Fleet Insurance
For over 30 years, Humberview Insurance Brokers has been a trusted partner for businesses in Ontario, Canada, providing business fleet insurance solutions. Our commitment goes beyond just competitive rates; we believe in empowering our clients with knowledge and support. Understanding that every business has unique needs, we offer tailored fleet insurance policies that ensures your commercial vehicles are well-protected. From the moment you request a fleet insurance quote to the time your fleet is insured, and beyond, our dedicated team offers expert advice and personalized service. Whether you’re a small business owner of five vehicles or manage a large fleet, we’re here to make your insurance experience seamless and exceptional. Contact us today for a quote on fleet insurance in Ontario.
Standard Ontario Commercial Fleet Insurance
Liability
The liability portion of your fleet insurance policy provides protection against damage your drivers may cause to other people or their property. This ensures that your business is safeguarded against financial losses due to third-party claims arising from accidents involving your fleet vehicles.
Direct Compensation Property Damage (DCPD)
DCPD covers damage to your fleet vehicles through your own insurance company to the extent your drivers are not at fault. For the portion where your drivers are at fault, collision or all perils coverage is required. As of January 1, 2024, there is an option to opt out of this coverage, allowing you to customize your fleet insurance plan according to your business needs.
Uninsured Automobile Coverage
This coverage protects your fleet if your vehicles are hit by an uninsured motorist or a hit-and-run driver. It covers damage to your vehicles caused by an identified uninsured motorist, ensuring your business is not left vulnerable in such situations.
Accident Benefits
Accident benefits provide additional compensation if your drivers or passengers are hurt or killed in a car accident, supplementing coverage provided by the Workplace Safety and Insurance Board (WSIB). This ensures that your team is protected with comprehensive financial support during difficult times
Additional Coverages for Fleet Insurance
Collision Coverage
Provides protection for your fleet vehicles against damage resulting from collisions with other vehicles or objects, regardless of fault.
Comprehensive Coverage
Covers your fleet vehicles for non-collision-related damage such as theft, vandalism, fire, natural disasters, and other perils
All Perils Coverage
Combines the benefits of both collision and comprehensive coverage, offering broad protection for your fleet vehicles.
Loss of Use Coverage
Covers the cost of renting replacement vehicles or other transportation expenses if your fleet vehicles are being repaired due to a covered loss.
Waiver of Depreciation
For new vehicles, this coverage waives depreciation in the event of a total loss, ensuring a higher payout.
Factors Influencing a Fleet Insurance Quote
Number of Vehicles
The size of your fleet directly impacts the premium. More vehicles generally mean higher total premiums, but bulk discounts may apply.
Types of Vehicles
The make, model, age, and value of the vehicles in your fleet influence the cost. Specialty or high-value vehicles may require higher premiums.
Vehicle Usage
How and where your vehicles are used affects the risk. For example, long-haul trucking poses different risks compared to local deliveries.
Driving Records
The driving history of your employees is critical. Fleets with drivers who have clean records will typically receive lower premiums than those with multiple violations or accidents.
Claims History
Your business’s claims history plays a significant role. A history of frequent or severe claims can increase your premium.
Coverage Options
The types and levels of coverage you choose will influence the cost. Comprehensive, collision, and additional coverages like cargo insurance will increase the premium.
Deductibles
Higher deductibles typically result in lower premiums, while lower deductibles increase the cost.
Business Type
The nature of your business and the industry you operate in can affect your quote. Certain industries may be considered higher risk.
Location
Where your fleet operates matters. Urban areas with higher traffic and theft rates might result in higher premiums compared to rural areas.
Vehicle Maintenance
Regular maintenance and safety checks can reduce the risk of accidents and breakdowns, potentially lowering your premium.
Driver Training Programs
Implementing driver safety and training programs can demonstrate a commitment to risk reduction, which can lead to discounts.
Security Measures
The presence of security features such as GPS tracking, alarms, and immobilizers can reduce the risk of theft and lower premiums.
Why Humberview?
- One Dedicated Fleet Insurance Broker At Humberview Insurance Brokers, we understand the unique needs of managing a business fleet. You won’t be dealing with a call center; instead, you’ll have one dedicated broker who knows your policy inside and out, providing personalized service and expert advice.
- Serving Businesses Since 1982 As an independent broker based in Toronto since 1982, we have decades of experience in providing tailored insurance solutions. Our deep-rooted presence in the community and industry expertise make us a trusted partner for your fleet insurance needs.
- Competitive Quotes from Top Insurers We represent some of Canada’s best fleet insurance companies, ensuring you receive competitive quotes and comprehensive coverage options for your business fleet insurance. Our relationships with top insurers allow us to offer you the best possible rates and coverage.
- Human Touch, No Phone Prompts When you call us, you’ll speak to a human right away—no navigating through phone prompts. Our commitment to excellent customer service means you get timely, direct communication with your fleet insurance broker whenever you need i
Tips For Business and Their Fleets:
Regular Maintenance and Inspections
Keep your fleet vehicles well-maintained and conduct regular inspections. This helps prevent breakdowns, extends the life of the vehicles, and ensures they are safe to operate, reducing the risk of accidents and insurance claims.
Add and Delete Drivers
Immediately update your insurance policy to include new drivers and remove those no longer driving for your business. This helps manage costs and ensures that your fleet is always adequately covered.
New Driver Screening
Conduct background and driving record checks on new drivers to assess their safety and suitability for operating company vehicles. This step is crucial for compliance and risk management, helping to maintain a safe fleet.
Continuous Driver Training
Regularly provide updated training to drivers on safety practices, updated regulations, and efficient driving techniques. This enhances road safety, reduces incidents, and can positively impact your insurance premiums.
Telematics and Tracking
Implement GPS tracking and telematics to monitor vehicle locations, route adherence, fuel usage, and driver behavior. This technology helps improve efficiency, reduce costs, and increase overall fleet safety.
Keep Records
Maintain detailed records for each vehicle, including maintenance, repairs, mileage, and fuel consumption. Comprehensive records support better fleet management and can be valuable for insurance purposes.
Accident Procedures
Have a clear procedure in place for drivers to follow in case of an accident, including reporting and documentation guidelines. This ensures timely and accurate information is available for insurance claims.
Install Dashcams
Install dashcams in vehicles to record driving incidents. Dashcams provide valuable evidence for insurance claims and help monitor and improve driver behavior, contributing to a safer fleet.
Fleet Insurance By Vehicle
These are common vehicles Found in Fleets:
Commercial Liability Insurance FAQ
-
What is Fleet Insurance in Ontario?
Fleet insurance in Ontario is a specialized insurance policy that covers multiple commercial vehicles under one policy. It offers comprehensive protection and is tailored to meet the needs of businesses with a fleet of vehicles, helping to streamline management and reduce costs.
-
How Much is Fleet Insurance in Ontario?
The cost of fleet insurance in Ontario varies based on several factors, including the number and type of vehicles, driving records of drivers, and coverage options chosen. But most importantly, how many claims your policy has had in the years operating. Contact us for a tailored fleet insurance quote tailored to your business needs.
-
Is Fleet Insurance Tax Deductible?
Yes, fleet insurance premiums are generally tax-deductible as a business expense. Consult with your accountant or tax advisor to understand how this applies to your specific situation.
-
How Can I Save on Fleet Insurance in Ontario?
To save on fleet insurance, maintain a good claims history, implement driver training programs. Regular maintenance and safety checks also help reduce risks and premiums.
-
Is Fleet Insurance More Expensive than Individually Rated Commercial Auto Insurance?
Fleet insurance can be more cost-effective than insuring each vehicle individually under personal auto insurance, especially for businesses with multiple vehicles. The overall cost depends on various factors, including the size of the fleet and risk management practices.
-
Does Fleet Insurance Cover Equipment and Materials in the Vehicle?
Fleet insurance typically does not cover equipment and materials inside the vehicles. Separate cargo or equipment insurance may be required to protect these items.
-
Can I Use My Fleet Vehicle Personally as Well?
Using a fleet vehicle for personal use may be allowed, but it should be disclosed to your insurance broker to ensure proper coverage. Personal use may affect the terms and conditions of your fleet insurance policy.
-
How Often Should I Request an Experience Letter for My Fleet?
As a business owner or fleet manager, you should request an experience letter from your insurance company annually. This letter records your fleet’s insurance history and can be beneficial for future insurance ratings and renewals.
-
How Many Vehicles are Required for a Fleet Policy?
To qualify for a fleet insurance policy, your business must have five or more commercial vehicles. It’s important to note that this does not include commercial trailers; it must be five commercial power units.
-
Is Fleet Insurance Cheaper than Standard Auto Insurance?
Not necessarily, fleet insurance largely depends on your account’s loss history. When rating for fleet policies, the criteria that will affect the price the most is usually how long you have been insured and how many claims have been paid out – at fault and not at fault. Other factors are important and also impact the price such as driver experience, driver tickets and accidents.
