Best Car Rental Insurance Providers in Canada

It is important to insure any business, but when it comes to a car rental business it can be a bit different. Apart from general insurance to secure the company, you will also need to insure your fleet of rental cars.

To get an idea of what fleet insurance is, read our other article: “Best Car Rental Insurance Providers in North America”.

Below, we have listed the best options for Car Rental Insurance in Canada.

1. AVIVA 

AVIVA is one of Canada’s largest and trusted commercial Auto Insurance providers. You can choose between optional and additional coverage.

Optional coverage: this is an industry based fleet insurance manager, and caters to a variety of industries.

Additional coverage: covers vehicle replacement in event of Accident or Repair, Physical Damage, and more.

With AVIVA you are eligible to multi-vehicle discounts, conviction-free discounts, and protection against increased premiums.

For more information visit their site: https://www.aviva.ca/en/business/find-insurance/products/commercial-auto-insurance/

2. Mitchell and Whale Insurance Brokers

They are an Ontario based company offering fleet insurance coverage for both small and big businesses. The insurance brokers at Mitchell and Whale are specialized in fleet insurance and will find the best insurance company for your business.

What they offer: Third-Party Liability, Accident Benefits, Coverage Against Uninsured Drivers, Optional Collision Coverage, and Optional Comprehensive Coverage.

For more information visit their site: https://mitchellwhale.com/commercial-insurance/auto/fleet/

3. InsurEye

They offer insurance for fleets of up to 5 cars and more, and they offer a free quote for you to get an idea of what’s in store before fully committing.

What they offer: Collision Coverage, Third-Party Liability Coverage, Comprehensive Coverage, Accident Benefits, and more.

For more information visit their site: https://insureye.com/fleet-insurance-quote/

4. Aon

Aon is perfect for small businesses and offers coverage for cars, trucks, vans, and commercial use trailers. They too insure fleets of up to 5 vehicles or more for commercial purposes.

What they offer: Coverage for Damage or Loss of Vehicles, Damage caused by your Vehicles to Others, Injury, or death of drivers.

For more information visit their site: https://www.aon.com/canada/products-services/risk/small-business/commercial-auto.jsp

5. EasyInsure

At EasyInsure they focus more on offering a tailor-made insurance solution for their clients. They offer both general liability coverage as well as commercial auto coverage within most Canadian provinces. They also offer software solutions that help cut down on insurance premiums and staffing costs.

They also offer individual or group health and dental packages for business owners and their staff.

They take on hard work of insurance by finding the best insurance brokers to fit your business and needs and help you through the whole process.

For more information visit their site: https://easyinsure.ca/fleet-insurance.aspx

Best Car Rental Insurance Providers in North America

Every business, irrespective of the industry, requires insurance. However, when it comes to a car rental business, this can be split into two – General Business Insurance and Commercial Fleet Insurance.

In this article, we have listed 5 top commercial auto insurance providers in North America.

If you are looking to get an idea on what commercial auto insurance – also known as Fleet Insurance – is and why it matters, keep reading.

What is Commercial Auto Insurance?

Commercial Auto Insurance provides coverage for liabilities and physical damages to each car owned by a rental car business. Depending on the insurance company, the insurance company may cover a fleet of between 2 to 5 cars or more.

Liability 

Depending on the insurance provider, the liability policy may cover the following:

  • Uninsured motorist coverage
  • Underinsured motorist coverage
  • Bodily injury
  • Property damage
  • Owner’s policy – this allows any of your employees to drive your rentals and provides coverage in case of bodily injury or property damage caused by a third party.

The liability policy may also cover damages or injuries caused by your rental to a third party.

Physical Damage

In the event of an accident causing damage to one of your rental cars, it will need to be repaired and put back on the road – this is where collision and comprehensive policies come in.

  • Collision – Offers coverage for repairs or replacement for damages caused due to an accident with a third-party vehicle or a stationary object.
  • Comprehensive – Covers damages to the insured rental in the event of a fire, theft, vandalism, etc.

Top 7 Commercial Auto Insurance providers in North America

  1. Lula

If you are looking for a more new and innovative insurance provider, Lula is the best. Based in Miami, Florida with other branches across the U.S., they offer insurance coverage in a matter of minutes and eliminate any middlemen and premiums, thus reducing costs by 50%.

Lula is ideal for small businesses that need quick coverage.

For information, visit: https://www.lularides.com/navotar

  1. ARRC (Auto Rental Resource Center)

ARRC has over 25 years of experience serving the auto rental industry, they focus on assisting first-time business owners have a headstart and current business owners to improve their existing services. ARRC is a worldwide, independent auto rental network. If you are looking to start your own rental company this would be the best place to go to, they provide all resources needed to start and manage a business including fleet insurance.

ARRC membership gives you access to:

    • Liability coverage
    • Physical damage coverage
    • RV commercial coverage
    • Counter product insurance coverage
    • Garage liability
    • Worker’s compensation and Employer’s liability

For more information, visit: https://arrc.net/commercial-fleet-insurance/

  1. Travelers

Travelers provide insurance for personal, business, and specialty insurance within North America and Europe.

The Travelers Commercial Automobile Policy offers coverage for:

    • Liability
    • Physical Damage
    • Underinsured and uninsured motorists

This policy is applicable for both small and large commercially owned fleets.

For more information, visit their site: https://www.travelers.com/business-insurance/commercial-auto

  1. Liberty Mutual

Liberty Mutual is the fifth largest casualty and property insurer worldwide. The insurance company provides a commercial auto insurance policy that ensures the safety of both the fleet and employees operating the vehicles. They offer a set of risk control tools and have a well-trained claims team to help you get your damaged vehicle up and running in no time.

Decision Driving® – Driver safety training for vehicle operators to lower the risk of accidents caused due to careless driving.

Managing Vital Driving Performance (MVDP) – This tool uses the vehicle operator telematics data to monitor driving behavior.

Liberty Mutual Expedite™ – this app allows drivers to snap photos of damages and gets claims estimated on the spot.

Guaranteed Repair Network (GRN) – This is a partnership between Liberty Mutual and selected collision repairs facilities.

For more information, visit their site: https://business.libertymutualgroup.com/business-insurance/coverages/commercial-auto-insurance-policy

  1. Nationwide Corp

Nationwide is based out of Omaha and claims to be #1 in customer satisfaction with small commercial insurance. They offer coverage in commercial auto insurance, workers’ compensation, commercial agribusiness insurance, and more.

Apart from the usual policies offered such as liability insurance and collision insurance, Nationwide also offers add-ons i.e. roadside assistance, new vehicle replacement cost coverage, and more.

For more information, visit their site: https://www.nationwide.com/lc/resources/small-business/articles/business-auto-policy

  1. Berkshire Hathaway

Berkshire Hathaway is a multinational conglomerate based in Omaha. The company owns 60 subsidiaries, of which Berkshire Hathaway GUARD and Gateway Underwriters Agency offer commercial auto insurance.

For more information, visit their site: www.guard.com › products › commercial-auto

For more information, visit their site: https://www.gua-stl.com/automobile.html

  1. Old Republic

The Old Republic General Insurance Group is the Old Republic Corporation’s largest business segment with 15 specialty companies. Out of these 15 companies, the following offer commercial auto coverage: BITCO Insurance Companies, Great West Casualty Company, Old Republic Contractors Insurance Group, Old Republic Risk Management, Old Republic Specialty Insurance Underwriters, and PMA Companies.

For more information, visit their site: https://www.oldrepublicinsurancegroup.com/companies/bitco-insurance-companies

Luxury Car Leasing Market Growth

Luxury car leasing provides access to desirable cars at an affordable rate that can otherwise be very expensive if purchased. Many people opt to rent a luxury car as opposed to buying one as it is more economical; since maintenance and handling are mostly managed by the rental company. Luxury car rentals also act as a great solution to business travel as most business-related travel requires luxury grade cars.

An estimate of 12.6% CAGR has been forecast between the years of 2019 – 2026 for the luxury car market. In 2016 the luxury car rental market was worth approximately $10 billion globally, with North America being a key player representing 50% of the global market, with Europe being the second contender with 29%.

By the end of 2022, it has been forecast that the luxury car rental market will be worth approximately $22.5 billion globally. Over the next five years, the worldwide market of luxury car rentals is expected to grow at a CAGR of ~20.0% and will reach a whopping 34000 million USD in 2024.

However, the luxury car rental market has been affected by the global COVID-19 pandemic. The pandemic has affected production and demand, which also led to supply chain disruptions within the car manufacturing industry that in turn has hurt the car rental industry. However, pent-up demand after lock-down is contributing to the recovery of the overall car rental market.

Due to previous lock-downs and self-isolation initiatives by the government, many rental companies have been affected. However, with many states in the U.S. going back to normal the rental market should improve as more and more people are traveling for work from state to state. Also, many countries are lifting travel bans and opening their airports to welcome tourists, increasing the demand for luxury rental cars.

Do you manage a fleet of luxury cars, and has your business been affected by the COVID-19 pandemic? If so, you will require a strong marketing strategy to get your business up and running. Visit the Navotar website for more information on how to improve your business.

Navotar’s guide to car rental marketing that can save you money

Any business needs a solid marketing strategy that will help propel it ahead of its competitors. In this digital day and age marketing has gone through many changes. Representing your company at conventions, through brochures, and TV ads are in the past. It has been replaced by digital marketing. But, that does not mean just having an active Facebook and Instagram page, it is a lot more than that.

However, marketing can cost you money, but there are enough and more ways you can easily market your brand. That said you should know that marketing is a worthy investment, no matter the cost. If you are a start-up business owner, and you need a low-cost solution for your company, the following tips can help you. You don’t necessarily need to hire a marketing agency or specialist for your company’s marketing as long as there is consistency, and you understand your clientele.

  1. What is your elevator pitch?

Starting with something very simple but crucial – how you portray your company will determine who your clientele would be. A simple, straightforward, detailed summary of your brand and services provided can easily attract the right customers. People want to know what they can get and how to get it, so a good elevator pitch is imperative.

You should describe:

      • Products available
      • Types of services provided
      • Is your fleet diverse,
      • What makes you different from the rest
      • Quality
      • Price point

This will give a clear idea of what your company stands for and what you have to offer.

  1. Social media

It’s free and in the palms of your hands! Social media is a great tool for marketing just about anything. The go-to marketing strategy is email marketing, however, people rarely open product marketing emails. This is where Facebook and Instagram come in handy.

You don’t need an expert to handle your company’s Facebook page in the beginning. Set up a business account and make regular posts of your services, and run promotions. People spend a lot of time going through their Facebook wall and almost everyone rents vehicles so your ad is bound to pop up.

Instagram is a marketing hotspot, and just like Facebook, it is quite easy to manage posts and promotions. The key is regular posts, at the same time. High-quality photos/images are a must and keep captions short and to the point or direct them to your company website for more details.

Keep your customers updated with interactive stories and good quality IGTV videos. All this can be achieved with a good smartphone camera – you don’t need a professional videographer or content creator.

  1. SEO (search engine optimization)

Have you wondered how certain company websites keep popping up at the top of the search results all the time? That is because of good and thorough SEO practices.

Want to see your rental company website at the top of the search results list? Creating a blog will help with that. Keep the blog regularly updated with a weekly post. Look for relevant and trending topics and use popular keywords.

A blog post of 200 – 300 words would do the trick. You can also promote your products and services as potential customers can get a more in-depth idea of your business and what it has to offer.

  1. How to gain trust and loyalty from new and existing clients

Loyalty and trust amongst customers can help promote your business, but it is a two-way street. Be thankful to all your customers, especially repeat customers. Small gestures like sending a birthday card or a thank you card to loyal customers can make a difference and show that you care.

Offer complimentary services for repeat customers, such as a discount or a surprise upgrade. Keeping your current customers happy creates a good reputation; it is free advertising as these customers will most definitely recommend your services to other people.

  1. Collaborations and competitions

Collaborations and competitions are great ways to stay engaged with your local community. Collaborate with another company or social media influencer to promote a new service as they will bring in their client base. You can even host a competition/ giveaway. Do this is a great way to promote your business and garner in potential customers.

The time, energy, and money spent on marketing are never a waste. Independent car rental businesses will benefit from this guide and see good results. The convenient way is to hire an expert or a marketing agency that can be pricier but effective.If you want to learn more about expert fleet-management services, check out Navotar’s “New-To-The-Industry Start-Up Package”. We will customize the service to fit your fleet!

 

What are you waiting for? Go ahead and plan that Facebook promotion!

Good luck from all of us at Navotar!

 

What to expect from Touchless car renting

In a world where social distancing has become the norm, touchless car renting is proving to be a great solution to curb problems faced with over the counter interactions and safety. No more waiting in line, no more miscommunication between you and agents, no more paperwork, and no more health risk! Touchless car renting means an almost self-service car rental process with minimum to no human to human interaction.

Not everyone can afford to stay safely indoors during this time. Many people have work commitments and other reasons that may require them to travel. Safety comes into question, and this is why touchless reservation is the answer.

Features that may be available for touchless reservations:

  • Online reservations

    Make a reservation from home – all policies, agreements, and documents will be available online.

  • Online transactions

    All documents can be signed online, with online card payment. That means no person to person interaction at all.

  • Manage pick-up and drop-off

    Customers will be able to pick up their rental and the key from a designated stand without any human contact. It is also expected that the rental process would go key-less to prevent spread, with apps being used to access the car.

  • Clean and safe rentals

    Most big names in the rental industry are practicing thorough disinfection protocols to ensure their customers are safe. Rental companies will be fogging their cars with antibacterial mists as well as cleaning the interiors with other disinfectants.

 

The need for safe ways of travel is encouraging the tech industry to pick up pace in innovating. Many car rental companies have their own app which allows customers to manage their reservations from their smart device. Going touchless is a versatile and innovative way to book a rental. Touchless car rental may prevail even after the COVID-19 pandemic as most people prefer online reservations than over-the-counter reservations.

Many rental companies are opting to utilize touchless rental reservations as it is helping improve business during these tough times. If you are a rental business owner and are looking to make the jump to touchless car renting the Navotar Customer Mobile Application is your best option. This white-label app allows you to customize it to your brand. Your customers can then download the app and access all contactless reservation features. The application is safe, innovative, and practical.

 

So, do you think touchless car reservation is viable for the future of the car rental industry?

Be safe, from all of us at Navotar.