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5 Best Commercial Auto Insurance Companies in Kentucky

According to a report issued by the Kentucky State Police, there were 158,171 vehicle collisions on Kentucky roads in 2019, the most recent data available. Of those, 680 resulted in fatalities. More than 22,000 of them involved injuries and just under 110,000 caused property damage. This is higher than the accident incident rate for the entire US.

When these accidents involve a business vehicle, ie. someone is driving for business purposes, the drivers need to have business auto insurance coverage to be protected properly. Without commercial auto insurance coverage, these drivers are considered uninsured, which will cause a lot of problems to people involved in the accidents. It is critical to have business auto coverage if you drive for business purposes in Kentucky.

In this article, we’ll reveal the 5 best commercial auto insurers in Kentucky, and answer some of the most commonly asked questions about the coverage so you can get the right protection for your business. 

Top 5 commercial auto insurance companies in Kentucky

  • Next: Ideal for small business owners who prefer to buy insurance online 
  • Progressive: Best for Kentucky companies with different types of vehicles they need to insure
  • Insureon: Best for Kentucky businesses that want to compare auto policies and premiums in one place
  • The Hartford: Best for businesses looking for an insurer they can depend on
  • Geico: Best for commercial auto coverage for companies in specialized industries

Next: Ideal for small business owners who prefer to buy insurance online 

Next is changing how businesses purchase commercial auto and other coverage.

Their operation is focused on delivering the ultimate online insurance experience. Because of this, you’re able to purchase a policy, file a claim or get an auto insurance card, any time, 365 days a year. Even though Next is an online insurer, you can get expert help over the phone when you need it. The firm is also known for being able to make most claims decisions within 48 hours.

Despite the fact that Next is a relatively new and innovative company, you can rest assured knowing it has an excellent rating from A.M. Best, an insurance company rating agency. All the company’s policies are backed by MunichRe, an established insurer and reinsurer. More than 10,000 business owners have turned to Next for their insurance needs. The firm has earned a solid 4.7 out of 5.0 customer rating. 

Progressive: Best for Kentucky companies with different types of vehicles they need to insure

Progressive has been offering auto insurance since 1937 and business-related policies for 50 years. The company offers not just a full range of commercial auto insurance products, it can also supply all the coverage your business needs. The company is known for being flexible, having great rates, and providing first-class service.

Progressive offers the following kinds of commercial vehicle coverage:

  • Commercial auto and truck insurance
  • Tow, dump, and food truck insurance.

Two types of Progressive policies cover specialized vehicles:

  • Landscaper insurance
  • Contractor insurance.

Progressive offers many types of discounts, which could help you save on your commercial vehicle insurance and all your business related policies.

Tip: Progressive is a top provider of insurance for delivery drivers and people who participate in ride share programs. It covers gaps between your personal policy and what your company or service offers. It’s definitely something to look into if you provide these types of services. 

Insureon: Best for Kentucky businesses that want to compare auto policies and premiums in one place

Insureon is a leading online marketplace for small business insurance, including commercial vehicle coverage. They offer insurance from leading providers including Travelers, Chubb, Liberty Mutual, and more. 

No matter what type of business coverage you need, all you have to do is fill out a simple application and you’ll receive quotes from several leading insurers. Insureon makes it easy to compare coverages and quotes so you can select the best policy for your business.

Insureon is the number one independent insurance marketplace for small businesses. The company has written more than one million policies for upwards of 350,000 businesses during the decade it’s been in operation. Insureon can provide business and and other insurance for Kentucky companies in many industries. If you have any questions, Insureon has licensed insurance agents available to answer them.

The Hartford: Best for businesses looking for an insurer they can depend on

The Hartford is one of the oldest companies of any kind in the United States. It’s offered insurance solutions for more than 200 years and has helped one million plus businesses with their coverage needs. The company takes pride in the fact that the Ethisphere Institute named it a World’s Most Ethical Company twelve times. The Hartford’s longevity and focus on ethical business practices makes it a company you can depend on and feel good about doing business with.

The Hartford’s dedicated and highly experienced small business team is available to help company owners explore their business auto and other insurance options. If you decide to purchase coverage from The Hartford, you can rest assured knowing you’re entrusting your employees and vehicle fleet to a strong, stable, knowledgeable, and ethical provider.

Geico: Best for commercial auto coverage for companies in specialized industries

Geico is a highly reputable business auto insurer. It’s been in operation for more than 70 years. It is known for its fair pricing, solid service, and extensive experience providing insurance to individuals and businesses. You can rely on their experienced claims professionals to get a damaged vehicle back up and running quickly, which could save you a lot in downtime if your car or truck is involved in an accident.

GEICO is able to provide commercial vehicle insurance on any size fleet, including coverage for all types of cars, trucks, and specialized vehicles used by:

  • Electricians, plumbers, and heating and air conditioning professionals
  • Carpenters, painters, and other types of contractors
  • Landscapers and plowing services
  • Caterers, food truck operators, and other types of food vendors
  • Delivery and ride share services
  • Other business types, including real estate and sales.

Geico is known for making it easy to:

  • Add or remove vehicles from your policy
  • Update the drivers covered
  • Change coverage limits
  • Bundle all your business insurance coverages together
  • Report and track claims
  • Access documents and services online.

Geico offers great flexibility in the coverage it offers, making it likely you’ll be able to find the commercial auto insurance — and complete business coverage — you need at a competitive price. 

What is commercial auto insurance?

It’s a specific type of coverage that pays for damage to vehicles used for business if they’re involved in an accident. It can also cover costs related to theft. Commercial auto insurance handles the following types of situations:

  • An employee hits a vehicle or pedestrian while driving a company car
  • You run off the road and hit a mail box while heading to a business meeting
  • Your employee is in an accident while driving for work and is injured, which results in high medical bills.

These are just a few scenarios that demonstrate the value of commercial vehicle insurance. Consult with a reputable insurance provider to understand the specific risks you face in your industry and where in Kentucky you do business.

Did you know: Commercial auto insurance is also referred to as commercial vehicle insurance, business auto insurance and by other names. If you’re not clear about any terminology, ask an insurance expert.

Who in Kentucky needs commercial vehicle coverage?

The state of Kentucky does not require businesses to purchase commercial auto insurance.

However, if you drive a vehicle in the state for business reasons, it’s likely you need commercial coverage. If you or an employee drive a car for work, it’s unlikely that a personal car insurance policy will cover accident-related expenses. An experienced insurance professional can evaluate your situation and let you know for sure.

The situations that typically require commercial vehicle insurance:

  • Your business owns, rents, or leases vehicles
  • You have employees who drive their own vehicles for business purposes
  • You have workers who drive company cars
  • You have employees who lease, rent, or own company vehicles.

It’s not worth risking the future of your operation by not having the right insurance. Consult with a professional to ensure you have the correct coverage.

Why do small businesses need to have business auto insurance coverage in Kentucky?

Car accident statistics in Kentucky is pretty high:

  • In 2019, 1 out of every 16 drivers in Kentucky had an auto accident.
  • That same year, 1 out of every 3,481 state residents was involved in a collision that resulted in a fatality.

The vehicle accident and fatality rates in Kentucky are significantly higher than the United States average.

While Kentucky doesn’t break down the number of accidents that occur while people are driving for personal versus work reasons, the majority (almost two out of three) happen in business and industrial areas. 

Why is this important?

Accidents that occur when people in Kentucky are driving for business rather than personal reasons aren’t covered by personal auto insurance. They’d only be covered by a commercial vehicle policy. With the relatively high accident rate in Kentucky and preponderance of incidents in business and industrial areas, it could leave companies without the right auto coverage vulnerable if anyone who works for them is involved in an accident while driving for work.

Ask yourself: 

  • Could you pay medical care costs out of pocket if you or an employee injures someone while driving for business reasons?
  • Can you afford to cover auto repairs or property damage? 
  • What if someone passes away and you’re sued for wrongful death by their family?

The answer to all these questions is NO for most small business owners. That’s why it’s critical for them to get a commercial auto policy.

>>MORE: Why Small Businesses Need to Have Commercial Auto Insurance Coverage?

What does commercial auto insurance cover?

Most commercial vehicle insurance policies include the following coverages:

  • Bodily injury: This covers any medical costs for anyone else involved in an accident that is caused by you or someone working for you. 
  • Property damage liability: This pays for damage that you cause to someone else’s property, including to their vehicle, in an accident.
  • Collision coverage: This covers damage to your vehicle if you’re in an accident, whether you caused it or not.
  • Comprehensive coverage: This covers damages that aren’t related to an accident, such as ones from theft or vandalism.
  • Medical coverage: Medical coverage is a separate insurance policy that will pay your medical bills up to policy limits if they aren’t taken care of by another policy.
  • Uninsured/underinsured coverage: This insurance covers your bills if you’re in an accident with a driver who doesn’t have insurance.

Work with an insurance professional to find out which coverages and levels of them you need. It could prevent you from having to pay accident-related expenses that could have a big negative impact on the bottom line of your business.

How much business auto coverage are companies in Kentucky required to purchase?

The state of Kentucky does not have a requirement for this coverage. However, as we’ve already explained, it’s smart to get it to protect your business and the people who work for you.

How much does commercial auto insurance cost in Kentucky?

Costs vary and are based on:

  • How many vehicles are covered
  • The type and cost of the vehicles
  • The features they’re equipped with
  • The type of business
  • The types and levels of coverage
  • Where in Kentucky the business is located, along with where the vehicles are used and parked.

Commercial auto insurance is typically more expensive than personal auto protection. It’s because commercial vehicles are usually more costly to repair or replace. In addition, commercial policies typically include more than one driver with different driving records.

Small businesses in Kentucky pay between $900 to $3,200 for business vehicle coverage. Make sure to shop around with a few providers or with a digital broker to compare several quotes to find the cheapest one for your business.

>>MORE: How Much Does Commercial Auto Insurance Cost?

How can I find cheap commercial auto insurance in Kentucky? 

Here are some tips to help you find the coverage you need at the lowest possible price:

  • Shop around for the best value. Get quotes from a few different insurers. 
  • Don’t stop shopping around. Make sure you get new quotes before you renew your commercial auto policy.
  • Take advantage of discounts. If they’re not offered to you when getting a quote, ask about them, whether you’re buying online or through an agent.

Taking these steps will help ensure you’re not paying too much for your commercial auto coverage and other business insurance.

>>MORE: How To Find Cheap Commercial Auto Insurance?

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