Best Fleet Insurance in Ontario
No matter the size or scope of your business, ensure your commercial fleet is comprehensively protected in the event of an accident with customizable insurance policies tailored to your unique needs as a business owner. With years of experience in the insurance industry, Levitt Insurance Brokers Ltd. can aid you in selecting the ideal fleet insurance in Ontario with access to numerous premier Canadian insurance company policies that will help you maximize your protection while saving money.
Frequently Asked Questions
A fleet vehicle is an automobile that is either owned or leased by a company, institution, or government body and is used for commercial purposes. These automobiles are generally bought in large quantities and are designed specifically for commercial use. Vehicles in a fleet can include cars, trucks, vans, buses, and even construction machinery such as tower cranes and excavators. They have an extensive range of applications, including road transport, distribution, service, maintenance, and construction. As a rule of thumb, commercial fleet insurance is recommended for businesses that own a minimum of five vehicles. However, if you own a small business, there are ways that you can obtain fleet insurance coverage if you do not meet the minimum vehicle requirement.
Both fleet insurance and vehicle insurance are insurance policies that protect motorists and their vehicles from economic losses caused by accidents as well as other forms of damage to property. There are, however, some substantial distinctions to be made between the two that business owners should be made aware of. Here is a closer look at the differences between fleet and vehicle insurance:
- The number of vehicles that are protected: Fleet insurance covers multiple vehicles under one plan, whereas auto insurance generally covers only one car at a time.
- Ownership of the vehicles: Companies that own or manage a fleet of cars typically buy fleet insurance, whereas individuals and companies that own or rent one or lease a couple of vehicles will typically purchase automobile insurance instead.
- Coverage Options: Fleet insurance plans are frequently more versatile in order to accommodate various kinds of automobiles and usage behaviour. Car insurance plans are more standardized in their insurance plans.
- Premiums: Fleet insurance rates are typically determined based on fleet size, whereas auto insurance costs are calculated according to variables such as vehicle model and make, driver record, and the location of where the vehicle is being driven.
Overall, fleet insurance is intended for companies that need multiple cars to be insured, whereas vehicle coverage is intended for people or enterprises that require only one or a few cars to be insured. Regardless if you own a business that utilizes vehicles to conduct daily operations, fleet or auto insurance policies are mandatory in the province of Ontario.
The motorists who are protected and able to operate a vehicle under fleet insurance are determined by the insurance provider's particular terms and conditions of the policy. However, generally speaking, fleet insurance plans will define what is needed for motorists to be protected. Some of the most common prerequisites include the following:
- The driver's age and experience: Depending on the insurance company and the kind of motor vehicle covered, the minimum age, as well as experience requirements for drivers, could differ. To be protected under the policy, motorists may require a particular amount of experience with driving or be above a specific age.
- Driving record: When assessing coverage suitability, insurance providers may also take into account the driver's driving record, along with any previous accidents or infringements. Drivers with a poor driving history may be denied coverage or be obligated to pay higher insurance premiums.
- Licensing and certification: Drivers will be required to have a valid driver's license as well as any accreditations needed for the kind of motor vehicle they will be operating. For example, if an individual is operating semi-trucks, they will need to hold a commercial driver's license in order to do so.
- Training and safety: Some fleet insurance plans may require users to complete various educational or safety programs in order to ensure that they are adequately prepared to operate the automobiles covered by the policy.
Before enabling motorists to operate commercial vehicles, businesses must understand the conditions and limitations of their fleet insurance plan and guarantee that all motorists meet the eligibility requirements before getting on the road.
Fleet insurance generally covers an assortment of motorists and cars that are owned or operated by a company or organization. A fleet insurance policy's particular coverage and constraints may differ depending on the insurance company and the conditions of the policy itself. Even so, a number of the most common groups that are usually covered by fleet insurance are as follows:
- Employees: Fleet insurance plans may include coverage for company employees who are permitted to drive company-owned or rented vehicles. This includes drivers of cars, trucks, vans, and other types of commercial cars.
- Contract Drivers: Some fleet insurance policies may include coverage for contract drivers who are employed by the company to provide transport services. These motorists may be protected by the plan for the duration of their employment with the company.
- Non-Owned Vehicles: Fleet insurance policies may cover non-owned automobiles used for commercial purposes in addition to owned vehicles. For instance, if an employee utilizes their private vehicle for work-related purposes, the policy may protect that car.
Businesses must carefully examine the conditions and terms of their fleet insurance plan to comprehend who is protected as well as the circumstances of that coverage. Furthermore, companies need to make sure that all drivers are permitted to operate the automobiles covered by the policy and that they meet any eligibility rules imposed by the insurance provider as well.
The quantity of automobiles that can be incorporated into a fleet insurance policy is determined by the insurance company and the conditions and limitations of the policy. Fleet insurance policies are typically intended for covering multiple vehicles, varying from a few to hundreds or even thousands. Some insurance companies may have a minimum number of vehicles needed to be eligible for a fleet insurance policy, while others may not. However, as a rule of thumb, the minimum number is typically five vehicles to be considered a fleet.
Companies that need to purchase insurance for a large number of vehicles can profit from a fleet insurance policy because it can save money over insuring each vehicle separately. Furthermore, fleet insurance plans may provide more versatile insurance options to accommodate various kinds of cars and user behaviour.
Ultimately it is essential for a business to consider its present and potential vehicle needs when choosing a fleet insurance plan and choose one that provides comprehensive support and versatility. It is also critical to carefully read the policy terms and conditions to make sure you're familiar with the coverage limits, deductibles, and other vital details. With that being said, if your needs as a business owner change, it is possible to modify your insurance policy. However, it is important to note that you may be subjected to a fee depending on the insurance company you hold your fleeting insurance within Ontario.
We recognize that every company and its owner(s) are unique, which is why we are committed to working closely with our customers to make sure their company is fully protected against all damage and losses. We have access to a number of Canada's largest insurance companies and can assist you in shopping for the most cost-effective coverage while still protecting your best interests. While fleet insurance will vary between business owners and companies depending on their daily operations as well as their individual needs, our insurance brokerage offers a selection of high-quality fleet insurance policies you can select from. As such, here is a closer look at what is included with fleet insurance policies:
Third-Party Liability Coverage
Third-party liability coverage protects you in the event that you or an employee causes an accident in a company vehicle that harms a third-party individual or property. You can receive compensation under this section of your policy to cover the medical cost incurred for physical injury or car repairs, in addition to any attorneys’ expenses or any other court costs up to the coverage limit, which is determined beforehand. All fleet insurance policies in the province of Ontario require a minimal amount of $200,000 in third-party liability insurance, which is similar to regular automobile insurance.
Uninsured Automobile Coverage
Uninsured motorist policy occupants in a commercial vehicle in the event of an accident caused by a non-insured or underinsured motorist. Uninsured motorist coverage pays for medical costs related to injuries, car repairs as a result of any damages caused in the accident, lost wages, and other expenditures.
Accident Benefits Coverage
Protection is provided irrespective of who was at fault for the accident and can assist in covering lost income, healthcare costs, including prescribed medications, physical therapy or rehabilitative services, and other expenses for yourself, employees, or third-party individuals who are injured as a result of the collision.
Direct Compensation for Property Damage Coverage
Property damage policy protects commercial vehicles and their belongings from the destruction of property. This coverage is only available if the driver is not to blame for the collision that resulted in the harm. However, the accident must have occurred in Ontario, involved multiple cars, and had at least one car that holds the province insurance program coverage.
Furthermore, additional coverage that is not mandatory but can enhance your overall protection includes the following:
Collision coverage safeguards the business if an insured employee is involved in a collision with another vehicle or object on the road, regardless of who is at fault.
Comprehensive insurance is optional insurance coverage that protects your company's vehicle fleet from many dangers that normal auto insurance does not encompass. For example, you'll be protected against theft, destruction of property, fire, water damage, falling objects, and other perils.
Moreover, while the cost of fleet insurance in Ontario will vary between businesses, there are several factors insurance providers will consider in order to calculate what a company will pay. Here is a closer look at some of these variables you need to be aware of before reaching out for a quote:
- The location of your company as well as details regarding where your vehicles are parked and stored
- If your business has a history of previous insurance claims on record
- The ages and genders of your employees who will be operating your fleet
- The estimated total kilometres your vehicles will travel within the year
- The driving records of your employees as well as their years of experience
- Whether you will be travelling outside of the province or country
- The industry in which you operate in
- Each vehicle in your fleet's year, make, model, and value
- Goods transported and their value if applicable to your business and its daily operations
- Your selection of coverage limits, kinds, and deductibles
Partner with Levitt Insurance Brokers Ltd. for Your Fleet Insurance in Ontario Today
There is no such thing as a one-size-fits-all insurance remedy when it involves safeguarding your company and its fleet. Your specifications are as distinct as the individual you are as well as the company you own. Our knowledgeable insurance brokers recognize this and strive to create products that meet your specific needs. When you work with the Levitt Insurance Broker team, you can be optimistic that your requirements and self-interests are made a priority in every aspect of our business.
Are you ready to protect your fleet from third-party liability, losses, and damages? It only takes a couple of minutes to start saving money without compromising critical protection for your commercial fleet. Request a quote as soon as possible! We are delighted to offer you the insurance plans you need to grow and operate your business confidently!