Is truck insurance expensive? See how to get cheap insurance

Truck insurance is expensive, but you can save money if you know how to choose. See the tips we have put together to help you get the best price and check out some truck insurance simulations.

Truck drivers keep asking themselves the question of why truck insurance is expensive.

There are many explanations, starting with the quality of Brazilian roads.

As it is necessary to travel on many highways and face the conditions they find themselves in, many vehicles end up breaking down due to the terrible conditions.

A survey carried out by the CNT (National Transport Confederation) showed that between 2007 and 2017, of the 141 federal highways that were paved, only 27 accounted for 80% of deaths and 83.1% of accidents.

Another point that truck insurance is expensive is because a minimum portion of the fleet is insured, so when an accident occurs the percentage of insurance claims is large.

Imagine that there are 1,000 insured vehicles and one of them is stolen, the accident rate will be 0.1%.

However, if there are 100 insured vehicles and one of them is stolen, this rate will be 1%.

And with such a large fleet on the streets, it is necessary to take out truck insurance, whether to assist with necessary repairs due to the poor condition of the roads or due to the high rate of robberies and thefts.

Image: Getty

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What does truck insurance cover?

The first thing to think about is that truck insurance is expensive, however, it is an investment and not an expense.

This means that if you have problems with the vehicle you can receive compensation for it.

To serve drivers and transport companies well, insurance companies offer coverage for different situations.

It is possible, for example, to take out insurance only for the cargo being transported.

This guarantees greater coverage of the range of possibilities.

In this case we are talking about the truck itself and the professional who depends on it, so let's focus on insurance for the vehicle.

See some of the coverages that can be purchased.

• Theft
• Theft
• Fire
• Collision
• Loss of Profits due to Vehicle Downtime
• Damage to third parties
• First Claim Exemption
• Glass protection
• Vehicle accessories
• Body
• Loss of revenue

In addition to these, there are other possibilities, in which case you need to request a quote to have access to all of them or talk to a broker.

Truck insurance is expensive, but you can save on insurance

The issue is that truck insurance is expensive and can weigh heavily on the truck driver's account, however, to do without it means risking losing a lot of money and still not being able to work.

When taking out insurance, you need to do a lot of research, because of the more than 100 insurance companies that operate in the country, only around 10% offer this type of insurance for self-employed professionals.

If you don't want to give up insurance, but don't have a lot of money, one option would be to take out insurance that only protects against theft and theft of the vehicle.

It usually has a value of up to 80% less than traditional insurance and has 24-hour assistance services, however its coverage is quite restricted.

If the idea is to take out complete insurance that protects the vehicle in various situations besides robbery and theft, such as collisions, floods and others, then you need to follow some tips before hiring.

Search for values

Knowing that truck insurance is expensive, before purchasing it you need to research the price.

See which insurance companies offer this option and get a quote.

Analyze the proposals carefully to check what each one offers and the amount charged and only after checking thoroughly should you decide.

Pay attention to coverage

The insurance coverage area must cover the entire region it serves.

If you only operate at municipal level, there is no need to have coverage for the entire country.

However, if the destination of your cargo can be anywhere inside or outside Brazil, then be careful when choosing.

Taking out more coverage than you need will only cost you money.

Enter the load transported

The load transported by your truck influences the insurance price, as some of them pose more risks, either because they are, for example, flammable or because they are targeted by criminals.

If you transport more than one type of equipment, don't forget to inform the insurance company and check how this fact can be included in the policy.

Choose the right franchise

The choice of deductible will influence the final price of the insurance and the amount you will have to pay if an accident occurs.

You need to take these two costs into consideration and do the math on which franchise will be more advantageous based on your risks.

Research prices when renewing your insurance

One of the problems that truck insurance is expensive is that at the time of renewal, drivers or companies do not give a new quote.

Automatic renewal, although simpler, can make you pay more.

The ideal is to always do a new search and only after analyzing the proposals choose.

If your insurer continues to offer the best conditions, renew with them, otherwise, it's worth rethinking.

The price of truck insurance

The value of truck insurance will vary according to the information we provided above, so paying attention to it can save you money.

But, to give you an idea of ​​the price, we carried out a survey with Renovebens about some of the amounts charged. Check it out below.

Now that you know that truck insurance is expensive, but that you can get a good price by choosing the right insurance, take the opportunity to protect your vehicle and drive more peacefully on the roads.

If you want to know the exact cost of insurance for your truck, just get a personalized quote.

*Source: Renovebens. Consultation carried out in July/2019.

* SeguroAuto.org is not responsible for the amounts mentioned here, as the price of insurance may vary depending on the profile of each driver.