HGV insurance stands for heavy goods vehicle insurance. This type of insurance is highly recommended for anyone owning a vehicle over seven tonnes that is used to transport goods from one place to another. The benefits to heavy vehicle owners of this insurance are many, and cover a range of things that conventional motor vehicle insurance does not. In order to ensure you obtain the right cover for you it is important to gain an understanding of the range of cover available for HGVs.
There are several reasons why special insurance for HGVs is required. Firstly these vehicles are constantly traveling and the sheer time they spend on the road means that the risk of something unforseen happening is increased. They are also carrying goods that belong to others, and HGV insurance will cover against any damage or losses of the goods in transit. If goods are damaged while being transported, lorry owners are required to pay for these losses, which could be costly. Taking out the right kind of insurance provides security not only for the heavy vehicle owner but for their customers as well.
The cost of insurance cover for HGVs varies and is generally dependent on the weight of the vehicle as well as the risk it undertakes. Because of this, some insurance premiums can be expensive but now many insurance companies offer packages that can prove to be better value for money. Many of these companies also offer pay by the month premiums which may be worth looking into. There are introductory offers available if you shop around and could save you up to 60% of your premium for the first year. While your transport business is being established, a saving of this magnitude in the first twelve months would be of great benefit.
When shopping around for HGV insurance there are several things that you need to look for. A good insurance package for HGVs should include cover for goods in transit, public liability cover as well as employer’s liability coverage for those lorry owners who employ drivers. There are also many other options that you can select from, such as insurance against violations and legal costs, and the options that you choose for your insurance will be dependent on your individual needs. You also need to consider where your HGV travels. Whether your transport business operates locally, nationally or internationally – a good insurance provider should be easily contactable from any location your business takes you.
Obtaining insurance for your HGV can be costing, depending on the range of cover you take. Having said that, however, it is certainly not something that anyone in the transport industry can afford to overlook. The risks that face heavy goods vehicles are significantly higher than other motor vehicles and their value, as well as the value of the goods they transport, is too high to neglect covering yourself against any unforeseen circumstances. Be sure to protect your business by shopping around for the best heavy goods vehicle insurance that meets your individual needs.