Canada Oh Canada! Ontario Insurance Rates

[Spudfyre]

Hi all! Can any Canadians out there share commercial insurance rates, especially Ontario. I'm transitioning from driver to contracted owner/operator of a cargo van. My Insurance broker is quoting me about $3500 per year paid upfront....seems reasonable to me just wonder if that is about average. Seems to be a stumbling block with being able to pay for the insurance on a monthly basis without a steeper premium.

Anyone in Ontario have a recommended broker or insurance company?

Also, I was told from my broker that cargo liability is almost impossible to get without years of experience, I only have a few months experience driving cargo van (with 30 years G license experience). Any thoughts?

 

[brokcanadian]

Hi all! Can any Canadians out there share commercial insurance rates

I'm in Ontario. Was 280 a month for commercial liability only (I don't care about collision) with 2 million coverage

I've now switched companies and pay a share of cargo insurance so it's gone up to 700 a month. He just hired a few drivers, so that should go down...but there's a picture of minimum coverage for a van in Ontario, all provinces, all states with cargo insurance

BTW that's for 10 years experience on commercial insurance, no claims no tickets

You'll likely end up with Northbridge, whatever broker you choose. Be prepared for up to 3 weeks wait time to be processed and accepted.

As for a broker...just find your closest NAL/NTL broker and sign up for benefits too...brokers are all quoting the same 2 companies

There are a few Expedite companies left that have group insurance, TST being one, it's an option if insurance is too pricey

 

[Spudfyre]

Now that I have my insurance, I thought I would share the details:

Up front payment is required. My total insurance package with $2,000,000 liability and 80,000 Km/year was about $3500. I was able to get them to take $750 down and a monthly payment of about $280, but I am paying 15% interest for that privilege

I did not need cargo insurance, as the company I am contracted by covers that. I did learn though that 3 years experience of commercial driving is required before they will really consider giving you cargo insurance and it easily doubles your payment.

In Ontario there is a really limited number of insurers who will provide monthly payments, who will cover drivers with less than 3 years experience, and who will provide cargo insurance.

I contacted 3 brokers to get the best deal, but they all ended up with the same deal from the same insurer as the best deal. Other deals were possible if I wanted to pay 100% up front.

Hope that helps any newbies in Ontario.