6 Things To Consider When Getting Commercial Truck Insurance

Whatever industry you work in, be it logistics, transportation, agricultural, construction, storage and more, driving a heavy motor vehicle is often an essential part of the job. However, a single truck (let alone a fleet) is a big financial investment, and one that can be very expensive to repair or replace if anything should happen.

That’s where commercial truck insurance comes in, to protect your investment and offer financial support should you need it.

So, if you’re in the market to get insurance for your truck and want to know more about the types of coverage and costs involved, you’ve come to the right place.

Read on to learn all about what to consider when getting commercial truck insurance for your business…
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1. What are the Types of Coverage?

It is important to understand that you don't call your insurance agent and say “I need to insure this truck.” There are a variety of different types of insurance to consider when covering a big rig.

You want to consider several factors first, like how you travel, the load, the drivers, even how often the truck is empty, before making decisions about the type of insurance to purchase.  

Any type of truck registered and allowed to operate within Australia can be covered, including tankers, prime movers, refrigerated trucks, tipper trays, tow trucks, pickups, garbage trucks, drilling rigs, flat beds, road trains and more.

2. What is Basic Coverage?

Basic coverage will cover damages in the event of an accident where your truck or truck driver is at fault. The basic coverage will also cover damages and repairs to other vehicles involved in an accident.

The basic coverage will also cover damages to your vehicle up to a pre-established value. This is where it is important to outline information about your fleet in the policy coverage. 

3. What is Comprehensive Coverage?

Comprehensive truck coverage works much like comprehensive coverage for your car. This type of insurance also covers damages, but damages that might occur as a result of something other than an accident. 

For example, let's say you have trucks parked on your business premises. There is a bad storm with heavy winds. If the trucks are damaged because of the winds, the comprehensive coverage would kick in.

4. What Kinds of Specialty Coverage Should Be Considered?

When purchasing insurance, you want to be certain you are covered for any scenario in which you drive your truck. There are times when regular liability insurance does not cover your truck. That's why reading the policy coverage carefully is so important. 

One type of specialty insurance to consider is bobtail insurance. Bobtail insurance covers your truck when you are driving it without a trailer attached, i.e. it covers you between loads.

5. How to Save Money On Your Commercial Truck Insurance?

Of course, you want to find the best deal for your insurance coverage. You aren't going to be a successful business if you don't make money. 

But getting insurance because it's cheap might not be your best choice. You want the insurance that will protect your equipment, cargo and employees. Some ideas for saving money might include:

• Give detailed and accurate fleet information when seeking quotes.
• Consider slightly higher deductibles to lower premiums.
• Paying a full year in advance often gets a discount versus in installments.

Always shop around and get multiple quotes to compare both coverage options and costs between companies before making a commitment. 

6. What Factors Impact Premium Rates?

Many of the same factors that impact your auto insurance will also impact your truck insurance rates. Some of the factors impacting the premiums you will pay include:

• The driving record of your drivers.
• The safety of the location where your trucks are parked. 
• The age and condition of the fleet. 
• Distance the fleet drives. 

Your insurance provider will look at a combination of factors to establish the rate. Of course, all these factors are connected to risk. 

Everything You Need to Know About Commercial Truck Insurance

Having your fleet of trucks covered for any possible scenario is the whole reason you purchase insurance - you want you, your drivers and your business to be protected. 

So, if you are looking for insurance, we can help.
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Contact us for more information and to get your truck insured with B Insured Brokers today.