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As a business owner with commercial vehicles, you need the same kinds of auto insurance coverages for the cars, trucks or trailers that you use in your business as you do for a car used for personal travel because the fact is that no matter where you may be driving in Canada, if you plan to drive a vehicle on public roads, the vehicle must be covered under an insurance policy with certain minimum compulsory coverages. It is the law in all provinces and territories.
Insurance is required for all of the cars, vans and trucks that your business uses, no matter how many you have. Often you’ll find that if you have 4 or more commercial vehicles, instead of simply being called commercial auto insurance it is referred to as fleet insurance. Fleet insurance is a somewhat general term that refers to things like: Motor Fleet Insurance, Van Fleet Insurance, Commercial Fleet Insurance, Truck Fleet Insurance, Delivery Truck Fleet Auto Insurance, Delivery Van Fleet Commercial Auto Insurance, Delivery Vehicle Fleet Insurance, Fleet Vehicle Insurance, Light Commercial Vehicle Insurance, Trucking Fleet Insurance, Motor Fleet Insurance, or Company Car Fleet Insurance. No matter what you call it, your business vehicles need to have insurance and certain minimum compulsory coverages in order to operate them.
What is a commercial vehicle or business vehicle?
Definitions can be dry and stuffy, but this is insurance after all, so here it is: A commercial vehicle is a motor vehicle used primarily to transport materials, goods, tools or equipment that relates to your occupation. It also includes trailers that are intended for use with said commercial vehicles.
What are the typical coverages included in a commercial auto insurance policy?
As mentioned, commercial auto insurance policies include, for the most part, the same mandatory coverages and offer the same optional coverages as the auto insurance policy you have for your private, personal-use automobile.
The following is a list of some of the most common mandatory and optional commercial auto insurance coverages that may be included in your business vehicle insurance policy (mandatory coverages and availability of optional coverages will vary by province. As well, given that each province is unique, there may be coverages not listed here. Always speak to a licensed commercial auto insurance representative when making decisions about, or to answer your specific questions regarding, commercial auto insurance):
Commercial auto insurance – Accident Benefits coverage
– is compulsory almost everywhere in Canada. It varies by province but in general provides compensation for medical and rehabilitation treatments, funeral expenses, loss of income due to disability and death.
Commercial auto insurance – Third-Party Liability coverage
– also known as Civil Liability in Quebec, provides coverage if while driving your company’s vehicle, the driver is held legally liable for injures to someone else, or for damages to another’s property. If the driver is held liable for more than the coverage, your company may be responsible for the balance. Third-party liability coverage is compulsory in all provinces and territories, although the minimum amount of coverage needed may vary.
Commercial auto insurance – Uninsured, Underinsured or Unidentified Motorist coverage
This coverage is universal across Canada. While it may be called something different, or split into two or more coverage types, the principles are the same. Uninsured, underinsured or unidentified motorist coverage provides payment (the amounts vary among the provinces) if the person driving your company vehicle is injured or killed through the fault of an uninsured/underinsured driver, or by an unidentified vehicle like in a hit-and-run.
Commercial auto insurance – Direct Compensation – Property Damage
In Ontario, Quebec and New Brunswick, Direct Compensation – Property Damage coverage provides for damage to your vehicle and any property inside that is permanently attached, because of an automobile accident where your company vehicle’s driver is not-at-fault or partially not-at-fault.
Commercial auto insurance – Collision coverage
Collision is an optional coverage that is the portion of your policy that protects your vehicle if it is damaged in an accident. There is usually a deductible.
Commercial auto insurance – Comprehensive coverage
Comprehensive coverage, like Collision, is optional. It protects your vehicle against loss or damage resulting from something other than a collision. Comprehensive coverage usually applies in the case of loss or damage from falling or flying objects, theft and vandalism. There is usually a deductible.
Commercial auto insurance – Family Protection coverage
Family Protection provides coverage for the vehicle’s driver from the actions of an at-fault, uninsured or underinsured driver. If available, Family Protection ensures coverage up to your commercial auto insurance policy’s limits regardless of the other person’s coverage levels.
Commercial auto insurance – EXTRAS
Commercial auto insurance policies may include optional coverages that you might not typically see with your personal-use car insurance policy. The reason for this is that some business vehicles may have unique, specialized needs that pertain specifically to machinery or equipment that is part of the vehicle, trailer or both.
Through Kanetix . commercial vehicle insurance quotes are available for the larger cities of Ontario, Canada, like: Hamilton, Brampton, Toronto, Ottawa, Mississauga, Waterloo, North York, Etobicoke, Scarborough, Windsor, Kitchener, London, Markham, Oakville, Oshawa, St. Catharines, Barrie, Cambridge, Sudbury, Kingston, Burlington, Richmond Hill, Guelph, Sarnia, Peterborough and Whitby.
In addition, company automobile insurance rates are also available for smaller areas of Ontario like: Thunder Bay, Chatham-Kent, LaSalle, Bradford, Vaughan, Grimsby, Brockville, Owen Sound, Amherstburg, Brantford, Ajax, Pickering, Niagara Falls, Clarington, Sault Ste. Marie, Lindsay, Newmarket, Norfolk, Bolton, Georgetown, North Bay, Milton, Welland, Belleville, Aurora, Cornwall, Haldimand, Timmins, Trenton, Keswick, St. Thomas, Woodstock, Brant, Lakeshore, Churchill, Stratford, Orillia, Fort Erie, New Alliston, Lincoln, Gwillimbury, Kingsville, Tecumseh, Napanee, Kenora, Wasaga Beach, Clarence, Essex, Port Colborne, Huntsville, Thorold, Cobourg, Collingwood, Midland, Pelham, Bracebridge, Orangeville, Picton, Stouffville, Elliot Lake, Erin, Gravenhurst, Hawkesbury, Tillsonburg, Petawawa, Niagara-on-the-Lake, Pembroke, Ingersoll, Almonte and Port Elgin, and in fact, most of the other towns and villages that are not included on this list.
In addition, Kanetix offers commercial auto insurance quotes for Alberta cities and towns like:
Edmonton, Calgary, Red Deer, Strathcona (Sherwood Park), Lethbridge, St. Albert, Medicine Hat, Leduc, Lloydminster, Camrose, Fort Saskatchewan, Cochrane, Brooks, Fort McMurray (Wood Buffalo), Grande Prairie, Airdrie, Spruce Grove, Okotoks, Stony Plain, Canmore, Grand Centre (Cold Lake), Wetaskiwin, Lacombe, High River, Strathmore, Sylvan Lake and others.
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