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When you shop for a vehicle for your company, you probably weigh the pros and cons of features and price. Make sure you also consider how a new vehicle impacts your commercial auto insurance policy.
Things to understand about the cost of fleet insurance before you buy your next company car or truck:
- The more expensive the vehicle, the higher the premiums. Buying used vehicles can help keep your insurance rates down.
- Passenger vehicles typically cost less to insure than commercial trucks.
- Lighter-weight trucks cost less to insure on a commercial fleet policy.
Here’s how the truck classes break down:
- Light trucks, up to 10,000 pounds. Panel vans, pick-ups, parcel vans, refrigerated trucks and flatbed trucks.
- Medium trucks, 10,001 to 20,000 pounds. Mid-size refrigerated trucks, stake bed and box trucks.
- Heavy duty and extra heavy duty trucks, 20,001 to 45,000 + pounds. Beverage trucks, farm trucks and grain trucks.
The trailer class includes:
- Small service or utility trailers, flatbed trailers, refrigerated and specialty trailers. Commercial truck insurance premiums increase proportionately with the size and weight of the trailer.
- The intended use of the vehicle also impacts the cost of commercial fleet insurance. Service-oriented vehicles, such as a plumbing truck or a van used by an HVAC contractor, are the least expensive to insure. Retail-use vehicles are next, such as florist or dry cleaning vans. Finally, trucks and vans that deliver goods to other businesses cost the most to insure.
Learn more about Nationwide business insurance or call 1-888-490-1549.
Product, coverage, discounts, insurance terms, definitions, and other descriptions are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in your individual insurance contracts, policies, and/or declaration pages from Nationwide-affiliated underwriting companies, which are controlling. Such products, coverages, terms, and discounts may vary by state and exclusions may apply.