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 purposes, 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.
Personal truck insurance is coverage for pickup trucks 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.
Everyone who owns a truck needs to have truck insurance. Truck insurance is legally required in Ontario and with pickup truck popularity surging in 2020 and 2021, midsize and full-size truck insurance is increasing quickly as well. Did you know that out of every four vehicles sold in Canada during the first quarter of 2021, one was a pickup truck (24.6% to be exact). If you have personal-use pickup trucks, you will need a truck insurance policy. Having insurance on your truck can help to protect you from 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 brokerage that will help you find the best insurance providers that Canada has to offer. 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.
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 covers you in the event you are sued from a vehicle incident. It is strongly recommended that you have at least $2 million in liability 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 (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 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.
Pickup truck insurance protects you and your truck and provides liability coverage, accident benefits coverage and direct compensation property damage coverage and uninsured automobile coverage in the event of an accident. There are options to increase coverages and purchase additional optional coverages. Without truck insurance, you may be fined, or your pick-up truck may be impounded for not having insurance.
There is no difference between truck insurance and car insurance. Personal trucks, whether we're talking about full-size, midsize or compact pickup trucks, are considered “cars” and fall under auto/car insurance. This means that personal-use pickup trucks do not require a different or additional insurance product. There is, however, an incredibly important aspect of pickup truck insurance to understand in the Ontario insurance industry of which your insurance broker will explain to you: there is a difference between personal-use truck insurance and commercial-use truck insurance. Your personal truck insurance policy does not cover your vehicle for business use.
Personal-use 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's insurance premium including the year, make and model of your truck, your driving record and insurance history, 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. A top-rated insurance brokerage will also ensure that you receive all of the insurance discounts that you qualify for.
Pickup truck insurance premiums can be higher than car insurance rates because trucks generally cost more to purchase and repair. Whether referring to full-size, mid-size or compact pickup trucks, today's trucks are not a standard cab with a flatbed. Trucks are much more luxurious than those of years ago. Whether you're driving a Ford F-Series, Ram pickup, General Motors, Chevrolet, Toyota, Honda, or Nissan, 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.
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.
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 pick-up truck, and any additional accessories or modifications to the vehicle that are not stock and were not disclosed on the application.
An expert pick-up truck insurance provider will ensure that you and your truck are properly protected in the event of a claim.
You can buy pickup truck insurance from Morison Insurance, a top-rated insurance brokerage working with dozens of insurance companies. Each and every truck insurance professional at Morison works for you, providing you numerous competitive quotes, to ensure you end up with the best coverage at the right insurance rate for your truck. Our insurance brokerage represents all pick-up truck brands, some of which include Ford F-Series, Dodge Ram pickup, GM, Chevrolet, Toyota, Nissan, and Honda. Get started today by calling 1-800-463-8074 or by filling out the contact form on our website. You will be happy you did.
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.