You know it's important but you're also wondering "how much does truck insurance cost?" You've already got plenty of other bills to worry about. Of course, your individual situation and the cover you choose will drastically affect the price of your policy, but let's try to get a general idea.
Types of Cover
Basic third-party liability insurance is mandatory though you can choose to add more cover to your policy if you prefer. This will cover payments for injuries or property damage for which you are liable. You can also include more specific types of cover, such as maritime liability general average which covers goods being thrown overboard at sea in an emergency.
Basic liability cover is typically inexpensive, ranging between about $60 and $140 a month for a business with revenues around $250,000 per year.
To cover your vehicle, you'll need to choose vehicle insurance and if you are transporting goods, you'll need transport insurance to cover those. There are also a variety of add-ons you can choose depending on the type of business you run/cover you want.
- Personal effects of the driver
- Driver injury or death, including counselling and repatriation
- Specific goods cover
- Emergency services cover
- Wet and dry hire insurance (covers the vehicle or vehicle and driver when renting it out)
Factors That Affect the Cost
Giving an accurate number for commercial truck insurance average cost is difficult as not every situation is the same. The cost depends on how you use the truck, cover for transport trucks is different than cover for a truck used by tradespeople such as electricians and plumbers.
The value of the items in the truck is also taken into consideration. For example, tradespeople may choose a policy that covers their tools in the event they are destroyed or stolen.
Other factors include:
- The type of vehicle(s) you want to cover
- Driving records of you or your drivers
- Claims history
- Driving distances typically involved (longer distances have higher premiums)
- Using a truck insurance broker
- Policy structure
- The excess you choose
- Whether you hire out the vehicle or the drivers are always inhouse
Customised Truck Insurance Cost
Looking for the lowest truck insurance cost for your situation? Feel free to give us a call or visit us here at BGI Brokers. We take the time to learn about your business and truly understand your cover needs in order to offer you a personalised quote tailored to your commercial truck insurance needs.