An Overview of Commercial Truck Insurance and the Costs

Truck Insurance

Commercial truck insurance is a required coverage for both truckingAustralian Truck Insurance companies as well as an owner-operator. Geared especially towards big organizations with hundreds of trucks, commercial truck insurance tends to be an expensive affair for companies who own just a couple of trucks. The options vary in accordance with the model of truck, cargo carried, risks incurred, as well as the driver’s experience in terms of number of years he/she has been driving trucks. An insurance package that you pick for your business will in all probability comprise varied kinds of coverage. Therefore, in order to choose the options that befit your needs it’s essential to understand how these work.

Basic Coverage

This category of coverage comprises collision coverage and comprehensive coverage. In cases where an accident occurred because of your fault the collision damage insurance will cover the costs of the vehicle that collided with you. Which means in collision insurance if the accident is your fault you’ll need to use your own funds to have your truck repaired. The other kind of basic coverage is comprehensive coverage. It will cover your repair costs as well as the repair costs of the other vehicle, if it is your fault.

Specialized Coverage

There are a slew of specialized options to choose from when it comes to commercial trucking insurance. These specialized options are designed keeping in mind every possible scenario that a truck could be involved. If you are carrying cargo on behalf of customers you are safe if you have commercial auto liability coverage. Under this category you are covered for bodily injuries and damage to the property of others. In cargo insurance you get coverage for loss or damage of the cargo.

How much does commercial truck insurance cost?

In order to get the coverage you need at an affordable price you need to be wary about the costs of varied types of coverage. Comprehensive coverage is a bit more costly than collision coverage because if an accident occurs it will cover your repair costs in addition to the repair costs of the other vehicle. However, this coverage will work when the accident occurred due to your fault.

But, it pays to have this type of coverage especially if you have a newer dump truck. The commercial truck insurance company will quickly get you back on the road since it will pay for the repairs. But bear in mind that as your coverage increases accordingly the cost of the policy will increase as well. Furthermore, you can get a discount if you want to insure more than one truck. That way you’ll end up reducing the cost of insuring each vehicle.

Truck Insurance HQ have specialist insurance Brokers who can help you with all your Commercial Truck Insurance enquiries. For Specialist advice from our brokers and policies available from over 170 insurers to choose from, call us today on 1300 815 344 or go online to request a quote.

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