Truck Insurance – Is your premium competitive anymore?

Friday, September 20th, 2013

We are seeing insurers become more and more competitive for Truck Insurance over the last few months with some insurers now coming into the marketplace trying to gain market share and other insurers are offering rate reductions.

With this in mind now is the time to search for a more competitive premium for your truck. We find that many customers approaching us for quotations have been with the same insurer for many years and keep renewing their insurance policy without looking at alternative prices.

There are a number of reasons this happens which include the following:

  • It’s easy
  • Getting quotations is time consuming
  • They were competitively priced when I started the policy
  • It’s difficult to find an insurer offering truck insurance

Whilst we can understand these issues and believe it has been difficult in the past to obtain quotations insurance is ever evolving and insurers are finding ways to simplify the way they trade business. Also the systems in place to calculate premiums are becoming more and more intensive meaning premium discounts are given if the risk is appealing to the insurer.

Quotations are now very quick and easy to obtain, typically taking only a couple of minutes. Premiums changed frequently so by the time a renewal falls due a year after your policy started there may have been many rate changes meaning you may not be getting a good deal any longer.

We as a broker have a panel of insurers offering truck insurance so it is not difficult to find an insurer to suit your specific requirements.

We have included some example premiums of recent truck insurance policies to show that premiums are extremely competitive and that we can cater for a diverse section of occupations.

  • 44 Tonne Truck, Haulage Contractor – £1,200
  • 7.5 Tonne Flat Bed Truck, Hardware and Garden Supplier – £400
  • 26 Tonne Flat Bed with HIAB Truck, Laundry Equipment Manufacturer – £650
  • 44 Tonne HGV, Haulage Contractor with Annual Green Card – £1,700
  • 7.5 Tonne Box Van, Exhibition Organiser – £450
  • 7.5 Tonne Flat Bed Truck, Marquee Hire Company – £400