Fleet Insurance Quote and Everything You Need to Know about It

Commercial Fleet Insurance Guide: Introduction

This page provides you with all the necessary information in order to make an informed choice about fleet insurance. Additionally, we will connect you with an experienced commercial insurance broker who will provide you with fleet insurance advice and assist you with a quote.

What is considered a commercial fleet from an insurance perspective?

There are several definitions of “commercial fleet” and they are relatively similar. FSCO (The Financial Services Commission of Ontario) defines a fleet as “at least five (5) vehicles that are under common ownership or management and that are used for business, commercial or public purposes”. This means if you have less than five vehicles OR there is no common ownership or fleet management OR vehicles are not used primarily for the business purposes, they will not qualify as a commercial fleet.

Are commercial fleet insurance rates are high and what do they depend upon?

Commercial fleet insurance rates depend on a number of factors; claim experience and territory are the main drivers of the insurance costs. Also, the history of your driving operations, business background, type of operation, type / make /age of vehicles, etc. will contribute to the insurance rates.

If you are looking for fleet insurance, especially for fleets with over 5-10 vehicles, this puts you in a unique situation allowing you to bargain from a position of power since you have numerous vehicles to insure. You can imagine this type of insurance as a pricing plan where you can negotiate significant savings due to the amount of vehicles you plan to cover.

For what types of fleets can you get a fleet insurance quote?

There are various types of fleets that can be covered under a commercial fleet insurance policy. We will connect you with an experienced commercial insurance professional who is knowledgeable in the many fleet types.

Family fleets
Family fleets
Fleets for drivers using their own vehicles for business
Fleets for drivers using their own vehicles for business
Mini fleets
Mini fleets
Van fleets
Van fleets
Taxi fleets
Taxi fleets
Delivery truck fleet
Delivery truck fleet
Long-haul fleet
Long-haul fleet
Tanker fleets
Tanker fleets

There are also other categories of fleets that might fall under a commercial fleet insurance policy. Connect with an experienced commercial fleet insurance specialist to find out if your vehicles can be covered under a fleet insurance policy.

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What does a commercial fleet insurance policy typically cover?

Commercial fleet insurance can cover a broad variety of risks to ensure that all the important assets of your business are safe. Here is an overview of key protection elements you should know:

Insurance Brief description Do I need it? Example
Collision coverage
Coverage that pays for damages on a vehicle from your fleet in case of an accident involving a collision with another vehicle or object. Yes
(Optional)
Your delivery van was damaged in a collision with another car, causing damaging the right side of the vehicle.
Third party liability
Coverage that pays for damages or injuries your company’s vehicle inflicts on another party. This can also be connected with legal costs and settlements if the other party decides to sue. Yes
(Mandatory)
One of the minivans from your delivery fleet was involved into an at-fault accident, seriously injuring the driver of another car.
Comprehensive coverage
Coverage that pays for other types of risks (also called perils) such as theft, fire, hail, flooding, tornado, etc. Often
(Optional)
Your vehicle has been damaged through severe flooding in Ontario.
Accident benefits
Coverage that pays for medical treatment and rehab, loss of income due to disability or death and funeral expenses. Yes
(Mandatory)
Your delivery truck driver suffered injuries and was not able to perform his duties for three months, and requires disability payments.
Coverage against uninsured drivers
Coverages that pay for two similar issues — a counterpart that cannot pay for the consequences of the accident (e.g. no insurance or not enough insurance) or does not want to pay and flees the accident scene (which is a crime). Yes
(Mandatory)
Your fleet vehicle had a collision with another car whose driver was at fault. Unfortunately, she did not have enough coverage (minimal coverage) to cover all the required expenses.
Truck cargo coverage
Coverage that pays for damages or theft of cargo that is being transported by your fleet. Often
(Optional)
Part of the cargo you were transporting has been stolen during an overnight stop.
Reefer insurance
Coverage for damages caused by failure of a reefer motor in your fleet. This does not include reefer motor repairs. Sometimes
(Optional)
Cargo loss due to refrigeration system failure.
Bobtail insurance
Coverage that covers your fleet vehicle when your drivers take vehicles home and leave them there. Sometimes
(Optional)
You or your driver took a car home where it was broken into during the night.

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How can you reduce fleet insurance quote prices?

There are some tricks to help you to reduce your fleet insurance costs:

  • Hire experienced drivers: Try to hire drivers who have extensive experience (several years) of driving similar vehicles as those comprising your fleet.
  • Understand if your new drivers had accidents: It is important to understand, during your hiring process, if your future driver has a history of accidents since this will impact your insurance costs.
  • Fleet management counts: If you can demonstrate that you have solid fleet management skills and security protocols in place, an insurer will reward you with better insurance premiums.
  • Compare, compare, compare: Shopping around will pay off. Make sure to get quotes from different insurance providers. Even personal car insurance quotes can vary greatly among different insurers. Fleet insurance is by far a more customizable and complicated insurance product.
  • Work with an insurance broker: As opposed to an insurance agent who works for only one insurance provider, an insurance broker can shop around and compare policies from different providers. An experienced insurance broker will have experience with fleets similar to yours and will know exactly which aspects will be important for an insurance underwriter and thus can provide you invaluable tips. Connect with an experienced commercial insurance specialist by clicking the button below.