HGV Insurance

Do you need HGV insurance? Whether you are an owner operator or run a fleet of heavy goods vehicles the cheapest way to get your insurance may well be to compare quotations from a panel of multiple specialist insurers, all of whom of course are fully authorised by the Financial Conduct Authority for your security and privacy.

What kind of HGV cover can I buy?

Just as with a family car you can choose comprehensive, third-party or third party fire and theft insurance to cover your legal obligations; but you may well want goods in transit insurance to protect your cargoes, and breakdown cover. Breaking down in a HGV could prove extremely expensive since only specialist operators can handle recovering these vehicles, and if the mishap causes an obstruction on a motorway it would be essential to move it as quickly as possible so you would have no time to shop around for prices!

You may well want employers liability insurance and public liability cover as well; often it can prove more economical to buy all these policies from a single source rather than several different ones.

What does HGV insurance cost?

This depends on many factors including the type of vehicle; the owner's operator licence; the business location; type of goods carried; and numerous other factors. The only way to get firm prices is to get comparative quotes from the specialists.

What kinds of vehicles do these insurers specialise in?

Quotes can be arranged for specialist uses such as carriage of dangerous or inflammable cargoes, bulk liquids, chemicals, and valuable goods.

What kind of work can I use the insurance for?

This depends upon your operators licence.these are:

• Restricted: operators with these licences can only carry goods that they own themselves, and which are used for their business, within the UK (orange licence disc)
• Standard national: this extends the allowance to include carrying goods belonging to other companies or organisations, for hire or reward (blue licence disc)
• Standard international: as standard national but this allows the operator to carry goods both in Britain and abroad (green licence disc).

Do I have to pay for HGV insurance in advance?

Not necessarily, some insurers allow for payments to be spread over a few months or even the whole year. Bear in mind though that this is often a more expensive way of buying insurance; partly because it may reduce the number of insurers that you can get quotes from and partly because you would, in effect, be getting a loan, and there are usually extra charges and interest for this. These charges are usually the heaviest for those who are younger, with less experience, or with poor credit ratings.

Are there ways I can cut the cost of my insurance?

• If you have more than one vehicle to insure a fleet policy may be the best option; but this is not necessarily the case, so make sure you get individual quotes as well if you have a small fleet.
• Policies that cover any driver can often be far more expensive than adding individuals as additional drivers to one policy.
• Insurance can be very expensive for drivers under the age of 25 so if you are an employer you may prefer to hire older and more experienced drivers.
• Telematic (blackbox) policies are available from some insurers and these may not only reduce premiums but they can also encourage drivers to work in a safe way without exceeding any speed limits. This itself can reduce overheads by cutting fuel consumption and vehicle wear and tear; and it can also help employers to keep abreast of how their staff are doing their jobs.
• In a similar way, having a prominent sign on the back of a vehicle giving a phone number to report bad driving, or having the rear and sides of the vehicle lettered with the name and address of the owning company, can have a similar effect; and some insurers do offer premium reductions if these are in place.
• Installing a dashcam, and perhaps a rear mounted camera, too, can go down well with insurers because it can help to establish just who is responsible in the event of a claim.
• Approved security devices can not only protect your vehicle and it's load but also your insurance premium.
• Keep the vehicle(s) in a secure lock-up at night, protected by a CCTV system - you can buy one for a few hundred pounds or less or you can rent systems directly connected to monitoring services. Remember that many heavy goods vehicles are prime targets for thieves.

Oh and let's not forget - comparing quotes can often mean a lower premium too!