The average monthly expense for commercial auto insurance stands at $147, as reported by Insureon. Notably, over one-third (37%) of Insureon clients spend less than $100 each month, roughly a quarter (26%) pay between $100 and $200, while 37% incur costs exceeding $200 monthly for their commercial auto coverage.
Average Costs of Commercial Auto Insurance by Industry
The nature of your business influences the expense of your commercial auto insurance policy. For example, insuring a passenger vehicle for a real estate operation typically costs less than insuring heavy-duty vehicles like cement mixers or tanker trucks for a construction business.
Below are the monthly average costs for commercial auto insurance categorized by industry.
Source: Insureon
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Key Factors Influencing Commercial Auto Insurance Costs
Several factors can affect the pricing of commercial auto insurance. Below is an overview of these elements.
Type of Business: The nature of your business plays a significant role in determining the insurance rates. For instance, an office-based operation generally incurs lower costs compared to a business that requires transporting tools and making frequent customer visits.
Coverage Options: The choices you make regarding coverage and insurance limits directly affect your premiums.
Driving History: Drivers with clean driving records benefit from more favorable insurance rates.
Location: Operating in larger cities typically results in higher insurance costs compared to businesses situated in rural areas. Lower accident rates and fewer vehicle thefts contribute to reduced premiums.
Mileage: The average distance driven in a commercial vehicle can also influence insurance rates.
Vehicle Type: The kind and size of the vehicle utilized for business purposes are additional factors that affect insurance costs.
