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Commercial Truck Insurance Rates

Commercial truck insurance is a required coverage for both trucking 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 the 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.

When you operate a business that relies on heavy-duty vehicles, you need to be confident that you’re covered to get you back on the road quickly if anything were to happen while you’re out on the road.

Breakdowns, accidents, damage and theft are just a few of the many unprecedented incidents that can interrupt and have a negative outcome on your business.

A good commercial truck insurance policy puts your mind at ease by knowing that you will get the support and help you need to get your business back on track.

What is the average cost of commercial truck insurance?

It is difficult to provide a ballpark figure when it comes to commercial truck insurance. This is due to the fact that there is such a wide range of vehicles that fall under the commercial truck category – from large couriers and utes through to prime movers travelling interstate.

However, most businesses typically pay around the $2,500 mark for a commercial truck insurance premium.

What factors impact a commercial truck insurance premium?

In order to determine the cost of a truck insurance premium, an insurer will consider the following things:

  • The type of vehicle(s)
  • The value of the vehicle(s)
  • The type of carrier, e.g. general freight, dangerous goods, tradesman tools)
  • Radius class, e.g. commuting to and from work or travelling interstate across Australia
  • The number of years that no claims have been made on the truck(s) 

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. This 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 is 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.

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. 

What is commercial truck liability insurance? 

Commercial truck liability is one of the most important components of a truck insurance policy. It protects you, the commercial truck business owner, against claims as a result of injury or damage to a third party or their property.

For example, if you operate a removals company and one of your drivers has an accident and the client’s furniture is damaged public liability insurance offers financial protection.

Why should I go through an insurance brokerage?

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 a number of benefits.

Firstly, we have worked with the top underwriters for commercial truck insurance for over a decade, and as a result, we can negotiate competitive premiums to get you the best possible bang for your buck. 

Brokers also have exclusive access to more niche underwriters that have specialised knowledge of the truck industry.

Get your 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 policy for your business needs.

Request a quote online or give us a call on 1300 815 344.

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