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Cheap haulage truck insurance quotes
Coverage for trucks and trailers is essential for every hauling firm, not just to comply with the Road Traffic Acts but also to give full motor insurance and a wide range of other policies that nearly all haulier businesses require.
Businesses and operators who haul numerous items to a single location can benefit from haulage truck insurance. Goods are transported, usually across long distances, to a predetermined place as part of a contractual agreement. It’s vital to keep in mind that enterprises delivering their own or third-party freight need haulage insurance as well, not simply haulage and logistics companies.
What is haulage truck insurance?
Everyone who transports cargo is required by law to carry haulage truck insurance. Insurance is not an option, as is the case with all motor vehicles when they are driven on public roads. It is up to you to decide how much insurance to carry on your haulage truck, but you must have at least the bare minimum to drive legally.
Haulage truck insurance is highly recommended for any company that operates trucks (vehicles weighing more than 3.5 tons) for the transportation and delivery of goods. Similarly, if you’re an independent owner-operator, you need to make sure your truck is covered by enough haulage insurance.
Vehicles like HGVs are generally an operator’s largest investment due to the nature of haulage services and the large volume of goods they move (over 3.5 tonnes). Therefore, haulage insurance shields firms and drivers from losses due to theft, accidents, and damage incurred while transporting goods across long distances.
Should I get haulage truck insurance?
If your business involves hauling items over long distances using expensive vehicles carrying massive weights, haulage truck insurance could be crucial in the event of an accident. No matter how big or small your business is, you need adequate coverage to safeguard your HGVs. You must have adequate coverage in the event of loss or damage to third-party assets if you have been contracted to arrange storage for them.
Different customers will have different needs, so it’s important to review your policy’s exclusions and restrictions carefully to make sure you’re properly covered in the event of a loss. No matter how cautiously your drivers handle your haulage trucks, there is always the chance that something may go wrong and someone will get hurt. Having haulier’s insurance is crucial because of this.
There are many coverage options available for haulage truck insurance but these are the most important coverages.
1. Physical damage coverage:
Physical damage coverage reimburses the policyholder for the cost of repairs to their vehicles if they are damaged in a collision, whereas public liability covers the cost of injuries and damages to third parties. Collision and comprehensive coverages are both included in physical damage insurance. Comprehensive coverage pays for things like theft and vandalism that don’t happen in car accidents.
2. Uninsured/underinsured motorist coverage:
The biggest vehicles on roadways are often commercial trucks. It’s possible that the other motorist involved in an accident with one of your trucks does not carry enough insurance to cover your medical expenses and vehicle repairs. Costs are instead covered by uninsured/underinsured motorist policy.
3. Medical payment cover:
In the event of a collision in which your truck is at fault, private liability insurance will only pay for the medical expenses of the other people involved. However, medical payment coverage will pay for the medical expenses of you and your passengers.
Every haulage truck that will be shipping products must have goods in transit insurance. This insurance policy protects cargo against loss or damage during transit. It’s essential for businesses that rely on the safe and prompt delivery of their goods to customers.
5. Employer liability insurance:
It shields the company from financial ruin if one of its workers is injured on the job or causes damage to company property. This includes accidents involving trucks, as well as those that happen during loading or unloading. Companies can avoid financial ruin and legal trouble thanks to cheap employer liability insurance.
· Non-trucking liability insurance:
Owner-operators who put their haulage trucks to non-professional use can benefit from this insurance. This insurance will protect you from financial and legal liability in the event of an accident that occurs while you are operating the truck for non-commercial purposes.
· Downtime insurance:
Downtime coverage will compensate you for lost wages while your truck is being repaired after an accident or other covered event. This safeguards your business against financial ruin during times of economic hardship.
What is not covered by haulage truck insurance?
Haulage truck insurance coverage will not only specify what is covered but also what is not. Exclusions may apply to specific incident categories or specific cargo types. These consist of:
The intentional losses:
Damages or injuries resulting from deliberate damage to another person or piece of property are not covered by insurance carriers. Financial and criminal consequences may result from insurance fraud, which is the purposeful injury done to trick an insurance provider into paying for damages.
Damages above policy limits:
There is a maximum amount that the insurance company will pay out on claims for each policy. If the coverage limit is exceeded, no further damages will be compensated. To increase coverage limits, business owners could want to purchase an excess liability (or umbrella) policy.
Factors affecting the cost of haulage truck insurance:
The price of haulage truck insurance depends on several variables. Some of the major elements that affect insurance policies are listed below.
Deductible and coverage amount:
The monthly premium will, of course, increase in proportion to the level of coverage chosen. One option to reduce premium payments is to increase the deductible. There is a financial risk involved with this choice. If your plan has a large deductible, your company may have to pay more out of cash in the event of an accident before its insurance kicks in.
Haulage truck insurance premiums are heavily influenced by a policyholder’s driving record, just as it is with personal vehicle insurance. A motorist with a history of violations or accidents, however, will see an even more significant spike in insurance prices when dealing with a car of this size. Keeping driving records clean of accidents and violations is a great method to save money on insurance premiums.
Insurance costs can be impacted by the location where a fleet of trucks is kept when not in use. The cost of insurance tends to go down in places where crime is less common. Haulage trucks, for instance, will pay less than those parked in open spaces or public places if they are kept in a garage or enclosed yard.
There are varying degrees of danger associated with various cargo. Cargo that is heavier or more dangerous will increase the cost of insurance coverage since it poses a greater risk of injury or death in the event of an accident. Keep in mind that most haulage truck insurance policies do not cover any hazardous materials, such as explosives, drugs, etc.
Because they are more likely to impose severe damage in an accident, insurers charge more for coverage on heavier vehicles. In addition, the cost to repair or replace a newer car after an accident typically results in higher insurance premiums. The expense of the policy rises as the fleet size increases.
Frequently asked questions
What’s the difference between haulage insurance and courier insurance?
The risks covered by the various insurance policies are not the same. Couriers may drop by several locations without prior notice, while hauliers typically make long-distance, prearranged stops at just one or two locations. Choosing the wrong insurance could result in a denied claim, so you must do your research.
Do various cargo types require different types of insurance?
The type of cargo you transport may require specific coverage. Hazardous materials, for instance, can necessitate different policies or extra endorsements. Tell your insurer about the nature of your cargo at all times.
Is coverage available for international transport?
Yes, coverage for international transportation is available. While some policies cover cross-border transactions, others could need their foreign policies. You must confirm this with your insurance provider whether they provide coverage for international transportation or not.
How do I proceed following an accident or loss?
Get in touch with your insurance provider right away to report an accident or loss. Observe their guidelines and submit the required paperwork. Prepare yourself to assist with the claims procedure.
May I switch insurance companies during the mid-policy?
It is possible to change insurance companies in the middle of a policy, but you must be aware of the conditions and costs involved in doing so. Before terminating the previous policy, make sure the new one is in effect.
Are roadside assistance and breakdown coverages included?
Roadside assistance and breakdown coverage are optional under many policies, and they can be quite helpful to truck drivers. It assists with gasoline deliveries, tire replacements, towing, and other emergency services.
What would happen if I had no insurance?
Trucking businesses that operate without the necessary insurance risk fines, legal consequences, and possible suspension of their business. Additionally, it exposes your company to financial risk from mishaps and legal actions.