- Damages caused to 3rd party vehicles and property
- Loss of business income
- Costly repairs or replacement costs for your truck
Some important considerations when choosing your truck insurance should include:
1) Valuation of your truck
Under or over estimating the value of your truck can have a negative impact on your business. If your valuation is too low than your insurance payout if required will leave you short when trying to replace your truck. Conversely if your valuation is too high than you will pay a higher premium than required.
2) Coverage level
Whether you need 3rd party or comprehensive truck insurance will depend on the truck valuation and the business impact of losing your truck. Beware of saving a few dollars on your truck insurance as your insurance will pay dividends and be one of your better financial decisions if you ever need it.
3) Truck use and type
Be specific with the use of your truck and also the type of truck you have. Whether it be a tipper truck or a prime mover used to provide landscaping material deliveries ensure the details you provide are accurate and up to date.
4) Excesses & Choice of repairers
Understand the terms and conditions included in your policy. For example most policies will allow for a flexible excess level but ensure you think of the benefits and cons of a lower excess to save on your annual premium.
5) Who will be driving the truck?
Naming the truck drivers and providing all driver details and history of all drivers will ensure you are covered and the policy is specific to your needs.
To find the right truck insurance for your business whether you be a sole trader running a small delivery business or a large commercial transportation business with a large heavy vehicle truck fleet you need to:
- Define your insurance needs to match your business
- Negotiate with numerous large insurance companies to investigate the best cover available
At BGI Truck Insurance we take all the hard work out of the process by taking control of selecting the right provider, at the right price that matches your needs.
For more information go to: www.bgibrokers.com.au/truck-insurance.html and request a quote today.