Fleet vs Individual Truck Insurance
Should you insure each truck separately or combine them under a fleet policy? Here's a detailed comparison to help you decide.
Last updated: January 2026 | Comparison guide
Quick Answer
Fleet insurance wins for most operations with 2+ trucks. You'll save 15-25% per vehicle, have simpler administration, and enjoy more flexibility. The only scenario where individual policies make sense is when you have drivers with vastly different risk profiles and want to isolate claims impact.
Fleet Policy
- 15-25% savings per vehicle
- One policy to manage
- Easy to add/remove vehicles
- Any driver on any truck
- Claims affect all vehicles
- Requires 2+ vehicles
Individual Policies
- Claims affect only that truck
- No minimum vehicle count
- Custom coverage per vehicle
- No volume discount
- Multiple renewals to track
- Named drivers required
Detailed Comparison
| Factor | Fleet Policy | Individual Policies | Winner |
|---|---|---|---|
| Cost (5 trucks) | ~$35,000/year | ~$45,000/year | Fleet |
| Administration | 1 policy, 1 renewal | 5 policies, 5 renewals | Fleet |
| Adding a truck | Endorsement, same day | New policy needed | Fleet |
| Driver flexibility | Any driver, any truck | Named drivers only | Fleet |
| Claims isolation | All trucks affected | Only that truck | Individual |
| Coverage flexibility | Same for all | Customized each | Individual |
When to Choose Fleet Insurance
- You have 2 or more commercial vehicles
- You want to save money (15-25% per truck)
- You need flexibility to add/remove vehicles
- Your drivers operate multiple trucks
- You want simplified administration
- Your fleet has a good safety record
When Individual Policies Might Work
- You have only 1 truck (no choice)
- One driver has significantly worse history than others
- Trucks have vastly different operations (e.g., one local, one long-haul hazmat)
- You're a new operator building toward a fleet
The Break-Even Point
At what point does fleet insurance clearly win? Here's the math:
Example: 3-Truck Operation
Related Fleet Insurance Topics
Fred founded Morison Insurance in 1994, growing it from a single Hamilton office to Ontario's #1 Insurance Broker as named by IBAO. With roots dating back to 1895, the family business now serves over 80 professionals across multiple locations.