Compare HGV Insurance

hgv jan09a
Creative Commons License photo credit: charlie_lcc

HGV vehicles, also known as LGV vehicles, are a common site on our country’s roads, forming the preferred logistics choice of the majority of larger businesses. The step up from van to HGV capacity is substantial, and many self-employed van drivers make the step up to HGV driving each year. The cost of gaining an HGV license is high, and the hiring or purchase of an HGV cab and trailer represents a huge investment. HGV insurance is also an expensive product, and whilst covering the basic motor policy requirements of every vehicle, there are numerous additions available for HGV drivers. New drivers and start-up companies should be keen to research particular deals from specialist online insurers to get the best deals for their new venture.

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Most major distribution firms and manufacturers operate a ‘just in time’ policy, meaning that accurate and timely logistics are essential for the smooth running of their business. A self-employed HGV driver needs to be aware of this and be ready to cover any losses made due to break-down, accident or criminal activity. Some of the best optional features available in hgv insurance include goods in transit cover. This is very useful if your cargo is damaged or stolen en route. Various levels of overseas cover can be organised, depending on how often you drive in continental Europe. If you’re a new policy holder, make sure that your insurance firm offers you a new business discount, or at least price matching for like-for-like cover. Flexible payment terms are also vital, especially during your first year of trading. A few start-up HGV businesses operate as partnerships where costs are shared between drivers or a single vehicle is jointly owned. Competitive rates are also available for multipiple named drivers under an HGV policy.

Different HGV companies operate in different ways. Haulage companies will need to buy specialised insurance cover designed for this kind of logistics. Again, make sure that your policy includes haulage cover. You may cover your cab only. This is great if you work for larger companies who provide their own trailers. Alternatively, policies are also available that cover both cab and trailer.

The most important features of any HGV cover will ensure that you and your goods get to their destination securely, safely and on time. Breakdown services and a variety of compensation benefits are useful in guarding against losses caused by any unforeseen circumstances. As with any type of insurance, it’s definitely worth shopping around.