How to Get Low-Cost Truck Insurance in Australia

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What do ice cream truck drivers, dump truck drivers, and owner-operators of long-haul trucks have in common? They must have commercial trucking insurance to protect themselves and others on the road and drive really cool vehicles.

The minimum insurance requirements differ according to the type of truck you drive. So, whether you're delivering icy cold treats to kids at the park or transporting heavy cargo to a client seven states away, finding a company that provides the customizable coverage you require at an affordable price for your business is critical.

If you're looking for trucking insurance, here are some companies to look into. Look into what they have to offer.

Best Trucking Insurance Companies

1. OOIDA

Pros

Coverage options that can be customized
Provides truck insurance as well as life, health, and dental coverage.
familiar with truckers' insurance requirements

Cons

Insurance is only available to members.
AM has not rated it.

The Owner-Operator Independent Drivers Association (OOIDA) is a trucking trade association that advocates for truck drivers. It provides members with personalized insurance coverage.

OOIDA is well-versed in the trucking industry. Since its inception in 1973, this organization has aided independent truck drivers. It provides its members with customizable truck insurance, including primary liability, general liability, unladen liability, passenger accident, and physical damage coverage.

The OOIDA provides truckers and fleets with health and life insurance in addition to truck insurance. To join, you must pay a $45 membership fee, but it may be worth it to get coverage from an organization that has been advocating for truckers for nearly 50 years.

2. Sentry Insurance

Pros

Coverage is widely available.
knowledge of the trucking industry
There are numerous coverage options.

Cons

There is no way to obtain coverage online.

Sentry understands the needs of the industry as an allied member of the American Trucker Association and offers several coverage plans to help meet those needs.

Sentry's extensive network of local agents provides truckers with a variety of coverage options. Sentry's products can help keep you safe on the road, whether you're an owner-operator looking for insurance or a small fleet. It provides coverage for commercial liability, general liability, non-trucking liability, physical damage, and cargo. If you need to file a claim, you can do so online or by phone at any time.

Sentry has an A+ (Superior) AM Best rating, indicating that it is financially secure. Those looking for trucking insurance with flexible coverage options and personalized service from a reputable insurer should consider Sentry.

3. State Farm

Pros

High levels of customer satisfaction
Several coverage options are available.

Cons of a well-established company

There is no way to obtain coverage online.
There is only a limited amount of policy information available on its website.

If you need trucking insurance, State Farm is worth considering because of its consistently high customer satisfaction ratings and flexible coverage options.

State Farm provides insurance for small trucking businesses but not for large trucks or long-haul carriers. Still, if you need to insure a commercial pickup truck or van, this insurer may be able to provide the coverage you require at a reasonable price. It provides coverage for liability, medical payments, collision, comprehensive, and uninsured motorists. You can also file claims online rather than spending hours on the phone with an agent following an accident.

State Farm's policyholders benefit from its financial stability and excellent customer service, as evidenced by an AM Best rating of A++ (Superior) and high marks in J.D. Power's most recent U.S. Auto Insurance Study. This insurance may be of interest to businesses looking to insure a small truck or van.

3. National Independent Truckers Insurance Company (NITIC)

Pros

Simple online quote process
focuses on commercial truck insurance
Provides several sample quotes, indicating price transparency.

Cons

Reduced AM Best rating among competitors

Consider NITIC if you're looking for an insurer that offers transparent pricing and specializes in commercial truck coverage.
Do you want to know how much a coverage plan for a 52-year-old male with 20 years of CDL experience and a clean driving record would cost? With its helpful sample price quotes, NITIC has you covered.

It also allows you to get a quote for coverage online, eliminating the need to wait on the phone with an agent. In addition to price transparency and quick quotes, NITIC exclusively provides commercial truck coverage, so it is familiar with truckers' unique insurance needs.

Despite its advantages, NITIC has a lower AM Best rating than many of its rivals. The agency gave it a B++ (Good) rating, which is far from poor but worth considering when shopping for insurance.

4. Evolution Insurance Brokers (EIB Direct)

Pros

You can apply for insurance online.
Ensures everything from single trucks to large fleets.
Claims filing is made simple with a mobile app

Cons

J.D. Power has not rated this product.

Whether you need to insure a commercial truck or an 18-wheeler, EIB Direct is likely to have the coverage you require.

Prime Holdings Insurance Services, Inc., EIB Direct's holding company, provides commercial trucking insurance. This insurance can provide coverage to drivers looking for customizable policies for both small and large fleets. It provides liability, physical damage, cargo, hired and unhired auto coverage, and other benefits. Furthermore, the EIB Direct mobile app makes it simple to file claims.

Unlike some of its competitors, EIB Direct is not ranked among the top insurers in terms of customer satisfaction by J.D. Power. However, AM Best recently upgraded its rating from an A- to an A, and EIB has a lot to offer, regardless of fleet size

5. Progressive Insurance

Pros

There are several discounts available.
Coverage is customizable.
Insurance for various types of trucks

Cons

Customer satisfaction is relatively low.

Progressive provides coverage for a variety of commercial trucks, and policyholders can take advantage of a variety of discounts.

Progressive has you covered if you need to ensure a dump truck, ice cream truck, flatbed, or street sweeper. Its customizable policies enable you to select the coverage you require based on the truck you're insuring. If you're not sure which coverage options are best for you, you can speak with one of Progressive's commercial truck insurance experts.

Progressive also provides several discounts, such as the ability to get lower premiums by paying in full for the year and allowing access to your electronic logging device (ELD) data. While Progressive's diverse coverage options and discounts are appealing, it received lower-than-average customer satisfaction ratings in the 2021 JD Power Auto Insurance Study. It does, however, have an AM Best score of A+, indicating that the company is financially secure.

How to Save Money on Truck Insurance

Trucking insurance is not cheap, but it is required. Fortunately, there are a few things you can do to save money on coverage, and some providers may offer special discounts that you can take advantage of.

Maintain clean driving records: Whether you're a sole proprietor or have employees, keeping clean driving records can help you keep your premiums low.
Employ experienced drivers: Insurance costs are typically lower for more experienced drivers.
Pay in full for the year: If you pay your policy in full for the year rather than monthly, some insurers may offer you a discount on your coverage.
Choose a newer truck: Insuring newer trucks with modern safety features may be less expensive than insuring older trucks with fewer safety features.
Consider your options carefully: Planning your routes carefully could help you save money on insurance. When calculating the cost of your premiums, insurers consider where you travel. Avoid major cities and areas known for bad weather if at all possible.

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