As with any motor vehicle of course you need insurance in order to drive it on the roads or use it in any other public space. Despite this legal obligation however, there are still a number of important factors to take into account when you compare the HGV insurance available.
So what are some of the principal considerations?
Level of cover
- one of your first decisions is about the level of insurance you actually need
- if you have not paid much for the vehicle – and it is going to cost relatively little to replace in the event of its total loss – you might choose the minimum third party cover or third party, fire and theft insurance to protect against such risks;
- the chances are, however, that your HGV is worth a tidy sum and that you also want to safeguard against accidental damage and maybe add in a few extra headings of cover;
- comprehensive cover, therefore, might turn out to be the more economical choice, even if the premiums prove to be more expensive
- an excess on your HGV insurance works in just the same way as it does for your private motor cover;
- in other words, the insurer may impose a compulsory excess, but may also give you the option of agreeing to an additional voluntary excess in return for reduced premiums;
- the more you share the risk of loss or damage to your truck, in other words, the less the insurer needs to bear and the lower the premiums required;
- one of the principal ways of mitigating against the risk of loss or damage – and once again, therefore, reducing the burden on the insurer, gaining a reduction in premiums – is to improve the security of the vehicle;
- some of these may appear quite obvious – such as fitting intruder alarms and immobilisation devices;
- other ways of demonstrating your commitment to reducing risks, however, are perhaps less obvious and are suggested by Truck Locator, which suggests looking more carefully at the types of load you agree to transport and to the particular routes you use;
- when you apply for your HGV insurance, the proposal form is almost certain to include questions about your driving record – motoring offences you may have committed and insurance claims in which you have been involved;
- the insurer’s rationale, of course, is that any past mistakes make it more likely that you commit them again in the future;
- whatever you might think about this rationale, the insurer is going to take into account not only your own record but also that of any other drivers of your lorry;
- when recruiting drivers, therefore, you may consider it important to keeping down the cost of insurance by choosing those with driving records that are as healthy as possible;
- more generally, of course, you are likely to save on premiums by naming all the drivers to be covered by the insurance cover – something that might be a realistic plan is you engage the same team of regular drivers but less feasible if your need for drivers is on a seasonal or occasional basis.
Provided you keep a number of considerations in mind when comparing HGV insurance, your choices are likely to be relatively wide. Indeed, there are likely to be sufficient choices for help in making the right decision to be offered by experienced specialist providers of this type of insurance.