HGV insurance is not the most exciting industry. I am aware that writing an article on haulage insurance will put a lot of people in a coma. However, I believe it’s a crucial, sometimes confusing issue worth addressing. I hope this article can be helpful to those who are struggling with the reams and details of HGV insurance clauses.
First, you might wonder why insurance is necessary. You may be asking why you need UK truck insurance. Because there is a legal requirement for basic vehicular coverage to be on British roads. Although extra coverage like goods-in-transit lorry insurance may seem like a lot of hassle, and an unnecessary expense in times where many owner operators and haulage businesses are trying to make ends meet financially, it’s worth considering how your customers will feel knowing that their goods are adequately protected. An unproven owner operator who is just starting out can benefit from well-publicized UK truck insurance. You must be able to prove your worth to the insurance company. If employees at a large haulage company are involved in an accident and try to blame their owners, protection can help you reach an amicable resolution.
Here’s a list of the different types of UK truck insurance available and their benefits. Some are compulsory while others can be canceled at any time. However, I have my own opinions that I will share with you.
Vehicle insurance
Every vehicle that is on the roads must have insurance. This is a legal requirement most people know about. Naturally, it also applies to lorries. Owner operators are likely to have to pay a lot of money for this. It is a good idea to compare prices for different lorries before making a decision on which one you want to buy. This will allow you to make fewer payments on your vehicle’s haulage coverage.
Insurance for trucks in transit
It’s worth paying extra for ‘Goods in Transit insurance’. This will protect your cargo and provide you with peace of mind while loading precious items into your truck. Be sure the haulage insurance you select will cover you to a high enough value – if you’re claiming for damage to items worth £20,000, and you only have goods in transit truck insurance for goods valued up to £10,000 then you’re going to be paying half the damages!
It’s possible that your main insurer will cover it, but if they don’t, you can easily get specialist UK lorry insurance. This is particularly important for new owners. It makes you appear more credible and gives people the confidence to take a chance with you in all your untested glory.
Public Liability
While this option may not be as essential as the others, it is worth considering, especially for new operators with butter fingers. This part of UK lorry insurance covers you for any incidents that involve your customers. For example, if they drop all their pianos on their feet. This insurance provides legal support in the event of an accident and more backup.
Continental Lorry Insurance
This is a crucial question that can either be essential or irrelevant depending on your business model. However, it is easy to answer: Do you ever transport loads overseas? You need continental haulage coverage if you answer yes. Otherwise, you can save your money and get UK truck insurance.
These options can be either essential or optional. But all must be carefully considered. HGV insurance can offer some crucial protection in the event of an accident, regardless of whether you are the owner operator of a fleet of freight vehicles. It’s important to remember that there are many discounts available for lorry insurance.