Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insuran...

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager

UPDATED: Oct 15, 2020

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Key takeaways...

  • Companies that rank the financial strength of insurance providers can help you find a reputable insurer
  • Commercial car insurance coverage will protect your business vehicles
  • Comparing customer satisfaction reports will give you an idea of how the company will respond when you need to file a claim

Every business owner wants the best for his or her business, and that extends to a commercial car insurance provider. How do you distinguish the best from the rest?

Determining the most recommended commercial car insurance providers takes just a bit of research to measure one provider against another.

You can fulfill all of your commercial car insurance needs right here by putting your ZIP code into the FREE search box!

The ways to assess a commercial car insurance provider are no different than those ways you would use to evaluate a private auto insurer.

Those companies with strong financial ratings and a reputation for excellent customer service will invariably be the most recommended because they deliver time and time again.

The Biggest Commercial Providers

Customarily, some of the most recommended commercial car insurance providers will be those who are the largest. They have many customers, they advertise extensively, and they offer an array of packages.

They can also usually offer better rates because they can spread the risk out among all of their customers.

According to the Market Share Data released by the National Association of Insurance Commissioners, in 2011 the five largest providers of commercial auto insurance were:

  • Traveler’s Group with 8.41 percent of the market share and more than two billion dollars in direct premiums written
  • Liberty Mutual Group with 6.56 percent of the market and over $1.5 billion in premiums written
  • Progressive Group with 6.39 percent of the market share and over $1.5 billion in direct premiums written
  • Zurich Insurance Group with 6.26 percent of the market and more than $1.5 billion in direct premiums
  • American International Group with 4.94 percent of the market and over one billion dollars in premiums written

However, it is worth noting that the biggest companies are not always the best in terms of prices for your business, or in customer service.

Many commercial car insurance providers specialize in providing coverage to a specific industry, so you might find better rates with a provider who is not in the top five or even the top 25 in terms of customers.

Furthermore, the largest car insurance providers can have problems with customer service at times, as they are so large that it is harder to weed out bad apples in a timely manner. Researching any insurance provider is always paramount in the insurance search process.

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Check State Files

If you have a few providers in mind for your business’s car insurance needs, your first stop should be your state’s department of insurance website.

There you can look up the license information, financial data, and customer complaint information for an insurer, as compiled by the state.

Use the map provided by the Insurance Information Institute to link to your state’s department of insurance website.

If you see information that indicates a high amount of customer complaints and issues for the size of the provider, then perhaps it is time to consider another commercial car insurance company.

Furthermore, if you don’t see the company at all, especially if it is a smaller company, then it just may be a fraudulent company. Disreputable people have been creating insurance scams for as long as insurance has been around.

Don’t fall victim to a rate that sounds too good to be true.

Report the possible scam on your state’s department of insurance website so that no one else will be a victim of such fraud and move on.

Look for Financial Ratings

Another area that will show you the most recommended commercial auto insurance providers is financial ratings. To date, there are 10 rating agencies that are recognized by the U.S. government for providing accurate, timely financial ratings.

These ratings will let you know if an insurance company’s assets are strong or if poor business practices or a poor economy are putting the insurance provider into the red.

You don’t want to pay premiums for coverage to a commercial auto provider that is likely to go bankrupt soon.

According to A.M. Best, one of the 10 rating organizations recognized, the top five commercial providers had these ratings:

  • Traveler’s Group: A+
  • Liberty Mutual Group: A
  • Progressive Group: A+
  • Zurich Insurance Group: A+
  • American International Group: Not Rated. Most likely it is rated under a subsidiary name.

These high ratings indicate that the largest commercial auto insurance providers have the finances to weather literal and figurative storms.

Throughout a bad economy, recession, bailouts, and hurricanes, they have still managed to keep their finances healthy enough to assist you in your time of need.

According to A.M. Best, these commercial car insurance providers have an excellent to superior ability to meet their ongoing insurance obligations. That means they will be able to pay your claims, as they come, with ease.

That seems to be a pretty solid recommendation!

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Review Customer Service Ratings

Another area that makes a commercial insurance provider truly recommendable is good customer service. That idea includes pleasant, knowledgeable agents and representatives, timely communications, respect, and fairness in claims settlements.

Did you know there is a reliable source to get ratings on all of those topics?

J.D. Power and Associates has long been a premier name in creating customer service ratings and judging excellence. It gets its ratings data from actual customer feedback!

While the ratings are geared towards consumers looking for private auto insurance, many of those providers are the same as commercial providers.

Out of our five largest providers of commercial car insurance, notable scores include:

  • Traveler’s Group – three out of five for the purchase experience, three out of five for claims ratings, and not rated in the category of customer satisfaction
  • Liberty Mutual Group – four out of five for the purchase experience, three out of five for claims ratings, and three out of five for overall customer satisfaction
  • Progressive Group – two out of five for the purchase experience, three out of five for claims ratings, and three out of five for overall customer satisfaction
  • Zurich Insurance Group – not rated throughout
  • American International Group – four out of five for the purchase experience, four out of five for claims ratings, and not rated in the last category

It is evident that the largest companies are not always the best when it comes to customer satisfaction in the commercial car insurance market.

Looking at the highest rated companies and then researching financial ratings might be a way to find larger insurance providers who are highly rated in both areas.

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Shop around

Financial ratings and customer service are very important, but so is the price. The cost of your auto insurance cuts into profits, so it is important to get a great price for commercial car insurance, along with a great insurance company.

The best bet for finding the best rate is to shop around and compare prices. The only way to know how much a business car insurance provider will charge you is to get a quote.

Then, the only way to know if the quote is high, low, or somewhere in between, is to get another quote and compare the two.

The more quotes you compare, the wider range of prices you will get.

You want to make sure you are getting quotes for the same amounts of insurance so that all of your quotes compare the same thing. It really is possible to save hundreds on your commercial car insurance; you just have to find the right company.

It is one reason why it is so hard to recommend a company in the car insurance industry because the insurance provider that is the best for Company A might not be the best for Company B.

So, when you find the perfect provider for your commercial car insurance needs, you can certainly recommend it to others; just make sure that you recommend the quote comparison process as well!

Where to Find Quotes

There are many options for obtaining quotes for commercial car insurance coverage, and they are the same options that you would utilize for finding quotes for personal car insurance. You can visit an insurer’s office or speak with an agent over the phone.

Another option is to visit a commercial car insurance provider’s website, where you will likely be able to conduct the entire transaction online.

In order to compare quotes, however, you would have to visit many different providers’ websites, entering your information into an online application form again and again.

The quickest and easiest method for getting many quotes is to utilize a quote comparison website. These sites allow you to fill in your application once, and then that information is transmitted electronically to many different providers.

Those providers evaluate your business’s risk and send you back a quote for coverage. In this manner, you can garner multiple quotes to compare.

Then, you should evaluate your top choices using ratings provided by your state, financial rating agencies, and consumers. At this point, you will have the best possible recommendation for a commercial car insurance provider for your business!

Start your car insurance search for quotes right here by entering your ZIP code into the FREE box below!