Commercial Motor Insurance quoting is becoming more stringent in Australia, with major Australian and International Insurers now changing the way they rate new Truck Insurance business.
The changes will provide a stricter No Claims Bonus (NCB) application process for Truck Insurance Quotes, which these insurers say will improve the quality of information they collect for high sum insured risks.
From 22 January 2018, some of the changes affecting Heavy Motor Vehicle classes are outlined as follows for one of the major Insurers:
NCB restrictions on Heavy Motor Vehicle classes
Automatic NCB levels will be adjusted, with Underwriting referral required for any NCB entitlement higher than the automatically accessible levels. Receipt of written claims history from the previous insurer will be required, before the referral is considered and will determine action for any of these NCB entitlements.
Sum insured triggered referrals on select Heavy Motor Vehicle classes
Select Heavy Motor Vehicle classes that exceed a set sum insured value will be automatically referred to the Underwriter. The Underwriter would request additional information such as written insurance claims history, the business’ Australian Business Number (ABN), a completed Road Transport Driver Declaration form and Heavy Motor Vehicle registration details (state or federal). If the vehicle proposed carries refrigerated goods, cars or furniture, a Commercial Motor Vehicle Insurance Application will be required.
Please note that the changes take effect this week
This additional information requirement for some NCB applications and for select Heavy Motor Vehicle classes will come into effect this week, from Monday 22 January.
Source: QBE Insurance Australia
New Truck Insurance Quotes
E-mail Stephen Thomas, Insurance Broker at: Stephen_thomas@difordinsurancebrokers.com
Source: Australian Truck Insurance News