Commercial Fleet Insurance London

Commercial Fleet Insurance in London With Oracle RMS

Curious about what does Oracle RMS’s fleet insurance cover? Our standard fleet insurance policies also include the mandatory liability insurance coverage required in Ontario for commercial auto coverage, such as:

Third-Party Liability Coverage

This coverage is essential because it protects you and your employees financially if you’re responsible for injuring someone or damaging their property while driving. In Ontario, it’s also the law, covering claims made against you up to your policy’s limit, including legal expenses. The minimum required coverage is $200,000, but many policyholders choose higher limits, like $2 million, for extra protection.

Accident Benefits Coverage

This coverage ensures that you or your employees get benefits if you’re injured in a car accident, no matter who’s at fault. It can cover medical expenses, rehab and attendant care, and even income replacement if you’re unable to work.

Uninsured Automobile Coverage

If you or one of your employees is injured or killed by an uninsured driver or in a hit-and-run, uninsured automobile coverage steps in to cover the costs of damages or losses.

Direct Compensation-Property Damage Coverage

This part of your car insurance policy covers damage to your commercial vehicles and their contents, as well as any loss of use if you or one of your employees are in an accident that wasn’t your/their fault. Since someone else caused the damage, you’ll get direct compensation from your own insurance company.

Additional Coverage Options in London for Commercial Fleet Insurance With Oracle RMS

In addition to mandatory commercial vehicle insurance coverage, there are several coverage options you can add to your policy for more comprehensive coverage. Here are some of the more popular options:

Collision Coverage

Collision coverage helps cover the cost of repairing or replacing your fleet vehicles if they’re damaged in an accident, regardless of who is at fault. Whether it’s a crash with another vehicle or an object like a fence or pole, this coverage ensures that the repair or replacement costs are taken care of, minimizing the financial impact on your business.

Comprehensive Coverage

Comprehensive coverage protects your vehicle from damage caused by things other than accidents, like theft, vandalism, fire, natural disasters, or even damage from falling objects. This type of coverage is essential for fleet owners because it ensures that their vehicles are protected from a wide range of risks that could lead to costly repairs or replacements.

Accident Forgiveness Coverage

Accident forgiveness coverage prevents your insurance premiums from increasing after one of your fleet vehicles is involved in its first at-fault accident. Normally, an at-fault accident would lead to higher premiums, but with this coverage, your insurer “forgives” the first incident, helping you avoid a significant rate hike.

Loss of Use Coverage

Loss of use coverage helps cover the costs of renting a temporary replacement vehicle or other transportation expenses if one of your fleet vehicles is damaged and out of commission due to a covered incident, such as an accident or theft.

What Is Fleet Insurance?

Fleet insurance is a lot like commercial auto insurance except it allows you to insure all your commercial vehicles under one policy rather than handling each one separately. You can also choose to cover all drivers for any vehicle or assign specific drivers to certain vehicles. Since the policy covers the vehicles instead of individual drivers, it gives you more flexibility in who can drive what. Fleet insurance not only saves time, but it can also save money—you’ll likely receive a discount for bundling multiple vehicles under one policy, making it both convenient and cost-effective.

What Is the Difference Between Commercial Auto Insurance and Commercial Fleet Insurance?

If your business involves you or your employees driving, you’ll need a commercial auto insurance policy. Unlike personal auto insurance, which covers vehicles for personal use, commercial auto insurance is specifically for vehicles registered under your company’s name and protects them when used for business purposes.

The key factor in choosing the right policy is the number of vehicles you need to insure. A commercial auto policy is designed for one or a few business vehicles, while fleet insurance is ideal for businesses with five or more vehicles. Both offer similar coverage, but fleet insurance adds the flexibility of covering any licensed employee listed on your policy.

Fleet insurance is a convenient and cost-effective way to protect multiple company vehicles under one policy.

What Are the Benefits of Commercial Fleet Insurance?

There are several benefits of having commercial fleet insurance instead of multiple auto insurance policies, such as:

• You only have to manage one policy—one monthly payment and one renewal date.
• It’s usually more affordable than having separate policies for each vehicle, so you could end up saving a significant amount on your insurance premiums.
• You have the flexibility to decide whether each of your drivers can use all the vehicles or just certain ones

How Much Does Commercial Fleet Insurance Cost in London?

The cost of fleet insurance in London depends on several factors, including:

• Where your business and vehicles are located
• How many vehicles you have in your fleet
• The type and value of the vehicles in your fleet
• What your vehicles are transporting
• Where vehicles are parked or stored
• The ages and genders of your drivers
• Your drivers’ experience and driving records
• How many kilometres each vehicle travels annually
• Your claims history

If your business has multiple vehicles, insurance costs can add up fast, but it doesn’t have to be that way. Commercial fleet insurance makes things easier by combining all your vehicle policies into one, helping you save money. For the best rates, contact an Oracle RMS insurance broker—we’ll shop around to find the right coverage that protects your business and fits your budget at a competitive price.

Partner With Oracle RMS Today for Commerical Fleet Insurance

At Oracle RMS, we’re proud to have served the London community as experienced insurance professionals for many years. Our mission is to help businesses like yours thrive by offering top-quality commercial vehicle coverage. Our fleet insurance is customized to meet the specific needs of businesses with multiple vehicles, ensuring you’re protected against the unique risks your fleet might face. With a team that knows the London market well, we’re your trusted partner in protecting your assets, business, and peace of mind.

We’ll be with you every step of the way, even after your policy is in place. Looking to simplify your commercial auto insurance? Contact Oracle RMS today for a free fleet insurance quote in London, Ontario.

FAQs

How much is fleet insurance in London?

The cost of fleet insurance in London, Ontario, varies based on factors like the number of vehicles you have, their make, model and value, and your drivers’ experience and records. Factors like how often the vehicles are on the road and what they’re transporting can also affect the price. To get an accurate estimate, it’s a good idea to speak with your insurance provider or insurance broker.

How many trucks do you need for fleet insurance?

Typically need at least five vehicles to qualify for fleet insurance in Ontario. The vehicles can be a mix of trucks, vans, or cars, and they must be used for business purposes. Fleet insurance is a great way to streamline coverage and save money if your business has multiple vehicles on the road.

The Right Coverage For You

At The Best Price

“I purchased my first car a year and a half ago and called Oracle for car insurance quotes. They have excellent customer service – in particular, Chris was very helpful in getting me a great rate. He is extremely prompt at answering any questions I have about my policy and about anything insurance related! I highly recommend this brokerage.”

Andrea Lee,
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