Truck Insurance That Protects Your Pickup
Truck insurance protects your pickup truck in the same way auto insurance protects a car. Truck insurance is purchased to cover you and others in the event of an accident. Pickup trucks can be insured for personal, business, or commercial use, and how you use your truck is a factor in determining the insurance you need. Personal truck insurance must include liability, accident benefits, direct compensation property damage, and uninsured automobile coverages. You have the option to increase limits and include additional coverages on your insurance policy to ensure you and your truck are covered.
What Is Truck Insurance?
Personal truck insurance is coverage for pickup trucks and certain SUVs used for personal use. Personal truck insurance, just like personal auto insurance, provides financial protection against physical damage, bodily injury, and liability should you suffer from a loss to your truck. There are additional coverages available to you such as increased liability, collision and comprehensive coverage, accident forgiveness, roadside assistance, and rental car coverage.
Who Needs Truck Insurance?
Everyone who owns a truck needs to have truck insurance. Truck insurance is legally required in Ontario. If you have a truck or an SUV as a personal vehicle, you will need a truck insurance or SUV insurance policy. Having insurance on your vehicle will help avoid you paying expenses out-of-pocket in the event of a loss or accident.
Insurance brokers will guide you through the process of getting truck insurance to protect your lifestyle. Discuss your needs with an insurance broker who will help you find the best insurance coverage that is tailored to your specific needs. An insurance broker works with several insurance companies and will get you several quotes. You can choose the insurance that best meets your needs and your budget.
Is Truck Insurance Mandatory?
Truck insurance is mandatory in Ontario. Mandatory coverages include third party liability, direct compensation property damage coverage, accident benefits, and uninsured motorist coverage (you can read more about each of these coverages below). Driving without insurance on your vehicle may cost you up to $50,000 in fines, and result in license suspensions and vehicle impoundment.
The Insurance Bureau of Canada has more details on mandatory auto insurance coverages in Ontario.
Third-Party Liability Coverage
Third-party liability coverage covers you in the event you are sued from a vehicle incident. The minimum liability coverage permitted in Ontario is $200,000. However, it is strongly recommended that you have at least $1 million in liability coverage.
Direct Compensation Property Damage Coverage
Direct compensation property damage coverage covers the damage to your vehicle, equipment, contents, and loss of use if someone else is at fault for an accident.
Accident Benefits Coverage
Accident benefits coverage (also known as bodily injury insurance) protects you if you are injured in an accident. It includes benefits not covered by OHIP, such as caregiving and rehabilitation.
Uninsured Motorist Coverage
Uninsured automobile coverage responds if you or your family are injured or killed by a motorist who is uninsured or involved in a hit and run accident. It includes coverage to your automobile caused by an uninsured identified driver.
How Does Truck Insurance Work?
Truck insurance protects you and your truck and provides liability coverage, accident benefits coverage and direct compensation property damage coverage in the event of an accident. Without truck insurance, you will have to pay out-of-pocket expenses and may be fined, or your pickup truck may be impounded for not having insurance.
What Is The Difference Between Truck Insurance and Car Insurance?
There is no difference between truck insurance and car insurance. Personal trucks, such as pickup trucks or SUVs, are considered “cars” and fall under auto/car insurance. This means that personal trucks do not require a different or additional insurance product.
There is however, a difference between personal truck insurance and commercial truck insurance. Your personal truck insurance policy does not cover your vehicle for business use.
How Much Does Truck Insurance Cost?
Truck insurance can cost you, on average, between $1,200 and $4,000 per year. There are many factors that determine the cost of your vehicle insurance including the year, make and model of your truck, your driving record, where you drive, how much you drive, the coverages and limits you select in your insurance policy, and much more.
An insurance broker will review your situation with you, answer any questions you have and get you several competitive truck insurance quotes. This provides you with options on coverages and prices so that you can choose the insurance policy you want. Insurance brokers will also ensure that you receive all of the insurance discounts that you qualify for.
Does truck insurance cost more than car insurance?
Personal truck insurance premiums can be higher than personal car insurance because trucks generally cost more to purchase and repair. Today’s trucks are not a standard cab with a flatbed. Trucks are much more luxurious than those of years ago. Trucks come with additional cabin space, extra windows, and doors, upholstery upgrades, lots of electronics, and other features. These features can make the cost of repairs expensive. If a truck is involved in an accident, the damage can sometimes be less than a car, but if repairs are required, they tend to be more costly.
What Does Personal Truck Insurance Cover?
Personal truck insurance provides liability coverage for property damage and bodily injury, accident benefits for items such as medical expenses and lost wages as a result of a car accident, collision protection, and comprehensive coverage insuring your truck from losses such as fire, theft, vandalism and broken windshields.
Note that when you have a claim from an accident, the deductible is the responsibility of the owner of the vehicle, if they are responsible for the accident. If you are not responsible for the accident, your deductible is waived.
What Does Personal Truck Insurance Not Cover?
Personal Truck insurance does not cover fraudulent claims, breaches on conditions of your policy such as participating in illegal activities like street racing or illicit trade or transportation, using your personal vehicle for commercial purposes, a collision that was caused by something specifically listed as an exclusion on your policy, allowing an excluded driver to drive your truck, and any additional accessories or modifications to the vehicle that are not stock and were not disclosed on the application.
Speak to an insurance broker to ensure that you and your truck are properly protected in the event of a claim.
Where Can I Get Insurance For A Pickup Truck?
You can get truck insurance from an insurance broker. An insurance broker is your best choice because brokers are insurance professionals who know truck insurance. They will also get you several competitive quotes. With an insurance broker, you get expert insurance guidance, and pricing and coverage options from several companies. You can choose the policy that best meets your needs and your budget.
At Morison Insurance, we work with dozens of insurance companies and will get you numerous competitive quotes. Our award-winning brokers will discuss your personal truck insurance needs with you, provide you with options and help you get the coverage you want. Our goal is your insurance protection. Many of our brokers are truck owners too. We understand how important your truck is to you and we know your insurance protection matters.
Our goal is to get you the right insurance to meet your lifestyle needs to ensure you are properly protected.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.
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