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HGV insurance for your transportation business

Heavy goods vehicles (HGVs) are essential in the transportation sector, as they are responsible for hauling products all across the country. These enormous vehicles are crucial for transporting goods to stores and homes. Owners and operators of heavy goods vehicles (HGVs) have a lot on their plates, along with delivering costly cargo. That’s why they need it.
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What is HGV insurance?

HGV insurance, which stands for “Heavy Goods Vehicle insurance,” is a specific kind of protection for trucks and other commercial vehicles. Because of their size and power, these vehicles present particular dangers and demand specialised insurance coverage. Coverage for heavy-duty vehicles (HGVs) is essential to safeguard drivers, passengers, and cargo from financial loss in the event of an accident.

What is the difference between a large goods vehicle (LGV) and an HGV?

Many people in the commercial transportation industry tend to use the terms large goods vehicles (LGVs) and heavy goods vehicles (HGVs) interchangeably, but there are some important distinctions between the two categories that should be kept in mind. The abbreviation “HGV” refers to any number of different types of commercial trucks designed to haul heavy loads. Typically, these vehicles are bigger and heavier than the average car.
In the United Kingdom, heavy goods vehicles (HGVs) are classified as those with a GVW of more than 3.5 tons. In this weight class, you’ll find a wide range of commercial trucks, lorries, and articulated vehicles. Large Goods Vehicles, on the other hand, fall under the umbrella of Heavy Goods Vehicles. LGVs have a GVW of over 2.5 tons and under 3.5 tons.
Their compact size and low weight make them ideal for making local and regional deliveries as well as other commercial uses. The need for a valid driver’s license is a key differentiator between HGVs and LGVs. An operator’s license, also known as an “O license,” is required if a vehicle with a GVW of more than 3.5 tons is used to transport products in connection with a business or trade.
However, unless they are being utilised for certain reasons or under certain conditions, LGVs with a GVW between 2.5 and 3.5 tons are not required to have a license. To make sure they are by licensing laws, businesses and drivers should contact the Driver and Vehicle Standards Agency (DVSA).

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HGV truck Insurance

Why is HGV insurance important?

1. Legal requirement:

One of the most compelling arguments for this insurance is that it is typically required by law. The legislation in many nations requires drivers of heavy goods vehicles to carry insurance. This is crucial to ensure that any potential losses and liabilities can be dealt with in the event of an accident.

2. Financial protection:

Heavy-duty vehicles (HGVs) are expensive assets, and losses incurred due to accidents or theft can be devastating. By covering the expenses of replacement or repair in the event of an accident or damage, insurance assists in safeguarding the owner’s investment.

3. Protecting costly products in transit:

HGVs are entrusted with transporting costly products, which are vulnerable to theft or damage while in transit. Cargo coverage is a standard feature of this insurance, giving the driver and the companies who rely on their delivery peace of mind.

4. Liability insurance:

Large claims for damages in the event of an accident involving an HGV should be expected. Insurance protects the business owner from financial disaster in the event of a lawsuit by covering medical bills, lost income from work, and legal fees.

Coverage options:

Different policies have different coverage options for Scania truck insurance, but these options are generally available:

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Third-party only:

Third-party-only insurance is a necessity for HGV drivers. In many nations, including the UK, this sort of insurance coverage is legally required. This coverage guarantees that you won’t have to pay for the costs associated with any injuries or property damage caused by an accident involving your HGV. This is an essential part of any HGV insurance policy.

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Comprehensive insurance:

The highest level of coverage is the comprehensive policy. Insurance for your vehicles is included in addition to the standard third-party-only coverage. Accidents, vandalism, theft, and natural disasters like floods and hail are all included in this category. It’s more expensive, but it’ll safeguard your HGV investment and provide you with peace of mind.

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Cargo insurance:

Truck drivers frequently transport perishable and expensive goods. The purpose of cargo insurance is to safeguard the financial worth of the cargo being transported. If your cargo is damaged, lost, or stolen while in transit, whether it be electronics, perishable commodities, or high-value equipment, cargo insurance will cover the costs.

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Public liability insurance:

HGV drivers who have regular contact with the general public should carry public liability insurance. Injuries and property damage sustained at a warehouse or on a customer’s property are compensated for under this policy. This additional insurance shields you from financial and legal problems that may develop as a result of your public activities.

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Employer’s liability insurance:

Employer’s liability insurance is a must if you have employees operating or maintaining your HGV fleet. If an employee sustains an injury or illness on the job, this will protect you from legal and financial liability. With this protection, you won’t have to worry about breaking any rules when it comes to employment regulations.

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Breakdown assistance coverage:

Truck drivers face a huge inconvenience when their vehicles break down. This protection helps you get your HGV fixed and back on the road promptly in the event of an accident or breakdown. Towing, breakdown service, and mechanical maintenance are all possible features.

What are your HGV weight limitations?

Heavy goods vehicle (HGV) weight limits are important in the transportation sector for several reasons, including driver safety and insurance costs. HGV insurance typically covers vehicles with a GVW of between 5 tons, 7.5 tons and 44 tons. You must be aware of the GVW. It is the sum of the vehicle’s mass plus that of its cargo and occupants. The handling, fuel efficiency, and general road safety of heavy goods vehicles are all strongly related to their weight.
Medium and heavy-duty trucks have a gross vehicle weight rating (GVWR) between five and 44 tons. They see widespread application in the domestic and international freight transportation industries. Freight businesses, logistics providers, and manufacturers frequently make use of huge trucks, lorries, and articulated vehicles.
The purpose of insurance for heavy goods vehicles (HGVs) in this weight range is to shield all road users from financial responsibility in the event of an accident involving one of these vehicles. To offer adequate coverage for big trucks, these policies feature weight restrictions that reflect the special dangers posed by larger and heavier vehicles. To get the right insurance policy to cover their demands and duties on the road, HGV drivers need to know the exact GVW of their trucks.

How many vehicles do I need to get HGV fleet insurance for?

Heavy Goods Vehicle (HGV) fleet insurance policies have varying minimum vehicle requirements based on the insurer and the specific policy. Companies with a fleet of HGVs, trucks, or other commercial vehicles might benefit from fleet insurance. When compared to insuring each vehicle separately, insuring a fleet under a single policy can save money and time.
There is no fixed rule about the minimum number of vehicles needed for HGV fleet insurance; nevertheless, most insurance providers will require a fleet to have between three and five vehicles. Varying insurance companies may have varying minimum criteria, so it’s important to shop around.
Having a minimum number of vehicles on a policy helps verify that the policyholder is a genuine organisation and not just an individual looking to insure a single HGV. Fleet insurance is designed specifically for companies that rely on their vehicles regularly. When you have a fleet of vehicles, your insurance company may be able to give you better rates and a wider range of coverage options. You may cut costs and streamline insurance management using this.
Your eligibility for HGV fleet insurance will depend on several variables, including the number of vehicles in your fleet, the types of vehicles in your fleet, the credentials of the drivers, the intended usage of the vehicles, and the safety measures in place. To get the most appropriate and cost-effective coverage for your HGV fleet, it is crucial to discuss your specific demands and scenario with insurance providers.

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hgv truck on road

Additional coverage:

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Windscreen and glass coverage:

Large windows and windscreens of HGVs are frequently broken. If the glass of your HGV is broken, windscreen and glass coverage can help defray the cost of repairs or replacements.

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Trailer insurance:

When hauling products, many HGV drivers rely on trailers. Having trailer insurance is a must in case your trailers are ever damaged, stolen, or lost. If you operate a fleet of trailers, this insurance may prove invaluable.
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Personal accident coverage:

Accident risk increases for HGV drivers since they spend so much time on the road. Your drivers will be protected if they are injured or killed on the job, thanks to personal accident coverage. In the event of an accident, the driver or their family will receive financial assistance.

Ways to find cheap HGV insurance?

While insurance premiums might be high, there are ways to cut costs without sacrificing safety or security. Below are numerous strategies for reducing the cost of your insurance.

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Compare HGV insurance:

Shopping around and comparing quotes from several insurance providers is one of the most efficient methods to save money on your insurance. Don’t take the first deal that comes your way. By comparing policies and premiums from numerous providers, you may get the most cost-effective insurance for your specific situation.
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Consider annual premiums:

Choosing to make payments on an annual rather than monthly basis will help you save money. Discounts are typically given to policyholders who pay their annual premiums in full and in advance by their insurer. This not only simplifies your budgeting but also lowers your insurance premiums.
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Choose a greater deductible:

HGV insurance prices can be reduced by increasing your deductible, which is the amount you’re responsible for paying out of pocket in the event of a claim. Choose a greater deductible only if you are confident that you can easily meet it in the event of an emergency.

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Parking lot safety:

The cost of insurance may be affected by the location where your HGVs are kept while they are not in use. Insurance costs can go down if you park your car in a garage that has adequate security features in place to prevent theft or vandalism.
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Choose the right coverage:

Insurance for your HGVs is mandatory, but you can save money by carefully choosing the policy you need. Get in touch with an insurance professional to discuss your company’s unique requirements. You might be able to opt out of coverages that aren’t necessary for your business.
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Invest in safety measures:

Keeping your drivers and freight safe is essential, and it may even help you save money on your insurance premiums. Reduce your chances of an accident or theft by installing safety equipment like dashcams, GPS trackers, and car immobilisers. Companies that take preventative measures to improve safety can qualify for insurance discounts.
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Driving training:

Your insurance prices may go down if you invest in the education and certification of your drivers. Discounts are available from many insurance companies to drivers who have taken and passed driver safety courses.
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Bundle policies:

Bundling your HGV insurance with other policies, such as commercial property or public liability, may save you money if your company has many insurance needs. Bundling your insurance policies might save you money, as many providers offer discounts for doing so.

Frequently Asked Questions

May I use my private vehicle policy to cover my HGV?

No, regular vehicle policies do not provide adequate coverage for HGVs. Because of their special hazards and needs, HGVs cannot be fully covered by standard car insurance policies. Insuring a heavy-duty vehicle under a standard vehicle policy can lead to coverage gaps, legal problems, and financial consequences.

If I drive my vehicle without insurance, what will happen?

In most jurisdictions, it is against the law to operate a heavy vehicle (HGV) without proper insurance. If you are caught operating a heavy vehicle (HGV) without insurance, you may be subject to fines, penalties, license suspension, and potentially confiscation. It may be financially catastrophic if an accident forces you to pay for everything out of pocket.

How do I determine the right level of coverage?

Getting the correct amount of protection is essential. The value of your cargo, the age and condition of your vehicles, and the sort of commodities you transport can all play a role in determining how much insurance coverage you need for your HGV. Finding a happy medium between sufficient security and cost control is crucial. You can get expert advice from an insurance broker who focuses on your insurance policy.

Can I add named drivers to my HGV insurance policy?

In most cases, a named driver can be added to the insurance coverage. It is essential, however, to give accurate and complete data about the drivers, including their experience and credentials. Your insurance premiums may go down if you add safe drivers with years of experience. However, the opposite may be true if you have high-risk or inexperienced drivers on your team.

Does HGV insurance have any particular requirements?

Transporting dangerous chemicals or crossing international boundaries are two examples of situations that typically necessitate additional coverage from your insurance policy. It is critical to follow all applicable rules and safety guidelines. Transportation goods may require additional insurance, and you may have to show proof that you followed all safety protocols.

What happens if my HGV is altered or customised?

If you make changes to your HGV, check with your insurer. If you make any changes to your car, you must notify your insurance company. Depending on the nature of the change, you may see either an increase or a decrease in your premiums. Maintaining valid and accurate coverage depends on your honesty with your insurer.

Can I switch my HGV insurance company?

If you shop around and find a lower rate or more acceptable coverage elsewhere, you are free to switch your HGV insurance carrier. However, you should think about the time left on your present insurance, any cancellation fees, and making sure there is no gap in coverage. You can make a smart choice after doing some research and comparing prices.