You can purchase insurance separately for each of your vehicles if
- you're insuring fewer than 20 motor vehicles, and
- your vehicles are primarily used for business purposes.
Note: If you're insuring five or more vehicles, you have the option of participating under Fleetplan.
With individually rated commercial insurance, you buy policies for each vehicle. It's similar to buying regular car insurance.
Insurance premiums are calculated based on factors like
- the claims history of the driver(s) of your vehicle,
- the business purpose of your vehicle,
- where it is stored, and
- where it's driven.
Note: you need to declare a principal operator (PDF) for your vehicle.
Understanding your insurance costs »
What is your business?
Many of our rate categories align with business or industrial uses.
For example, we have rate categories for farming, fishing, construction, silviculture, taxi and limo use, bus service, and delivery of goods.
Other factors influencing your insurance:
- hauling dangerous goods
- gross weight of your vehicle
- distance operated (for commercial-delivery rate classes)
- passenger carrying capacity (for buses)
Note: If you're carrying passengers for compensation or hire, your vehicle must meet specific safety inspection requirements.
Know the value of your vehicle
Unlike most personal vehicles, commercial vehicles are rated by declared value. You declare the value of your vehicle to your broker. The value may be reviewed at every renewal.
The declared value should reflect the actual cash value of the vehicle. This is the value a prospective buyer would be willing to pay for the vehicle just before an accident that damaged it.
- Your commercial vehicle has a unique value.
- Its value can't be clustered with others of a similar make and model.