Does Your Business have 5 or More Vehicles?
You could SAVE BIG with Fleet Insurance.
Most small- to medium-sized businesses in Ontario have Individually Rated Commercial Auto (IRCA) insurance, which can cost up to $500 more annually than Fleet Insurance. It can also limit the flexibility of drivers across multiple vehicles and bury you chest deep in insurance red tape. While coverage options between the two policy types may be similar, there are some advantages to Fleet Insurance you should be aware of as a business owner.
Key Benefits with Fleet Insurance:
1) Fleet Insurance Requires only 5 Vehicles or More to Save Money
Compared to insuring Individually Rated Commercial Autos (IRCA), Fleet insurance in Ontario often provides significant premium savings for business owners. When vehicles are insured on an IRCA auto policy, each vehicle is individually rated based on the usage, claims experience and drivers for that vehicle.
2) Fleet Insurance Saves Business Owners Time
Fleet Insurance is generally much simpler and easier to understand than IRCA Insurance. Your vehicles are listed on one document while your drivers are listed on another. This avoids keeping track of various policies and multiple pages of paperwork.
3) Fleet Insurance Gives Your Broker the Opportunity to Negotiate
Because the rates are flexible, unlike IRCA, your broker can negotiate with various insurance companies to secure premium rates and coverage for your business vehicles.
4) Value Added Options
Some Fleet Insurance providers also have ‘loss control’ experts and ‘fleet management services’ to help business owners reduce inefficiencies and operating costs.
Fleet Insurance Checklist
When asking for a quote, you should make sure that you provide the following information to ensure the quote is accurate:
- Make, model, year, & VIN #
- Driving record of each driver
- Area of vehicle travel or operation
- Average daily distance traveled
- Vehicle usage
- Auto insurance claims history of your business
- Vehicle categorization – Heavy or Light (GVWR)
Additional Questions to Ask a Broker
There are lots of questions that can only be answered on a case-by-case basis, so be sure to check these details with your broker when getting a quote:
- Are tools, contents, or stock covered if they are stolen from my vehicle?
- Is loss of income coverage available if my vehicle can’t be used following a claim?
- Is attached equipment – such as cranes or lifts – covered?
- How much liability coverage do I need?
- What accident benefits should I buy for my company vehicles?
Is Fleet Insurance Your Best Option?
If you’re reading this, there’s a good chance you already know the answer – but just to be sure give us a call from anywhere in Ontario at 1-888-298-7343.