GITNUX MARKETDATA REPORT 2024
Statistics About The Average Commercial Auto Insurance Cost
The average cost of commercial auto insurance in the United States is around $1200 to $2400 per vehicle per year.
With sources from: coverwallet.com, insurance321.com, commercialtruckinsurancehq.com, iii.org and many more
Sources
In this post, we explore the varying costs associated with commercial auto insurance in the United States. From national averages to state-specific figures and industry-specific insights, the statistics paint a detailed picture of the expenses involved in insuring commercial vehicles. Understanding these cost dynamics can help businesses make informed decisions when selecting insurance coverage that aligns with their needs and budgets.
Statistic 1
"The national average cost for commercial auto insurance is approximately $800 to $1,200 per year."
Statistic 2
"In states like New York, the commercial auto insurance cost can average at around $3,000 to $6,000 per year."
Statistic 3
"Industries with high risks such as trucking might experience annual commercial auto insurance costs of up to $20,000."
Statistic 4
"The average price for a commercial auto liability policy is $1,000 to $2,000 per year."
Statistic 5
"Businesses that drive fewer than 10,000 miles annually receive the lowest rates for commercial auto insurance."
Statistic 6
"Commercial auto insurance for taxis averages around $5,000 to $10,000 per cab, per year."
Statistic 7
"The average cost for commercial auto insurance for businesses with more claims is around $2,000 to $3,000 annually."
Statistic 8
"Self-employed individuals pay an average of $1,800 to $3,000 annually for commercial vehicle insurance."
Statistic 9
"1-5 trucks have an average commercial truck insurance cost between $8,000 and $12,500."
Statistic 10
"The average cost of commercial auto insurance in Connecticut is $1,500 annually."
Statistic 11
"Tow trucks can expect to pay between $4,000 and $14,000 per truck for commercial auto insurance."
Statistic 12
"Businesses with high credit scores often pay less for commercial auto insurance."
Statistic 13
"The average cost of commercial auto insurance in Maryland is $1,000 annually."
Statistic 14
"Businesses with a high claims history could potentially pay an average of $10,000 annually for commercial auto insurance."
Statistic 15
"Companies providing delivery services can expect to pay about $900 to $1,200 per year per vehicle for commercial auto insurance."
Statistic 16
"In 2021, the US commercial auto insurance market is expected to reach about $44.8 billion."
Interpretation
In conclusion, commercial auto insurance costs vary significantly based on factors such as location, industry, vehicle usage, number of vehicles, credit scores, and claims history. On average, businesses can expect to pay anywhere from $800 to $20,000 annually for commercial auto insurance, with specific industries like trucking and taxi services facing higher costs. Understanding these cost drivers and shopping around for competitive rates is essential for businesses to manage their insurance expenses effectively. The US commercial auto insurance market is projected to continue growing, reaching an estimated $44.8 billion in 2021.
Jannik Lindner
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