HGV Insurance
If you intend on using a vehicle which is over 7.5 tonnes (Gross Vehicle Weight) then an HGV insurance policy is required. Heavy Goods Vehicle insurance follows the traditional insurance cover model of Comprehensive, Third Party Fire and Theft (TPFT) and Third Party only.
The level and the cost of your HGV insurance cover will depend on the level of insurance cover you opt for. Generally speaking HGV insurance falls into three main categories:
- Social domestic and pleasure insurance covers the use of a HGV for personal use only.
- Carriage of Own Goods Insurance is for the carriage of your business goods only.
- Finally, haulage insurance covers the use of an HGV if you are charging to deliver someone else's goods.
The latter is generally more expensive as you pose more of a risk to an insurer.
When comparing heavy goods vehicle insurance read the small print to find out exactly what you are covered for. Some firms may include container insurance, which means that you are covered against theft or damage when goods are being loaded or unloaded. Other companies may include protection of goods in transit, loss recovery and public liability. The cover may also extend across Europe and abroad.
So how do I get cheap HGV insurance?
If you are struggling to find HGV insurance at a reasonable price then shop around. There are a number of specialist HGV insurers who not only offer extremely competitive quotes but also have experience dealing with HGV claims.
Another top tip to lower your insurance is to increase your voluntary excess. This will mean you will have to pay more if you were to have an accident but will reduce your HGV insurance overall.
Finally, like any type of motor insurance, experience is the key. The more years you have behind the wheel of an HGV the cheaper your premiums are going to be.
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This site is for information only and cannot offer insurance advice for your particular situation.
Consult with an FSA authorised insurance advisor if unsure on any topics related to car insurance.
