Tried And Tested Tips To Lowering Premium For Income Protection For Interstate Truck Drivers

Truck Insurance

From collisions, terrorism threats, abduction, theft and robbery, to obesity, cardiovascular diseases, sleep apnea, and diabetes, the list of risks and hazards can go on and on for every interstate truck driver. This may be also one of the reasons why 

These huge vehicles are called “mean machines” for a reason. Whether interstate or intrastate, short-haul or long-haul, however, the significant number of injuries and fatalities on the road can prove to be devastating not just to the general public but also to the driver– and this is where finding the right income protection for interstate truck drivers come in.

Income protection, a specialty insurance, is growing in popularity among Australian truckies over the years. It is considered a safety net for families whose main source of income emanates from their truckie-breadwinner member. However, the cost of high premiums has always been a constant lamentation. To keep save or lower on premium payments without sacrificing its benefits, the following may be of help.

  • Extend waiting period of your income protection policy. Hands down, a short waiting period has its perks but if you want less costly premiums extending it from 2 weeks to a month will help cut premium cost by approximately 40 percent. Stretching it further from 30 days to 90 days will help reduce premium cost at around 30 percent or more. The idea, however, is to ensure that you have enough financial leeway when waiting for remuneration from a filed claim.
  • Make good use of tax reduction on income protection premium. When payment for your premium comes from personal funds, it is your right to claim deduction during taxation time. Often, most truckies who do so get almost half of premium payment done as a tax refund.
  • Choose an indemnity policy. Though agreed value based income protection insurance is often a top choice among many truckies, one can always choose a policy based on indemnity. This is, however, recommended to truckies who enjoy steady stream of income. If self-employed, don’t! Stop adding claims escalation benefit and other “plus” on your policy. This extra often add a surcharge of at least 10 percent to your monthly premium. Do check with a financial adviser though for your individual circumstances.
  • Always take time to shop for the right income protection for interstate truck drivers. There are hundreds of insurers out there. Some of them offer policy inclusions without adding more cost to your premium. Do keep in mind to check reviews and testimonials for too-good-to-be-true policies.
  • Get all insurance covers from a single insurer. If self-employed as an interstate truck driver, you will need commercial vehicle insurance as well as other add-on policies like life insurance, medical or critical illness insurance, home insurance, and so on– on top of your income protection policy. Acquiring all these multiple policies can sometimes rake in up to 15 percent of discounts.

In all these, the key to saving premium cost on income protection for interstate truck drivers is to find a reliable insurance company. Keep in mind that everything about your profession as an interstate truck driver, as a breadwinner of a family, and income protection insurance policy as a safety net depends on you. A consult with a trusted financial adviser may also help in straightening your own capabilities and limitations. In the end, it helps to be in the know when dealing with the important things in life.

Photo Credits: https://www.daveabels.com/truck-driver-fatigue.html

Income protection for interstate truck drivers online.
Income protection for interstate truck drivers Australia.
Income protection for interstate truck drivers Australia online.
Cheap income protection for interstate truck drivers
Cheap income protection for interstate truck drivers Australia.

Learn how to save up on income protection for interstate truck drivers insurance premium payments without sacrificing benefits and features? Schedule a consultation with us by enquiring online or contacting our office.

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