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Heavy Truck Insurance

Are commercial truck insurance costs worth it? Find out what truck insurance is and how this form of commercial auto insurance can help protect the future of your company. 

What is Truck Insurance? 

Truck insurance is insurance that covers heavy vehicles in the trucking industry against insurable perils in South Africa. This often includes cover for property damage or personal injury in third party claims. Commercial truck insurance companies in South Africa offer cover for many types of vehicles and applications. 

You can get a policy suited to the particular type of vehicle in use at your company and get cover for the entire fleet with one all-encompassing policy. Choose from options such as heavy haulage, heavy truck insurance, semi-truck insurance, tow truck insurance, food truck insurance, and farm truck insurance. 

What is farm truck insurance? 

A farm truck insurance plan covers your farming truck or trucks against perils. It can be cheaper than a personal auto insurance policy. 

As long as you use the truck for farming over 50% of the time, the insurer should cover the costs of any accidents you have, even if you have an accident while using it for private purposes. Each insurance company has different terms and conditions, so be sure to read through the policy wording before signing on. 

How Truck Insurance Works? 

When you buy a commercial truck insurance policy, you get cover for risks related to your commercial fleet of trucks. The events that are covered will vary depending on the insurer you choose. Many insurers offer extra benefits and additional coverage for a fee above your basic monthly cost. 

When you sign your commercial truck policy, you agree to pay a monthly cost called a premium. In return, the insurance company agrees to cover the costs of certain insurable perils. This can include repair costs for heavy-duty trucks and medical bills for a truck driver that has been in an accident, for example. 

This type of insurance is designed to offer business owners convenience and peace of mind. There is no need to take out a policy for each truck in your fleet. It often forms part of the business insurance portfolio of a company and can especially benefit a trucking business. 

Is truck insurance more expensive than car insurance? 

Your truck insurance can be more affordable than individual insurance for cars. If you are insuring a number of vehicles in one policy, you should qualify for fleet discounts from the insurance company. 

If you want to insure only one truck, you may still enjoy benefits and discounts that make it worthwhile. This type of policy is also designed to cover things a regular car cover policy might not, such as driver dishonesty. 

Is Truck Insurance Tax Deductible in South Africa? 

Yes, it is. Commercial vehicles are classified as business tools by SARS, therefore the insurance is tax deductible.  

What Does Truck Insurance Cover? 

Covered events and perils vary, but generally you can expect a wide range of coverages that can include third-party damage claims, bodily injury, physical damage to the vehicle, loss of fuel, and natural disasters. If you choose a comprehensive policy, it usually includes more cover for things such as theft, hi-jacking, windscreen damage, fires, explosions, and more. 

To find out what cover you can get from your insurer of choice, it is best to inspect the policy documents of the insurance product. You can check and conditions of cover. Sometime, the insurer may charge you more to insure drivers who do not have a clean driving record. The vehicle weight can also come into play. 

Why is a Commercial Truck Insurance Plan Important? 

It is important because it can help you cut costs. How would your business be affected if you could augment your prices and your turnover and reduce costs in one move? These three areas are without question the business trinity that all successful business owners struggle to attain. The real question is not whether you would like to implement these changes, but the strategy you would put into practice to achieve them. 

Start off by becoming fleet savvy when running a business fleet. Heavy truck will fall into this category, so finding ways to reduce costs on your fleet insurance as a whole can help you reach these goals. You can find affordable truck insurance by getting a quote on our site. Just fill in the form at the top of this page to get started. 

Most companies today understand the value of logistics. Of equal importance is the fact that logistics do not operate in a bubble. Transport, supply chain management, and a host of different areas of business need to work together. This means that managers need to understand how to run a fleet successfully and how best to cut their insurance costs. 

To avoid nasty knocks to your cash flow, it is wise to opt for an extended warranty. It is also financially savvy to purchase a policy that offers affordable fleet insurance premiums with enough cover to meet your needs. 

Where to Get Truck Insurance? 

You don’t have to search the internet and contact multiple insurers to find the best option. Instead, just fill in the form at the top of this page. Commercial vehicle insurers matched to your needs will contact you with their best offer for cover. 

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