HGV insurance is specifically designed to protect the owner of the Heavy Goods Vehicle and/or business, the driver and the contents - contents that often belong to a third party.
Understanding which vehicles need HGV insurance and why, can save you or your business from encountering an unaffordable lawsuit should an unfortunate incident occur involving the truck.
What is classed as a HGV vehicle?
Any vehicle that weighs more than four tons is officially a HGV. Hauliers carrying large goods on pallets are usually operating in a HGV. In some cases HGVs are used to transport livestock or other 'unusual' goods which may require a special HGV insurance policy.
What is the extent of the cover provided?
All HGV insurance policies will cover the vehicle for damaged caused to others in the event of an accident as standard. Additional extras can be added to provide cover for damage to truck, damage to the contents and theft of either the truck or the contents. Some policies include Goods in Transit insurance but this is a separate policy to HGV insurance and is not adequate enough to cover truckers on its own.
Are Heavy Goods Vehicles at risk?
Trucks hauling large amounts of valuable goods are big targets for hijackers and thieves. Recently in the UK there has been a growing concern regarding fuel theft from HGVs too. The correct HGV insurance policy can be found through a broker to cover your truck(s) for all types of theft.
Purely as a matter of size, HGVs are at more risk than the standard car or van. The wind can effect these high-sided trucks on the motorway, they require exceptional skill and concentration to control and a lot of roadsters are unaware of the dangers of driving alongside a HGV - if a collision was to occur, it could cause serious damage to the other driver and the compensation payout could be huge.
Is HGV insurance expensive?
Basically, you want a HGV insurance policy to cover your trucks, staff and contents - a lot of additional extras may not apply to you and these are what make some quotes so expensive. Utilising the expertise of a qualified insurance broker is the best way to matching your business circumstances to the exact amount of cover you need, saving a lot of money.
Equally, you may be operating a HGV business involving the transportation of chemical or hazardous materials. You can also benefit from using a broker to find a truck insurance policy that covers you adequately and inexpensively for this type of cargo.
HGV insurance can cover your business for a lot of different issues that are unique to the trucking industry. It can also reassure your clients that their freight company is insured and their products should be covered while in transit.
Speak to an expert insurance broker to find the right policy and you can save a lot of money by only expending on additional extras that are specific to your particular business.
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