How does fleet insurance work in Ontario?

Fleet insurance consolidates five or more commercial vehicles under one master policy with a common expiry date. This structure simplifies administration and lowers premiums to $5,500-$9,000 per truck through volume discounts. Rates rely heavily on your company's CVOR rating, loss history, and average fleet value.

Ontario Fleet Policy Features

• Automatic Coverage (OPF 21B): This endorsement provides blanket coverage for all owned vehicles, allowing you to add units to the road immediately without prior insurer notification.
• Revenue-Based Rating: For fleets with 10+ units, premiums can be calculated based on Gross Receipts or mileage, aligning costs directly with your actual business revenue.
• Aggregate Underwriting: Risk is assessed on the fleet’s total 5-year loss ratio rather than individual driver records, protecting your rates from a single bad driver.

To switch to a fleet policy, prepare your loss run reports and a current vehicle schedule. Contact a broker to structure a policy that scales with your growth while protecting your CVOR.