Maryland Commercial Auto Insurance: Quotes From $28/mo

When operating a business in Maryland, it is essential to have the proper insurance coverage, particularly for your commercial vehicles. Maryland commercial auto insurance provides the fundamental coverage to safeguard your business against unforeseen road accidents, property damage, and liability claims. With a commercial auto coverage tailored to your industry and fleet, you can confidently navigate any obstacle, ensuring your personnel’s safety, your assets’ security, and the continuation of your operations.

What is Commercial Auto Insurance?

Commercial auto insurance Maryland is a policy specifically designed for businesses that utilize motor vehicles. It protects company-owned or leased delivery wagons, company cars, tractors, and other commercial vehicles. This policy covers vehicle-related accidents, property damage, bodily injury, larceny, and vandalism. Owned, leased, and employee-owned automobiles are usually included. It also safeguards businesses against commercial vehicle-related liability and damages.


Who Requires Commercial Auto Insurance in Maryland?

Business auto insurance Maryland is usually required for firms that employ vehicles. The criteria depend on the vehicle type, weight, and business. Commercial auto insurance in Maryland is required for certain entities, which include:

  • Transportation service and executive vehicles–Businesses that offer transportation services, such as limousines, vehicle rental companies, and chauffeur services, must carry commercial auto insurance. This coverage safeguards their fleet of vehicles, including prestige and executive automobiles, in case of an accident or damage

  • Any company vehicle or fleet–Businesses that use company vehicles for various purposes, including sales agents, technicians, and service providers, should consider purchasing commercial auto insurance. This policy protects the company’s vehicles and drivers from accidents, property damage, and liability claims during business travels

  • Logistics businesses or establishments–Businesses engaged in logistics, such as freight forwarding, supply chain management, and warehousing, require commercial auto insurance frequently. This coverage protects their goods-carrying, inventory management, and shipping coordination vehicles

  • Long haulers–Companies transporting goods over long distances must have commercial auto insurance. This insurance protects the company’s fleet of vehicles, tractor trailers, and drivers against liability claims, property damage, and accidents that may occur during transport

  • Semi-trucks–Commercial auto insurance is needed for these vehicles due to their size, weight, and lengthy driving hours

  • Delivery companies–This coverage protects their delivery vehicles and personnel against potential accidents, property damage, and liability claims that may occur during delivery operations


Auto Accident Statistics in Maryland

Year Fatal crashes Injury crashes Property damage crashes Total crashes Total of all fatalities Total number injured
2017 518 34,664 80,259 115,441 558 51,391
2018 485 33,936 83,626 118,047 512 50,011
2019 496 32,928 82,561 115,985 535 48,668
2020 546 25,352 69,698 95,596 573 36,777
2021 524 28,084 80,048 108,656 563 40,788


The data represents car incidents in Maryland from 2017 to 2021. The annual number of fatal injuries, property damage, and total collisions is consistent, according to the data. Despite periodic fluctuations, Maryland’s vehicle insurance demand, especially commercial auto insurance, is rising. 

Due to the frequent crashes that cause fatalities, injuries, and property damage, this coverage is important. Auto insurance covers accident-related medical expenditures, vehicle repairs, and legal penalties. Business owners require Maryland commercial auto insurance to secure their assets and limit their liability in auto-related mishaps.

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Maryland Commercial Auto Insurance Requirements

You must have the basic minimum of auto insurance to drive in Maryland. Your auto lender may require additional coverage. Maryland commercial auto insurance protects you legally. Commercial auto insurance MD ensures legal operation and adequate coverage.

  • Liability insurance–Pays for bodily injury or property damage to a third party caused by negligent driving. If the collision was caused by a family member or someone with permission to use your vehicle, it may pay. The minimum liability limitations for bodily injury and property damage in Maryland are 30/60/15, or $30,000 per person, $60,000 per accident, and $15,000 per accident. Consider considering higher limits to safeguard your assets. Higher limits are available for a premium surcharge

  • Uninsured motorist–After any applicable deductible, this coverage covers bodily injury and property damage caused by an uninsured motorist, including a hit-and-run offender. Maryland’s uninsured driver coverage limitations for bodily injury are $30,000 per person, $60,000 per accident, and $15,000 per person for property damage

  • Personal injury protection–In a covered accident, this pays up to $2,500 for your and your passenger’s medical bills and lost income. Personal Injury protection covers medical expenses regardless of fault

In exchange for a lower premium, Personal Injury Protection may be waived; however, household relatives under 16 and specific individuals remain covered.


Aerial photo of vehicles on road near buildings


Strategies for Commercial Auto Insurance Management and Premium Reduction

Managing commercial auto insurance and lowering premiums requires solutions considering business needs and vehicle utilization. Here are several strategies that might be useful:

  • Assess your coverage requirements–Examine your current commercial auto insurance policy to ensure you have adequate coverage for your company. Identify any unnecessary coverage or prospective insurance gaps that can be modified to optimize your coverage.

  • Maintain a clean driving record–Encourage your chauffeurs to maintain a clean driving record by providing frequent training, emphasizing safe driving behaviors, and implementing a driver monitoring system. Typically, insurance companies offer reduced premiums to businesses with fewer accidents and violations.

  • Develop and implement comprehensive risk management strategies–Vehicle maintenance schedules, driver safety programs, and accident/incident reporting requirements. Insurance companies may offer discounts or lower premiums to businesses that demonstrate proactive risk management

  • Consider telematics or usage-based insurance–Telematics devices and usage-based insurance systems can monitor driver behavior and vehicle usage. These technologies can provide vital data to insurance companies, enabling them to assess risk accurately. If your driving record demonstrates safe driving, you may be eligible for lower premiums.

  • Increase deductibles–Consider increasing your deductibles if your business reasonably assumes a larger portion of the financial risk. In most cases, higher deductibles result in lower premium costs. However, maintain your deductibles within a budget-friendly range.

  • Bundle insurance policies–Many insurance firms provide savings for purchasing numerous policies, such as business car, general liability, and property insurance. If you consolidate your coverage with one insurer, your premiums may decrease.

  • Shop around and compare quotes–Do not choose the first insurance company you encounter. Obtaining estimates from multiple insurance providers to compare coverage options and costs. Consider the insurer’s reputation and financial stability when making your selection.

  • Maintain good credit–In some regions, insurers may consider your business’s credit rating when determining premiums. Maintaining a good credit score can save you money on insurance premiums. Review your credit report regularly and rectify any issues as soon as possible.

  • Install anti-theft and safety features–Safety and anti-theft features in work vehicles help decrease accidents and theft. Such precautions may qualify for discounts from insurance companies.

  • Review and renew your policy annually–As your business grows, your commercial auto insurance requirements may change. Conduct a yearly review of your policy to ensure that it continues to reflect your current operations and coverage requirements. Eliminating unnecessary coverage and modifying policy limitations can reduce premiums.

Components of Maryland Commercial Auto Insurance

Commercial auto insurance in Maryland, as in most other states, contains numerous important components to safeguard businesses that use autos. The following are components of Maryland commercial auto insurance:

  • Liability coverage–This policy protects you against bodily injury and property damage responsibility if your commercial vehicle causes an accident. Medical, legal, and damage compensation are provided

  • Personal injury protection–Regardless of fault, this insurance covers medical bills, missed wages, and other accident-related costs

  • Uninsured/underinsured motorist coverage–If you crash with an uninsured or underinsured driver, you need this coverage. It safeguards you and your business by covering medical costs and property damage

  • Collision coverage–This component pays for repairs or replacement of your commercial vehicle in case of a collision, regardless of who was at fault

  • Comprehensive coverage–This coverage protects your commercial vehicle against damages other than collisions, such as larceny, vandalism, and natural disasters

  • Medical Payments coverage–Similar to Personal Injury Protection, medical payments coverage pays for medical expenses incurred due to injuries sustained in a commercial vehicle accident

  • Cargo coverage–If your business transports commodities or products, cargo coverage safeguards the cargo’s value in loss or damage

Add-Ons to Maryland Commercial Auto Insurance

Depending on your business demands, your commercial auto insurance coverage may need endorsements or add-ons.The following are a few you may want to consider:

  • Towing–Maryland auto insurance offers 24-hour towing and roadside assistance through Nation Safe Drivers, the nation’s leading emergency roadside service provider. This towing and roadside assistance coverage provides 24/7 emergency services (up to 15 miles free), tire replacement, battery charge, locksmith service, and delivery of essential supplies like petrol, oil, and coolant. Maryland comprehensive and accident private passenger auto plans can use this service.

  • Collision–Pays for damages to your vehicle caused by a collision with another vehicle or object.

  • Comprehensive–Covers damage to your vehicle from nearly all causes besides a collision, including theft, fire, hail, and animals.

  • Rental–If you must rent a car because of a covered accident, rental coverage ays up to $25 per day, up to a maximum of $750 per claim.

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Maryland Commercial Auto Insurance Cost

Business auto insurance in Maryland is $28 per month or $336 per year for a $1 million auto liability coverage.  Get a further idea of the cost of commercial auto insurance MD through this table that shows how much the best companies charge for a $1 million auto liability insurance:

 

Insurance company Cost per Month Cost per Year Best for
NEXT $12 $144 Best overall; Fastest commercial auto insurance
CoverWallet $16 $192 Comparing commercial auto insurance quotes online
The Hartford $18 $216 Trucking businesses
Tivly $20 $240 Comparing commercial auto insurance quotes over the phone
Thimble $23 $276 Offering on-demand coverage
Hiscox $26 $312 Industry-specific insurance solutions


Factors That Affect the Cost of Your Maryland Commercial Auto Insurance

Several factors influence the cost of commercial auto insurance in Maryland and elsewhere. These factors include:

  • Coverage limitations–The quantity of coverage you require will affect your premium. Policyholders with state minimum limits of 30/60/15 in Maryland will pay less than those who require a $1M combined single limit

  • Vehicle–The size and purpose of your vehicle influences your rate. A large food truck equipped with a griddle and deep fryer will almost certainly command a higher price than a modest bakery delivery van with fewer amenities

  • Profession–Certain industries are more hazardous than others. A painter who daily transports tools and equipment to multiple job sites may expect to be compensated more than an accountant who occasionally runs duties

  • Driving history–Your commercial auto insurance provider will run a motor vehicle report on all drivers accessing your business’s vehicles. Typically, drivers with accidents or violations on their driving record will increase their insurance premiums. Your insurance company will review your driving record for the past three years

  • Location–Larger cities like Baltimore charge more for commercial auto insurance than smaller cities like Gaithersburg. Remember that areas with more claims or costly settlements have higher prices than others. In addition, weather-related phenomena like hurricanes and floods play a role

  • Distance traveled–The distance you travel frequently can affect the cost of your commercial auto insurance. A vehicle with a local route within the municipal limits of Baltimore is regarded as less dangerous than one with a regional route that encompasses the entirety of Central Maryland

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Best Maryland Commercial Auto Insurance Companies

Consider working with these companies for the best commercial auto insurance in Maryland. Read reviews below for their pros, cons, and average rate for a $1 million auto liability coverage. 


NEXT

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest commercial auto insurance

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you buy two or more policies 

Cons

  • Couldn’t find any

NEXT, a digital-first insurer seeks to simplify the insurance process for small businesses by offering a user-friendly online platform where consumers can acquire rates, purchase policies, manage coverage, and file claims. They operate as a digital-first company, leveraging technology to simplify the insurance application process and provide competitive rates.

Best for: Best overall; Fastest commercial auto insurance

Average cost: $12 per month

Our rating: 10/10


CoverWallet

Pros

  • CoverWallet offers a user-friendly online platform for comparing and purchasing insurance policies for enterprises

  • They Partner with multiple insurance companies, allowing them to provide various coverage options.

  • They provide insurance recommendations based on the nature, size, and other relevant factors of a business

Cons

  • Not an insurance company but an insurance broker 

CoverWallet is an online insurance platform providing small enterprises with various insurance options. It provides a digital interface for comparing quotes, purchasing policies, and managing insurance coverage for enterprises. CoverWallet offers guidance to help businesses choose the right policies for their needs.

Best for: Comparing commercial auto insurance quotes online

Average cost: $16 per month

Our rating: 10/10


The Hartford

Pros

  • They have an excellent customer service team that can assist with policy inquiries, claims processing, and insurance process guidance

  • Provides a variety of insurance products, such as auto insurance, home insurance, and business insurance, among others

  • Hartford has a long track record and extensive insurance industry experience

Cons

  • It may not provide the same level of online functionality or self-service options as newer insurance companies with a digital focus

The Hartford is a well-known insurance company offering various insurance products and services to individuals, businesses, and organizations. Due to its over 200 years of experience in the insurance market, Hartford enjoys a solid reputation. They protect numerous fields, including property and casualty insurance, corporate benefits, and mutual funds.

Best for: Trucking businesses

Average cost: $18 per month

Our rating: 10/10


Tivly

Pros

  • It has responsive customer service that ensures efficient communication, addresses specific coverage requirements, and facilitates prompt decision-making

  • Provides commercial auto insurance seekers with access to a variety of policies from reputable insurers

Cons

  • Tivly does not offer online policy management tools

Tivly offers commercial insurance online from trustworthy insurers. Businesses can find the right insurance products on their website. Tivly’s marketing and insurance technology services streamline business-insurer connections. Live customer support and interaction allow firms to get personalized help when needed. Tivly delivers commercial auto insurance to boost productivity, conversions, and income. Call now to compare quotes over the phone. 

Best for: Comparing commercial auto insurance quotes over the phone 

Average cost: $20 per month

Our rating: 9/10


Thimble

Pros

  • Thimble provides flexible coverage options, allowing policyholders to purchase insurance for hourly, daily, and monthly

  • They have a user-friendly mobile app or online platform, making it simple and convenient for consumers to obtain insurance

  • They provide coverage tailored to specific industries or professions, allowing policyholders to choose the insurance protections most pertinent to their business or work

Cons

  • Thimble may offer a different level of industry specialization than their larger counterparts

Thimble is an insurance technology company offering on-demand insurance to small enterprises and independent contractors. They offer flexible coverage options, permitting policyholders to purchase insurance for specific periods, such as hourly, daily, or monthly. Thimble seeks to offer affordable and accessible insurance options.

Best for: Offering on-demand coverage

Average cost: $23 per month

Our rating:  9/10


Hiscox

Pros

  • Enables consumers to tailor their insurance policies to their particular needs

  • Their financial stability provides policyholders with ease of mind

  • Provides an online platform for both individuals and businesses to obtain insurance quotes

Cons

  • Their reach may be limited in particular regions of the state

Hiscox is a global specialty insurance company that offers a variety of insurance products to both individuals and enterprises. Hiscox caters to many businesses and professions, emphasizing providing individualized coverage for specific risks.

Best for:  Industry-specific insurance solutions

Average cost: $26 per month

Our rating:  9/10

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