Whether you have an entire fleet of many Heavy Goods Vehicles requiring insurance cover, or are an independent trucker with just one big truck or lorry to worry about, there are some things that you should keep in mind when determining which insurance firm to go with.
Prices can vary a great deal when it comes to vehicle insurance in the UK. Particularly in the case of commercial coverage, there are factors that enter into the pricing of a policy that differ from automobile coverage. HGV insurance coverage is specific to the large or heavy vehicles which are driven within the United Kingdom.
Insurance coverage is based on which category a vehicle falls into. Lorry cover, those which have a maximum capacity of up to three and a half tons, is separate from the N2 and the N3 categories. N2 coverage includes trucks with a capacity of up to a maximum of twelve tons. N3 is the classification for heavy vehicles which can haul weights of over twelve tons.
All of these vehicles must be covered by insurance policies designed for them.
The term HGV has become somewhat outdated and currently the official terminology is LGV, referring to Large Goods Vehicles. They are still classified regarding how much tonnage they can haul, according to how many axles are on the truck. All vehicles transporting goods of any type must have insurance cover and be driven by a licensed driver who is qualified to control such a vehicle.
The insurance policy will designate what is covered and for how much. Furthermore, liability insurance is required to cover the truck as well as pay for damages done to another vehicle in case of an accident where the fault is placed on the insured driver. An insurance policy should cover any damages done to the insured vehicle as well.
There are coverage provisions that include any goods the truck may be hauling; this is a part of HGV insurance deemed necessary by those who hire the truck to transport their goods. If the truck breaks down and has a load of perishable goods on board, they may be spoilt and require replacement; the insurance policy would cover such losses. Often repairs to the insured truck or lorry will be covered as well.
One negative aspect of truck insurance coverage is that a bond or surety must first be paid prior to any policy being approved. These sureties are often priced high and this can become a hardship for many smaller business owners who use transportation type vehicles. Also there are strict safety regulations that must be complied with before any vehicle can be considered insurable. This is actually a beneficial restriction for the general public as it nearly eliminates unsafe vehicles from being driven on public road ways.
Certain safety measures will lower the cost of HGV insurance and those include fire alarms, theft alarms, and fire extinguishers carried on board. These measures can prove costly to many business owners but can not only save on insurance costs, but pay for themselves if they are ever actually needed.