Transit Insurance | 6 Facts You Didn’t Know About
Transit insurance is a very broad category and whether you’re looking for transit insurance for your business or for your own personal goods, there are some interesting facts you should know first!
#1 Transit Insurance is cheaper for your personal/businesses goods when opting to cover a series of transits (annual cover) instead of a single transit. In fact, by opting for annual transit insurance, insurers should be able to save you between 25-40% off compared to a single transit policy.
#2 Transit Insurance typically DOES NOT cover the following goods: jewelry, tobacco, cigarettes wines, spirits, paintings, livestock. If you need any of these goods covered, be sure to follow it up with your insurer and make sure you’re protected. Livestock Transit Insurance is a special type of transit insurance, if you want to know more about it – click here.
#3 It’s estimated 30-50 billion USD is lost annually due to goods/cargo damage and loss via land, sea and air transit.
#4 We all know you get the best transit insurance by shopping around and comparing quotes, but if you’re really trying to save an extra dollar on your premium, try getting a few quotes and pitting them against one another. Some insurers just want your business and if they can still make a little money, they may opt to price beat their competitor.
#5 The cheapest transit Insurance isn’t always the safest transit insurance! Whether business or personal, one-time cover or annual – question your policy! We know this one sounds simple, but seriously think about what you’re insuring and make sure it’s protected. There can be variations to your coverage depending on how it’s transported (marine cargo, air freight, truck, road train) and even weather events or natural disasters.
#6. A good insurer will always take the time to answer and clarify any questions you may have regarding your policy…even if you’re not going to place cover with them! Not trying to be biased, but a broker is almost always better for assurance, knowledge, and customisation of a policy… not only do they handle everything in the event of an accident, but it is also their specialised profession to know the in’s and out’s of your cover.
Further, not being an insurance giant makes you more than just a number, you’re valued and your broker will always fight tooth and nail for you in the event that you need to make a claim.
On the note of our last tip, if you have any questions or queries about an upcoming transit insurance policy you want to arrange, don’t hesitate to reach out and ask us what you need to know! Truck Insurance HQ specialises in transit insurance of all kinds, and with access to over 170 insurers, we will find competitive and tailored insurance to suit your needs!