Too many expensive crashes
Have you noticed more truck crashes or accidents involving trucks lately?
We certainly have, and so has your insurance company,
especially the costs of related claims.
Many of these claims are from single vehicle accidents, some of which could totally have been avoided, with a bit or forward planning from despatch and/or foresight from the driver.
Insurers could be about to drop a bomb on the NZ Transport industry
Insurance underwriters are telling us that they must increase premiums if this trend continues. The ratio between the premiums we're all paying and the cost of claims being paid out has narrowed so much that in some cases insurers are in the red.
That affects all of us whether we're making claims or not.
As insurance brokers specialising in providing covers for businesses that use trucks and machinery, TruckSure is seeing this first hand. We're working closely with our clients to help them work on ways to reduce claims, and to keep on top of their insurance costs.
New insurance rates look to be starting higher than in the past, plus some insurers are getting very picky with whom they'll offer rates to. In some cases insurers have declined to quote, and in other cases they'll purposely price themselves out of the running.
If you've had a few bad years with claims and/or you keep changing insurer chasing a cheaper premium, look out, you might find yourself getting boxed into a corner. This is of concern because there are already very few specialist insurers to choose from in the NZ market.
At TruckSure we're working really hard to ensure that our clients, that are already managing their risks really well, are not being tarnished with rate increases caused by others.
We're also working closely with existing and new clients that are struggling with claims or are finding their insurance costs getting out of hand, to help find ways to improve.
Incidents and accidents can happen to any of us, and it's typically what insurance is for. But, we all need to play a part in ensuring that we're not making or causing unnecessary claims, or we all will be paying for it.
If you think it's time that you had your insurances reviewed