HGV Insurance FAQs


HGV Insurance FAQs

Do I need HGV insurance?

  • you most certainly do. The law requires it;
  • more than that, the law takes a serious view of driving without insurance and penalties may range from a £300 fixed penalty fine up to a decision by the courts to impose a stiffer penalty, including disqualification of the diver from driving;
  • but it is not just the driver – as the owner of an HGV you are responsible for taking all reasonable steps to ensure that valid insurance is in place to cover the person actually driving it;
  • as the owner, in other words, and as the Road Traffic Experts point out on their website, you may face strict penalties from the courts for allowing the vehicle to be driven without adequate insurance.

So it is just the legal requirement that I have insurance?

  • not really. Although it is a legal requirement for you to have a minimum of third party cover that is only part of it – insurance plays an essential role in protecting it from loss and damage and, therefore, your financial investment;
  • if it is an older vehicle, of relatively low value, that you may be able to replace without too great an expense, third party, fire and theft cover might be sufficient
  • in most cases, however, with vehicles so generally valuable as an HGV, you are probably more likely to want comprehensive cover against its loss and accidental damage – even when that damage is caused by you or one of your drivers.

What does it cost?

  • whatever level of cover you choose, the cost of the premiums is calculated by your insurer on the risk of loss or damage and the value of any claim you might make for its replacement or repairs to damage;
  • the cost of the premiums, therefore, varies according to the age, mileage, intended use, and value of the vehicle;
  • it also varies from one insurer to another, so you might want to be sure to compare HGV insurance quotes you may be given;
  • those policies and quotes we offer here at Isis Insurance are some of the most competitively priced you are likely to encounter.

So HGV insurance protects my vehicle, does it do anything more?

  • however safely you ensure you are operating your vehicle and haulage business generally, there is always the risk of injury or property damage to one of your employees, a visitor to your yard or office, or a member of the public;
  • if you are held responsible for that loss, a claim in compensation may be very substantial – substantial enough in some cases to put paid to your business as a whole;
  • for that reason, you might want to choose HGV insurance which also includes public liability insurance to indemnify you against such claims.

What about breakdowns?

  • providers of insurance for any haulage firm also recognise the importance of responding to any breakdown as swiftly as possible so that the essential wheels of the business keep turning again;
  • therefore, you might want to choose cover which includes emergency roadside assistance.