If your business relies on vehicles to keep operations moving, then commercial vehicle insurance is a must. It’s a core part of protecting your investment and keeping your business compliant.
But with so many coverage options, limits, and price differences, choosing the right policy can feel overwhelming. What insurance is best for commercial vehicles? How much coverage do you actually need? And how can you make sure you’re not overpaying for protection you won’t use?
Let’s break it down step by step, so you can make an informed decision and get coverage that truly fits your Ontario business.
Step 1: Understand What You’re Legally Required to Have
Before looking at policy extras, it’s important to know what is the minimum coverage required for commercial vehicles in Ontario.
The province mandates that all vehicles, commercial or personal, carry at least:
- Third-party liability coverage of $200,000 (most businesses choose $1 million or more)
- Accident benefits coverage to protect drivers and passengers after an injury
- Uninsured automobile coverage for cases involving uninsured or hit-and-run drivers
- Direct compensation property damage coverage for damage to your vehicle when another driver is at fault
This is the legal minimum, but in reality, most Ontario businesses need higher limits. A single serious accident can easily exceed $200,000 in damages.
A broker can help you determine the right coverage limits based on your operations, vehicles, and risk exposure.
Step 2: Identify Your Business Use and Vehicle Type
Not all commercial vehicles face the same risks. The right coverage depends heavily on how your vehicles are used.
- Delivery vans and service vehicles: May need van insurance in Ontario that includes coverage for goods in transit or equipment storage.
- Construction trucks: Require higher liability limits due to their size, weight, and job-site risks.
- Catering vehicles or mobile businesses: Might need coverage for refrigeration units or custom-built equipment.
- Long-haul transport trucks: Often require cross-border coverage for trips into other provinces or the U.S.
Knowing your vehicle type and business use helps you choose a policy that fits your real-world risks, not just the standard template offered online.
Step 3: Compare Truck and Van Insurance Rates
When shopping for truck insurance rates or van insurance in Ontario, you’ll notice a wide range of prices. Premiums depend on several factors, including:
- Type of vehicle – Heavier trucks generally cost more to insure than smaller vans.
- Driving distance – Vehicles that travel long distances or across provinces face higher exposure.
- Location – Operating in high-traffic areas like Toronto or Mississauga can increase premiums.
- Driver history – Clean driving records mean better rates.
- Claims history – Businesses with no recent claims can often secure discounts.
- Use of telematics or GPS – Some insurers offer savings if you use technology to monitor driver safety.
To get the best truck insurance rates, request quotes from multiple insurers through a local broker. A broker can also help identify discounts, like bundling commercial auto with property or liability insurance.
Step 4: Know the Types of Coverage You Can Add
Once your basic coverage is in place, you can customize your policy with additional options to suit your needs. Here are a few to consider:
- Comprehensive coverage – Protects against non-collision events such as theft, fire, or vandalism.
- Collision coverage – Covers damage from crashes regardless of fault.
- Cargo or goods-in-transit coverage – Important for delivery, catering, or logistics companies.
- Loss of use coverage – Pays for rental or replacement vehicles while yours is being repaired.
- Fleet coverage – Simplifies management and often reduces costs for businesses with multiple vehicles.
When deciding what insurance is best for commercial vehicles, think about how downtime, damage, or lost equipment could impact your ability to operate.
Step 5: Check Insurer Reputation and Claims Support
The lowest premium isn’t always the best deal. When comparing policies, pay close attention to how insurers handle claims.
Ask:
- How quickly do they process claims?
- Do they offer 24/7 support?
- Is there a local adjuster available in Ontario?
Working with a broker who knows the local market can help you choose insurers that not only offer fair rates but also deliver when you need them most.
At Levitt Insurance Brokers, we partner with top Canadian insurers known for fast and transparent claims handling, so our clients aren’t left waiting during stressful times.
Step 6: Think Long Term, Not Just Lowest Price
It’s tempting to pick the cheapest policy, but the real goal is value, not just savings.
A policy that cuts corners on coverage could end up costing far more after an accident. The best commercial vehicle insurance balances affordability with reliability, ensuring your business stays on the road no matter what happens.
When you consider repair costs, legal liabilities, and downtime, investing in the right coverage is one of the smartest financial decisions you can make for your company.
Choosing the right commercial vehicle insurance policy doesn’t have to be complicated. With a bit of guidance and the right broker, you can find coverage that protects your vehicles, employees, and business reputation, without overpaying.
Whether you’re looking for van insurance in Ontario or comparing truck insurance rates for your growing fleet, we’re here to help.
Request your free commercial vehicle insurance quote today and see how Levitt Insurance Brokers can help your Ontario business stay protected on every route.
Because when your business depends on your vehicles, the right insurance keeps everything moving forward.
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