Due to the high value of the goods being transported by vehicle carriers, auto transportation firms are confronted with particular challenges and hazards on the road today. With up to 15 automobiles being transported by a single rig, auto transportation businesses have unique insurance requirements that traditional trucking insurance coverage cannot meet. So transport insurance coverage will be an alternative.
Consider not just the price of the policy but also the experience of the insurance broker and the insurance company issuing the policy when comparing different companies for vehicle carrier insurance. One of the top causes of trucking firms specializing in vehicle transportation going out of business is having a significant accident with insufficient insurance.
Why Do You Need Transport Insurance?
Insurance for private cars and vehicles transporting cars are not the same: ordinary car insurance will not cover you if you are transporting vehicles. Transport insurance coverage will provide you with that comfort and peace of mind, knowing that you have the correct degree of protection in place to meet your needs if something goes wrong.
Why is Transport Insurance more expensive than Private Car Insurance?
Drivers in the transport industry spend lots of time on the road, striving to fulfill delivery deadlines and regularly driving long distances. As a result, they are considered a more considerable risk by an insurance provider as opposed to someone who drives their car for home, domestic, and leisure purposes. This is reflected in your premium amount.
Because most transport drivers are driving a big rig when transporting these large items, their vehicles are much larger than standard automobiles, putting them in a higher insurance category.
Drivers must also obtain additional valuable insurance coverage along with their transport insurance. Goods in transit insurance, which protects cargo, public liability insurance, which protects from allegations of carelessness, and employers’ liability insurance, which is needed by law if you employ one or more employees, just to name a few.
While these different kinds of coverage may increase your premium amount, we strongly advise you to get them because future claims might cost hundreds of thousands of dollars without protection.
What does Transport Insurance cover?
- Goods in Transit: If you are transporting small items then this is a must-have insurance policy. It will ensure that the items being transported are protected against theft or harm. Safety on the road will be jeopardized if you do not have this insurance. Business and industrial items, vehicle components, apparel, furniture, home goods, mixed/various, internet purchases, pallets, packages, and rubbish are all commodities that can be covered.
- Transportation Fleet Insurance: If you own or operate a transport service, a fleet insurance policy may be appropriate. With this coverage, you may insure all of your on-the-road vehicles under a single policy with the same renewal date.
- Motorcycle Transport Insurance: Transport vehicles aren’t only vans; there are many motorcycles out there as well! Motorcycle transport insurance is a specialized form of coverage that all bikes require when moving products.
- Breakdown Coverage: Having breakdown support is usually a good idea if working as a courier driver. Nobody wants to be caught off guard and unable to deliver items due to being stranded on the side of the road! Fortunately, most insurance companies will allow you to add breakdown coverage to your policy for an extra fee.
- Fully Comprehensive Coverage: Comprehensive coverage protects any listed cars on the policy against all sorts of collisions, even those caused by you or one of your workers. In addition, comprehensive insurance can cover fire and theft damage, windshield damage, personal effects coverage, and medical expenses.
How To Save Money on This Insurance?
- Increased Excess: In the case of a claim, the excess is the amount you must pay. Generally speaking, the higher excess you choose to pay the less your premium will be.
- Hire Good Drivers: This may seem obvious but if you manage a transport service, your drivers must meet and maintain a high standard of work. Insurance companies are likely to provide reduced rates to drivers with a clean driving record. In the black-and-white insurance world, younger drivers are seen as a higher risk. Insurance premiums usually are cheaper for drivers over the age of 25.
- Shop Around: Getting a good bargain on insurance is as simple as shopping around. This is especially essential when it comes time to renew your policy; you can quickly compare your renewal price to potentially lower new insurance quotes from other providers. At Truck Insurance HQ, we will help you to compare prices between top insurance companies in Australia.
- Pay Annually: If you can pay for your insurance annually you should do so and the price is generally a little lower.
- Consider Investing in Green Cars: There are a variety of green vehicles available today, and investing in one for your company might help you save money on transport insurance. Environmentally friendly vehicles are not only good for the earth, but they may also be good for your wallet, saving more money on petrol!
Contact Us at 1300 815 344 or complete the form online for your commercial auto insurance needs. We are happy to answer all your questions!