Commercial fleet insurance covers several vehicles a business owns or leases. It protects them from threats like accidents, theft, and legal claims. This coverage is essential for industries like:
From early steam-powered vehicles to modern fleets with advanced technology, Canada’s transportation history has supported and linked businesses in many industries.
Commercial fleet insurance helps with the country’s unique needs, like harsh weather and different rules in each province. This business faces challenges like long trips and cross-border work. It requires special policies designed for safety, efficiency, and following rules.
Telematics is becoming more common in commercial fleets, helping improve safety and meet regulations but creating challenges with managing data. Electric vehicles are becoming more popular, helped by government incentives and improved charging stations.
These innovations come with new issues related to commercial fleet insurance, such as:
Brokers should guide fleets to use autonomous technologies for safety and efficiency. Helping clients follow the National Safety Code also reduces risks and improves operations.
Commercial fleet insurance covers several business vehicles under one policy, making management simpler. It generally includes collision and liability, among others. The exact requirements vary by province and insurer.
Is commercial vehicle insurance cheaper than personal?
A commercial vehicle in Ontario is defined as one used mainly for business purposes, like transporting goods or passengers for hire. This includes trucks, vans, and buses, depending on size and purpose.
Its specific definition can be found in the Highway Traffic Act, Ontario Regulation 419/15.
In Canada, the minimum number of vehicles required for fleet insurance differs by province and insurer:
A fleet usually includes five or more vans owned or managed by the same business. Some insurers may consider fewer vans as a fleet.
In Ontario, commercial vehicle insurance has different costs based on vehicle type, usage, and driving history:
Factors like coverage needs and driver records also impact premiums.
Businesses with five or more vehicles in British Columbia can enroll in certain insurance plans offering discounts of up to 63% off base rates. Savings depend on the fleet's loss ratio and claims history.
What are common commercial fleet insurance coverage options?
Businesses can find many commercial fleet insurance options. The inclusions depend on the offerings of insurance providers and their specific preferences:
These commercial fleet insurance options can be customized to suit a business' needs.
A fleet discount reduces costs for businesses insuring or buying multiple vehicles. It is often based on fleet size and claims history. Some key points:
Fleet discounts are a key benefit of commercial fleet insurance, helping companies save on coverage and operational costs.
