Commercial Fleet Insurance - Ontario
What is Business Fleet Insurance?
Fleet insurance is a type of business insurance for companies and businesses that use multiple vehicles for business purposes. By law, any business with vehicles is required to have commercial auto insurance. If the business operates five vehicles or more, it’s more convenient and budget-friendly to get commercial fleet insurance than a separate commercial auto insurance policy for each vehicle.
Affiliated insurance provides businesses with comprehensive commercial insurance solutions. We ensure that your business is safe from any unexpected events and protected by some of the top business insurance providers in Ontario.
Get a QuoteWhy Choose Affiliated Insurance?
We Work for You, Not the Insurance Company
We are an independent insurance agency that puts its clients first. Whether you’re shopping for an insurance policy or seeking claims advisory, we do what’s best for you, not the insurance company.
We Tailor an Insurance Plan for You
Our fleet insurance experts tailor an insurance plan that fits your needs and matches your budget. Rest assured, you will not pay for extra coverage you don’t need. Get adequate insurance coverage at an affordable price with Affiliated insurance.
We Use the Latest Technology
We like to stay on top of the latest insurance trends. That’s why we use a technology that helps us identify insurance gaps for our clients. We also developed a 24/7 online self-service portal that allows our clients to submit a claim, view payment details, and submit a policy change request anytime.
Who Needs Fleet Insurance?
Fleet insurance is ideal for all businesses that own and operate multiple vehicles as part of their operations. Here are some industries and business types that benefit from commercial fleet insurance.
- Transportation and logistics: Trucking companies and moving and delivery services.
- Construction and contractors: Construction firms and landscaping companies.
- Rideshare and passenger transport: School bus companies and taxi firms.
- Food and beverage businesses: Catering services and food truck operators.
- Sales and Corporations that use company vehicles.
- And many more!
How Does Fleet Insurance Coverage Work in Ontario?
Fleet insurance works similarly to standard car insurance, except it’s made for businesses and requires a minimum number of vehicles. With commercial fleet insurance, you can insure all your vehicles under one policy, with the flexibility to add or remove vehicles. You can insure vehicles that are owned, leased, or financed. The minimum number of vehicles you can insure under fleet insurance is five vehicles.
What Does Fleet Insurance Cover?
Fleet insurance has the same coverage options as a personal auto policy. Standard fleet insurance policies include:
Accident Benefits
Accidents can result in either minor bruises or serious injuries. In case of a collision, statutory accident benefits cover medical bills, lost income, and even funeral costs. Ontario is a no-fault province, which means that regardless of who’s at fault, your insurance company covers the expenses.
Third-Party Liability Coverage
Like commercial vehicle insurance, third-party liability is an important mandatory coverage for all Canadian automobiles. If you’re involved in an accident where you unintentionally cause bodily injury, property damage, or death, you may get sued. In that case, third-party liability insurance covers repair costs, medical bills, and legal expenses.
Uninsured Motorist Coverage
Although auto insurance is mandatory for all drivers in Canada, some people still drive without insurance coverage. If you’re involved in an accident with an uninsured or underinsured driver, uninsured motorist coverage pays for the damage and medical expenses.
Optional Fleet Insurance Add-ons
Besides the mandatory coverage, you can get additional coverage for your fleet vehicle insurance policy. A customized fleet insurance policy may include comprehensive coverage, collision coverage, and additional liability coverage.
Get a free fleet insurance quote now!
Get a QuoteWhat is the Difference Between Commercial Auto Insurance and Commercial Fleet Insurance?
Both a commercial auto policy and a fleet insurance policy are for vehicles that are used for business purposes. However, commercial vehicle insurance uses an insurance approach called individually-rated commercial auto (IRCA), which means each vehicle is rated and priced individually. In comparison, fleet insurance prices all your vehicles under one insurance policy.
If you have less than five vehicles, commercial auto insurance is your only option. However, if you have more, it’s better to purchase fleet insurance. Here’s why:
- You get bulk discounts for insuring multiple commercial vehicles under one policy.
- You get more customization options and the flexibility to add or remove vehicles.
- Easier administration and renewal process.
How Much Does Commercial Fleet Insurance Cost?
Canadian business owners can expect to pay an annual premium of $1000-$2000 per vehicle for small to medium-sized vehicles. For large fleet vehicles, they can expect to pay between $2000-$3000 for each vehicle per year. Here’s an estimated price breakdown:
- Passenger or Light Commercial Vehicles: Approximately $1,000 to $1,500.
- Delivery Vans: Ranges from $1,500 to $2,500.
- Specialty Vehicles (e.g., Tow Trucks) Can range from $5,000 to $10,000.
- Heavy Trucks (e.g., Freight): Between $3,000 and $5,000.
Factors that Impact Fleet Insurance Rates
- Number of vehicles you have. The more vehicles you have, the more you pay.
- Type, make, and model of the vehicles you operate. Some vehicle types, like trucks, are more expensive to insure than passenger cars.
- Your insurance history. You get a higher rate if you have previous insurance claims.
- Your industry’s risk factors. If you work in a high-risk industry, you pay significantly more than in a low-risk industry. For example, contractors pay more than sales companies.
- Your employee’s driving records. You get a better deal if the employees who drive the car have clean records.
- Business location and parking conditions for the vehicles used. You may get a lower price if you park the cars in a covered garage.
- Coverage limits and deductibles. More coverage reflects more protection and a higher insurance premium. A higher deductible lowers the insurance premium.
How to Get Cheaper Commercial Fleet Insurance
You can get a more affordable fleet insurance rate and save money if you follow these steps:
- Carefully select the employees who will drive your commercial vehicles. You can get a better rate if they’re all above 25 years old with a clean driving record.
- Include all the business vehicles under one fleet insurance policy to get bulk discounts.
- Choose reliable, sturdy, vehicles with strong safety features like airbags and anti-lock bracing systems. Insurance-friendly vehicles can get you a much better rate because they reduce the risk of damage.
- Enhance the business vehicles’ safety features to prevent theft and damage. Vehicles with advanced safety systems get lower insurance premiums.
- Compare between different insurance companies before settling on a deal. An insurance broker can help you get a good deal.
- Use telematic devices for usage-based insurance. Good driving habits can get you a discount.
Our Business Insurance Solutions
Besides fleet insurance, we provide other business insurance services and products for various industries. Here are some of them.
How to Get a Fleet Insurance Quote
Getting a quote is a simple process with Affiliated Insurance. All you have to do is fill out our requests form with the required information. We inquire about your contact information, your vehicle type, and your driving history. Then, you will receive a free online estimated quote. Alternatively, you can get assistance from an insurance broker if you contact us.
Not a fan of phone calls? We also respond via text and email. We pride ourselves on offering a quick service; you will get all the information you need from experts in no time.
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Industries We Serve
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Your fleet vehicles help keep your business up and running. Trust Affiliated to keep protect them, providing the best fleet insurance solutions on the market. Get a quote now!
Get a QuoteOur Service Areas Coverage
- Business Insurance Oakville
- Business Insurance Burlington
- Business Insurance Wasaga Beach
- Business Insurance Toronto
- Contractors Insurance Ontario
- Contractors Insurance Toronto
- Fleet Insurance Ontario
- Commercial Property Insurance Ontario
Fleet Insurance in Ontario FAQs
To qualify for fleet insurance, you need to operate at least five vehicles as part of your business operations.
If a business owns five or more vehicles, each vehicle is considered a fleet vehicle. If the business owns less than five vehicles, the vehicles are non-fleet vehicles.
Fleet insurance doesn’t cover personal usage. If you want to use insure a vehicle that you use for personal purposes, consider getting a personal auto insurance policy. Contact us and get coverage now!
Fleet insurance is for companies operating vehicles for business operations, given that the company uses five or more vehicles.
Only drivers listed on the fleet insurance policy are covered by the insurance provider. Make sure only drivers who are listed can use the vehicles.