HGV Insurance

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With the right HGV Insurance, you can be protected with the correct type of commercial Lorry cover. This can protect you and what you are hauling while on the roads in the UK. It is well known that the heavy good vehicles are a vital part of the economy that need to be insured so these goods will continue to flow no matter what is encountered over the road. If you are in the market for HGV insurance we can help you by providing you with multiple insurance quotes.

What is HGV Insurance?

Business or private HGV Insurance is financial protection for the big Lorries which are rumbling down the road that carry the goods and equipment necessary to keep the economy humming. Just like the personal vehicles on the road that are required to be insured by UK law, so are the HGVs.

HGV Insurance is the type of cover required for all commercial Lorries with a gross weight between 3.5 to 44 tonnes.

HGV Insurance

What types of HGV Insurance are there?

There are 3 types of cover a driver or trucking business owner can take out to cover one of these large vehicles. This includes; 

  • Third Party is minimal cover required by UK law
  • Third Party Fire and Theft adds protection if the lorry is damaged by fire or is stolen
  • Comprehensive includes repairs to the lorry being covered along with towing and debris pickup at the scene to name a few.

What are the add-ons that can help protect the Lorry owner? 

  • Goods in Transit Cover is financial protection for the load being transported if it is damaged or stolen during transport. This cover is generally up to £50,000.
  • European Cover is protection to the same or near the same level that the Lorry has in the UK when travelling in Europe.
  • Breakdown Cover provides roadside assistance when the HGV is no longer be mobile. This assistance provides a mechanic for an hour on the roadside or will tow the lorry to a repair shop. Breakdown cover can also be taken out as a stand alone policy with a specialist provider of breakdown cover in the UK
  • Hazardous Goods Cover is protection when transporting unique loads that may require special permits.
  • Public Liability Cover which can be up to £5,000,000.
  • Legal Cover for up to £10,000,000 that covers the cost of lawyers, solicitors, judgments and court costs.

What are the different weight divisions of HGV or Lorries that can be covered?

The gross weight of the HGV determines which policy will be used to protect it. The different divisions include;

  • 7.5 tonnes are the most common on UK roads.
  • 10 tonnes are the second most numerous types on UK roads.
  • 10 to 44 tonnes cover the larger trucks.
  • 44 plus tonnes are used for overweight items.
  • Long wheelbase lorry is for those special item hauliers.
  • Skip Lorries are for those hauling shipping containers or like boxes.

What determines the cost of the HGV insurance policy?

Several factors are used in the determination of the premium costs. This includes the type of business the trucking company is in and the material they transport.

The area where the pickup and deliveries are made. When one of these is in Europe, additional premium costs are applied.

If the trucking company has telemetric devices installed on HGVs.

How can the premiums be reduced for an HGV insurance policy?

The preferred way to reduce the cost of HGV insurance premiums is to have operators that are not involved in accidents. While accidents can’t always be avoided, discounts are provided by some insurance companies for a business who have their operators take and qualify in advanced driving courses or CPC training.

By having a larger than the standard amount as the voluntary excess to be paid if a claim is made also reduces the premium costs.

The use and tracking of the telemetric information is proof positive way of proving the operators are driving safely and within the limits of the law. The longer this type of data has been gathered the lower the premiums will be as long as there are no detrimental spikes or outliers.

Paying the premiums on annual bases will also avoid the interest most firms charge for making monthly instalments.

The use of a forward-facing dashboard cam can also help to reduce the cost of the annual premium price. This discount is on average set at 10%.

By having the right type of HGV insurance in place at all times when the lorry is out on the road is essential to maintaining the reliability of the business. It is true Third Party only is the lowest annual cost, but it also does not protect the HGV being covered just the third party involved in the accident.

By deciding on a policy to protect the business in the available budget is a path to keeping the trucks rolling so the revenue stream can continue.

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