As a trucking business owner in Australia, you need to be prepared for unexpected events that can disrupt your business operations. Commercial truck insurance is a vital coverage that protects your vehicles, cargo, and business from incidents, accidents, damage, and theft.
But how much does commercial truck insurance cost in Australia, and what factors affect the rates? In this article, we will answer these questions and provide information on the types of insurance coverage you need for your trucking business.
What is The Average Cost of Commercial Truck Insurance?
It’s hard to provide an exact figure for the cost of commercial truck insurance as there is a wide range of vehicles that fall under this category. The average cost of commercial truck insurance in Australia is around $2,500 per year. However, the actual cost can vary depending on factors such as the type of vehicle, value of the vehicle, type of carrier, radius class, and the number of years with no claims.
What Factors Impact Commercial Truck Insurance Rates?
To determine the cost of commercial truck insurance, insurance companies consider several factors, including:
- Type of vehicle: The size, model, and age of the truck can affect the insurance rates.
- Value of the vehicle: The value of the truck also plays a role in determining the insurance premium.
- Type of carrier: The type of cargo you transport, such as general freight, dangerous goods, or tradesman tools, can impact the insurance rates.
- Radius class: The distance your truck travels and the areas it covers, such as commuting to and from work or traveling interstate throughout Australia, can affect the rates.
- Number of years with no claims: A history of safe driving and no claims can help reduce insurance rates.
What Types of Insurance Do You Need for Your Trucking Business?
1. Commercial Motor Vehicle Insurance
Commercial motor insurance is a comprehensive insurance policy that protects your business against damages to your motor vehicle, third-party vehicles, or third-party property.
This type of insurance is a good option for anyone who owns or is responsible for one or more vehicles used for business purposes. You can customise your policy by choosing between comprehensive, third-party fire and/or theft, or third-party only for each vehicle you insure.
2. Public Liability Insurance
This insurance protects truck business owners from claims arising from third-party damages. In connection with commercial motor vehicle insurance, this protection plan will safeguard your business if it becomes legally liable for property damage or an injury it has caused.
3. Goods in Transit Insurance
Goods in transit insurance protect your business against damage or losing a third party’s cargo. It is suitable for transport operators, distributors, and courier services. Because goods in transit insurance serve as an additional layer of security, it will give you and your clients peace of mind.
4. Marine Cargo Insurance
Marine cargo insurance protects against loss or damage of goods when in transit by any method of transport – sea, rail, or air. Compared to other insurance options, this policy type is a bit more comprehensive as it can protect refrigerated goods and may be customized to cover rainwater damage and theft.
Who Are The Best Commercial Truck Insurance Underwriters in Australia?
The most popular commercial truck insurers in the Australian market are National Transport Insurance (NTI). Other well-known brands that offer commercial truck policies include Allianz, CGU, QBE, and Zurich. There are more niche and lesser-known underwriters including ATL, Trucking Solutions, Fleetsure, and the Heavy Motor Insurance Agency.
These brands specialise in all things relating to the commercial truck industry and often provide the best value-for-money insurance premiums.
Why Should I Go Through an Insurance Broker for Commercial Truck Insurance Rates?
You might be wondering why you should go through a brokerage instead of going directly through an underwriter. Well, opting for an insurance broker has several benefits.
Just so you’re aware, we have worked with the top underwriters for truck insurance for over a decade. As a result, we can negotiate competitive premiums to get you the best possible bang for your buck.
As brokers also have exclusive access to more niche underwriters who have specialised knowledge of the truck industry, we can also provide personalised advice and guidance to ensure you have the right coverage for your needs.
Get Your FREE Commercial Truck Insurance Quote Today!
At Truck Insurance HQ, we work with businesses of all shapes and sizes – from tradies and manufacturers to primary producers and logistics companies.
Whether you are embarking on your journey in the commercial truck industry or you are looking for specialised cover as your business expands, our experienced brokers take the time to understand your business.
With access to over 170 insurers in Australia and beyond, we are confident that our team can find the best commercial truck insurance policy for your business needs.
Give us a call at 1300 815 344 or request a FREE quote online.
*This general information does not take into account your specific objectives, financial situation, or needs. It is also not financial advice, nor complete, so please discuss the full details with Truck Insurance HQ brokers whether this type of insurance is appropriate for you.