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What is Fleet Insurance?

Fleet insurance is specialized commercial auto insurance coverage businesses can obtain for their vehicles (cars, vans, SUVs, trucks, dump trucks, semi-trailers, etc.). It is often referred to as commercial fleet insurance, business rental car insurance, car rental business insurance, etc.

But what is a fleet? It depends on how each individual insurance provider classifies it, but a commercial fleet can be as little as 2–5 vehicles or hundreds of vehicles owned by a company and used for business purposes.

Who needs commercial fleet insurance?

  • Taxi services
  • A Limo Business
  • Car rental companies
  • Rideshare or delivery services
  • Construction companies
  • Tow Truck companies
  • Any many, many more

The nice thing about fleet auto insurance is that any type of vehicle—from construction vehicles to mini-vans—can be included under the same policy. The vehicles do not have to be used for the same purpose.

What Does Fleet Insurance cover?

Commercial Fleet insurance is meant to cover all of your business employees and your entire fleet. Auto insurance coverage includes what a typical commercial auto policy would, often at a more affordable price.

General Auto liability: Most if not all states require you to obtain general liability insurance. This policy covers you personally when you are liable for physical damage to someone’s car, property, or cause them physical injury. These coverages are typically included within your general liability policy: 

  • Third-party bodily injury & property damage: If you are involved in an accident, this part of the auto insurance policy covers third-party medical expenses, legal expenses, and loss of income. It also covers the repair of physical damage to their vehicle, or complete replacement. 
  • Personal Injury Protection: Personal Injury Protection (PIP) will pay for medical expenses and lost wages for you and your passengers injured in an accident. PIP pays whether or not you are found at fault for the accident. 
  • Collision coverage: Collision provides coverage for the physical damage that is done to the policyholder’s vehicle (if they’re at fault for the accident). If another party is responsible for the accident, their liability insurance pays for your repairs. 

These two policies are often an optional coverage that will likely be an additional cost/endorsement to your fleet insurance policy: 

  • Comprehensive coverage: Comprehensive covers the cost of repairing or replacing your vehicles if they are damaged due to vandalism, theft, or weather-related incidents. 
  • Uninsured and underinsured motorist coverage: Uninsured and Underinsured coverage—also required by most states—will help cover your costs if the other party involved is found liable but they do not have auto insurance. 

Other Insurance Policies You May Need

Other insurance policies you may want to consider for your business include:

Inland Marine Insurance: This covers any tools of your trade not permanently affixed to your vehicles, such as carpentry tools, extermination equipment, etc.

Commercial Property Insurance: If you own a rental car business, commercial property insurance will protect your property in case of damage or destruction—and sometimes your vehicles, too.

How Much Does Fleet Insurance Cost?

The cost of fleet insurance depends on numerous different factors, including:

  • The age and the associated value of the vehicles. An older vehicle may be cheaper to repair or replace, therefore cheaper to insure. 
  • The purpose of the vehicles. A service-oriented business such as a plumber or electrician will typically pay lower costs than a taxi service or a large delivery business. 
  • The policy options you choose, including policy limits, additional endorsements, and deductibles.
  • The type of vehicle. Vans, SUVs, and passenger type cars are more affordable to insure than trucks.

Trucks are divided into three different classes:

  1. Light Trucks: These must be under 10,000 pounds and can include pickup trucks, flatbed trucks, and sometimes cargo vans.
  2. Medium Trucks: A truck must be 10,000–20,000 pounds to fit into this category and are likely box trucks or refrigerated trucks.
  3. Heavy-Duty Trucks: Heavy-duty trucks are anything over 20,000 pounds and may be your average semi, dump-truck, construction vehicle, etc.

Because there are so many variables that impact cost, we can't really give you a ballpark figure of what it may cost for car insurance for your vehicles. Be sure to speak to your agent—or one of ours—about the potential cost of fleet insurance coverage.

5 Ways to Save Money on Your Fleet Insurance Policy

If you want to save money on your fleet insurance policy, there are a few ways you can ensure lower costs from the very beginning:

  1. Hire drivers/employees who have clean driving records. This can get you a discount on your rates.
  2. Shop around and get quotes from at least 3 different insurance companies. You want to make sure you get the most affordable rate possible!
  3. Choosing a policy with a higher deductible can lower your policy premium. Just be sure to choose a deductible amount that your company can afford.
  4. Can you combine any of your policies? Or purchase fleet insurance from the same company? Sometimes you can get a lower or discounted rate by using the same insurer. 
  5. Do you have anti-theft equipment and safety policies in place? Anything that can help you maintain a claims-free record can keep your costs low.

Get a FREE Fleet Auto Insurance Quote

Insurance coverage for fleet insurance doesn't have to be complicated. To get an affordable quote for your fleet, complete the form at the top of our page and one of our agents will reach out. Or, give us a call at 1-877-907-5267. We will gladly help you find the right coverage for your business.


Related Articles: Taxi Insurance, Garage Liability Insurance, Workers’ Compensation Insurance, Tow Truck Insurance, Livery Insurance

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