Commercial auto insurance is a must if you use a vehicle to execute business tasks. Whether you are a florist delivering flowers in a single van or a commercial truck driver who runs an entire fleet, you need commercial auto insurance. Choosing the right coverage from the right company can seem somewhat overwhelming.
In this review, we look at Liberty Mutual and the commercial auto coverages available through that company.
About the company
Liberty Mutual was founded in Boston in 1912. The company is now an international insurance provider. The National Association of Insurance Commissioners (NAIC) reports that Liberty Mutual wrote direct premiums totaling over $12 billion in 2021.
What does Liberty Mutual insurance cover?
Commercial customers benefit from comprehensive car insurance coverage from Liberty Mutual. Many of the company’s coverages are standard with a commercial auto policy, and you can also choose from several add-on coverages. Coverages you can expect from your Liberty Mutual commercial auto insurance policy include:
- Bodily injury liability insurance coverage is mandatory in most states. It covers medical costs, loss of income, and funeral expenses for other people who were injured or killed in an accident you caused.
- Property damage liability insurance is another mandatory coverage in most states, and it repairs damage to or replaces another driver’s car when you have caused an accident.
- Medical payments or PIP is coverage for you or your passengers if you are injured in an accident; the coverage covers initial medical treatments, legal fees, and lost income.
- Collision is optional in most cases, but it’s good coverage to have if you want damage to your car covered in the event of an accident, even if that accident occurs when your vehicle is parked and someone else hits you.
- Comprehensive coverage is another optional coverage that pays for damages or loss caused by events outside your realm of control, such as floods, fires, theft, vandalism, storms, or an animal.
- Uninsured or underinsured motorist insurance covers injuries and damage incurred in an accident with someone who has no insurance or not enough insurance.
Options offered to businesses
Liberty Mutual offers some add-ons that can be beneficial when you are trying to run a business and you rely on your automobile to help you in that venture. Here are some of their add-ons.
- The Liberty Mutual deductible fund is a way to help you save up to $100 on your collision deductible for as long as you remain a customer. You enroll and contribute $30 per year to the fund. The company covers the other $70 toward that $100 deductible.
- Rental car reimbursement means the company will cover the cost of rental cars until your car is fixed, as long as you have your car repaired at a Liberty Mutual-approved facility.
- Accident forgiveness means your insurance rates won’t increase after your first accident.
- A lifetime repair guarantee means the company will guarantee any repairs made within the Guaranteed Repair Network for as long as you have the car.
- Towing and labor costs are reimbursed as long as you have your car towed to an in-network shop.
- New car replacement is for those accidents where your brand-new car has been totaled. Your car should be under a year old and have less than 15,000 miles for this coverage to kick in. It covers the price of a new car rather than only paying the depreciated value of your car.
- Better car replacement is similar to new car replacement, but this coverage will replace your totaled car with a model year newer car with 15,000 or fewer miles.
In addition to these options, Liberty Mutual offers discounts for homeowners, active, retired, or reserve US military members and early shoppers. For the early shopper discount, you must shop for an insurance quote with Liberty Mutual before your car insurance expires.
Liberty Mutual commercial auto insurance cost
Unlike many other insurance companies, Liberty Mutual doesn’t provide cost estimates or online quotes. However, they indicate what factors can affect the rates they quote for insurance. The most common factors affecting your Liberty Mutual insurance rates for business or personal insurance are:
- Where you are located
- The vehicle you are insuring
- Your age, gender, and marital status
- The driving history of you and anyone else driving on your policy
- Your credit score
Ratings, reviews, and complaints
Liberty Mutual is a Fortune 500 company with an A rating from AM Best. Liberty Mutual also earned A ratings from Moody’s and S&P. These ratings mean that financially Liberty Mutual is strong enough to handle any claims that may be made against their policies.
Liberty Mutual is a Better Business Bureau accredited company (and has been since 1931) and has earned an A+ rating from the BBB for customer service, operations, and satisfaction. Over three years, the BBB recorded 996 complaints against the company, and all of those were either addressed or resolved.
JD Power gives Liberty Mutual mixed ratings. The company ranks 6th out of 24 providers for car claims satisfaction. Customer satisfaction ratings for Liberty Mutual are higher in California, New York, the Northwest, and the Southwest of the US. Liberty Mutual and State Farm tied for first place in the JD Power 2021 US Insurance Shopping Study.
Learn more at the best commercial auto insurance companies
Liberty Mutual is a Fortune 500 insurance company founded in Boston in 1931. Over the years, they have become internationally known in the insurance industry. They are financially stable, making them able to cover any claims that come their way. The company offers a variety of coverages, and you can qualify for discounts based on your status as a homeowner or a member of the military. While you can’t get a quote directly from the company’s website, you can access quotes through several brokers and trusted agents around the country. The company does offer a mobile app for managing your policy and claims. For more information, contact Liberty Mutual via the company website. You can also contact the company via telephone or by visiting one of their affiliated offices.