Automobile Insurance

Having company vehicles on the road means you are working and growing your business. Commercial auto insurance is just as important as insuring your business itself. There are many different types and uses of commercial auto. It’s important you are partnered with an insurance professional who understands your commercial auto risk and can provide the products suited for your business. 

The following is some basic coverages you must have:

 This section of your automobile insurance policy protects you if someone else is killed or injured or their property is damaged. It will pay for claims resulting from lawsuits against you up to the coverage limit and pay the costs of settling the claims.  

This section of your automobile insurance policy provides you with benefits if you are injured in an automobile accident, regardless of who caused the accident. This includes supplementary medical, rehabilitation and attendant care, caregiver, non-earner and income replacement benefits. Options exist to increase most of these coverages. 

 This section of your automobile insurance policy covers damage to your vehicle or its contents. It also covers the loss of use of your vehicle or its contents if another person was at fault for the accident. It is called direct compensation because even though someone else causes the damage, you collect directly from your own insurer. Most policies don’t have a direct compensation property damage deductible, but you can add one to lower your premium.

Note: Coverage under the DC-PD section of your automobile insurance policy only applies if you meet the following conditions:

• The accident took place in Ontario
• There was at least one other vehicle involved in the accident
• At least one of the other vehicles is also insured by an insurance company licensed in Ontario or has signed a special agreement with FSRA to provide this coverage

If you do not meet these conditions, then you can claim your optional collision coverage (if you have it), whether or not you are at fault. If you do not have collision coverage, you may be able to pursue recovery from the at-fault driver.

 Protects you and your family if you are injured or killed by a hit-and-run driver or an uninsured motorist. It also covers damage to your vehicle caused by an identified uninsured driver. 

This coverage pays for losses caused by one of the following perils:

• Fire
• Theft or attempted theft
• Lightning
• Windstorm
• Hail or rising water
• Earthquake
• Explosion
• Riot or civil disturbance
• Falling or forced landing of an aircraft or parts of an aircraft
• The stranding, sinking, burning, derailment or collision of any kind of transport in, or upon which, an insured vehicle is being carried on land or water

This coverage pays for losses, other than those covered by collision or upset coverage, including perils listed under specified perils coverage, including falling or flying objects, missiles and vandalism.

This coverage pays for losses caused when an insured vehicle is involved in a collision with another object, including another vehicle, or rolls over. “Object” includes:

• Another vehicle or a trailer that is attached to the vehicle and covered by your insurance policy
• The surface of the ground
• Any object in or on the ground

This combines collision or upset and comprehensive coverages. In addition, it covers loss or damage caused if a person who lives in your home steals the vehicle your insurance policy covers. All perils also cover you if an employee who drives or uses, services or repairs that vehicle steals it.