Compare Best Car Insurance Companies That Offer Insurance for Car Rental Businesses [2023]
When searching for car insurance quotes from car insurance companies that offer insurance for car rental businesses, your rental car insurance is going to depend on a few important key factors: the size of your fleet, how old your vehicles are, what condition they're currently in, and the value of any equipment they come with. It is important to remember these factors when looking to buy car insurance from a car rental business insurance company.
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Tonya Sisler
Insurance Content Team Lead
Tonya Sisler has been a technical insurance writer for over five years. She uses her extensive insurance and finance knowledge to write informative articles that answer readers' top questions. Her mission is to provide readers with timely, accurate information that allows them to determine their insurance needs and choose the best coverage. Tonya currently leads a team of 10 insurance copywrite...
Insurance Content Team Lead
UPDATED: Aug 16, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Aug 16, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- The annual price on your policy will depend on some factors like the number of cars in your fleet, the type of vehicles you have, the condition, age and value of your vehicles, and any equipment or accessories your vehicles have
- Other rating factors might include: your business location, size and number of your employees, and the size of your business
- If you can bundle some of the more general policies, you may be able to save on costs by paying a single rate versus multiple
Owning a car rental businesses require many different types of insurance. Not only will you need to find car insurance companies that offer insurance for car rental businesses for liability auto insurance coverage, but also other coverage. Workers’ compensation insurance (among a few other types) is required for nearly every business, especially when you have employees working for you.
Owning a fleet of cars, and figuring out what and how much insurance you’ll need, can be a bit of a daunting subject. Because no matter the industry, if you’re a business owner, having the right kind of insurance coverage is vital to protect your operation from the unexpected.
Keep reading to find out more information on where to buy car insurance for car rental businesses. By entering your ZIP code in our easy-to-use tool, you will be able to compare insurance companies for free today.
What are some car insurance companies that offer insurance for car rental businesses?
When it comes to owning your own business, it’s important that you are able to protect your assets as well as the people that are working for you. By having the right type and right amount of coverage, you’ll have the peace of mind of running your business without having to worry.
According to a recent study, there are currently more than 5.4 million fleet cars in service in the U.S. Of these fleet cars, about 1.7 million are rental cars.
When researching car insurance quotes from car insurance companies that offer insurance for businesses that rent cars, you’ll first need to consider how big you want your inventory to be.
Evaluating the type of fleet you want will largely dictate what kind of insurance you need, how much it will cost, and what the best insurers are for you to consider.
Lancer Insurance
Lancer Insurance is a specialty insurer offering commercial car insurance, and liability coverage, for small businesses across the country. Lancer’s commercial car insurance coverages are designed to meet the distinctive needs of any car rental businesses without breaking the budget.
Its commercial liability coverage covers the following:
| Commercial Liability | What It Covers | Additional Info | |
|---|---|---|---|
| Bodily Injury and Property Damage Liability | Compensates those injured in an accident involving an insured vehicle, or pay for damages to another vehicle. | Up to $1 million Combined Single Limit (CSL) in bodily injury and property damage coverage | Applicable to: Personal Injury Protection (PIP), Uninsured Motorist Coverage (UM), Underinsured Motorist Coverage (UIM) |
| Physical Damage (Comprehensive & Collision) | Collision — Covers repairs or replacement to your insured vehicle resulting from an accident involving other vehicles or stationary objects | Comprehensive — Pays for damage to your insured vehicle from fire, theft, vandalism and other covered perils | Deductibles starting at $1,000 |
Additionally, general liability coverage is offered as well. Protection for your facility, office areas, parking areas, outside storage facilities and vacant land are all covered under this policy.
Lancer offers exclusive products to help reduce the costs of your rates. Policyholders have access to a 24/7/365 claims hotline for a streamlined service is the event of a loss of your vehicle or serious injury.
Other complimentary products include:
Easy-to-use accident and claim reporting aids:
- Accident report forms
- Emergency procedures visor cards for your customers
- SafetyLink Hotline: a complimentary policyholder-exclusive service to help you get answers or additional information on safety and regulatory issues
- Safety Stop: Lancer’s blog for valuable information, how-to’s, regulatory updates, and more to help you run a safer and more profitable business
- Complimentary 24/7 online access: to helpful safety and loss prevention resources
- The Right Driver Every Time: CSR Training Video
- Special Alert!: important time-sensitive information for the auto rental industry
- Featured articles and presentations that highlight issues that impact the auto rental industry and offer best practices to help you reduce your potential for loss
- Loss Recovery Program: Lancer’s claims team will help you recover out-of-pocket and down-time expenses, including your deductible, whenever another party is at-fault for an accident or loss at no additional cost
Because these policies can involve complex rating factors and each rental company will look different, each unique rating is done by outside insurers to ensure accuracy.
For consumers who are looking for car insurance rates for car insurance companies that offer insurance for car rental businesses, Lancer is a great option.
Zurich Insurance
Zurich provides commercial vehicle insurance (including liability and physical damage coverage) for customer service fleet rental enterprises of any size.
It is one of the leading providers of insurers for rental car insurance, bringing over 25 years of experience to the businesses as the largest provider of property-casualty insurance to the franchised commercial fleet industry.
Zurich offers both liability and physical damage insurance.
| Liability Insurance | Physical Damage |
|---|---|
| Financial responsibility limit: state-mandated liability coverage for at-fault bodily injury and property damages | Specified perils: fire, lightning, windstorm, hail, earthquake, flood explosion, theft, vandalism, sinking, burning, collision or derailment transporting covered auto, and more |
| No-fault personal injury protection (PIP): coverage for economic losses for injuries caused by automotive accidents, regardless of who was at fault | Catastrophic: protects large fleets from occurrences such as hail, wind or tornado; applies to all forms of physical loss except collision, overturn and conversion |
| Owner limits: insurance protection for bodily injury and property damage liability resulting from ownership, maintenance or use of covered automobiles | |
| Underinsured motorists: coverage for losses due to a negligent third party lacking sufficient insurance | Collision: damage to insured vehicles due to colliding of an automobile (stationary or moving) with any object (stationary or moving), including overturning (upset) of insured auto |
| Uninsured motorists: coverage for losses due to a negligent, uninsured third party | Comprehensive: losses to covered vehicles or their equipment from any cause of loss except collision with another object or its overturn, conversion/trick and devise, or exclusions such as rust, vermin and depreciation |
The average cost of Zurich’s commercial insurance policies ranges from $47/mo. to over $179/mo., and will be mainly based on your business’s: industry, location, gross sales, employees, payroll, policy limits, endorsements, deductibles, experience and claims history.
It offers a comprehensive range of insurance and risk management product solutions at competitive pricing while ensuring quality standards for customer service and world class efficiency.
| Zurichna Provides | |
|---|---|
| 24/7 Fleet Management Portal | Secure access 24 hours a day, seven days a week, with automated premium calculation, online and eZPay payment options, tips and resources |
| Claims Capabilities and Commitment | We’re ready to respond, with a 24-hour claims reporting hotline, online claims services, a Major Loss team and an ability to subrogate claims |
| Managing Risks to Help Reduce Losses | Zurich’s Risk Engineering team offers valuable tools, services and training tailored for automotive rental operations |
Additionally, Zurich also provides workers’ compensation coverage, business interruption coverage, equipment insurance, and office contents coverage.
These additions are all offered under Zurich’s general liability coverage insurance.
Additional Insurance Companies
Affordable car insurance from car insurance companies that offer insurance for car rental businesses are going to come in many different shapes and sizes.
Since covering your fleet is going to look different depending on the size and type of cars you have, you’ll have the advantage of plenty of options when it comes to policies.
Here are some additional providers:
- CoverWallet: is an inline platform that sells business insurance through its agency partners and helps keep policy information in one cloud-based location
- The Package Group: employs a team of insurance professionals that specialize in transportation industry insurance products, including rental fleet insurance and business auto insurance
- ARRC: provided access to auto fleet insurance including commercial auto liability and physical damage programs at group rates through our master fleet insurance policies
- Period X: a unique insurance product created to meet the needs of anyone who is renting a single vehicle or fleet on any ride share platform and needs a garage policy to cover minimum coverages
- Period X Fleet Insurance: comes with perks such as an in-car device for each vehicle, and a web-based app to track every vehicle; this coverage, once implemented, ensures that no rental vehicle is ever in a period without coverage as long as the platform you are renting on provides insurance to the renter
- Nationwide: offers comprehensive commercial fleet coverage through its auto policies and also provides dedicated solutions for auto service and repair businesses
- Allstate: in addition to its general business insurance offerings, provides specific coverage options for rental service businesses, including auto coverage
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What type of insurance coverage do I need for my car rental company?
Your car rental insurance will need to have enough coverage to protect the business itself, not just your inventory. As with all businesses, each specific type of insurance and the kind of coverage you get will depend on your individual operation.
Types of coverage you should consider:
- General liability insurance: all businesses should have general liability insurance; this will protect your business from any third-party claims, such as bodily injury, property damage or advertising injuries. Overall, your general liability insurance should cover your car’s rental business if a third party is injured in an accident involving one of your rental cars
- Commercial property insurance: although commercial property insurance doesn’t typically cover the damages or a loss of any commercial vehicles, it will cover the damages, loss or theft of any other property or equipment your business owns
- Business interruption insurance: this insurance (often also called business income insurance) covers income that you lose as a result of a disaster that forces you to slow or stop operations
- Workers’ compensation: if you have employees, you’re required by law to have workers’ compensation insurance. Worker’s compensation will cover your employees if they’re hurt on the job, including paying medical expenses and a portion of their salary while they’re out of work
- Excess liability insurance: this is typically applied to a general liability policy, to increase your coverage limits in the case that you surpass the amount on your regular policy. With a car rental business, they generally poses more of a risk than other businesses, so excess liability insurance might be particularly useful to have for these cases
If you have the option to bundle some of your more general insurance policies into a customized policy, you may be able to save on costs by paying a single rate instead of multiple.
Generally, the more policies you require and the more comprehensive the coverage, the higher your costs will be.
Car Insurance Companies That Offer Insurance for Car Rental Businesses: Key Takeaways
It’s difficult to determine how much car rental business insurance will end up costing you. Compared to many other small businesses, you’ll likely find that your insurance costs are on the higher end of the spectrum.
Considering the risks associated with rentals and driving, you’ll want as much coverage as possible. But ultimately, it’s up to you to decide what type of rental car business insurance coverage is right for you.
Lancer is a great option for those who want to save on comprehensive car insurance, and get the many perks that come built in with its policies.
Zurich is another great option for consumers who need the backing of a strong company that’s been in the game for decades and understands the in’s-and-out’s when it comes to rental car business insurance.
Now that you know which car insurance companies offer insurance for car rental businesses, take the time to enter your ZIP code in our free, and easy-to-use tool and start comparing quotes in your area today.
Frequently Asked Questions
What are the best car insurance companies that offer coverage for car rental businesses?
While the “best” insurance company can vary depending on specific needs and preferences, some reputable insurers that offer coverage for car rental businesses include:
- Progressive: Known for its commercial auto insurance options, Progressive offers coverage for car rental businesses with various policy options and customizable coverage.
- State Farm: State Farm provides commercial auto insurance for car rental businesses, offering tailored policies to meet specific requirements and budgetary constraints.
- Allstate: Allstate offers commercial auto insurance coverage for car rental businesses, with options for liability protection, collision coverage, and more.
- GEICO: GEICO provides commercial auto insurance for car rental businesses, offering coverage for liability, collision, and comprehensive protection.
- Nationwide: Nationwide offers commercial auto insurance for car rental businesses, including coverage for liability, property damage, and medical payments.
What factors should I consider when choosing car insurance for my car rental business?
When selecting car insurance for your car rental business, consider the following factors:
- Coverage Options: Look for a policy that offers comprehensive coverage, including liability protection, collision coverage, and coverage for property damage, theft, and vandalism.
- Cost: Compare insurance premiums from different providers and ensure that the coverage you choose fits within your budget while providing adequate protection.
- Customer Service: Research the insurer’s reputation for customer service and responsiveness. It’s important to have a reliable point of contact in case you need to file a claim or seek assistance.
- Policy Flexibility: Check if the insurer offers customizable policy options that can be tailored to your specific needs as a car rental business.
- Deductibles and Limits: Review the deductible amounts and coverage limits offered by different insurers, as these can impact the out-of-pocket expenses you might incur in the event of a claim.
- Claims Process: Understand the claims process of each insurer, including how quickly and efficiently they handle claims, as this can significantly impact your business operations.
Do I need commercial auto insurance for my car rental business?
Yes, it is highly recommended to have commercial auto insurance for your car rental business. Regular personal auto insurance policies typically exclude coverage for vehicles used for business purposes like car rentals. Commercial auto insurance provides coverage specifically designed for businesses and helps protect your vehicles, employees, and customers.
Having the appropriate coverage can safeguard your car rental business against financial losses resulting from accidents, damage, theft, or other unforeseen events. Consult with insurance professionals or agents to discuss your specific needs and obtain the necessary commercial auto insurance for your car rental business.
Are there any additional insurance requirements for car rental businesses?
In addition to commercial auto insurance, car rental businesses may have other insurance requirements, such as:
- General Liability Insurance: This coverage protects your business against third-party claims for bodily injury, property damage, or personal injury. It is often recommended for businesses that interact with customers and the public.
- Workers’ Compensation Insurance: If you have employees, you may be required by law to have workers’ compensation insurance. It provides benefits to employees who suffer work-related injuries or illnesses.
- Umbrella Insurance: Umbrella insurance offers additional liability coverage beyond the limits of your primary policies. It provides an extra layer of protection and can be beneficial for car rental businesses.
Can I add additional drivers to my car rental business insurance policy?
Yes, many insurance companies allow you to add additional drivers to your car rental business insurance policy. However, the specific rules and requirements may vary between insurers. When adding additional drivers, insurers may consider factors such as the driver’s age, driving history, and the frequency of their use of the rental vehicles. It’s important to disclose all relevant information about the drivers to the insurance company to ensure proper coverage and avoid potential claim issues. Be sure to discuss this with your insurance provider to understand their guidelines and any associated costs.
Free Car Insurance Comparison
Enter your ZIP code below to view companies that have cheap car insurance rates.
Secured with SHA-256 Encryption
Tonya Sisler
Insurance Content Team Lead
Tonya Sisler has been a technical insurance writer for over five years. She uses her extensive insurance and finance knowledge to write informative articles that answer readers' top questions. Her mission is to provide readers with timely, accurate information that allows them to determine their insurance needs and choose the best coverage. Tonya currently leads a team of 10 insurance copywrite...
Insurance Content Team Lead
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.