Perhaps the simplest answer – and certainly one that is key – is because insurance for your HGV is essential if it is to be driven on the public highway in the UK, or anywhere else in Europe for that matter.
If you do not have HGV insurance, therefore, you are:
- breaking the law – and face financial penalties and the risk of a driving ban as a result; and
- more important, perhaps, is the danger you represent not only to yourself, but to other road users, too. If you do not have the necessary cover, you make it difficult for any third party to recover any damages to property or personal injury which they are rightfully owed if you were to blame;
- moreover, in the absence of any insurance, you remain personally liable for any such damage or injury you cause other road users – and the claims, especially if personal injury is involved, may be very significant indeed.
Class of insurance
The legal requirement is that you simply have the minimum level of cover to meet claims from other road users – and this is called third party insurance.
Although third party insurance is commonly extended by the additional risks of fire and theft – third party, fire and theft insurance – these basic forms of cover are unlikely to be sufficient to protect your investment in all but the oldest and least valuable of your HGVs.
In that case, you are likely to be in search of comprehensive cover. Your options do not stop there. There are different types and levels of comprehensive insurance, with the more advanced also including such benefits as:
- breakdown assistance; and
- replacement vehicle cover.
For the HGV operator, these extensions to your comprehensive cover may prove invaluable to your business and the financial need to keep your wheels rolling. If your lorry is able to be fixed when it is a long way from home, then the vehicle is able to complete an important job. If repairs are likely to be more extensive, a replacement vehicle is able to ensure that your delivery schedules are met with the minimum of delay.
How you may help
Although HGV insurance is important, there are measures you may take to help reduce the cost of the premiums you pay. Security alarms and immobilising devices, for example, may reduce the risk of theft. You might also want to exercise care when choosing any drivers you employ. Those with a clean licence and few claims on their record are likely to be a more attractive proposition for your insurer. If you are likely to be relying on the same drivers on a regular basis, you might also want to consider restricting your insurance to named drivers only, since this typically earns you a significant discount.
How much does it cost?
Given the peace of mind it may bring, you might not find even comprehensive cover all that expensive. To find out more, or to get a quotation for your particular needs, why not contact us at Isis Insurance Services.