Commercial vehicle insurance Canada can be tailored to suit the needs of your business, but it’s important to understand which coverage are must-have and which is not to save money on your policy. Here’s a list of Commercial Vehicle Insurance Canada coverage you’ll need if you’re operating any kind of commercial vehicle in Canada, along with tips on how to save money on your policy by eliminating unnecessary coverage.
The fact is, you need commercial vehicle insurance in Canada. You can’t just rely on your regular insurance policy when you’re operating a business. Regular auto policies cover you while driving privately owned vehicles only; they don’t cover your commercial vehicle. When those driving your employees are involved in an accident that wasn’t their fault and third parties are injured or property damaged, there could be huge expenses from legal fees, medical treatment, and claims. Commercial Vehicle Insurance Canada will help protect your company from these costs if you’re found to be at fault for an accident involving any of your commercial vehicles. For example, Hire Purchase agreements typically have one of two types of risks: physical damage and liability risk.
Some liability policies will protect you against physical injury, while others only cover other costs and losses. If you have a physical damage risk, then your Commercial Vehicle Insurance Canada will help pay for repairs. It may also cover theft or damage to property as a result of an accident by your commercial vehicles. Liability is what pays any costs and damages that are incurred by someone else because of an accident involving one of your vehicles.
The commercial auto policy also offers coverage for property damage, liability, and medical payments these vary depending on your province. The other coverage options are important because vehicle accidents can result in massive bills for injuries and vehicle damage. A personal car Commercial Vehicle Insurance Canada policy may not be enough to cover all of these costs. In addition to protecting yourself against lawsuits and judgments, a good commercial auto insurance policy can protect you from paying out-of-pocket for repairs or new vehicles.
If you have a fleet of commercial vehicles, you may want to consider increasing your liability coverage. Doing so will protect you from unexpected costs if someone is injured in one of your vehicles and Commercial Vehicle Insurance Canada decides to sue. The maximum amount of coverage for a bodily injury claim under most commercial auto policies is $2 million per accident, but it’s possible to increase that amount through optional coverage. By doing so, you could be protected against a multimillion-dollar lawsuit if someone else was seriously injured or killed while riding in one of your vehicles. Even if you don’t need additional liability protection right now, it may be wise to purchase it anyway.
There are two common types of insurance policies available for commercial vehicles in Canada: Auto insurance every vehicle that is used for business purposes needs to be insured. This coverage also applies to public vehicles as well, such as buses and taxis. Commercial auto insurance protects people who are inside and outside of a vehicle in case of an accident. Collision coverage for those who lease or own Commercial Vehicle Insurance Canada may want to add collision coverage to their policy to protect themselves against damage or loss caused by an accident. Property damage liability - when you’re leasing or owning a commercial vehicle, you can protect yourself from being held liable for any property damage resulting from an accident with property damage liability insurance coverage. This can be especially important if your vehicle is rented out regularly.
If you’re interested in getting a free quote for commercial vehicle insurance in Canada, it’s easy to get started. Just enter your postal code into our auto insurance calculator and answer a few simple questions about your business. You can also talk to one of our Commercial Vehicle Insurance Canada licensed agents over the phone or email if you have more specific questions. We'll work with you to find an affordable policy that's right for your business. A car accident is never a pleasant experience. Whether you're involved in an accident while driving, as a passenger, or even as a pedestrian commercial property insurance walking alongside traffic, accidents happen all too often. Here are some tips on how to handle different situations involving car accidents. To handle being involved in an accident. Get everyone out of their vehicles immediately don’t take any chances! Take pictures of all parties' vehicles especially focusing on areas where there is visible damage so that you have proof of how much repair work will be needed.