Understanding Everything About Truck and Trailer Insurance Before Investing

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truck and trailer insuranceA truck is more than just a vehicle. It’s your business, your livelihood. When your livelihood depends on your truck, it’s crucial to have a good insurance policy in place to protect you, your business and your family if something were to happen while you’re on the road.

If your truck breaks down in transit, or you’re involved in a road accident, knowing whether you’re covered should be the least of your concerns.

What is truck insurance?

There are generally two types of truck and trailer insurance: fully comprehensive and third party only. 

A third party truck and trailer insurance policy provides limited coverage for damage and injury to a third party or their property. A fully comprehensive policy covers you for damage or injury to a third party, as well as damage or loss to your own truck.

If a significant proportion of your income is dependent on having your truck on the road, the safest option is to take out a fully comprehensive cover. Not only will this ensure that you get speedy roadside assistance if you break down, but your vehicle will also be replaced if it’s not roadworthy so you can continue operating your business.

What is trailer insurance? 

The trailer component of a policy can be tailored to your specific industry and your unique business needs. 

Whether your trailer is for a prime mover or heavy haulage vehicle, you own it or you’re renting, or you lease it out to another company – there’s a wide range of options to get the right cover for your requirements.

When you take out a trailer insurance policy, you will be covered for accidental loss or damage, malicious damage and theft, legal liability and compensation costs.

There is an insurance policy for pretty much every type of truck and trailer business. Some examples of the type of occupations truck and trailer insurance can be taken out for include:

  • Livestock and agricultural carriers
  • Freight carriers
  • Logging carriers
  • Excavation vehicles
  • Waste removal services
  • Importers and exporters
  • Towing companies 

How much does truck and trailer insurance cost?

A good truck insurance policy usually ranges from $1,700 to $2,500 for most businesses with a good claim history. Cheaper truck premiums can start from $1,000.

It’s worth noting that the biggest factors that impact the price of a truck policy are how much the truck is used and how far you travel. 

It also depends on the type of truck, e.g. whether you use a light rigid truck or an articulated mover.

Trailer insurance typically ranges from $170 to $300 for a small plant trailer. Factors that determine the premium include usage, value and radius operated.

Get your truck and trailer insurance quote today

At Truck Insurance HQ, we have over a decade of experience in the truck insurance industry. Our award-winning brokers have worked with a vast range of industries and can help you find tailored policies to suit your needs. 

We have access to some of the most comprehensive and reputable truck insurance providers in Australia. Get in touch with one of our experienced brokers today on 1300 815 344 or request a quote online.

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