HGV Insurance Buyers Guide
5 tips on what to think about – and why – when it comes to buying insurance for your HGV business.
- Think about more than just ‘getting on the road’. Yes, you’ll need motor insurance for your HGV, but you should think about your business more generally to start with. Have you got staff? Do you operate out of your own yard or premises? Whose goods do you carry? It’s always a good idea to speak with an insurance broker who will be able to advise on a range of considerations and bring all the requirements together
- Divide the range of covers that may be appropriate into two categories – compulsory and ‘would like to have’. Then consider your budget, as well as the likely consequences (and costs) if something were to go wrong. This should help with prioritising your requirements.
- Investing in your business could save money on insurance. Buying permanent dash cameras for your HGV’s may seem a bit of an unnecessary expense. But they will save money on your insurance – as well as being able to support your version of events in the event of an accident. Similarly, investing in driver training might seem like a cost. But it may have a positive impact on your insurance premium, as well as meaning that your drivers have less accidents and feel better supported. Sometimes, spending money can save money!
- Speak to a specialist broker. Insurance might seem like a hassle and something you just want to get out of the way as fast as possible, but it’s too easy to miss an important policy detail when buying online, or even from a regular high street broker who doesn’t know the HGV market well enough. Specialist brokers will not only take time to thoroughly ensure all details are accurate, but they will do the searching for a suitable policy for you. Often, specialist brokers will have access to policies that you won’t find on the High Street.
- Be wary of cheap cover bought online. Often, online insurance search facilities will use the DVLA database to identify your vehicle. And it’ll accurately confirm the year, model and other details based on the registration number. You may be lulled into thinking, with those details correct, the cover must be right. Wrong. The DVLA database won’t record any modifications to the HGV – for example it being fitted with modifications such as a tipper body. This completely changes the requirements from an insurance perspective, but an online comparison tool may not ask the right questions. And it’s down to you to ensure you’re adequately protected. This sort of easy mistake leads to many insurance claims being refused every year.