How to find cheap truck insurance in Australia

If you drive a truck for a living or run a business involving the use of trucks, a business insurance policy can ensure you're protected financially should something go wrong. There are a couple of different insurance types that you need to consider depending on what you do. We'll talk you through them below.

Is insurance compulsory for truck drivers?

Yes, there are some types of insurance that you need to have. These include:

• Workers compensation insurance. If you have employees, you need to have this to protect them in case they have an accident or get ill due to a work-related issue.
• CTP insurance. If you own or operate vehicles as part of your business, such as trucks, compulsory third party (CTP) insurance is a legal requirement, covering you for medical costs arising from injuries or deaths caused by the use of those vehicles.

What insurance do truck drivers need to consider?

Here are the common types of insurance you should consider getting if you're a truck driver or run a business involving the use of trucks:

• Public liability insurance. Public liability insurance is a really important type of insurance that protects your business if it becomes legally liable because someone is injured or their property is damaged. It's a level above CTP, which is mandatory in Australia and only covers you for injuries to people if the driver of your vehicle was at fault in the accident. It can protect independent, self-employed drivers and owners of truck businesses against claims resulting from damages caused to a third party. For example, if your truck is involved in an accident and a client's stock or equipment is damaged, public liability insurance can protect you financially.
• Commercial vehicle insurance. If you run a business that uses trucks, commercial vehicle insurance can cover you for loss or damage to your vehicle, third party property damage caused by your vehicle(s) and a number of other risks, including new vehicle replacement, uninsured motorists and hire car costs. It's a little like comprehensive car insurance but for business purposes and is helpful to have as a supplement to public liability insurance, which covers the business as a whole, not just the vehicles.
• Workers compensation. If you run a business and have employees, you need to have workers compensation. It's usually a mandatory requirement in all states of Australia.
• Income protection insurance. This pays you a monthly income if you're unable to work due to serious injury. It's helpful if you're a self-employed truck driver or sole trader and don't have any employees as workers compensation usually won't cover you.

Compare income protection insurance policies and get a quote

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Name	Product	Maximum Monthly Benefit	Maximum % of Income Covered	Maximum Benefit Period	Waiting Period Options
AAMI Income Protection		$10,000	75%	Up to 5 years	14, 28, 60 or 90 days	If you’re an existing AAMI customer, you can save 5% on income protection. New customers can get one month free by paying annually.	Get quote View details	Compare	loading Fetching your data...
NobleOak Income Protection Finder Award		$25,000	75%	Up to Up to age 65	30 or 90 days	Get your first month free when you apply for NobleOak Income Protection before 30 September 2021. T&C's apply.	Get quote View details	Compare	loading Fetching your data...
Insuranceline Income Protection		$10,000	75%	Up to 5 years	14, 28, 60 or 90 days	Get a $100 bonus gift after 2 months. Plus, and get 12 months cover for the price of 11 if you pay annually. T&Cs apply.	Get quote View details	Compare	loading Fetching your data...
Suncorp Income Protection		$10,000	75%	Up to 5 years	14, 28, 60 or 90 days	Sign up and become a member of Suncorp Benefits. Access savings of up to 15% from major retailers. Existing members can get a 5% discount off their policy.	Get quote View details	Compare	loading Fetching your data...
Commbank Income Protection by AIA Australia		$10,000	75%	Up to 2 years	30, 90 days	Get income protection online in a few simple steps. Receive access to the AIA Vitality program and a 5% discount if you hold both life insurance and income protection policies with AIA & Commbank.	View details	Compare	loading Fetching your data...
RAC Income Protection		$10,000	75%	Up to 2 years	30 or 90 days	You can get cover of up to 75% of your income, to a limit of $10,000 per month, with RAC.	View details	Compare	loading Fetching your data...
RACQ Income Protection		$10,000	75%	Up to 2 years	30 or 90 days	Easily purchase RACQ income protection online, with access to the AIA Vitality program and a 5% discount for joint policies.	View details	Compare	loading Fetching your data...
Bendigo MaxLife Income Protect		$10,000	75%	Up to 2 years	30 or 90 days	Take advantage of a 5% joint policy discount with Bendigo. Also, you can unlock policy savings through the wellbeing programme AIA Vitality.	View details	Compare	loading Fetching your data...

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How much does public liability insurance cost?

The cost of insurance can vary based on the brand and your specific occupation. Here's an example of how much it costs per month for a business that has $250,000 in revenue per year.

Occupation	=
Tradesmen who use a truck*	$61.85	$70.60	$142.75
Truck hire service	$52.78	$89.04	N/A
	$10,000,000 in liability cover	$10,000,000 in liability cover for	$10,000,000 in liability cover
	Get quote	Get quote	Get quote

_{*This quote is based on an electrician with $250,000 in revenue per year.}

What am I covered for?

Since you probably want to consider whether you need public liability, commercial vehicle insurance or both, here's a breakdown of what they cover you for:

• Public liability
• Motor vehicle insurance

Exclusions you are likely to encounter

Policies will specify exclusions, which are situations or damage types you're not covered for. Some exclusions you may encounter include the following:

• Wear and tear, deterioration or a failure to maintain. There isn't any cover for damage resulting from wear and tear or deterioration, such as rust or a failure to maintain an item.
• Under the influence. Your insurer will not provide cover for any driver or equipment operator under the influence of drugs or alcohol, or who refuses to take a drug or alcohol test following an incident.
• Unlicensed or unauthorised vehicles. You will need to ensure a vehicle meets all licensing and authorisation requirements to get cover.
• Hire or loan. Your insurer will not provide cover for equipment that it is being rented out for profit, except as might specifically be covered under your policy. For example, a policy might only insure for wet hire.
• Unsecured property or a failure to take precautions. You need to appropriately secure your property and take sensible precautions to avoid loss or damage.