Truck Insurance Australia | Transport Operators Insurance

Truck Insurance 

Australian Truck Insurance and Commercial Motor Insurance Underwriting has undergone some major changes over the past 12 months. Most notably, a hardening of the Australian Insurance market has seen Truck Insurance Premiums rise by upwards of twenty percent from the previous 12 month period, as well as resulting in the application of stricter and more stringent underwriting guidelines, and the removal of certain types of truck and transport policies and packages form the offerings.

Rising Insurance Premiums

Whereas there have been premium increases in the vicinity of five to ten percent in other types of General Insurance, such as Household Insurance (Home and Contents Insurance) and Private Motor Vehicle Insurance (Car Insurance), Commercial Motor Vehicle Insurance has seen rises of upwards of twenty percent. This is causing stress among Truck and Transport Operator’s who are seeking to keep their Truck Insurance premiums form rising and resulting in clients and brokers, searching the market for the most competitive Truck Insurance Premiums.

Truck Insurance Underwriting Policies

Also, major Commercial Insurers have announced new Underwriting Policies with regards to types of risks being allowed and awarding of No Claim Bonus Ratings Discounts.

Allianz Truck Insurance

For example, Allianz are no longer permitting Truck Insurance for the transportation of General Cargo by Cartage Contractors.

QBE Truck Insurance

Similarly, although QBE are still allowing Cartage Contractors transporting General Cargo, they have been specifically declining Couriers.

No Claim Bonus Ratings | QBE and NTI Insurance

Both QBE and NTI have become very vigilant in requiring and verifying previous No Claim Bonus Ratings and Number of Years in Business when assessing new Truck Insurance applications. There is certainly no guarantee that anyone will be accepted for a new Truck Insurance or Transport Operator’s Insurance policy.

QBE Truck Insurance | No Claim Bonus

QBE has become more stringent in requiring evidence of previous Insurance Schedules being sighted, clearly showing the previous No Claim Bonus rating, in order to obtain this Rating with new policies.

NTI National Transport Insurance

Also, NTI have been referring and declining new Transport Insurance and Truck Insurance applications based on the number of years the Insured has been in business, as evidenced by information on the Australian Business Register (ABN) Lookup website, and adjusting No Claim Bonus ratings accordingly.

QBE Transport Operator’s Policy

Another significant development in the Australian Truck Insurance market, is QBE announcing last year that they would discontinue their Transport Operator’s Insurance Policy, upon Renewal of current Insurance terms. This has resulted in these policies needing to be requoted for separate stand alone Commercial Motor Vehicle Insurance, Transport Operator’s Public Liability Insurance and Marine Cargo Insurance policies either with QBE or alternative Commercial Insurers such as NTI, Global Transport, Allianz or Zurich Insurance.

Truck Insurance Australia

Diford Truck Insurance Australia are committed to finding the best solutions for arranging Truck Insurance, Transport Insurance, Commercial Motor Vehicle Insurance and all types of Personal and Commercial Insurance in Australia.

Truck Insurance Quotes

Contact Diford Truck Insurance Australia for your Truck Insurance Quotes. We will tailor Commercial Motor vehicle Insurance to suit your individual business requirements and unique situation.

Phone Stephen Thomas, Insurance Broker on 0487127640 or (07)30401169
Email Stephen Thomas, Insurance Broker at:

Written by Stephen Thomas, 28th March, 2018.
Source: Australian Truck Insurance News