Truck Insurance Australia is a vehicle insurance specifically created for truck owners. It covers the cost of damage or injury to your truck, whether it’s an accident you’re responsible for or theft. Its main features are that the policyholder can claim a cash payout for their vehicle if someone else damages it.
The insurance covers any costs incurred during legal proceedings and is typically more expensive than insuring a car. Truck insurance also includes options such as fire and marine cover. It’s important to note that truck insurance can also be referred to as motor vehicle insurance or full coverage.
Why Do You Need Truck Insurance Australia?
While a car is designed to cover you in the event of an accident, it doesn’t have the strength and capacity to withstand the pressures caused by such a catastrophe. On the other hand, trucks are designed with these types of stresses in mind. For example, the frame of a truck is considerably stronger because it’s designed to handle the weight of a load and the weight and torque applied by the driver.
Essentially, this means that your truck is more likely to be damaged or even destroyed if you’re not careful. A crash or an accident caused by someone else can lead to collisions with other vehicles, objects, or even trees and poles. In such cases, who pays for your damages? The insurance company protects you from financial ruin if something goes wrong.
You can claim compensation for your truck if someone damages it, and most insurance companies will pay out with a minimum cash payout of $5,000. There are some rare exceptions, but in general terms, your insurance company will pay out the vehicle’s value at the time of the accident or incident.
Benefits of Truck Insurance Australia
1. No Deductibles
Some truck insurance policies have a deductible, meaning you won’t be compensated for certain costs, but Truck Insurance Australia has no deductibles. So it is an advantage if anything goes wrong.
2. Liability Coverage
Truck Insurance Australia typically covers you as the policyholder when your actions cause damage or injure others. It also covers any legal costs incurred over a dispute about the incident.
3. No Excess for Accidents
Truck insurance in Australia typically has no excess. It means you won’t have to pay more if your vehicle is damaged in an accident. Instead, you will only have to pay for repairs or replacement costs and your insurer’s underwriting costs.
4. Additional Protection
Truck insurance typically includes other forms of Protection such as fire, windstorm, or water damage. However, you can also add extras such as window cover, additional liability coverage, or personal accident cover. For example, a window cover is an option that allows you to claim for broken windows without compromising the overall compensation paid out. That differs from car insurance and is considered a benefit by most policyholders.
5. Growing Population
Truck insurance in Australia is a type of insurance that has consistently been one of the top-selling types of coverage worldwide. It’s popular because it’s growing, and you can be confident that there will always be a need for it, even if your other types of insurance are up to date.
What Truck Insurance Australia Covers?
1. Vehicle Damages
Truck insurance Australia will cover any damages or injuries your vehicle incurs in an accident. These could be from colliding with another vehicle, a pedestrian, or even a tree or pole.
2. Theft/Theft of Your Truck and Cargo
Your car insurance policy may offer you some theft and theft coverage for your car, but truck insurance alone will provide coverage for your trailer, trailer accessories, and cargo. If the truck is stolen, you won’t lose out on money.
3. Legal Costs
Legal costs are covered if you need to claim against another party at fault for an accident or incident. For example, if the other driver was drinking before the accident, their insurance company may pay your legal costs so that you don’t have to take them to court. It’s worth noting that this coverage only applies in instances where the other party is deemed responsible. Truck insurance Australia will also cover any costs you incur due to these legal proceedings.
4. Extra Costs
Your truck insurance will also cover extra costs to repair or replace your vehicle. For example, it includes the cost of renting a similar vehicle if yours is too damaged to drive or hiring a tow truck or crane if there are too many damages to drive.
Some truck insurance policies will require you to pay upfront for your damages. Instead, truck insurance Australia only requires you to pay for repairs and reimbursements on a claim basis. The policy provides the money necessary to cover your costs and payout in case of an accident or incident.