When to get your HGV Insurance Renewal Quote – Timing is everything


Renewing your HGV insurance is not something you can ignore.  Renewals typically come up once a year and can be overwhelming if you leave the renewal until the last possible date.  If you do not renew your HGV insurance policy in time you will be in breach of the law relating to operating and driving HGVs, so it is imperative that you prioritise and diarise your renewals in good time.

Insurance Renewals

Whilst everyone is feeling the cost-of-living crisis, for the haulage industry, it does seem to be particularly difficult.  This industry relies on fuel for its business operations, and with fuel costs continuing to rise the profit margins have been impacted.

Commercial HGV insurance is not optional, certain elements are a legal requirement. Dealing with renewing your policy quickly can actually save you costs in the long term.  By ensuring that you do all your research, renew your policy in time, and work with insurance brokers who understand your business and its needs, you can find great value when renewing your HGV insurance policy.

Insurance brokers who deal specifically with HGV insurance will understand the nuances of the business and be able to manage the risk profile presented by the business to ensure that the best market options are available when it comes to renewal.

Below we look at some ways in which you can make the most of the renewal process and obtain the right policy that is right for you.

Start the Renewal Process as soon as you can

Starting the process early means that you have enough time to consider the available options and make the decision that is right for your business.  An ideal time to contact your insurance company is about 2-3 weeks before your current policy expires.  This leaves enough time for you to work with your insurance company to share the required information and obtain a new quote.

Do not underestimate the time it will take you to provide all the relevant information to your insurance company so you can work with them to discuss the risk levels and how to mitigate them. 

The last thing you want is to leave the discussions about renewal too late as this could lead you into rushing into an expensive policy.

Communicate your needs with your Insurance Broker

Following from the points made above, always be completely open and transparent with your broker.  In turn, it is their job to be equally open and transparent with you. They should discuss market conditions with you, ask you for any information they need and propose a good plan of action.

What you should be doing is engaging in this process, discussing your risk levels, and any risk management strategies you have in place.  You should also be discussing your business generally and specifically in terms of risk potential and profile. 

The more accurate information you are able to provide, the better the policy you will obtain in terms of suitability.

You might think it is preferable to obtain multiple quotes and speak to many different insurance companies.  Whilst you should always try and find the best policy for you, sometimes communicating with different brokers means that you could have some negative results due to different brokers approaching the same market on your behalf. 

Look into claims

Deal with any claims as they arise.  Liaise with your insurance company quickly and make sure all relevant training and qualification processes are up to date.  If you use agency workers, you need to ensure that your paperwork and training records are kept up to date regularly.

Try and avoid having large unresolved claims hanging around.  Working together with your insurance company to settle claims and bring a resolution is the best outcome for you when it comes to renewal.

Ensuring you do not have unresolved claims at renewal time means you can reduce your reserve sum relating to unresolved claims.  If you do have unresolved claims hanging around, your insurance company will consider this when making a decision on underwriting your risk.

If an accident does occur, then report this immediately and get the process started.

Ensure you diarise your renewal and keep referring to it throughout the year

One of the biggest mistakes haulage companies and drivers make is obtaining their policy and then leaving it until a few days before the renewal date.  In reality, you should be revisiting your insurance policy throughout the year.  As your business operations change through the year you might find your insurance cover is insufficient and needs to be reviewed.

For any haulage business that is recruiting drivers throughout the year, you need to ensure that your existing policy has adequate cover for the number of drivers and vehicles, and the types of goods being transported.  A quick call to your insurance  broker will help you to clarify the position.

Any new risk that presents itself needs to be considered at the time it happens. For example, if you suddenly decide to transport dangerous goods then you need to revisit your insurance policy to make sure you are covered for this type of work.

Other Tips

Some other tips that will help you when it comes to renewal time include the following:

  • Hire drivers who are qualified, have a clean licence, and follow the rules
  • Make sure the vehicles are maintained well and all records kept
  • Make safety a priority throughout your business
  • Take measures and implement strategies that reduce risk and accidents
  • Install vehicle trackers, alarms, immobilisers, and camera technology and monitor using technology
  • Enforce minimum driving standards
  • Carry out regular risk assessments

HGV Insurance

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. When it comes to renewal of your insurance policy, our experts can talk you through the level of cover you need and discuss your business needs and profile.

ISIS Insurance offers a wide variety of insurance options and quotes that cover everything an HGV might need when it comes to insurance, from skip lorries to refrigerated vehicles.