Best Car Rental Business Insurance Providers for 2024
Author: Jason Morrison | June 27, 2023
Edited by:
Jason Morrison and Reviewed:
Jason Morrison
Car rental business owners have a lot of responsibility: in addition to keeping their rental vehicles in top condition, they must have the right business insurance to protect their automobiles and their bottom line.
Car rental business insurance consists of several different kinds of policies, and the type of car rental business insurance plan you choose depends on the amount and kinds of vehicles you have and your company’s unique needs.
Common types of business insurance that car rental companies tend to purchase include:
Commercial auto: Provides coverage for legal, medical, and damage expenses for vehicles used for business purposes.
Commercial fleet: Good for larger car rental businesses with multiple vehicles, since it covers you, your employees, and your vehicles if there is an accident involving one of your vehicles.
Commercial property: Can help cover costs if your property or equipment (such as a garage where you store vehicles or an office computer) is damaged or stolen.
Excess liability: Increases your general liability insurance coverage limits, which is a good idea for car rental businesses since vehicle accidents can get costly.
General liability: Covers your business if someone other than an employee is injured or has their property damaged by one of your vehicles.
Workers’ compensation: Can help cover medical expenses if your employees are injured while working.
Best Insurance Providers for Car Rental Businesses
In this article, we’ve evaluated the best car rental business insurance providers for 2023 so that you can choose the company that offers the best protection for your unique business needs.
All State: Best for Commercial Auto Insurance
Nationwide: Best Variety of Insurance Products
Lancer Insurance: Best for Commercial Fleet Insurance
CoverWallet: Best for Car Rental Businesses That Provide Towing Services
Gallagher: Best for Canadian Car Rental Companies
CNA: Best for Risk Control
Travelers: Best Options for Car Insurance Coverage
Hiscox: Best for Business Owner’s Policy (BOP)
Commercial Auto Insurance
Commercial Fleet Insurance
BOP
General Liability Insurance
Excess Liability Insurance
Allstate
✔️
Can get through an agent
✔️
✔️(as part of its Business Insurance policy)
Yes, but must be added to an existing policy
Nationwide
✔️
✔️
✔️
✔️
Umbrella insurance
Lancer Insurance
✔️ (only available in 5 states)
✔️
✔️
✔️
No
CoverWallet
✔️
Can get through an agent
✔️
✔️
Umbrella insurance
Gallagher
✔️
Can get through an agent
✔️
✔️
Can get through an agent
CNA
✔️
Can get through an agent
✔️
✔️
✔️
Travelers
✔️
No
✔️
✔️
Commercial umbrella insurance
Hiscox
✔️
No
✔️
✔️
Umbrella insurance is offered through CyberPolicy
8 Best Car Rental Business Insurance Providers for 2023
These eight insurance companies provide the business insurance policies your car rental company needs to protect you against claims and property damage repair costs.
Rental car business insurance cost depends on many factors, including where your company is based, how many cars you have, and your claims history. However, you can often save money by bundling multiple insurance policies into a BOP.
Allstate: Best for Commercial Auto Insurance
It’s wise to choose a knowledgeable insurance provider that knows the ins and outs of what it insures, and Allstate knows cars. Its Car Ownership Center feature includes a car buying service in addition to refinance, trade-in, and maintenance options. Allstate also offers commercial auto insurance that covers most cars, and property and liability insurance.
Pros
Allstate’s Drivewise safe driving tool rewards safe driving with discounts
Offers nine different types of coverage
Special insurance options for traveling from the U.S. or Canada to Mexico
Cons
The online chatbot is available 24/7, however it provides limited information
If you want to purchase general liability insurance you have to buy it as part of Allstate’s Business Insurance policy
How to Get Coverage
You can email Allstate, call it at 800-726-6033, or fill out an online form to get a quote. You can even tweet Allstate with any questions you may have.
Benefits
Allstate provides nine types of auto coverage, including collision, liability, medical payments, and uninsured and underinsured motorist coverage. It also offers classic car insurance that protects vintage cars.
Nationwide: Best Variety of Insurance Products
Nationwide offers most business insurance products a car rental business would need, including commercial auto and fleet, commercial property, general liability, worker’s comp, and umbrella insurance policies.
Pros
Business commercial umbrella option
Customized commercial fleet insurance policies
Receive discounts of up to 40% when you enroll in Nationwide’s SmartRide program
Cons
Semi-trucks and tractor-trailers not included in Nationwide’s commercial auto policy
Quotes only available online unless you call during business hours
How to Get Coverage
You can email Nationwide, call 1-877-669-6877 during business hours, contact a local agent, or fill out an online form to get an insurance quote.
Benefits
Nationwide’s business commercial umbrella insurance option helps to ensure that you are fully covered in case of expensive accidents, providing extra coverage beyond your liability insurance limits. Depending on the type of car rental business you have, Nationwide offers customizable commercial fleet insurance policies that can provide automatic out-of-state and blanket coverage for your vehicles.
Lancer Insurance: Best for Commercial Fleet Insurance
Lancer Insurance provides insurance coverage specifically for owners of car rental businesses, meaning that you don’t have to guess which types of policies you need to ensure that your business is fully protected.
Pros
Policyholders have access to Lancer Insurance’s Business Resource Hub
24/7 claims hotline
Provides commercial auto and garage insurance and commercial excess auto liability insurance
Cons
Commercial auto liability insurance limit maxes out at a $1 million Combined Single Limit (CSL) in bodily injury and property damage coverage
$1,000 minimum deductible for physical damage
How to Get Coverage
You can email Lancer Insurance, call it at 800-782-8902 x3008, fill out an online quote request application, or contact an insurance broker.
Benefits
Lancer Insurance provides commercial insurance for car rental businesses, including coverage for bodily injury, property damage, vehicle collisions, and other accidents. It also offers general liability insurance, personal injury protection, and uninsured and underinsured motorist coverage.
CoverWallet: Best for Car Rental Businesses That Provide Towing Services
CoverWallet is a good choice for any car rental business that uses tow trucks as part of its services, as CoverWallet provides the general liability, inland marine, workers’ comp, and commercial auto insurance you need to shield your business from claims and protect your vehicles and equipment.
Pros
Provides inland marine insurance that protects equipment or products that are transported over land or stored in a warehouse
CoverWallet helps you to bundle towing insurance with other policies so that you save money and get the best coverage
Offers over 25 different insurance products
Allows customers to compare prices between different carriers before purchasing policies
Cons
CoverWallet is an insurance broker, which means that you don’t get insurance products directly from the company
How to Get Coverage
You can call a CoverWallet consultant at (646) 844-9933, email info@coverwallet.com, or get a free quote online.
Benefits
CoverWallet is a strong choice for tow truck operators. Additionally, it offers a full spectrum of insurance products–including business garage insurance and hired and non-owned auto insurance–that can also protect other car rental businesses.
Gallagher: Best for Canadian Car Rental Companies
While Gallagher is an insurance broker that can provide services to over 130 different countries, it is based in Canada and prides itself on its local expertise, making it a solid choice for Canadian car rental and auto repair businesses.
Pros
Thorough understanding of Canadian laws and requirements
Can help companies of all sizes, from small businesses to multinational corporations
Analytics consulting services for accurate and cost-effective risk management solutions
Cons
As a broker, Gallagher doesn’t provide commercial fleet insurance for a car rental business directly
No Canadian phone number available for questions or quotes
How to Get Coverage
You can get a quote online, or contact Gallagher by submitting a form or calling 833-292-9441 (U.S.).
Benefits
Gallagher offers commercial auto insurance for personal and business vehicles with limits based on data from your area. It also offers general liability, professional liability, commercial property insurance, and commercial umbrella insurance, all of which can protect your car rental business.
CNA: Best for Risk Control
CNA provides many of the insurance products your car rental business needs, including commercial auto, general and professional liability, and umbrella and excess liability policies. CNA’s Risk Control team relies on specialized technology and training to manage your business’s specific risks.
Pros
CNA Connect (a BOP) offers property and general liability coverage and over 300 options for coverage endorsements (changes or additions to your policy)
CNA Paramount provides property, crime, general liability, and umbrella liability protection for mid-size businesses
Prepwise is an interactive risk management platform where policyholders, agents, and underwriters can access resources and share information
Cons
CNA’s customer service phone line can’t answer specific questions about coverage and will direct you to a local agent
How to Get Coverage
You can contact CNA at 1-800-CNA-2000, or via email at cna_help@cna.com.
Benefits
CNA offers commercial auto insurance that covers automobile liability and physical damage, as well as customized risk control solutions.
Travelers: Best Options for Car Insurance Coverage
Travelers is a good option for car rental businesses that need commercial auto insurance, as it provides comprehensive physical damage coverage and an online portal where business owners can easily access information about their policies and claims. Its car insurance coverage also includes bodily injury and property damage liability, uninsured and underinsured motorist coverage, collision and comprehensive coverage, and personal injury protection and medical payments coverage.
Pros
MyTravelers online bill pay, policy information, and claim status portal
Commercial auto insurance can cover fleets of vehicles (more than five vehicles belonging to one owner) used for business purposes
Physical damage coverage can protect your vehicles from accidents (including hitting an animal), theft, vandalism, hail, and fire
Cons
Commercial auto insurance not included in BOP
No commercial fleet insurance for car rental businesses
How to Get Coverage
You can get a quote from Travelers through its Agent Locator tool.
Benefits
Travelers provides several different insurance products that car rental businesses need, including commercial auto, general liability, professional liability, BOP, property, workers’ comp, and excess liability insurance.
Hiscox: Best for BOP
Hiscox has been around since 1901 and promises quick quotes, customized policies, and a straightforward claims process. You can create a personalized BOP that provides general liability and property coverage that protects your building, tools, and equipment.
Pros
Transparent cost examples available on Hiscox’s BOP Insurance Quotes page
Lower premiums offered in exchange for higher deductibles
5% rate reduction when you buy more than one insurance product from Hiscox
Cons
No commercial fleet insurance for rental car businesses
Refers out to insurance marketplace CyberPolicy for commercial auto or umbrella insurance
How to Get Coverage
You can fill out Hiscox’s online form to get a quote or call 844-357-0840 during business hours to speak to an agent.
Benefits
Hiscox’s BOP covers property damage and bodily injury (for anyone except you or your employees). Additionally, it covers libel and slander claims, electronic data liability, advertising injuries, lawsuit defense costs, and medical expenses of third parties. It covers damages that occur within the United States and Canada.
Methodology
We looked for highly rated insurance providers and brokers that offer commercial auto or fleet insurance and general liability, excess liability, commercial property, and workers’ compensation policies. We then analyzed and rated each company based on their accessibility, ease of acquiring coverage, and benefits for owners of car rental businesses.
Conclusion
Whether you are looking for an insurance provider that offers a customized BOP, a wide selection of car insurance coverage options and risk management tools, or excess liability insurance that protects your assets, these eight companies have the plans and expertise to ensure your car rental business is fully covered.