Before applying for HGV insurance, there are a few details that you’re going to need to make sure you’re fully covered and that your policy details are accurate.
What is the value of your Truck?
As with any type of insurance policy, you will need to know the value of the thing that you’re insuring. For HGVs, this essentially means ‘how much would my HGV be worth if I sold it?’ This helps to put a value on it in the case of an accident or in the instance that the vehicle is written off.
It’s really important that you don’t undervalue your vehicle as you may lose out on a payout reflecting its true value should an accident occur. Reducing an estimate by two or three thousand to reduce a quote isn’t worth the thousands you could lose out on should an accident actually happen.
What is the age of your vehicle?
The age of your vehicle will contribute to the final cost of your insurance, with newer models typically being less expensive than older HGVs. Newer models are less likely to break down and repair and vehicle retrieval can be considerably less. This might not be the case if your insurance policy is international though – long-distance retrievals can be very expensive.
What will you carry using your HGV?
This again goes back to the types of goods you will be transporting and where insurance priorities lie with cargo and goods on board. Lower-value goods will, of course, be cheaper to insure in most cases. A single HGV full of gravel, for example, will be cheaper to insure than one full of oil.
For some drivers, the type of goods carried can change regularly but it’s important to be covered for those higher amounts and it’s well worth altering a policy rather than losing out should something go wrong.
Where will you be transporting goods to and from?
Spend some time considering your possible delivery destinations. For some industries, most travel will be done within the UK, whilst others may lead the driver further afield. Food delivery, for example, will likely lead to driving within Europe.
Risks involved in these locations can mean that adding European insurance to a UK-only policy can impact the price. Even with the added premium, it’s essential that this policy information is accurate or you risk not being covered.
HGV Insurance For New Drivers
New HGV drivers may be limited in the policies that they can choose and may see some premiums rise with fewer years behind the wheel. Adding a new driver to a fleet policy rather than an individual policy may be one option, but it’s a good idea to compare HGV insurance options and see which are most suitable (and most reasonably priced) for you.
Can You Get HGV Insurance For Young Drivers?
It can be difficult for young drivers to get insurance on a car, nevermind an HGV, so it’s no real surprise that this is an incredibly common question for insurers. Lots of policies on the market that will only insure HGV drivers over the age of 25. For some businesses, this can present a challenge. For these cases, it can be really beneficial to speak to someone for advice.