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Reducing The Cost Of Lorry Insurance - How To Save Money On Your Existing Policy
Insurance premiums are a major expense for most lorry owners, finding ways to reduce and keep the cost of insurance low can be a nightmare. However, there are some ways which may save you hundreds of pounds on your existing policy.
* By far the biggest savings which can be made are having a no claims discount. Insurance companies can generous discounts if you are an owner operator who has a proven history of no claims. Businesses who own more than one lorry can have a named drivers only policy which is far more cost effective then insuring for any driver. Any no claims discounts which the named drivers have accumulated with also be taken into consideration by the insurance companies. Which means that careful screening of prospective drivers may need to be taken into careful consideration when hiring new employees.
* The age and experience of the driver or drivers will also make a huge difference to the cost of the insurance. Drivers who are under the age restrictions set by the insurance companies will be classed as inexperienced and therefore command higher insurance costs. Likewise drivers who are over the age restrictions may also be subject to higher premiums, while they may have many years driving experience they are also classed as being a higher risk to the insurers. While it is illegal in the UK to deliberately discriminate employing someone purely due to their age, having young or older drivers may increase your insurance premiums. The upper and lower age limits vary between insurance companies so it well worth making enquiries and obtaining a number of quotations from different insurance companies.
* Having drivers taking advanced driving courses is also rewarded by most insurance companies. As such operators who can show proof that their drivers have attended these types of courses to help improve and refresh their driving skills will be rewarded with discounts on their insurance premiums. Advanced driving courses can also help reduce overall running costs and help reduce costly fuel bills of your vehicles.
* The type of goods which are transported and they destinations they are transported to and from will also affect the cost of the insurance. Businesses which operate in high risk areas such as power stations and fuel depots, will pay higher insurance costs. They will also need to have additional Public Liability Insurance and quite often Goods In Transit cover which is not included within the standard vehicle insurance policy.
* Maintaining the safety and security of your vehicles at all times will also help reduce the insurance costs. Operators who keep their lorries in secure compounds when not in use and have tracking devices, alarms and immobilisers fitted will be rewarded by the insurance companies with lower annual premiums. In fact many insurance companies will no longer provide quotations for lorries which do not have tracking devices fitted to them.
For the most competitive lorry insurance choose insurance companies who specialise in this type of insurance. They will work with you to ensure your business needs are met and provide you with great deals on your lorry insurance.
Author Resource:-
Staveley Head are a leading UK insurance broker for
lorry insurance
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