HGV’s are some of the biggest vehicles on the road. As a result, they pose some of the biggest risks on on the road which is often reflected within insurance premiums.
Saving Money on Insurance for HGV’s
Insurance for Heavy Goods Vehicles (HGVs) can be expensive, given the potential risks associated with these large vehicles, especially when they’re carrying valuable cargo. To save money on HGV insurance without compromising on cover, consider the following:
Advanced Driver Training
As a HGV driver, you will have undergone additional driver training in order to drive a lorry. However, many insurers do offer additional discounts for those who have undergone advanced driver training or defensive driver training.
Consider these additional courses regardless of whether you’re looking for 7.5 Lorry Tonne Insurance right up to 44 Tonne Lorry Insurance.
Improve Your Trucks Security
Enhance the security of your HGVs. Installing anti-theft devices, GPS trackers, and alarm systems can reduce the risk of theft, which in turn can lower lorry insurance premiums.
Maintain a Clean Driving Record
Maintaining a clean driving record is one of the best ways to keep any driving related insurance premium down.
When you avoid gaining points on your licence, you prove yourself to be a better and more law abiding driver. When you gain points on your licence of any sort, you demonstrate yourself to be a little more risky. As a lorry driver, the last thing you need is a major conviction like a DR10.
Consider A Fleet Insurance Policy
When you have 2 or more HGV’s, it may be cheaper for you to insure your trucks under a HGV Fleet Insurance policy.
With fleet insurance, you can still insure your vehicles with all the same level of cover that a single lorry insurance policy offers but you’ll benefit from multi-vehicle savings.
Compare HGV Policies
Taking the time to compare HGV insurance brokers is by far one of the best ways to save money on your policy.
When you speak with a specialist broker, they will be able to use their experience and knowledge in helping you find correct and proper cover at the right rate. It’s also worth knowing that not all insurance brokers have the same schemes. This means you can often get a better rate from one broker over another.
We can help you with this process.
Review Your Cover Options
As your business evolves, your insurance needs may change. Regularly review and adjust your coverage to ensure you’re not over-insured or under-insured.
For instance, if you don’t drive within Europe, don’t have European cover on your policy. By the same token though, if you are needed to deliver in Europe, having relevant cover is essential.
Building Up Your No Claims Discount
HGV drivers are some of the most skilled on the roads. As a professional driver operating a vehicle of such size, you are driving for others on the road as well. That said, accidents do happen.
If you do have an accident, you obviously do have the option to claim but if you can avoid it, you should. This will help keep future premiums down but demonstrating you are a safer driver.
Carryout A Risk Assessment
There are a wide range of HGV’s on the roads. From Low Loaders, Skip Lorries and Tipper Trucks. All of which carry their own type of risk through their wide range of varied uses.
Take time to look at the risks in association of your vehicle and ensure you have correct cover. At the same time, you won’t need cover for things not associated with your vehicle. Vehicle transporter insurance is a lot more complex than a skip lorry for instance due to the value of the vehicles it will be carrying.