Should I compare business car insurance?

When shopping for business car insurance, look at (1) customer reviews, (2) financial ratings, and (3) coverage options. Compare quotes to lower your rates by up to 20%.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jan 29, 2021

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Here's what you need to know...

  • Know what coverage you actually need to adequately protect your business
  • Research a company’s reputation for customer service, claims, and financial stability
  • Insurance rates can vary greatly so you should shop around before purchasing a policy

There are many reasons why you should compare business car insurance.

As a business owner, it is important to make sure that your commercial vehicles are properly insured. You want to make sure you are getting enough coverage and that you are insuring with a company that is trustworthy and fair.

If you are a small business owner, your car insurance needs will be different from a large business. In order to find the best policy for your specific needs, you should take the time to do some comparison-shopping.

Start your search for business car insurance rates now by entering your ZIP code in the FREE quote tool!

Car Insurance Rates

You should compare car insurance for your business to find the best price.

A number of insurance companies offer commercial auto policies and as a result, you can often find competitive rates.

Keep in mind that many factors go into car insurance rates. Depending on these factors, you may have difficulty finding a low rate, especially if you’re considered a high-risk driver.

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Business Car Insurance Needs

Before you can compare commercial car insurance, you must know exactly what your car insurance needs are.

  • A person who is a sole proprietor who drives his or her own vehicle for business meetings or deliveries will have different needs than a large business with multiple vehicles and drivers
  • A business that transports hazardous materials will have different needs
  • If you own a trucking company that crosses state borders on a regular basis you will need to meet certain regulations that are laid out by the Department of Transportation

Insurance companies rate premiums based on the risk and liability involved. Some companies specialize more in certain types of commercial auto insurance than others do.

You may find that by comparing multiple companies, you will find one that works better and has more experience with your specific business.

Car Insurance Claims

Comparing car insurance can help you find an insurance provider that is strong in the claim category.

If you are in an accident or one of your employees gets into an accident, it is important that your insurance company cover the damages.

There are a couple of places to check out the claim reputation of an insurance company. If you are dealing with a local insurance office, you should be able to find the information through your local Better Business Bureau.

You can also check out the website of J.D. Power and Associates to see how insurance companies rate in terms of the claims process.

Different providers can vary greatly in regards to certain categories such as the appraisal process, service interaction, repair process, rental car experience, and settlement.

Your state Department of Insurance is another good source when comparing companies, whether it is about claims or not.

Financial Stability

It is essential to compare business car insurance when it comes to finding out how different companies rate financially. The financial rating of a company can tell a lot about it.

Companies such as A.M. Best and Standard and Poor’s independently rate insurance companies based on a number of factors.

You should pick a company that has financial ratings of an A- rating or better, as well as one that has an outlook that is stable or positive.

One that has a low-grade rating or has a negative outlook may have difficulty paying for claims, either now or in the future.

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Business Car Insurance vs. Personal Car Insurance

Business car insurance differs from personal car insurance in a number of ways.

Most personal auto policies will not cover your commercial vehicle, even if you use the same car for your business as you do for your personal needs.

The Insurance Information Institute can help explain the importance of commercial car insurance.

You may need to have commercial coverage for liability as well as comprehensive and collision to cover any damage that may occur.

Business insurance is especially important when you have employees driving for your business.

If an employee is driving his or her own car for work purposes and has a wreck, their own insurance policy will more than likely not cover the damages.

How to Find Business Car Insurance

Although there are different avenues you can take to find a business car insurance company, some may be better than others.

If you are happy with the company that insures your personal vehicles, ask your agent if commercial insurance is available.

Sometimes you can garner a discount by insuring both personal and business vehicles with the same company.

The Internet is also a good source to find commercial car insurance. You can research individual insurance providers or do a general search.

Some sites will even allow you to get free rate quotes for multiple insurance providers.

Business car insurance can be a big part of your monthly budget which is why it is important to compare companies and different policies.

Do your research so that the company you choose will be around for a long time.

Get business car insurance rate quotes right here by placing your ZIP code in the FREE quote box on this page!

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