HGV Insurance – What Information and Documents will you need to Obtain HGV Insurance?
Any haulage firm or fleet operator that operates commercial vehicles that transport heavy goods requires heavy goods vehicle insurance.
Ensuring you have the best possible HGV insurance policy in place (individual vehicle or fleet insurance) not only provides protection for you and your business, but it also protects your employees and other people and vehicles using the road.
HGV insurance policies should be tailored to meet the very specific needs of your business operations. Whether you carry goods, work as a freelance driver, or operate a fleet of HGVs, it is vital that you obtain an insurance policy that meets your requirements and provides the cover you need. It is illegal to drive your HGV without having the appropriate insurance in place.
The requirements of what you need in a policy will vary depending on the size of your individual vehicle (or vehicles in a fleet), whether you work independently, what goods you transport, and the distances and locations you travel to.
HGVs are not the same as standard trucks and many other vehicles on the road, so a bespoke HGV insurance policy is needed to make sure you have the right cover.
Let’s have a look at what information and documents you need in order to obtain a new HGV insurance policy.
HGV Insurance – First Steps
The very first step is to ensure you have a comprehensive and up to date list of all the vehicles and drivers you need HGV insurance cover for.
The insurance cover will depend on:
- The number of vehicles.
- The types of vehicles.
- What the vehicles are being used for.
- How far they will be travelling.
- How many vehicles there are in the fleet.
- What kinds of goods the HGVs will be carrying.
Gather all the information relating to your vehicles and have it to hand before you discuss your insurance requirements with your insurance broker.
Compile a list of all the drivers in your team and then check with each one of them to ensure they have the correct driving licence and qualifications. You should also make a note of the number of years the licence has been held for, the operating area (i.e. EU, UK), and details of any no claims bonus.
HGV drivers need specific qualifications and licences to be able to legally drive HGVs. Insurers will want to know that all the licences are in place and are currently valid and not expired. This will include operators licence(s).
There are ways you can reduce your insurance costs, so try and implement the following as soon as you can:
- Make sure that all your drivers have a clean driving record.
- Try and employ drivers who have the right experience.
- Think of using cameras/black box/tracking devices on your vehicles (see below).
- Ensure your vehicles have a secure and safe location overnight.
Type of Insurance
Decide on what type of insurance you need. The main types of insurance cover on offer include third party truck insurance, third party, fire and theft truck insurance, and comprehensive insurance.
Of course, if you have a fleet of vehicles, you should also make enquiries about having a fleet insurance policy that covers all the vehicles in your fleet. Truck and HGV insurance is aimed at the commercial sector and will therefore be tailored to your business use.
Once you have all your information about drivers and the vehicles to hand, you need to decide on the category of licence you will require.
Commercial HGV insurance has different categories relating to business use and they include the following:
- Carriage of own goods: this is when you use the HGV to transport your own goods.
- Carriage of goods for haulage hire or reward: this refers to deliveries to and from multiple addresses and needs to be in place if you are carrying goods for others.
Always discuss with your insurer the purpose of using your HGV vehicles as this will help you decipher what kind of policy you need. For example, if you offer the carriage of goods for haulage but you do not have insurance cover for this, this could invalidate your existing insurance policy.
The main thing to note is that your truck insurance policy should be suitable for the way in which the vehicle is used, and the way you operate your business.
When looking around for an insurance policy you should also consider whether you need insurance for carrying hazardous goods. There are truck insurance policies that exclude hazardous goods so do not just assume that your cover will include hazardous goods. Make a specific enquiry with your insurer and read the small print of your policy.
When looking for cover remember that it is not always the best option to go for the lowest priced option. Isis Insurance are on hand to offer impartial advice on cover available, including benefits. Some additional items you can request insurance cover for include:
- Legal Cover.
- Goods in Transit Insurance.
- Income Protection.
- Breakdown Cover.
- Personal Accident Cover.
- Sickness Cover.
The key thing to remember is that the more comprehensive your insurance policy is, the more protection you will have.
Before obtaining a quote for any kind of truck, HGV or lorry insurance make sure that you have all the information to hand that your insurer will ask for, and as detailed above. Keep copies of any relevant documents such as vehicle tax information, drivers’ licences, operators’ licence and permits, employers liability insurance, and no claims bonuses.
Heavy goods vehicles need comprehensive insurance to ensure the vehicle is protected alongside the goods carried by the vehicle. Depending on the business you work for, you may need a non-standard and bespoke insurance policy.
ISIS Insurance offers a wide variety of insurance options and quotes that cover everything a HGV might need when it comes to insurance, from skip lorries to refrigerated vehicles.