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Truck Insurance Australia

Any motor vehicle exceeding 3.5 tonnes and used for commercial purposes is considered a truck. Trucks Loans and Insurance are required in various industries, such as refrigerated trucks for food items, courier services, construction industry, coal, furniture shipping, livestock transport and forestry / logging trucks. Besides, there are trucks used for public services like waste disposal, towing and for transportation. Each category has its own rules and regulations related to insurance, as well as varying maximum limits of coverage.

 

What insurance options are available

Several truck insurance packages are now available with minimum documentation and at a low cost, with convenient monthly instalments for insurance premiums. The details and liability limits vary for truck drivers, owners and large fleets, but they all have the following types of insurance coverage in common:

 Physical Damage: There is additional coverage against damage caused by collision, theft, vandalism or fire.

 Passenger Accident: This provides protection to passengers against truck accidents on the road is covered by.

 Truck owner – operators are entitled to the following truck insurance:

 Primary Liability: This covers property damage, physical injury and loss of human life.

Commercial General Liability: Any damage to property or bodily injury caused on the premises of the trucking company due to operations or equipment is covered here.

Motor Truck Cargo: The goods being carried by the trucks will be insured under this clause.

Types of insurance cover available to leased owners include:

Non-Trucking Liability: This is when the truck is used for personal reasons rather than commercial ones.

Unladen Liability: Sometimes the trailer remains attached to the truck without any goods loaded on it.

Bobtail Liability: This coverage is applicable when the truck is driven without any trailer being attached.

When the truck suffers complete damage and the insurance amount entitled to be paid, which is the truck’s total insured value, cannot meet the outstanding loan balance, the difference can be covered by gap insurance. This safeguards against financial loss in case the truck is written off. A similar but distinct type of insurance is Purchase price insurance, which covers any shortfall that might arise between the insurance payout and the original cost price of the truck.

Truck insurance is very crucial to safeguard the trucks on the road and the business at large. By investing in truck insurance, a truck owner is investing in peace of mind.

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