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How to get the right HGV insurance policy

HGV insurance is a part of owning an HGV or operating a business that uses HGVs in its work. If the vehicle is going to be driven on public roads, you and your HGV must have third party insurance at the minimum. This ensures you’re covered in case any property or persons are injured while you’re driving. So, what are the main considerations when you’re considering your HGV insurance policy?

  • Decide what level of cover you need
  • It can be a false economy to opt for the cheapest options
  • Fleet policies can save money
  • Number of named drivers for your vehicle
  • How much voluntary excess you’re willing to pay

What do you need insurance cover for?

The type of HGV insurance you’ll need depends on what kind of goods you’ll be transporting. In the UK, these are separated into two types:

  • Own good insurance – If you’re transporting goods made by your own business or goods relating to your business, this is the insurance relevant to you. An example of a business that may need this is a scaffolding business.
  • Haulage insurance – If you’re available to hire to transport goods then you’ll need haulage insurance. This covers HGVs that deliver other people’s goods for monetary reward.

How much cover do you need?

As with car insurance, there are different levels of cover available for HGV insurance. The one you choose will depend on how much cover you believe your HGV needs:

  • Comprehensive – This is the widest level of cover available and includes loss or damage to your HGV, along with third-party liability plus fire and theft. This covers other common problem areas including windscreen cover, personal effects, accidental damage and medical expenses.
  • Third-party, fire and theft – This type of cover will insure you against any damage you might cause to a third party vehicle, other drivers, passengers or any pedestrians. It also offers insurance cover against fire and theft damage.
  • Third-party only – This type of HGV insurance of the minimum required by law in the UK. It only covers third party damage and injuries plus damage to properties. Your HGV won’t be covered for any accidental loss or damage that might be caused by fire or theft.

Do you already have protection?

If you’re adding another vehicle to your fleet, check the details of your policy to see how many vehicles are covered and what you need to do if you want to add another HGV to it. You’ll need HGV insurance if you’re operating as a business, including employer’s liability insurance as a legal requirement.

There are also other options you may want to choose including goods-in-transit insurance and public liability insurance. Here is a list of general options:

  • Employers’ liability insurance
  • Commercial property cover
  • Income protection
  • Goods in transit cover
  • Cover for the truck breakdown
  • Legal cover
  • Public liability insurance
  • Uninsured loss recovery
  • Personal accident and illness insurance

How can you save money on HGV insurance?

As with all types of insurance, by considering different factors, you can work out how to lower the overall burden of your HGV insurance policy on your business. The primary consideration is that you should always compare options from different companies to ensure that you’re getting the best deal. However, there are a few more specific things you can look at too:

Do you only operate within a limited radius or only travel a limited mileage? This lowers the risk to your vehicle and can lower the premiums.

HGV insurance FAQs

Are you paying annually?

If you pay for your insurance yearly rather than monthly, you remove all of the fees associated with paying month by month, and there are also usually other discounts applied by the insurance company too.

Are you limiting the drivers on your policy?

Fewer drivers mean reduced risk from the perspective of the insurance company, so this could reduce your premiums.

Have your drivers got a history of no-claims?

If they can obtain letters confirming that, it could lead to discounts.

Are your vehicles fitted with trackers and immobilisers?

These protect your load as well as the vehicle itself and will help to recover it if it’s stolen.