As an owner of one or more trucks, it is vital you have suitable cover. Truck Insurance may help you stay in business when your truck is damaged.
Finding suitable heavy motor insurance in Australia can be easy if you have the right broker. This makes finding the right broker your first step when looking for insurance for your truck(s).
As simple as this may sound there are many mistakes that many people unwittingly make when choosing a truck insurance broker.
Below are some of the most common mistakes that are made- so that you may avoid them.
1) Choosing the Broker Offering the Cheapest Package
A very common error that people seeking truck insurance make is choosing the broker that offers the cheapest or most basic cover. This may save a few dollars upfront but can cause a problem later.
Suitable comprehensive truck insurance cover allows repayment against losses for a wide variety of reasons, which may not be true of an inferior policy. While it may not be viable to choose the most expensive package or even maybe the most comprehensive one, it is always advisable to search for a broker that can find you the best combination of truck insurance quote.
If you choose your broker purely on who offers the cheapest deal, you are likely to regret it if you have a complex claim.
2) Forgetting to Research the Broker Profile
Surprisingly, some people looking for commercial motor insurance do not properly check out the profile of the broker they are looking to work with. In terms of finding the right broker, this may well be the biggest mistake.
Ask your friends or drivers of similar trucks to yours which insurance broker they recommend and why.
You can also go online and find out about the broker’s reputation through testimonials and reviews.
Simply key in the “broker’s name” and “reviews” into the engine.
Going through the reviews can help you determine the quality of service and support.
Although there may be some negative reviews, compare the overall rating, and the more recent feedback. If most recent reviews are positive, you may consider that broker.
3) Not Asking the Right Questions
Another mistake that is made by people is simply not asking the right questions when choosing a broker.
Asking very superficial questions which any broker may have the answer ready without thought to your specific needs may lead you to have more faith in a broker than is warranted.
It is crucial to make a list of the coverage risks you are concerned about and how the recommended cover would respond in a claim situation. These questions must be specific to your truck, or trucks, and how you use them. Getting strong answers to these questions can help you chose a good broker.
4) Not Exploring Your Policy Options
When you head out to find a broker for heavy vehicle insurance, it might be tempting to rely on your broker to offer a final recommendation. Take care, that if your broker only reviews one or two insurance companies you have no or little reference point to compare what is being offered.
Therefore, it is smart to use a broker who reviews multiple policy options before making a coverage recommendation.
If you keep the above points in mind, you are much more likely to choose the right truck insurance broker.
*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations. Talk to a business insurance broker for more information.
Romit Malhotra is the brand representative of Smart Business Insurance, a leading Australian insurance broker. A big foodie, he loves to travel the world. Also, a diligent businessman, Romit likes to pen down his thoughts on related topics whenever he finds some free time.