Truck Insurance: 6 Things to Consider
Whether you own your own truck and need coverage or you are a business with a fleet of trucks, earthmoving or other equipment the right cover needs to include all possible costly problems you might encounter while on the road or off, to ensure you can continue to operate your business safely and effectively.
What Insurance do I need as a truck driver?
You may only need the truck & trailer insured, or you may need transit cover, workers compensation, management liability or cover for hired or hiring equipment. Getting advice and making an informed decision is essential to assessing the risk to you and your business.
Why improve safety in trucking?
There is no doubt that safety standards can lead to a positive outcome. The financial risk from downtime can destroy a business so the less time off the road, the better. Following safe procedures also leads to more competitive premiums as insurers will recognise drivers who have safe workplace practices leading to lower overheads for your business. We can assist with implementing procedures for you and your business, making you more competitive and efficient.
What does Truck Insurance Include
The cover can include repairs to the truck, trailers or equipment, cover to goods being carried. Downtime or business interruption covers the repayments whilst the truck is being repaired. Third party costs cover the damage to other property not owned by you including other vehicles.
Truck insurance claim example
A recent claim involved a truck rollover, the truck was fitted with a purpose built hiab not ordinarily available in Australia. We negotiated a significantly better outcome for the client by using our industry expertise to ensure the hiab was settled with little write down - the original offer for the equipment from the insurer was $105,000, and the final outcome was $165,000 after review & additional work and negotiation between broker and insurer to quantify the increased payout.
How to get truck insurance
You might consider getting your truck insurance online with an instant click and pay option. If you do this then you will not get the benefit of advice, so you may select the wrong cover, leaving you paying but in fact not fully covered, or end up having nothing to compare with. An insurance broker is skilled in understanding the differences in coverage & will advise you on the best product & pricing balance.
Truck Insurance specialists
Centrewest has been dealing with clients since 1987. Director & Account Manager Gavin Statham has an outstanding track record of client service, ensuring his clients receive the best possible outcomes for their insurance premiums & claims management.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Gavin Statham.