Truck insurance coverage's

Liability

 

Compulsory Coverages In Ontario

 

Required in Ontario - Bodily Injury, Property Damage, Direct Compensation, Uninsured Motorist, and Accident Benefits

 

The required limit by law in Ontario is $200,000 however a large majority of private motorists carry $1,000,000.

 

For an owner operator, or fleet, at least $2,000,000 is recommended, and $5,000,000 is preferred. A carrier may find that certain customers will not deal with trucking operations with less than $5,000,000 in liability coverage.

 

How much coverage to you need? The guideline with liability coverage is, purchase as much as you can afford especially if you enter the United States! U.S. lawyers love to sue Canadian trucking companies and are especially apt at settling bodily injury claims for very large sums.

 

 

Physical Damage Coverage's

 

If you want to protect your vehicle from collisions with other vehicles or objects, you need physical damage coverage.

 

Physical damage coverage pays for damage to your vehicle — including if it is totaled — in case of a collision.

 

In Ontario, damage to your equipment is covered by the following: 

 

Collision

Covers damage to your truck or trailer when involved in an accident. 

 

Comprehensive 

Covers damage to your truck or trailer when stolen, vandalized, involved in fire, or otherperils while the vehicle is not in motion. 

 

All Perils

Includes perils under collision and comprehensive coverage, and more. Commercial vehicles should have all perils coverage as collision coverage alone excludes theft by an employee. 

 

Deductibles

For physical damage coverage’s you must choose a deductible, which is the amount that you agree to pay out of pocket when you have a claim. You may also purchase a deductible buydown policy to reduce your risk.