How Much Does Trucking Insurance Cost in Ontario?
Ontario trucking insurance costs range from $8,000 to $25,000+ per year for a single commercial truck. Your actual rate depends on operation type, driving radius, cargo, experience, and CVOR status. Here's exactly what to expect.
Last updated: December 2025 | Based on current Ontario market rates
Quick Answer: Ontario Trucking Insurance Costs
Ontario Trucking Insurance Costs by Operation Type
Your premium varies significantly based on how you operate. Here's a detailed breakdown of 2024 Ontario trucking insurance rates:
| Operation Type | Annual Range | Monthly | Key Factors |
|---|---|---|---|
| Owner-Operator (Local) Under 150km radius | $8,000 - $12,000 | $667 - $1,000 | Lower risk, less highway exposure |
| Owner-Operator (Long-Haul) Interprovincial | $12,000 - $18,000 | $1,000 - $1,500 | Extended radius, higher mileage |
| Fleet (2-10 units) Per vehicle | $6,000 - $10,000 | $500 - $833 | Volume discounts 10-15% |
| Fleet (10+ units) Per vehicle | $5,000 - $8,000 | $417 - $667 | Volume discounts 15-25% |
| Cross-Border (US/Canada) Any size operation | $15,000 - $25,000 | $1,250 - $2,083 | US liability, DOT compliance |
| Specialized (Tanker/Hazmat) Hazardous materials | $20,000 - $35,000 | $1,667 - $2,917 | Pollution liability, higher limits |
| Refrigerated (Reefer) Temperature-controlled | $14,000 - $22,000 | $1,167 - $1,833 | Cargo spoilage risk |
What's Included in These Rates?
A standard Ontario commercial truck insurance policy includes multiple coverage types, each contributing to your total premium:
Liability ($2M minimum)
Covers damage and injury you cause to others.
Cargo Insurance
Covers goods in transit against damage/theft.
Physical Damage
Collision and comprehensive for your truck.
Non-Trucking Liability
Coverage when not under dispatch (bobtail).
Factors That Increase Your Premium
Understanding what drives costs up helps you control them. Here are the biggest premium factors:
- CVOR Status: A Conditional rating adds 35-50% to your premium. Learn more about CVOR →
- Experience: New owner-operators (under 2 years) pay 25-40% more and have fewer insurer options.
- Claims History: At-fault accidents within 3 years can add 40-75% to your premium.
- Operating Radius: Cross-border operations add 25-50% compared to local-only.
- Cargo Type: High-value or hazardous cargo significantly increases rates.
- Truck Age/Value: Newer, expensive equipment means higher physical damage premiums.
How to Get the Best Trucking Insurance Rate
Here's what experienced owner-operators do to minimize costs:
- Work with a specialized trucking broker - not a general insurance agency
- Shop annually - rates and insurer appetites change frequently
- Maintain clean CVOR - fight contestable tickets, invest in safety
- Install telematics/dash cams - some insurers offer 5-10% discounts
- Increase deductibles - raising from $1,000 to $2,500 can save 10-15%
- Bundle coverages - liability + cargo + physical damage with one insurer
Calculate Your Estimated Cost
Why Ontario Trucking Insurance Is So Expensive
Ontario consistently has the highest trucking insurance rates in Canada. Here's why:
- Traffic density: GTA highways are among the busiest in North America
- Litigation costs: Ontario's legal system results in higher claim payouts
- Mandatory $2M liability: Higher than many other provinces
- Limited competition: Fewer insurers write commercial trucking in Ontario
- Fraud rates: Insurance fraud increases costs for legitimate operators
A Note on "Too Good to Be True" Quotes
Be wary of quotes significantly below market rates. Some non-standard insurers have restrictive claims processes or may not be admitted carriers. Always verify your insurer is licensed with FSRA (Financial Services Regulatory Authority of Ontario).
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Third-generation insurance broker and CEO of Mitch Insurance, a family-run brokerage since 1948. Adam has led the company to multiple industry recognitions including IBAO Brokerage of the Year and works with over 70 of Canada's top insurance companies.