Top money saving tips for your HGV insurance


PJ63 JWL 01 VOLVOTop money saving tips for your HGV insurance

If you own and operate an HGV, there is every chance that it is used on a daily basis or at least from time will be driven on the roads or other public spaces.

For that reason, the law says that you and your heavy goods vehicle must have a minimum of third party insurance – to ensure that anyone injured or whose property is damaged as a result of the way your lorry is driven is adequately compensated.

Although there is no argument about the need for third party insurance, therefore, even a brief exercise in comparing HGV insurance may quickly reveal that the matter is by no means as straight forward as satisfying basic legal requirements – whilst at the same time saving yourself some money on the cost of insurance:

The role of a specialist broker

  • in these days of ready internet access, practically anyone might think of themselves as an expert in insurance comparisons;
  • in a specialist niche of the insurance market such as cover for your HGV – not to mention the importance of getting it right for the financial health of your business – you might want to draw on the personalised, tailored expertise and advice of an experienced broker of HGV cover, such ourselves here at Isis Insurance;

Level of cover

  • when comparing HGV insurance quotes you need to keep in mind the levels of cover being offered – third party only, third party fire and theft or comprehensive, for instance;
  • although the temptation may be to go for a lower level of cover in an effort to save money, the government sponsored Money Advice Service points that when it comes to motor insurance it may be a false economy to opt for the most basic level, since comprehensive insurance may often prove the cheapest – and this is likely to hold true for lorry insurance too;

Fleet cover

  • if you own and operate more than one HGV, there are frequently savings to be made by choosing a fleet policy under which all of your vehicles are insured, rather than arranging cover for each one separately;

Excess

  • any insurance policy for your heavy goods vehicle or vehicles is likely to come with a compulsory excess – the first part of any claim which you need to pay for yourself, and which is typically used by insurers to discourage minor claims and to encourage owners to play their part in taking care of the vehicle;
  • in return for agreeing to an additional voluntary excess, you are likely to be offered a money-saving discount on the cost of your insurance premiums;

Named drivers

  • in so far as possible – if you employ a regular team rather than occasional drivers, for instance – you might want to make sure that all drivers are named on the policy since this is typically a way of reducing the cost of premiums;
  • it is important to remember, though, that the name of any new employee who is going to be driving your vehicle is added to the insurance policy.

This is but a selection of money saving tips likely to be adopted by many HGV owners. If you choose to use the services of a specialist HGV insurance broker such as ourselves, you may find that still further ways are suggested to help you cut costs.