What is Fleet?
• As per FSCO guidelines 5 or more vehicles makes a fleet
• Filed underwriting rules do not apply
• If the size of fleet is large enough, and is profitable, it may result in savings
What is individually rated commercial vehicle (IRCA)?
• When vehicles are less than 5 it is called IRCA – Individually Rated Commercial Auto.
• All filed rules apply and insurance company cannot do any favors
What underwriting info we need?
• Name and address of named insured
• What does the insured do? Be specific
• What do they carry?
• Gross Vehicle Weight?
• Normal radius of operation
• Maximum radius of operation
• How often does the vehicle go beyond max radius
• Any attached EQUIPMENT
• All info on Commercial vehicle Supplement (CVS)-need to be signed at binding
How I can quote light vehicles?
You can quote (light vehicles only) in applied rating services but bind only when sure about rating etc.
- No binding authority if the vehicle is heavy (over 4500kg GVW).
Experience/Driving Record:
Light Vehicles: Most companies can give Driving Record based on personal use vehicle as well, if they had experience with similar vehicle.
Heavy Vehicle: need verifiable experience min 3 years on insurance company letterhead.
- Do not bind if you do not have verifiable 3 years of experience on file.
- You may need to struggle to get experience to satisfy insurer requirements
- Insurer may end up cancelling policy if you do not provide the verifiable experience.
VIN Decoder
See 2 links below checking VIN numbers, they are helpful in deciphering weight & class.
As you may not know, we receive ownerships from Insured’s and the gross vehicle weight (GVW) is incorrect, and often pushes a vehicle into a heavy class – this can lead to misquote.
The links below will help you confirm whether the vehicle is ‘light’ or ‘heavy’ class.