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HGV Insurance Simplified
When getting a heavy goods vehicle or HGV insurance policy it is in your interest to deal with a specialist insurance company. These specialist insurance companies have policies that ensure that you are sufficiently insured.
Truck owners who intend to take insurance must be aware that two classes of policies exist for HGVs. The two classes of HGV insurance that are issued are:
a) Carriage of goods for hire
b) Carriage of own goods
Carriage of goods for hire offers cover for goods that are transported for a price. For this policy to be effective the owner of the HGV vehicle must receive a payment from the owner for transporting goods.
Insurance is also required on the own goods that are transported by an HGV owner. For the cover to be effective the goods should belong to the owner of HGV and the owner must not receive payment for transporting these goods.
Trucks of at least 7.5 tonnes but less than 44 tonnes are classified as HGVs. Drivers of a rigid lorry must hold a class II HGV license as the cab and the trailer are considered to be one unit by the insurance companies. However, it is sufficient if drivers of an articulated lorry hold a class I HGV license as the cab and the trailer are considered as two different units.
Most HGV insurers will offer discounts if the HGV drivers have undergone accident reduction training that will help in reducing the risk of accidents. Insurance companies will also be happy to suggest appropriate institutes that will help in reducing accidents.
The insurance policy that you take out must not only protect you from damage to the truck caused by an accident but also protect you from damage to other people or their property.
Most HGV owners, who own 3 or more trucks, prefer taking a fleet insurance policy. Fleet insurance not only helps in reducing the premium but also saves you from the trouble of taking an individual policy on all the trucks that you own.
Most HGV insurers offer flexible insurance policies to meet the requirements of their customers. The basic HGV insurance policy will provide you with Third-Party only cover. This cover will protect you from damage caused to a third-party vehicle due to the negligence of your driver. Third-Party insurance cover will also compensate you for the loss sustained when a person dies or is injured due to the negligence of the truck driver.
If you plan to use the vehicle in the European Union, then European cover will help you meeting the requirements of EU laws. However, if you plan to transport goods to other countries you may require additional insurance cover. Therefore, it is important that you discuss your requirements with the insurance company before you take a policy.
As the competition among HGV insurers is high, that can help you to get your policy at a reasonable rate. When getting an insurance policy it is in your interest to include breakdown cover, windscreen cover and cover for loss of keys included in your policy.
Author Resource:-
Neil Anderson is a UK based finance specialist who provides advice and information about a wide range of products including hgv insurance. Find out more by visiting his website, at http://www.dna-insurance.com/
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