Cheapest commercial auto insurance: what a low quote can leave out

Two commercial auto quotes can list the same trucks and still be far apart on what they cover. The difference usually sits in the limits, the coverages that reach vehicles you don't own and the endorsements a contract names. A lower-priced policy may be missing any of these:

• Liability limits a contract requires. Many contracts ask for a $1 million combined single limit, and some ask for an umbrella or excess policy on top of it.
• Hired and non-owned auto, for rented trucks and employees' own cars on company errands. Our page on hired and non-owned auto coverage explains what it does.
• Uninsured and underinsured motorist coverage, for when the other driver can't pay. See uninsured motorist coverage for business vehicles.
• Physical damage, or a deductible far higher than you planned for. See physical damage truck insurance.
• Coverage only for listed vehicles, so a truck or trailer added mid-year may not be on the policy yet. Our comparison of scheduled autos vs any auto coverage walks through it.
• The endorsements certificates ask for: additional insured, waiver of subrogation, and primary and noncontributory.

A policy without one of these isn't wrong by itself. Each one matters when your contracts, your crews or your trucks need it, and that's what to check before you compare premiums.

A certificate of insurance shows a general contractor, owner or customer what your policy carries. When it doesn't match the contract's insurance section, it usually comes back before the job starts. These are the reasons we see most often on the auto side:

1. 1. The general contractor or owner isn't named as additional insured on the auto policy.
2. 2. Primary and noncontributory wording is missing.
3. 3. There's no waiver of subrogation endorsement.
4. 4. Hired and non-owned auto isn't shown.
5. 5. The auto limit is lower than the contract's, or the umbrella doesn't sit over the auto policy.
6. 6. The truck or trailer going to the job isn't listed on the policy.
7. 7. The certificate holder's name doesn't match the contract.
8. 8. The policy dates have run out.

A broker can review the contract's insurance section before the job starts and ask the carrier for each item on it. Requirements vary by contract, and the final word is with whoever wrote the requirement.