracking to monitor driver trips and behavior. You can often earn a lower premium when your drivers demonstrate safe habits.
Pay your premium in full
Paying your annual premium up front and in full might help you save money on commercial vehicle fleet insurance. Some insurers also offer discounts for enrolling in automatic payments or paperless billing statements.
Consider employee driving records
Insuring people with poor driving records could lead to higher premiums. To save money on insurance, consider hiring drivers with a clean record.
Compare rates
To find the cheapest commercial vehicle fleet insurance, it’s smart to shop around and get personalized quotes from several companies.
Commercial vehicle fleet insurance FAQs
The additional information below can help as you shop for commercial vehicle fleet insurance and compare policies and quotes.
Is a fleet vehicle a commercial vehicle?
Yes. A fleet vehicle is considered a commercial vehicle because a business owns it and uses it for work purposes.
Do fleet vehicles cost more to insure?
Fleet vehicles don’t necessarily cost more to insure. If you need to insure multiple vehicles, purchasing a fleet insurance policy is usually cheaper than insuring each one separately.
What is the minimum number of vehicles for fleet insurance?
The minimum number of vehicles for commercial vehicle fleet insurance depends on the insurer. You need at least two vehicles to qualify for fleet insurance, but some insurance companies require five or more vehicles.
How much is $1 million commercial insurance?
The cost of commercial insurance with a $1 million policy limit depends on many factors, including your location, vehicle types, vehicle usage, deductibles, driver history, and insurance company.
Elizabeth Rivelli is a freelance writer covering insurance and personal finance. She has extensive knowledge of various insurance lines, including property and casualty, health, and life insurance. Her byline has been featured in dozens of publications, including Investopedia, Forbes, Bankrate, NextAdvisor, and Insurance.com.
Elizabeth has been a contributor at Insurify since October 2022.
Becky Helzer is an editor at Insurify. She loves helping writers express their ideas clearly and authentically. With a diverse background in editing everything from curriculum and books to magazine articles and blog posts, she’s worked on topics ranging from home finance, insurance, and cloud computing to the best tools for home improvement.
A proud graduate of Colorado State University with a degree in technical journalism, Becky lives in Fort Collins, CO, with her husband and their two spoiled rescue dogs.
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