It goes without saying that taking out Comprehensive Truck Insurance is pretty important, especially 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 and more importantly — you or your drivers.
What is Comprehensive Truck Insurance?
As the name suggests, Comprehensive Truck Insurance is the highest type of insurance available and covers almost all damages and disasters. From fire, theft, natural perils, new vehicle replacement, emergency services, breakdowns and damage caused by uninsured drivers, offers the full works.
Comprehensive Truck Insurance gives you the full 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, everyone and everything is covered.
When it comes to truck insurers the overall quality of the service you receive is much better from specialist truck insurers than from non-specialist insurers. For example, if you break down or have an accident, specialist insurers can arrange for the vehicle to be towed to a preferred repair service and get repairs approved by the following business day at the latest. With a non-specialist insurer, repair approvals usually take between 7 to 14 days.
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
To give you an idea, 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 individual requirements.
While it might seem like comprehensive coverage is substantially more than other more limited coverage, it’s definitely worth weighing up the potential loss and expenses that could occur if your commercial trucks and freights were damaged, stolen, or destroyed.
Get a quote
InsuranceHQ 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, allowing us to find the best commercial truck insurance policy tailored to your unique requirements.
To get a comparison, you can request a quote online or call one of our experienced brokers on 1300 815 344 to chat about your options. We’re here to help you get the best insurance coverage for your business.