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What Is HGV Insurance?
HGV stands for Heavy Goods Vehicle. Therefore, HGV insurance coverage is for vehicles that weigh more than four tons and carry a variety of large items such as livestock, pallets, building materials and the like. An HGV is a very expensive vehicle, and the insurance can be just as expensive. Due to the amount of money that is invested not only in these vehicles but in the goods that they transport, insurance can become the largest expense a driver has to deal with, just short of fuel.
For a person to be able to drive an HGV, they have to undergo several stringent tests, including a driving and a written test. Each test is specific to the type of vehicle they are going to operate. If they are going to be pulling a tanker behind them, they have to have a tanker endorsement in addition to a regular HGV license. If they are going to be transporting any hazardous materials, such as chemicals, fuel, or biological materials, they must have specific licensing for this. With the addition of various licensing, it can become more difficult to find insurance to cover the vehicle and the cargo.
Many HGV insurance companies have requirements, such as a minimum age, a set number of years of experience, and a clean driving record , even in personal passenger vehicles. People with an HGV license also have strict guidelines concerning drug and alcohol use. Driving an HGV is nothing like driving a passenger vehicle, and requires a greater amount of training and skill.
Just like conventional passenger car insurance, the owner of the vehicle pays for HGV insurance, and the premiums are paid in the same manner. The insurance carrier offers agreed,upon coverages in exchange for these premiums. The more coverage wanted by the owner, the higher the premium is going to be. Coverage can include theft of both vehicle and contents, damage of both, Goods in Transit, and damage to other vehicles or property, and even the HGV itself.
It is best to pay for extra insurances as an HGV and its cargo are very expensive to replace. Carrying just basic HGV insurance only covers damages to others' property, including vehicles. Often, it is necessary to carry additional coverage in order to get the load dispatched to that particular truck. Many companies want the assurance that if something, such as an accident or theft, should happen they would at the very least be reimbursed.
Carrying HGV insurance is a necessity that should not be overlooked by any driver. Knowing that you are covered should any unforeseen event happen to your truck or cargo can mean the difference between continuing to have employment and having a great number of bills that cannot be paid. HGV insurance will get you back on your feet in no time and also keep your clients happy. A happy client means more work and more job security.
Author Resource:-
Paul Headley is a specialist insurance article writer. Staveley Head are a leading UK insurance broker for
HGV insurance
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