Updated 29 October 2026. Reviewed by James Rock (National Partnerships Director).
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How long can you fix the premium for?
| When you bought it | Longest term available |
|---|---|
| Within the last 60 months | Up to 5 years |
| More than 60 months ago | It can be covered, but not on a multi-year policy: call or email us and we’ll tell you where you stand |
The term runs from when the new policy starts, not from when you bought the machine, and the premium is fixed for all of it.
Why switch now rather than at renewal?
- Every annual renewal is a re-rating. Insurance prices paid by Australian households rose 47.9% in the five years to June 2026, about double the rise in all prices. Why premiums keep rising.
- The window closes. Once the machine is more than 60 months from purchase, the multi-year option isn’t available.
- If the machine is financed, a fixed premium can run to the end of the loan, so the insurance cost stops moving while the repayments don’t.
What you’ll need
- Your ABN. Cover is for equipment used wholly or predominantly for business.
- The purchase date, to confirm it was bought in the last 60 months.
- Its value excluding GST, state and registration status.
Used machines are fine: new or used up to 40 years old can be covered, as long as they’re on the approved list.
Still under finance?
Your lender will want to stay noted on the policy, and may ask for a new certificate of currency when you switch. Tell our partner the lender’s name when they contact you, and the certificate usually follows about five minutes after you accept the new policy.
Frequently asked questions
Can I insure a machine I bought last year?
Yes. Equipment bought in the last 60 months can get up to five years of cover.
Does the term start from when I bought it?
No. The term runs from when the new policy starts.
Can I switch mid-way through an annual policy?
Ask your current insurer what cancelling costs, then compare. Our partner can start the new policy from a date you choose.
Are used machines covered?
Yes. New or used up to 40 years old, as long as the item type is on the approved list.
The machine is more than two years old. What are my options?
The multi-year option isn’t available through EquipCover. Email us and we’ll tell you where you stand.
Fix the premium on a machine you already own
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