Friday, July 12, 2024

How Alberta Commercial Auto Insurance Works

How commercial auto insurance works in Alberta, Calgary, Ontario and Toronto aren’t entirely different. But for the sake of getting more clarity, we shall be focusing on Alberta.

Alberta is the sixth largest Canadian province by land area and is known to have produced the youngest prime minister in Canada.

What classifies a vehicle as a commercial auto in Alberta? Your car is considered a commercial vehicle if it’s used for business purposes in moving goods and people from one part to the other.

If you have a business that requires you to travel, you will need to learn more about commercial auto insurance, the cost, how it works and where to get the most affordable quote. 

You can reach out to a reliable auto insurance company in Alberta to help you insure your commercial vehicle. It doesn’t matter whether you are a speciality trade contractor that relies on your truck every day for work or a construction company with multiple vehicles. 

Commercial auto insurance guarantees that you are properly covered and gives you peace of mind, allowing you to concentrate on the future of your company.

We understand that each business in Alberta is unique in its own way as your local insurance experts. It’s easy to see why so many people choose to settle in Alberta because of all it has to offer.

We realize how critical it is to safeguard what matters most to you and your company. Our knowledgeable insurance experts are here to make sure you’re covered and provide you peace of mind so you can focus on growing your business.

How much does commercial auto insurance cost in Alberta?

The risks and exposures that affect the cost vary by business in Alberta, just as they do in other provinces. The cost of your fleet insurance will be influenced by the following factors:

Vehicle types and their Locations

Vehicles on the road

Experience as a driver

Business claims‘ characteristics history

What does a commercial auto insurance policy cover in Canada?

In Canada, the basic coverage for every commercial auto insurance policy are liability damages, medical expenses for injury to passengers of your business cars, collision or comprehensive physical damage or loss to your business motors and damages sustained by occupants of your business autos due to the negligence of an uninsured or underinsured motorist.

Is commercial auto insurance cheaper than personal (regular) auto insurance?

Entrepreneurs and investors who are into transportation business always want to know the difference between commercial auto insurance and regular insurance in terms of cost and affordability.

The truth is, personal auto insurance is far cheaper than business commercial auto insurance. The primary reason why commercial auto insurance policy is more expensive than regular insurance is because of the higher risks involved when transporting people, goods and services.

In Alberta, as well as in other parts of Canada and North America, commercial auto insurance comes with a higher liability and damage claims.

How do you qualify for fleet insurance?

Before we discuss how to know if you qualified for fleet insurance, let’s look at the definition of fleet insurance.

What is fleet insurance? Fleet insurance is a type of commercial auto insurance coverage which covers all categories of vehicles owned and operated by your company for its business operations. 

The basic requirement that will qualify you for a fleet insurance policy is that you must have at least 5 or more vehicles registered in your company name. While this is the basic qualification, there are some insurance providers who insist that you must have at least seven vehicles to attract a fleet rating.

To qualify for fleet insurance in California, the rule is different. Below are the requirements:

Your business leases or owns more than one fleet or a vehicle

Your business delivers goods or picks up passengers

Employees use their cars or any vehicles for business

Employees drive company-owned cars

You will need to ask friends for recommendations or check out reviews from reliable independent agents on how to get the best and cheapest auto insurance policy.

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