Obtaining adequate HGV insurance for your business is essential after all the hard work and money you will have put into growing it. Putting your insurance requirements into the hands of specialists may be the most suitable way of obtaining not only comprehensive cover, but also a competitively priced policy. But what do you need to take into account when considering a policy for your HGV business?
Types of cover you may get in your insurance
There are many factors to take into account when considering purchasing a policy. Polices also vary depending on where you take it out. This may include what is covered in the policy. With a specialist insurance provider you may be able to get insurance that typically offers:
- protection for driving your HGV in the UK;
- cover for driving your lorry in Europe, if you travel outside of the UK of course;
- insurance to cover from a single truck to 100 plus trucks;
- protection when carrying goods that are deemed to be hazardous;
- insurance for the goods that you are transporting in your truck;
- a policy for covering both smaller trucks and trucks weighing 60 plus tonnes;
- insurance to cover many different types of HGV. Generally this includes refrigerated, flat bed, gritter trucks and more;
- breakdown of the truck;
- legal expenses and liability insurance.
Some of the above may be included in a standard insurance policy for HGV vehicles, others you may have to include in the policy as extras. Breakdown insurance for example is generally not included in the standard policy, but may be added-on.
Different levels of truck insurance
HGV insurance isn’t just about providing protection for losses associated with your business. Insurance is needed legally for you to drive on the roads. Finding a policy that is suited to your needs is typically easier when you take the advice of a specialist insurance provider. There are different levels of insurance and generally these include:
- third party;
Comprehensive insurance – Total peace of mind
As the name might suggest comprehensive insurance is a policy that offers the most comprehensive cover out of the choices for insurance for your HGV. This type of policy will generally offer full protection for your HGV. As an HGV lorry is generally very expensive to purchase and replace, with comprehensive insurance you have peace of mind.
Third party insurance – The minimum insurance
Third party insurance is generally cheaper than comprehensive, but then you don’t get the level of protection for your HGV that a comprehensive policy offers. Third party is the minimum amount of insurance you need to drive legally on the road.
Breakdown insurance – Don’t get stranded
It goes without saying that you while you don’t want your HGV truck to breakdown while carrying a load to its destination, it is a possibility. Recovery of your truck is typically expensive and this is where breakdown insurance can give huge peace of mind and security.
Contents insurance – Protection for your goods
You may be carrying expensive loads in your truck. Imagine the loss you would be faced with financially if anything happened to the goods you were transporting. They may be stolen from your truck, spoiled and damaged whilst in transit. Again you could be looking at severe financial loss. With contents insurance you have peace of mind with protection for the contents.
Ways to save on insurance for HGVs
While there is no getting away from the fact that you need insurance for your HGV, there are at least some ways that you may be able to keep down the costs of insurance …
- secure your HGVs to reduce the risk of them being stolen;
- fit a dashboard camera to the vehicles;
- cover multiple vehicles with a fleet insurance policy;
- pay annually instead of monthly (typically, if you pay by monthly direct debit, your insurance provider may charge you more);
- get quotes from a standalone insurance provider who specialises in HGV vehicle insurance so they can tailor your quote to meet your exact needs.
HGV insurance is needed from a legal standpoint, but a policy may also save you a great deal of money in the long run as well as offering peace of mind.