How does fleet insurance coverage work?
Fleet insurance coverage works very similar to standard car insurance policies. The only difference is that it’s designed for businesses, and you require a minimum number of vehicles to qualify. Fleet insurance allows you to have a single policy for all your vehicles. You can add or remove vehicles from your policy as needed. Vehicles can be leased, financed or owned.
How many vehicles are needed for fleet insurance?
Fleet insurance requirements can vary by insurer. In Ontario, a fleet is commonly defined as a minimum of 5 vehicles under ownership and used for business purposes. There typically isn’t a cap on the number of vehicles you can include in your plan.
What does fleet insurance cover?
A fleet insurance policy provides the same type of coverage as a personal Ontario car insurance policy. It includes these standard types of protection that are part of all mandatory auto coverage:
You will also have options to add additional coverage, such collision insurance and comprehensive. Many businesses add additional liability coverage. Other specific policy add-ons may be required depending on how your vehicle is used, your industry, and your type of business.
How much does commercial fleet insurance cost?
![Several row of white commercial cars vans and trucks parked in parking lot]()
Fleet insurance policies are customized to meet the specific driving needs of the business. The average fleet insurance cost is variable based on the size of your fleet, type of vehicles, how your vehicles are used, coverage limits and other factors. The best way to get a sense of the average price of fleet insurance is to request a quote from our insurance experts.
Factors that can affect fleet insurance costs include:
- Your insurance history
- Your industry and how vehicles are used
- Types of goods/tools/materials being transported
- The type(s) of vehicles being insured
- Your employees' driving record and experience
- Vehicle value
- Business location and how vehicles are parked at night
- The number of kilometres you drive
- Policy terms - coverage limits, deductibles
