Compare Best Car Insurance Companies That Offer Insurance for Car Rental Businesses in 2024 (Top 10 Providers)
Compare best car insurance companies that offer insurance for car rental businesses, such as Progressive, USAA, and State Farm. Explore their offerings to find competitive rates supported by data, ensuring a secure journey for your rental fleet.
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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: Feb 12, 2024
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: Feb 12, 2024
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
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Company Facts
Average Monthly Rate For Good Drivers
A.M. Best Rating
Complaint Level
Pros & Cons
Owning a car rental business 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 car 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.
Company | Rank | See Pros/Cons | Commercial Auto Discount | Fleet Discount | Best for |
---|---|---|---|---|---|
#1 | Progressive | 15% | 10% | Comprehensive Coverage | |
#2 | USAA | 12% | 8% | Customer Service | |
#3 | State Farm | 14% | 9% | Local Agents | |
#4 | Allstate | 13% | 7% | Customizable Policies | |
#5 | Nationwide | 11% | 6% | Bundle Discounts | |
#6 | Farmers | 12% | 8% | Organization Discount | |
#7 | Liberty Mutual | 10% | 7% | Business-Specific Coverages | |
#8 | Travelers | 14% | 9% | Policy Options | |
#9 | Hartford | 13% | 8% | Add-on Coverages | |
#10 | American Family | 11% | 6% | Bundling Policies |
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. By entering your ZIP code in our easy-to-use tool, you will be able to compare insurance companies for free today.
#1 – Progressive: Comprehensive Coverage
Progressive stands out as a top choice for car rental businesses, offering comprehensive coverage enriched with discounts, making it a reliable partner for safeguarding your fleet.
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Pros
- Generous commercial car discount of 15%: Significant cost savings for businesses.
- Substantial 10% fleet discount: Specifically caters to businesses with multiple vehicles.
- Known for comprehensive coverage: Effectively meets diverse business needs.
Cons
- Some customers may find the premiums slightly higher: Comparative pricing concern.
- Limited availability in certain regions: Geographic restrictions may apply.
Read more: Progressive Car Insurance Review
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#2 – USAA: Customer Service
Pros
- Impressive 12% commercial car discount: Contributes to substantial cost savings.
- 8% fleet discount: Adds further value for businesses with multiple vehicles.
- USAA excels in customer service: Provides personalized and customer-centric experiences.
Cons
- Limited eligibility: Primarily serves military members and their families.
- Services may not be as extensive for non-military members: Limited offerings for certain customers.
Read more: USAA Car Insurance Discounts
#3 – State Farm: Local Agents
Pros
- A 14% commercial car discount: Enhances affordability for businesses.
- 9% fleet discount: Caters to businesses with multiple vehicles.
- Extensive network of local agents: Provides personalized assistance.
Cons
- Some customers may prefer fully digital services: Limited digital service offerings.
- Limited add-on coverages compared to competitors: Fewer additional coverage options.
Read more: State Farm Car Insurance Review
#4 – Allstate: Customizable Policies
Pros
- Competitive commercial car discount of 13%: Contributes to cost-effectiveness.
- 7% fleet discount: Adds value for businesses with multiple vehicles.
- Offers customizable policies: Allows tailored coverage.
Cons
- Customization may lead to higher premiums: Potential cost concern.
- Mixed customer reviews regarding claims processing: Varied experiences with claims.
Read more: Allstate Car Insurance Review
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#5 – Nationwide: Bundle Discounts
Pros
- Respectable 11% commercial car discount: Enhances affordability.
- 6% fleet discount: Benefits businesses with multiple vehicles.
- Provides bundle discounts: Additional savings opportunities.
Cons
- Limited flexibility in bundling options: Restrictions on bundling choices.
- Some customers report slower claims processing times: Concerns about claims processing speed.
Read more: Nationwide Car Insurance Discounts
#6 – Farmers: Organization Discount
Pros
- A competitive commercial car discount of 12%: Cost-effective for businesses.
- 8% fleet discount: Caters to businesses with multiple vehicles.
- Offers an organization discount: Benefits groups and associations.
Cons
- Policies may be slightly complex: Requires careful consideration.
- Mixed customer reviews on claims processing times: Varied experiences with claims.
Read more: Farmers Car Insurance Review
#7 – Liberty Mutual: Business-Specific Coverages
Pros
- A 10% commercial car discount: Contributes to cost savings.
- 7% fleet discount: Benefits businesses with multiple vehicles.
- Specializes in business-specific coverages: Addresses unique business needs.
Cons
- Premiums may be relatively higher: Comparative pricing concern.
- Some customers report challenges in policy customization: Concerns about customization options.
Read more: Liberty Mutual Car Insurance Review
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#8 – Travelers: Policy Options
Pros
- A substantial 14% commercial car discount: Enhances affordability.
- 9% fleet discount: Caters to businesses with multiple vehicles.
- Offers a wide range of policy options: Meets various business needs.
Cons
- May not be as competitive in terms of bundle discounts: Limited bundle discount offerings.
- Some customers report challenges in communication with customer service: Concerns about communication.
Read more: Travelers Car Insurance Review
#9 – Hartford: Add-on Coverages
Pros
- A competitive commercial car discount of 13%: Contributes to cost savings.
- 8% fleet discount: Adds value for businesses with multiple vehicles.
- Specializes in add-on coverages: Allows businesses to enhance protection.
Cons
- May not be as widely available as some other companies: Limited availability.
- Mixed customer reviews on claims processing: Varied experiences with claims.
#10 – American Family: Bundling Policies
Pros
- Respectable 11% commercial car discount: Enhances affordability.
- 6% fleet discount: Benefits businesses with multiple vehicles.
- Focuses on bundling policies: Offers additional savings.
Cons
- Limited flexibility in customizing policies: Restrictions on customization.
- Some customers report challenges in online account management: Concerns about online account features.
Read more: American Family Car Insurance Review
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Exploring Coverage Rates for Companies That Offer Insurance for Car Rental Business
Car rental businesses require specialized insurance coverage to protect their vehicles and operations. As such, understanding the average monthly insurance rates offered by various companies catering to car rental businesses is crucial for industry professionals.
Insurance Company | Full Coverage | Minimum Coverage |
---|---|---|
Progressive | $105 | $39 |
USAA | $59 | $22 |
State Farm | $86 | $33 |
Allstate | $160 | $61 |
Nationwide | $115 | $44 |
Farmers | $139 | $44 |
Liberty Mutual | $174 | $68 |
Travelers | $99 | $37 |
Hartford | $113 | $43 |
American Family | $117 | $44 |
The table above details the average monthly car insurance rates for companies providing coverage tailored for car rental businesses, encompassing both full and minimum coverage options. This information is invaluable for rental companies seeking comprehensive insurance solutions that align with their budget and operational requirements.
Examining the table reveals distinct variations in the monthly insurance rates for companies specializing in coverage for car rental businesses. USAA emerges as a cost-effective choice, offering minimum coverage at $22 and full coverage at $59. State Farm provides a balanced option with rates of $33 for minimum coverage and $86 for full coverage.
On the higher end, Liberty Mutual presents rates of $68 for minimum coverage and $174 for full coverage. These figures underscore the importance of evaluating insurance options tailored to the unique needs of car rental businesses, considering factors such as coverage limits, deductibles, and additional protections.
Rental companies should carefully assess these rates to ensure they secure comprehensive coverage that adequately safeguards their fleet and operations while maintaining financial viability.
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.
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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 car rental industry
- Featured articles and presentations that highlight issues that impact the car 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 car insurance
- ARRC: provided access to car fleet insurance including commercial car 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 car policies and also provides dedicated solutions for car service and repair businesses
- Allstate: in addition to its general business insurance offerings, provides specific coverage options for rental service businesses, including car coverage
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.
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Case Studies: Driving Personal Success in Car Rental Insurance
Case Study #1: Progressive’s Protective Umbrella for Sarah Thompson
Sarah Thompson, a diligent entrepreneur venturing into the car rental business, faced an unexpected hurdle when one of her vehicles was involved in a significant accident. Progressive emerged as a reliable partner, offering a comprehensive coverage package enriched with a 15% Commercial Car Discount and a substantial 10% Fleet Discount.
This not only minimized repair expenses but also facilitated a swift claims process, positioning Sarah’s business on a resilient trajectory.
Case Study #2: USAA’s Seamless Journey for Michael Rodriguez
Michael Rodriguez, a car rental business owner with a commitment to service excellence, sought insurance solutions that aligned with his values. Turning to USAA proved to be a game-changer, as the company not only provided an impressive 12% Commercial Car Discount but also an 8% Fleet Discount.
The standout feature was USAA’s unwavering dedication to customer service, ensuring a seamless and personalized experience for Michael as he navigated the intricacies of car rental insurance.
Case Study #3: State Farm’s Local Touch for Emily Chen
Emily Chen, a proactive car rental business owner, found value in State Farm’s localized approach. With a 14% Commercial Car Discount and a 9% Fleet Discount, State Farm’s policies were tailored to meet Emily’s unique needs. The extensive network of local agents provided invaluable support, offering personalized assistance and strategic advice, ultimately contributing to the success and growth of Emily’s car rental venture.
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 factors should I consider when choosing a car insurance provider for my rental business?
When selecting a car insurance provider, factors such as Commercial Car Discounts, Fleet Discounts, and coverage options are crucial. Evaluate your business needs, the provider’s reputation, and the specific discounts they offer to find the best fit.
Why is Progressive considered a top choice for comprehensive coverage in the car rental industry?
Progressive stands out with a 15% Commercial Car Discount and a substantial 10% Fleet Discount, making it cost-effective for businesses with multiple vehicles. It is renowned for its comprehensive coverage, addressing diverse needs.
What makes USAA excel in customer service for car insurance?
USAA impresses with a 12% Commercial Car Discount and an 8% Fleet Discount. Beyond discounts, its dedication to customer service, especially for military members and their families, sets it apart in providing a personalized and customer-centric experience.
How does State Farm leverage its local agents to benefit car rental businesses?
State Farm offers a 14% Commercial Car Discount and a 9% Fleet Discount, enhancing affordability. The extensive network of local agents provides personalized assistance, ensuring businesses receive tailored advice and support.
Can I add additional drivers to my car rental business insurance policy?
Most insurers permit adding extra drivers to your car rental business insurance, but rules vary. Factors like age, driving history, and usage frequency influence approval. Disclose all details to ensure proper coverage and prevent claim complications. Discuss guidelines and costs with your insurance provider.
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Enter your ZIP code below to view companies that have cheap car insurance rates.
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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
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.