If you are looking for truck, lorry, or HGV insurance then it is important that you get the policy that meets all your operational needs. Having adequate insurance means that when you take your vehicle on to the road as part of your business operations, you have the right level of protection.
Your standard HGV insurance should cover your vehicle, you’ll need to have additional cover for goods in transit.
Standard HGV/Lorry Insurance Policies
When you start looking for truck insurance policies you need to be aware that there are different types of insurance cover available depending on your needs.
The different types of policies are as follows:
- Third Party Only Insurance
Third party insurance policies are the very basic level of legal cover that drivers need. This minimum level covers drivers in the United Kingdom for any liability to third parties. This type of insurance cover does not provide any cover for damage/theft/losses related to the vehicle, goods, or the driver.
- Third Party Fire and Theft Insurance
Third party fire and theft insurance cover goes one step further than the simple third party cover mentioned above. This type of insurance covers liability for damage to third parties or their vehicles (as discussed above), and also covers against fire damage and theft. This means that if the vehicle is stolen or damaged due to theft then insurance cover is available.
The same applies if there is fire damage to the vehicle.
- Comprehensive Insurance
Comprehensive truck insurance is exactly what it says it is – a comprehensive policy that provides the best level of cover for haulage operators, fleets, and logistics businesses. It means that your vehicle will be repaired or replaced in the event of a fault accident, whereby third party cover would not cover your vehicle in a fault accident.
This level of insurance cover covers all the above situations (third party, fire, theft), and also includes damage and loss to the vehicle, personal effects, and accidental damage.
Always check your policy to see what the policy covers, but most comprehensive policies cover a wide range of scenarios including medical expenses and windscreen damage.
Now that we have looked at the standard types of policies, we can explore the additional cover you can obtain.
Goods In Transit Cover
Goods in transit insurance cover provides financial protection in the event that there is physical damage or loss to the goods being carried whilst they are being transported from one destination to another. Goods in transit can also provide cover for goods that are being stored temporarily during their transit.
For businesses that carry goods for clients, goods in transit insurance means that if any of your customers make a claim for goods that you have lost, or that have been stolen or damaged during transit, then you are covered.
Breakdown insurance will provide cover in the event that the vehicle breaks down. The main aim of this type of cover is to get the vehicle back on the road as quickly as possible.
As many HGVs and trucks travel extensively and need to meet deadlines for delivery, breakdowns mid-route can lead to significant delays in the supply chain. For operators without breakdown cover they often find that the cost of responding to and dealing with a broken-down HGV can be very expensive and time consuming.
Breakdown cover ensures that if your HGV breaks down you can arrange for it to be repaired or recovered quickly.
Personal Accident Cover
Personal accident cover provides protection for drivers who suffer from accidents at work. Cover can provide insurance for long-term or short-term injuries.
Legal cover can be very useful as it covers the cost of any legal fees you might incur if you have to defend a claim made against you or one of your drivers.
Often legal cover is an inexpensive addition to the insurance policy and entitles you to free legal advice and support during the claims (and court) process.
Debris Removal Cover
Debris removal cover provides you with protection in the event that the goods you are transporting become loose or fall free from your vehicle. Often, when this happens, the cost of clearing up the spillage can be expensive.
Public Liability Insurance
Public liability insurance offers protection in the event of a claim from third parties for damage to their property or injuries to themselves. Again, this is a relatively inexpensive add-on and provides some additional protection you might need.
Something to note is that if your HGVs and trucks have camera systems installed, or any safety and telematics devices, then this could lower your overall insurance costs.
Always speak to your insurance broker to make sure that everything you need in terms of additional cover is included in your policy.
Your insurance broker will be able to advise you of all the possible add-ons you might need and the cost of them. Obtaining truck insurance can be complex but choosing the right insurance broker means they can ensure you have the policy that meets all your business needs.
Isis Insurance is an expert HGV Insurance broker, to help take the complexity and worry about choosing the best policy for you and to offer simple and clear advice when selecting the best truck insurance policy.
Heavy goods vehicles need comprehensive insurance to ensure the vehicle is protected alongside the driver.
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.