Commercial auto insurance represents a crucial contract between businesses and insurers, providing financial protection against losses from vehicle accidents or theft. This coverage extends to property damage, liability for injuries or property damage, and medical expenses.
According to LendingTree, commercial policies are specifically tailored to cover vehicles used for business purposes, including those involved in transporting goods or providing services.
Understanding the coverage options and market leaders remains essential for businesses seeking to choose among the best commercial auto insurance companies available.
The following are the best commercial auto insurance companies in the US, based on market share data taken from our IB+ Data Hub platform. You can see this data for yourself, and much more, in this data resource with options to filter by state, year, and other lines of business.
Progressive Insurance experienced a robust 2024, reporting a significant increase in net income to $8.5 billion, a substantial improvement from $3.9 billion in 2023. This growth was largely propelled by stronger underwriting and investment incomes, with total net premiums climbing 21 percent to $74.4 billion.
The company achieved its best underwriting performance among large auto insurers, marked by an 88.2 percent net combined ratio. Progressive also saw an 18 percent increase in policies in force, reaching nearly 35 million across all lines, establishing itself among the country’s best commercial auto insurance companies.
Progressive offers a broad range of auto insurance coverages, including liability protection for bodily injury and property damage, comprehensive car insurance, and collision coverage. The company also provides uninsured and underinsured motorist coverage, medical payments, and personal injury protection, where available.
Additional options include loan or lease payoff, rental car reimbursement, roadside assistance, and coverage for custom parts and equipment. Rideshare coverage, pet injury protection, and the Deductible Savings Bank feature are also available.
2. Travelers Group … » Read More