If you are a business owner relying on trucks to transport goods, you must have the right insurance. HGV insurance coverage is essential for anyone who uses a commercial vehicle for work purposes. Heavy goods vehicles, such as lorries and vans, are subject to specific insurance requirements.
In the UK, HGV cover is a legal requirement for any vehicle weighing over 3.5 tonnes; this includes some light commercial vehicles that are used commercially.
Here is a quick guide to getting the right HGV insurance coverage in the UK to ensure you meet your obligations.
What Does An HGV Insurance Policy Cover?
Typically, an HGV cover policy will protect against third-party damage and injury caused by the insured vehicle. It will also compensate the policyholder if their vehicle is stolen or damaged through fire, explosion, or accidental events such as a collision.
Most policies include public liability insurance which provides protection against claims made by members of the public who suffer injury or damage as a result of the insured vehicle. With the help of specialist insurance for your HGV, you can ensure that you have the right cover for your business.
- Who Needs HGV Insurance?
Any business that relies on commercial vehicles to transport goods needs to have suitable HGV insurance. This includes haulage companies, courier firms, and delivery businesses.
Even if your business does not own a heavy goods vehicle, you must ensure that any contractors or employees who use them have valid insurance. For instance, if you hire a delivery driver who uses their van, they should have valid HGV insurance.
What Are The Different Types Of HGV Insurance?
HGV cover comes in different forms and can be tailored to meet the specific needs of your business. You can choose from various policies that provide varying levels of protection, depending on your budget and requirements.
The most basic type of policy is Third-Party Only (TPO) cover which provides compensation for injury or damage to third parties caused by the insured vehicle.
Comprehensive cover offers the highest level of protection and includes cover for fire, theft, vandalism, accidental damage, and windscreen replacement.
Fleet insurance is designed for businesses with multiple HGVs and covers an entire fleet of vehicles. On the other hand, Telematics is a GPS-based insurance policy that tracks the movements and performance of drivers.
- What About Non-HGV Vehicles?
It is important to remember that all commercial vehicles have different insurance requirements. Depending on a vehicle’s size, weight, and purpose, you may need to take out other covers for non-HGV vehicles.
If in doubt, it’s always best to speak to an experienced insurance provider who can advise on the best type of coverage for your business.
How Do I Choose The Right HGV Insurance Policy?
It is essential to ensure that your HGV insurance policy covers all the risks you face while operating vehicles. Numerous variables are involved when selecting a policy, and it can be an overwhelming task, so it’s best to speak to an experienced broker who can assess your needs and advise on the most suitable cover for your business.
- Financial Stability
Your insurer’s reputation and financial stability are essential factors when selecting an HGV policy. For instance, a reputable insurer is more likely to pay out claims in the event of an emergency.
Different insurers offer different excess levels, and you must check how much you will have to pay in case of a claim. Although a higher excess usually means a lower premium, it is essential to ensure that you can afford the excess.
- Premiums and Discounts
Be sure to compare different insurance policies and premiums before making your final decision. Also, check if they offer discounts or loyalty bonuses that could help reduce your policy’s cost.
- Claims Process
It’s always best to double-check the claims process with your chosen provider before signing any paperwork or taking out cover. You should also ensure you can quickly contact their customer service team if you need assistance.
- Customer Service
The quality of customer service should also be considered when selecting an HGV policy. Good customer service is essential if you need to make a claim or if any changes are made to your cover.
- Coverage Options
Finally, ensure you know all the coverage options available and that the policy suits your needs. This could include breakdown assistance, liability protection, personal injury cover, or any additional benefits you require.
What Additional Cover Can I Get?
Many insurers offer additional cover options such as breakdown assistance, further legal expenses, or loss of earnings. It’s always best to discuss your requirements with your broker and ensure that all your needs are covered.
Selecting the right HGV insurance policy is essential for any business operating commercial vehicles. Researching different policies, premiums, and coverage options will help you get the most suitable protection for your business.
Working with an experienced broker can also help you find a policy that meets all your needs.
Keeping up-to-date with changes in HGV legislation is essential for businesses operating commercial vehicles in the UK. It is important to research different policies and insurers, understand their coverage options, and select the most suitable HGV insurance policy for your business.
With the right cover in place, you can rest assured that you are fully protected against any eventualities while out on the roads.