10 terrific money saving lorry insurance tips!


For many professionals in the road haulage industry, we understand that HGV insurance isn’t a particularly interesting subject and is something at best regarded as a necessity.

However, here at Isis Insurance we are always keen to try and offer our customers advice on how they may be able to reduce their premium (cost of insurance) and here are some of our tips that might help you to achieve that:

  1. pay your insurance annually rather than monthly. True, there may be some advantages to spreading the cost over the year but in doing so, you add to your insurance provider’s administrative effort and also something called their cost of funding. So, do your sums carefully and you may find it is financially better for you to pay in one go upfront rather than spread your payments;
  2. try to only employ drivers with clean or cleanish driving licences. Covering drivers with penalty points and convictions may push your premium up considerably, as your insurance provider may see them as being significantly higher risk;
  3. if appropriate, use fleet insurance policies. They may be considerably more cost-effective than having a multiplicity of individual policies;
  4. try to avoid using unusual makes or models of vehicles. Insurance companies like to see the vehicle or vehicles they are covering in their standard tables. If your vehicle is one they can’t find or one that has been heavily customised away from the manufacturer’s original specification, you may see your premiums soaring;
  5. reduce your insurer’s perceptions of risk by installing anti-theft devices. Keep in mind that these might typically need to be professionally warranted devices rather than a DIY gadget knocked-up in a local garage. Significant reductions in lorry insurance premiums might be available if you select and install appropriate and professional anti-intrusion equipment;
  6. be sure that your storage yard or depot where the vehicles are parked up when not in use is covered by appropriate security systems. In fact, some policies might make that a mandatory requirement;
  7. try to avoid paying for cover you do not need. For example, paying for a policy that will cover you for unlimited overseas journeys might be slightly extravagant if you are only making, on average, one or two such each year. It may, in such circumstances, be more cost-effective to simply pay for single-trip cover as required;
  8. don’t make claims for relatively small amounts. It is likely that the biggest single component of your cost reduction will be any form of no-claims bonus offered by your insurance provider. Putting that discount at risk for the sake of a relatively small claim might not make any sort of economic sense;
  9. look carefully at your policy’s position regarding drivers’ ages. The position here is complicated by legal requirements and different vehicle types but essentially, in some circumstances, young and inexperienced drivers may be more expensive to cover than those who are older and with more years’ road experience under their belt
  10. deal with a specialist provider. Dealing with generalists might run the risk of you not only purchasing a sub-optimal policy but also paying more than you need to simply because the company concerned didn’t really understand the nitty-gritty of haulage and haulage insurance.

Nobody enjoys paying more for anything than they need to and that is particularly the case with insurance.

Hopefully the above tips might help you avoid doing so!