Taking out Comprehensive Truck Insurance is essential, primarily if a considerable amount of income is generated from utilising your truck. Although it’s a legal requirement for all trucking companies to purchase primary Liability Insurance, this may not provide adequate cover against loss or damages to your truck, other assets, more importantly, you or your drivers.
What is Comprehensive Truck Insurance?
Comprehensive Truck Insurance is the highly recommended insurance available due to its extensive benefits. It covers almost all damages and disasters from fire, theft, natural perils, new vehicle replacement, emergency services, breakdowns, and damage caused by drivers on the road.
Comprehensive Truck Insurance gives you the protection you need to feel confident that if anything were to happen while your fleet of trucks and drivers are either on or off the road.
The average cost of Commercial Truck Insurance?
Premiums vary as there are many variables involved. Some of the variables that can affect premiums include:
- The number of vehicles in your fleet
- The size of the vehicle radius
- The carrying capacity and if it’s rigid or articulated
- The type of goods being transported, e.g. bulk, liquid, dangerous goods, refrigerated, livestock
- Use of vehicle, e.g. garbage truck will be more expensive than a tradie vehicle
- Number of years the driver(s) have held truck insurance – trucks have a no-claim bonus so you can claim a 10% discount every year you operate with no claims made, to a maximum discount of 50%
- The age of the driver(s) – under 25s or licenses for a vehicle class under 2 years will be more expensive
- Whether you own the truck and trailers (for prime movers) or if you’re towing someone else’s trailer
Comprehensive Truck Insurance premiums usually start from around 4.8% of the total vehicle sum insured. We can provide a more accurate estimate over the phone based on your requirements.
While comprehensive coverage is substantially more than other limited coverage, it’s worth weighing up the potential loss and expenses that could occur if your commercial trucks and freights were damaged, stolen, or destroyed.
Contact Experienced Commercial Truck Insurance Brokers in Australia
Truck Insurance HQ is a multi-award-winning brokerage with over a decade of experience and knowledge within the truck insurance industry. We compare quotes from over 170 specialist truck insurers across Australia. We help you to find the best commercial truck insurance policy tailored to your unique requirements.
We’re here to help you get the best insurance coverage for your business. You can get a comparison by calling one of our experienced brokers on 1300 815 344 or get a FREE quote now.