Among the many costs of running a company involving HGVs is insuring the vehicles. Depending on how many lorries you own, insurance may add up to a tidy sum of money each year. However, there is no getting away from the fact that insurance is essential for legal reasons and financial peace of mind.
There are however many ways that you may be able to influence the cost of your HGV driver insurance. Read on for our seven top tips ….
Tip 1: Safety measures to reduce insurance premiums
A part of the insurance policy for HGVs concerns theft of the vehicle. Therefore the more you do to ensure your vehicle is harder to steal, the cheaper the premiums on the insurance may be. For instance you might:
Tip 2: Reliable drivers with experience and no claims
You may be able to save money on the cost of insuring your HGVs if you employ a regular set of drivers. With this in mind you can take out a named driver’s policy and of course if the drivers you employ have no claims bonus and they are careful and reliable, this is going to go a long way to hopefully keeping the insurance down.
Tip 3: Choose the level of insurance wisely
There are different levels of HGV driver insurance to take out. The least amount is third party, and then there is third party fire and theft and finally comprehensive insurance. Choosing a level of insurance adequate for your needs may help to save money, but ensure that you do have adequate insurance for your needs. Bear in mind that:
Tip 4: Only deliver locally? You may save money
If you use your HGVs just locally to deliver goods you may be able to save money compared to a company who travels extensively or goes into Europe. This is called limited mileage and insurance brokers may offer discounts if you state a limited amount of mileage per year and don’t exceed it.
Tip 5: Consider paying voluntary excess
The excess is the sum of money that is paid by you in the event of making a claim on the insurance policy. Premiums may be saved as you share a larger risk by offering to pay more than the minimum amount of excess if a claim is made. Of course if a claim is made this sum of money comes from your pocket, so be sure that you understand this before agreeing to pay a larger sum.
Tip 6: Look for insurance for your HGV with a specialist broker
A specialist HGV insurance broker generally not only saves you time and stress, but also money on your insurance for your HGV. This is due to the fact that:
Tip 7: How many trucks do you need to insure?
If you use two or more trucks in your business you may be able to save money on your HGV driver insurance by taking out a fleet insurance policy to cover all trucks in the same policy. This is instead of taking out insurance separately.
Hopefully these top 7 tips will help you save money on the cost of your HGV insurance.