Five Top Tips to Reduce Your HGV Insurance Premium

From single vehicle through to full HGV Fleet insurance, using an expert broker can secure the right cover and the best price.

The Isis Insurance experts are giving HGV drivers and owner operators 5 top tips to reduce their HGV Insurance premiums. There are plenty more, but here are the top 5 (aside the obvious which is to avoid accidents and claims!)

1. Experienced drivers with clean licences

Your HGV Insurance will be cheaper if you employ experienced HGV drivers with clean licences. Employing inexperienced drivers is deemed riskier by the underwriting team, as are drivers with motoring convictions.

2. Drivers Age

Employing drivers under 25 or drivers over 65 is also deemed riskier by insurers and underwriters. In this modern era, it may seem ageist but the simple fact is that this is still part of the risk criteria that determines an HGV insurance quotation as a new business or renewal.

3. Pay annually rather than monthly

There are very few insurers that allow interest free direct debit payments, which some might term as “free money”. With the bank of interest base rate at 5.25% for some time now, APR interest on borrowing is substantially higher than this and insurers will charge hefty interest if you choose to pay monthly on an annual policy, especially if via well known finance houses such as Premium Credit or Close Brothers.

Pay annually if you can afford it and this means you don’t pay any interest on the price of the policy.

To put that into context: If you HGV insurance premium is £4,500, you’d pay approximately £326 interest if you had a highly competitive interest rate of 7.25% (it’s often higher than this).

4. Use Vehicle Management technology

HGV telematics such as tracking, black boxes and cameras help reduce lorry insurance in two ways. Firstly, the insurer will consider this when pricing the insurance policy and it also means truck drivers will be more careful which will reduce accidents and claims, reducing future premiums.

5. Consider HGV Fleet Insurance for multiple HGV vehicles

If you have 3 lorries or more, consider a haulage fleet insurance policy as this may save you money compared to multiple individual policies.

We hope you found this article helpful. Isis Insurance are HGV insurance experts and happy to give advice for single vehicle HGV insurance policies and also HGV fleet insurance.

Please visit www.isisinsurance.co.uk or call our team on 0161 641 4909.