Commercial Fleet Insurance for Ontario
Commercial Fleet Insurance Requirements
Typically to obtain a commercial fleet insurance policy in Ontario, your company is required to have five or more vehicles under common ownership or control.
Why Commercial Fleet Insurance?
If you operate a larger business in Ontario with five or more vehicles, they can be insured on a commercial fleet policy. Businesses insuring a larger number of automobiles can obtain rate advantages. Commercial fleets can either be insured on a scheduled bases or blanket basis. Here at James Campbell Insurance, we can help you decide whether a scheduled or blanket fleet fits your company’s needs better.
What is a Scheduled Fleet?
Smaller fleets typically are insured on a scheduled basis meaning all vehicles are specifically identified on the policy, with their own unique coverages. They are easily identified on a policy. Changes to these vehicles throughout the year are required to be reported to the insurer with premiums owed or refunded as required.
What is a Blanket Fleet?
A 21b blanket fleet endorsement can be added to a larger fleet policy insuring all vehicles owned and leased by the insured. Clients are required to provide the insured with a full schedule of their vehicles at the commencement of the policy. An advance premium is charged and then adjusted at the end of the policy term depending on what changes were made throughout the year.You still report changes to your broker however the additions and deletions are provided to the insurance company at the time of renewal. Premium adjustments are made to accommodate these changes at that time and not throughout the year.
What Factors affect my Commercial Fleet Insurance Premium?
Factors affecting your fleet insurance policy premium in ontario include but are not limited to;
- Types of Vehicles and/orTrailers Insured
- Driver Experience
- Business Operations
- Coverage Required
- Radius of Operations
What Does Fleet Insurance Cover?
Fleet insurance coverages in Ontario do not vary significantly from your personal automobile coverages. Basic coverage that can be acquired are;
- Third Party Liability
- Accident Benefits
- Physical Damage
Why James Campbell Insurance for your Fleet Insurance?
With some of the top insurance markets in Canada, James Campbell Insurance can help you find the right insurance for your fleet. Our brokers are here to discuss options and answer any questions you have regarding fleet insurance today!
What Our Clients Are Saying:
“We operate over 70 trucks and trailers that haul gravel, floating and flatbed services, excavating and site work, operate gravel pits and snow plowing and salting on major highways and municipal roads.
We have been a client of James Campbell 5 years for business. I have always found excellent service when it comes to the time when we happen to need them or just for advice. James Campbell Insurance has made suggestions over the years to us to help get our rates lowered and to keep different markets wanting our business insurance. I highly recommend them for all your insurance needs.”
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FAQs
If you are interested in lowering your insurance premium, speak with your insurance broker about the following:
- Increasing your deductible (your share of the cost of a claim). By increasing the amount of the deductible you are willing to pay, you will decrease your premium;
- Dropping your collision coverage on an older car;
- Bundling your car and home insurance with other types of insurance with the same insurance provider;
- Buying a car with a lower-cost insurance rating.
For an Auto Insurance quote, your driver’s license number, insurance history and driving records are important factors in getting an accurate quote. For a Home Insurance quote, details on the home, such as year built, square footage, style of home and updates on the roof, electrical, heating, and plumbing are all important factors in determining the premium. Additional factors, such as acreage, swimming pools and ponds all play a role in determining the coverage you will need along with the premium.
