AdvisorSmith evaluated financial strength, customer satisfaction, ease-of-use, and more to find the best commercial auto insurance companies.
Commercial auto insurance is a crucial consideration for any business that owns and operates vehicles, from an independent plumber with a single van to companies with large fleets. Because commercial auto insurance is available from a wide variety of insurers, it can be confusing and difficult to figure out what kind of policy is best for your company.
Your coverage requirements may differ depending on your individual industry, the type of vehicles you own, and the size of your fleet, but in general, it’s important to choose an insurer that is financially strong, meaning it will be able to pay out large claims even if a disaster affects the company. It’s also a good idea to consider how satisfied insurers’ customers are with their services.
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To determine the best commercial auto insurance companies, AdvisorSmith considered a number of factors, including financial strength ratings from AM Best and Standard & Poors, customer satisfaction data from several J.D. Power studies, complaint ratings from the National Association of Insurance Commissioners, available features and options, and availability of information and ease of use of the insurers’ websites. We scored insurers out of a total of five points and only included those companies that scored 3.5 or higher.
The Best Commercial Auto Insurance Companies
|1||Geico||5.0 / 5.0|
|2||Auto-Owners||4.9 / 5.0|
|3||Travelers||4.9 / 5.0|
|4||Erie Insurance||4.7 / 5.0|
|5||State Farm||4.6 / 5.0|
|6||Progressive Commercial||4.6 / 5.0|
|7||The Hartford||4.5 / 5.0|
|8||Allstate||4.4 / 5.0|
|9||Cincinnati Financial Group||4.4 / 5.0|
|10||Chubb||4.4 / 5.0|
|11||Nationwide||4.4 / 5.0|
|12||Great American||4.2 / 5.0|
|13||Farmers Insurance||4.0 / 5.0|
|14||CNA||3.8 / 5.0|
|15||Hiscox||3.7 / 5.0|
|16||Liberty Mutual||3.5 / 5.0|
*Not all insurance companies provide coverage in all states.
More on the Best Commercial Auto Insurers
AdvisorSmith found and rated the top commercial auto insurance companies on a five-point scale, based on financial strength, customer satisfaction, ease-of-use, and a number of other factors. While many insurers were evaluated, only those with a score of 3.5 or more are listed below.
5.0 / 5.0
Geico is a financially strong insurer, with an A++ rating from AM Best and an AA+ rating from Standard & Poor’s, indicating that it is in an extremely strong financial position. The insurer’s parent company ranked second in J.D. Power’s most recent customer satisfaction survey for large commercial insurers and was ranked 13th in J.D. Power’s 2020 U.S. auto insurance claims satisfaction survey.
Geico provides convenient online auto insurance quotes and online policy access. It can customize policies for fleets of all sizes and covers most types of vehicles, including cars, vans, and trucks; however, it does not cover semi-trucks and tractor-trailers. Geico provides coverage for businesses in many industries, including electricians, plumbers, contractors, landscapers, towing companies, and other business types.
In addition to offering most standard auto insurance coverage options, Geico offers the option of combined single limits for liability coverage. Rather than having separate limits (maximum amounts of money that the insurer will pay for a single claim) for bodily injury claims and property damage claims, this type of policy gives a single limit that provides the same amount of coverage for an occurrence, regardless of property damage or injuries.
4.9 / 5.0
Auto-Owners Insurance has a financial strength rating of A++ from AM Best. The company boasts high customer satisfaction ratings, coming third in J.D. Power’s 2020 survey of auto insurance claims satisfaction.
It’s important to be aware that Auto-Owners Insurance is available in just 26 states. The company works through independent agents only, so you’ll need to contact an agent to get a quote from Auto-Owners. Auto-Owners policies automatically cover recently purchased vehicles. Policy options include roadside assistance coverage, loan or lease gap coverage, and more.
Auto-Owners Insurance offers many discount options, including discounts for companies with multiple policies through the insurer, policies paid in full, and fleets monitored by telematics. There are also seasonal discounts available for vehicles used in farming.
4.9 / 5.0
Travelers Insurance is considered financially strong, with a rating of A++ from AM Best and AA from Standard & Poors. The company has many policy options and benefits and provides useful information through its website.
Travelers Insurance covers businesses in a variety of industries, whether they own just one vehicle or a large fleet. Commercial customers of Travelers Insurance can choose from a number of additional coverage options, such as auto lease gap coverage and blanket additional insured coverage, which can make it easier to ensure coverage for those you contract with.
Travelers’ network of repair locations will guarantee repairs while you own the vehicle. Travelers also offers the services of risk control specialists, as well as online resources that can help you improve your auto safety record and a telematics monitoring system for larger clients.
4.7 / 5.0
Although it’s available in only 12 states, Erie Insurance is highly regarded by customers, coming third in J.D. Power’s survey of small commercial businesses’ satisfaction with insurers. The company has an A+ rating of financial strength from AM Best, indicating excellent financial strength.
Erie Insurance offers a number of extra coverages for no additional cost, including reimbursement for lost earnings when you are assisting the company in an accident investigation, coverage for expenses to return stolen autos or replace deployed airbags, and more. Erie also offers a telematics analysis program that can be used to improve driver safety and even reduce premiums.
4.6 / 5.0
State Farm’s financial strength is rated as A++ by AM Best and AA by Standard & Poors. It comes second in J.D. Power’s study of small businesses’ satisfaction with insurers and is rated above average in the company’s auto claims satisfaction study.
State Farm can provide commercial auto insurance coverage for many industries and situations, but you’ll need to contact an agent to get a quote and information about options. Its website provides a range of resources to help you develop and maintain safe practices for your vehicles and drivers.
4.6 / 5.0
Progressive Commercial has an AM Best rating of A+ and a Standard and Poor’s rating of AA. With customizable coverage for autos, trucks, and trailers, Progressive offers a number of benefits, including online quotes and claims and a variety of discount options.
Progressive also offers Snapshot ProView, a program that helps users follow safe driving habits, with reductions to premiums for safer drivers. Businesses with three or more vehicles can also take advantage of free fleet management tools. The Smart Haul program provides similar benefits to for-hire truckers who use an electronic logging device.
4.5 / 5.0
The Hartford has been given an A+ rating by both AM Best and Standard & Poors. The company offers services such as analyses of your company’s driving records and recommendations on strategies to improve safety. If you use telematics systems, you may be able to use Hartford’s FleetAhead program to help you identify potential causes of accidents and potentially save on your premium costs.
The Hartford offers online claims reporting, but you will have to contact an agent to receive a quote and additional coverage information.
4.4 / 5.0
Allstate has an A+ rating from AM Best and an AA- rating from Standard & Poors. Allstate placed eighth on J.D. Power’s auto claims satisfaction study but received a slightly below-average score in the small commercial insurance study. Allstate provides online quotes and online claims reporting and tracking. However, the company’s online information is not extensive.
Cincinnati Financial Group
4.4 / 5.0
Cincinnati Financial Group’s insurance company has A+ ratings from both AM Best and Standard & Poors, indicating that it is financially strong. It can cover a wide variety of vehicles, including non-standard vehicles that are specialized for your company. It also offers a wide range of endorsements. In addition to common endorsements offered by many companies, it can provide coverage for newly formed or acquired organizations and worldwide coverage for hired passenger cars, if the lawsuit is brought in the U.S.
4.4 / 5.0
Chubb has an A++ rating from AM Best and an AA rating from Standard & Poors. It’s highly ranked by several J.D. Power studies of commercial insurance satisfaction. It covers many industries across the country. However, the company does not provide extensive information online and you must contact an agent to receive more details.
4.4 / 5.0
Nationwide received A+ ratings from both AM Best and Standard & Poors. It provides coverage for a wide range of businesses, including retail, professional offices, medical offices, contractors, and more.
Nationwide’s available options include 24-hour roadside assistance, auto loan or lease coverage, and new vehicle replacement cost coverage. Nationwide policies may include no-fault medical payments coverage that will provide funds for you, your employees, and your passengers’ medical expenses if health insurance policies don’t cover the costs.
4.2 / 5.0
Great American received A+ ratings from both AM Best and Standard & Poors, indicating a high level of financial stability. The company offers commercial auto insurance to a wide variety of businesses. Great American’s website is not highly informative about the coverages the insurer offers.
4.0 / 5.0
Farmers Insurance received A ratings from both AM Best and Standard & Poors. In some states, Farmers insurance may offer a telematics feature using GPS to monitor your drivers’ habits. Farmers Insurance also offers specialized coverage designed for food trucks and contractors, which includes coverage specifically relevant to those businesses, such as coverage for tools and mobile business interruption coverage if you lose income due to damage to a covered food truck.
3.8 / 5.0
CNA received an A rating from AM Best and an A+ from Standard & Poors. The company focuses on a variety of industries and offers programs designed to address risk control issues such as driver distractions and cargo securement issues. CNA’s website does not provide detailed information about its coverage and features, and it does not offer online quote options— you’ll have to contact an agent— but it does allow online claims reporting.
3.7 / 5.0
Hiscox received A ratings from both AM Best and Standard & Poors, meaning it is financially strong but not at the highest level of financial strength, according to the rating organizations. Hiscox’s website does not provide large amounts of information about its coverage, but it does offer online quotes.
Hiscox specializes in insurance for small businesses, focusing on those in professional services industries. This could be beneficial for small businesses, as Hiscox’s coverage may be more relevant and targeted to their specific risks and exposures.
3.5 / 5.0
Liberty Mutual is a large insurer and received A ratings from both AM Best and Standard & Poors. This means it has a good ability to pay out claims but is not quite as financially strong as other insurers. It was ranked above average in J.D Power’s customer satisfaction study for small commercial customers, but below average in J.D. Power’s study of large commercial insurers and its auto claims satisfaction.
Liberty Mutual offers benefits to its commercial customers, including risk control services that can provide safety training for drivers. For larger fleets, tools to monitor drivers’ habits with telematics information are available. Liberty Mutual also offers an app through which you can send photos of damaged vehicles and receive an estimate.
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In order to determine the best commercial auto insurance companies, AdvisorSmith considered a number of factors that reflect an insurer’s financial strength, customer satisfaction, and ease-of-use. Using our own proprietary scoring algorithm, we weighted the various factors based upon what we believe to be important for small and midsize business owners. These factors included carrier ratings from AM Best and Standard & Poors, customer satisfaction data from several J.D. Power studies, complaint ratings from the National Association of Insurance Commissioners, an evaluation of each insurer’s policies, options, and website features, and more. Our algorithm outputted a score out of five total points. While we considered a number of insurers, we only included in this article those companies that scored 3.5 or higher.
The AdvisorSmith rankings are based upon our editorial team’s quantitative and qualitative analysis, and they are intended to serve only as a guide for our readers. We encourage our readers to conduct their own research when selecting a commercial auto insurer, shop and compare quotes, and make a decision based on their own unique business needs.
AdvisorSmith is in no way compensated for any of our reviews.