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HGV Insurance

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Many people who drive Heavy Goods Vehicles (HGV), otherwise known as lorries, are always very busy. However, no matter how busy you are, the law mandates that you get a form of HGV insurance to cover your vehicle.

Considering the work, you do, scouting around to compare cheap lorry insurance is probably not a wise call. Not to worry, we have you covered! Mymoneycomparison is the best stop for you to get cheap HGV insurance quotes for your business.

Even if your lorry is currently off-road, the law requires you to get a form of truck insurance. This is why it is advisable to get cheap HGV insurance quotes for your van so you can compare and get very good deals. The only exception to this is if you have registered it as off the road with a Statutory Off Road Notice (SORN).

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HGV Insurance with Operators License

It can be confusing about what type of insurance is right for your business. It is important to have coverage in case of accidents and other issues. As an HGV driver, you are responsible for not only your own safety but the safety of others who are also on the road. Plus, your business must comply with the rules set out for truck driving companies.

What is HGV Insurance?

HGV, also referred to as lorry or haulage insurance, is a type of insurance policy that has been specifically designed for vehicles that are 7.5 ton or LGV vehicle up to 44 ton HGV’s or you could go up to the super heavy haulage of 200 tons +. This insurance covers the cab, trailer, goods being transported, along with the driver.

Insurers offer a wide variety of HGV insurance, with each policy slightly different is what is covered or not. The type of coverage needed will depend on your company’s unique needs. This is the reason it is imperative to do the research and shop around for a policy that is the best fit.

HGV policies may include these features:

  • Flexible payment plan (depending on the insurer)
  • Breakdown cover in the UK and Europe
  • Combined policies
  • Attached/detached trailers can be covered
  • Immediate cover available
  • HGV fleet insurance (Visit Fleet Insurance Page for A Quote)
  • Commercial HGV’s
  • Cover for classic HGV’s
  • Goods in transit
  • Employers and public liability cover
  • Personal accident and sickness cover
  • Legal assistant cover
  • Income protection insurance
  • Private HGV Insurance

*Please note not all insurers will provide the above however these are what could be offered when insuring your vehicle, you could ask the insurers or broker at the time of quote about optional extras.

HGV Insurance Requirements

There are some necessities to check before you apply for HGV insurance. First, you will need to make sure each driver you employ has the right driving qualifications. Haulage operators must have the right license in order to drive a truck that is carrying goods for a company.

You will need to make sure to have this license before you can find the right insurance policy and be accepted by the insurer.

More details about getting an operators license can be found here: https://www.gov.uk/being-a-goods-vehicle-operator

Types of Haulage Insurance

As you research, you will find many types of haulage insurance available. However, you will find there are several main categories for HGV coverage including:

Third-Party Only HGV Insurance: this is the minimum amount of insurance that is required by law. This covers the driver in the UK for only liabilities including injury to others & passengers in the truck, liability when towing a caravan or trailer, and lastly, damage to third party property. For Third-Party Only lorry insurance, each of your drivers must have the Driver Certificate of Professional Competence (CPC).

Third-Party, Fire & Theft HGV Insurance: this type of insurance covers everything listed above, and includes coverage for fire damage, if a lorry is stolen, and damage to the lorry caused by theft.

Comprehensive HGV Insurance: this is a comprehensive policy that provides the best level of coverage possible. This includes everything above, as well as loss or damage to the truck, damage and loss of personal effects, windscreen coverage, and accidental damage. This type of policy also includes medical expenses; however, be sure to read through the policy to see what is covered or not.

Haulage Fleet Insurance:

This is a policy that covers an entire fleet of HGV’s or known as Haulage fleet insurance which covers 2+ HGV’s in a fleet, this can be a very cost-effective option over the previous types of insurance listed above. Here, again, insurers will have their own requirements, what is covered or not in each of their policies. One more note – there can be a cap on the number of HGV’s the insurance covers in a fleet, which can include up to hundreds of HGV’s and is dependent on the insurer at the time.

 

Telematics HGV Insurance:

some HGV insurance policies require that you install a black box or use a mobile phone app in each truck. These methods are used to collect driving data, which is then used to calculate premiums. The more unsafe drivers are the insurance becomes more expensive. And just the opposite, if drivers are safe and obey driving rules, then the premium comes down. This could be a good option for you, making this type of coverage more affordable, if each of your drivers are safe behind the wheel.

 

Insurance for Carriage of ADR Hazardous Goods

It is important to note that not all insurers provide insurance for hauling hazardous goods. So, when looking for the right insurer, read through the policy (every part) to make sure you understand what is covered or not.

Another good idea is to speak with an insurance agent to ask questions and learn if there are other requirements that are not apparent.

You will need the right insurance if you want to be insured when carrying hazardous materials and goods.

 

How to Save Money on HGV Insurance

As a startup, you may be looking to save as much as possible on HGV insurance. That is understandable, so the temptation is to go with an insurance policy that is priced at a low cost. This type of coverage, while cheap, may not offer all the protection you need for the business. Instead, consider insurance a great investment for your business.

Other ways to save money on HGV insurance include:

  • All drivers must have the required experience, along with a safe driving record.
  • All newly passed truck drivers must have training about the job
  • Install cameras that work to determine who is at fault in an accident
  • Fitting the trucks with security devices, which make them more secure against theft
  • Have a safe location for parking trucks overnight
  • Some insurers offer flexible payment options, while others allow for annual or monthly premiums; an annual is much more affordable than monthly payments
  • Build up a great no-claims bonus

Conducting research about the types of coverage your business needs, and shopping around can also help save money on this type of insurance policy.

Along with finding the policy, you can also save money by bartering with the insurer. This way you have a better chance of making sure to choose the right type of insurance as well as one that saves you money.

The most important thing for your startup is to get the right type of insurance and make sure you follow all driving rules, as well as in compliance with the insurer’s rules. HGV insurance is a business investment you cannot afford to skimp on. Choose the best policy you can to protect your business.

 

 

Helpful Links

RHA – Road Haulage Association

FTA – FTA is one of the biggest business groups in the UK, supporting, shaping and standing up for efficient logistics. We are the only organisation in the UK that represents all of logistics,

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