Commercial auto insurance is a significant contract that exists between businesses and insurers; it provides protection against various losses caused by vehicle accidents or theft. The coverage extends to property damage, liability arising due to bodily injury or damage to other people’s property, and medical expenses. Commercial policies provide specific insurance for vehicles used in the operation of a business, whether for goods-carrying or service-providing purposes. It remains important that companies understand coverage options and market leaders to choose among the best commercial auto insurance companies available.
Top commercial auto insurance companies in the US by market share
The following are the best commercial auto insurance companies in the US, based on market share data taken from IB+ Data Hub platform.
1. Progressive Insurance
Progressive Insurance enjoyed a successful 2024 with its net income increasing significantly to $8.5 billion compared to 2023 when it was only $3.9 billion. This was mainly driven by better underwriting and investment earnings, with total net premiums rising by 21 percent to $74.4 billion.
The company has achieved the best results in the industry of large auto insurers by virtue of its net combined ratio of 88.2 percent. In addition to this, the company has experienced an increase of 18 percent in its policies in force, which now stand at almost 35 million, thus becoming one of the best commercial auto insurance companies in the nation.
Progressive provides a wide range of auto insurance coverages that include personal liability coverage in terms of bodily injury and property damage, comprehensive auto policies, and collisions. The company also offers its clients uninsured and under-insured motorist coverage, medical payments, and personal injury protection.
Another alternative, in this case, may involve paying off a loan or lease, rental car reimbursement, road assistance, and protection of custom parts and equipment. There are also options such as rideshare coverage, pet injury protection, and deductible savings bank.
2. Travelers Group
This year, 2024, saw Travelers Group post robust financials with a record core income of $5 billion or $21.58 per diluted share, marking a rise of 64 percent from the previous year. This can be attributed to the rise in record net written premiums of $43.4 billion, or 8 percent higher than last year, coupled with excellent underwriting margins.
Underlying underwriting income increased to a record $4.5 billion after-tax, while it had to face record catastrophe losses. Net investment income also increased by over 21 percent to $3 billion after-tax. Thus, Travelers strengthens its position among the best commercial auto insurance companies in the US.
Travelers provides auto insurance packages that encompass all types of normal auto coverage, such as liability, collision, and comprehensive coverage. Additional optional coverage includes uninsured/underinsured motorist protection, medical payment coverage, and personal injury protection. Important coverage provided by Travelers includes premier new car replacement, loan/lease gap, roadside assistance, and rental reimbursement.
Car & Classic Launches Fully Online Insurance for Classic and Specialist Vehicles
3. Old Republic International
The Old Republic International (ORI) reported impressive results for 2024, as full year consolidated pretax operating income reached close to $1 billion. This is an improvement of 6.5 percent from 2023. The net operating income per diluted share increased by 15.2 percent to $3.03. A record pretax income of $848 million was attained by the specialty insurance segment.
ORI remained committed to returning money to its shareholders in the form of capital, including a special dividend, marking its 84th consecutive year of paying regular cash dividends to its shareholders. This makes ORI a top-rated insurance company if you’re looking to get specialized auto insurance coverage.
The company specializes in insurance of a specialty and title nature. The auto insurance is available through Old Republic’s division termed “Old Republic Insured Automotive Services” (ORIAS), and it provides extended service protection for new and used vehicles, as well as mechanical breakdown insurance with varying levels of coverage, known as Total, MVP, and Evolve.
Such plans might also provide benefits like roadside assistance, rental car coverage, tire protection, and trip interruption benefits instead of liability or collision insurance.
4. Zurich Insurance Group
The Zurich group recorded its best results in 2024, with its BOP growing by 5 percent to reach $7.8 billion, while its net income attributable to shareholders recorded a sharp improvement of 34 percent, reaching $5.8 billion. This was boosted by growth across its core businesses, with property & casualty and life each recording its “best-ever” results.
Zurich also has a strong capital position with a Swiss Solvency Test ratio of 252%, ranking it as one of the top auto insurance companies worldwide.
Auto insurance coverage varies across different regions for Zurich Insurance, but invariably covers essential elements. Typically, Zurich would offer comprehensive coverage for various perils such as accidents, thefts, fire, or natural calamities, along with third-party liability for bodily injury or damage to property of another person. Other benefits may be listed as personal accident for owner/driver, cashless garage facilities, and “No Claim Bonus” benefits. Specialized insurance products for vehicles might entail warranty-related coverage and other such benefits.
5. Auto-Owners Insurance
Auto-Owners Insurance Group had a tough 2024: an unprofitable year caused by lingering inflationary pressures and significantly higher weather-related losses. Despite such strong headwinds, the group maintained an exceptionally strong financial position, boasting nearly $14.3 billion in policyholder surplus.
The company also added over $1.8 billion of premium increases. The count of its in-force policies was up more than 353,000, to 5.95 million. This helped the company hold positions among the best commercial auto insurance companies in the country.
Auto-Owners provides a comprehensive line of auto insurance protection, including liability, collision, and comprehensive coverages. Optional features include uninsured/underinsured motorist, medical payments, personal injury protection, road trouble service, and loan or lease gap coverage. Other significant benefits include at-fault accident coverage and common loss deductible.
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6. State Farm Group
State Farm substantially improved its financial performance in 2024, with a net income of $5.3 billion compared to its net loss in 2023, which was $6.3 billion. This was attributed to the reduction in underwriting losses, particularly in automobile insurance, which improved by $7 billion.
The revenue generated by the insurance company rose by 18 percent to $123 billion, while the earned premiums rose to $103 billion. This indicates a growth spurt in all its lines of business and further cements its reputation as a top commercial auto insurer in the US.
State Farm offers a wide array of automobile insurance, including liability car insurance, collision insurance, and comprehensive insurance. Some optional coverage includes medical payments, uninsured and underinsured motorist, emergency roadside service, rental car coverage, travel expense coverage, and ridesharing. It also provides coverage that helps those responsible in car accidents maintain their rates.
7. Erie Insurance
Erie Insurance received mixed results in 2024, as the firm experienced an underwriting loss for the year despite a good finish in the latest fourth quarter. The firm’s total operating revenues rose by 15.3 percent to $10.1 billion, mainly due to increased direct written premiums.
However, net income experienced a decline from 643 million to 130 million in the previous year. The reduction can be attributed to increased catastrophe losses and a poor underwriting result. Erie faces stiff competition from some of the best commercial auto insurance providers in the United States.
Erie Insurance also offers extensive coverage, including standard auto liability (both bodily injury and property damage), collision, and comprehensive. It also has its own features, such as the “Erie Auto Plus” endorsement that includes diminishing deductibles and the waiver of the deductible for a covered comprehensive loss that results in total loss. Other coverage options from Erie are uninsured/underinsured motorist, rental car expense, roadside service, and mechanical breakdown.
8. Liberty Mutual Insurance
Liberty Mutual Insurance realized an impressive turnaround in 2024 with a net income of $4.38 billion, an impressive growth from $213 million in 2023. This achievement was realized through a reduction in catastrophe losses by 17 percent to $3.89 billion and good underwriting discipline to achieve a combined ratio of 95.9 percent.
Total revenue increased by 1.6 percent. Total revenue now amounts to $50.2 billion. The company is committed to enhancing profitable growth, having invested time and resources in enhancing sales to become one of the best commercial auto insurance companies.
Liberty Mutual provides a variety of covers with their auto insurance. Their key covers include liability for bodily injury and property damage, collision cover, comprehensive insurance cover, medical payments, personal injury protection, and uninsured/underinsured motorist cover.
Additional coverage benefits may extend to new car replacement for a totaled new car, gap coverage to pay off outstanding loan balances, 24-hour roadside assistance, and rental car reimbursement. Original parts replacement may also be available.
9. Berkshire Hathaway
Berkshire Hathaway had a robust performance in 2024, by a 27 percent increase in operating earnings to $47.44 billion, mainly on the back of strong insurance underwriting and investment income. Underwriting profit at its insurance segment grew to $9.02 billion.
The Warren Buffett-controlled conglomerate ended 2024 with an all-time record $334.2 billion in cash reserves, reflecting disciplined capital management. Berkshire Hathaway’s “float” – the amount of money it holds but doesn’t have to pay out yet from its insurance businesses – has grown to roughly $171 billion. That makes it one of the strongest commercial auto insurance companies in the world.
Berkshire Hathaway is not much directly involved with auto insurance but rather through its subsidiaries, of which one of the most well-known is definitely the GEICO group, specializing in private passenger auto insurance throughout the US. Then there is Berkshire Hathaway GUARD Insurance Companies and Berkshire Hathaway Homestate Companies, offering their commercial auto insurance. All these normally include liability, collision, comprehensive cover, and can be extended to include additional features such as uninsured/underinsured motorist coverage and medical payments.
10. Acuity Insurance
Acuity Insurance had good results in 2024, where it had achieved a record by posting a 13.9 percent rise in policyholders’ surplus, reaching $3.8 billion. It had robust growth in premiums, increasing its top line by 10.1 percent to $2.8 billion. It had achieved an exceptional combined ratio of 98.1 percent.
Acuity also announced that it has achieved its 99th consecutive year of growth in surpluses, making it one of the best performing commercial auto insurance companies in the US.
Acuity offers full auto insurance protection, covering a variety of needs. Its products are comprehensive and include: standard liability (includes bodily injury and property damage); collision; and comprehensive.
Additional options include uninsured/underinsured motorist coverage, medical payment coverage, and rental car reimbursement coverage. Acuity also offers special features such as new car replacement and loan/lease gap coverage. Acuity places great value on personalized service through independent agents.
Car Insurance Requirements by State
Key features of the best commercial auto insurance companies in the US
Auto insurance is a requirement in most states in the US and is an essential tool for all drivers to be protected by. While there are numerous providers and policies to choose from, it is vital to understand what makes the best commercial auto insurance companies stand out in order to acquire the best coverage for one’s needs. The best coverage is one that does not only suffice as required by state law but also offers protection to drivers, passengers, and vehicles regardless of the condition that may arise. The following are some characteristics of good policies according to the National Association of Insurance Commissioners:
Essential coverages
The best car insurance companies have comprehensive packages included in their policies. Collision coverage provides services relevant to accidents involving other cars or objects. Comprehensive covers account for damages such as theft, vandalism, and fire, among others. Medical payment coverage (MPC), on the other hand, provides services that pay out for damages such as funeral or medical expenditures.
Liability protection
Strong policies from the best commercial auto insurance companies offer bodily injury liability, which pays for injuries to others when you are at fault, and property damage liability, which covers damage to another’s property. Uninsured motorist coverage ensures financial protection if the at-fault driver lacks insurance.
No-fault state benefits
For residents in no-fault states, the commercial auto insurance companies offer personal injury protection (PIP). This covers medical costs and lost wages regardless of who is at fault. Residual bodily injury liability allows lawsuits under certain thresholds, like serious injury or death.
Helpful add-ons
Most commercial auto insurers offer rental reimbursement, towing and roadside assistance, and flexible deductible options that balance affordability with out-of-pocket costs.
Policy customization and discounts
Good commercial auto insurance policies reflect accurate driver history, credit scores, and may offer discounts for secure parking or membership programs, ensuring tailored and cost-effective protection.
Policies may also differ depending on current market trends. The following video explores five key factors contributing to the surge in auto insurance costs in the US.
