There are a number of ways which may help reduce the cost of HGV insurance.
1. No Claims History: the more years proven no claims history you have the great the percentage of discounts will be offered by the insurance companies. Whether you are an owner operator or have a number of vehicles no claims discounts can be offered. Those who are beginning new business ventures and do not have a no claims history accumulated by still be offered discounts in the first year. Driver ages will also be taken into consideration by the insurance companies, most have both lower and upper age limits on the 'named' or 'any driver' policies
2. Asking to have the excess increased can help to lower insurance. Some insurance HGV companies offer a buy back policy may be worth considering or enquiring about.
3. Drivers: Insurance policies which cover 'any driver' are more expensive due to the associated risks. Having named drivers on the policy enables the insurance companies to offer discounts on the premiums. The most cost saving way is to have a single driver policy; however this is not always a viable option for those with a large numbers of vehicles. Owner/operators would benefit from having a single driver policy. Flexible policies which enable you to add and remove drivers to the policy may also be an effective way to lower the premiums. This option is not offered by all insurance companies, quotations for amendments can be made over the phone to provide instant cover if needed.
4. Driver training: HGV insurance companies look favourably on HGV businesses and drivers who under take regular driving training and will sometimes offer discounts for having an on-going driver training scheme. Having drivers who have refresher driving training are at a lower risk from having or causing an accident. Driving training can also save on overall running costs with savings on fuel, tyres and engine parts.
5. Security: HGVs which have alarm systems, immobilisers and tracking devices are also favoured by the insurance companies as they reduce the risk of theft considerably. Tracking devices are a requirement under the terms and conditions of many HGV insurance policies. Keeping HGVs in a secure compound, particularly if it has CCTV cameras installed, is another positive step to help reduce the risks of theft or vandalism. Drivers who are stopping overnight can try and ensure that the back doors are close to a wall or another vehicle to further help reduce risks of theft of goods being carried.
Insurance companies and brokers who have expertise in HGV insurance will offer many different optional extras to help you manage your budget effectively.
Fully comprehensive insurance cover often has many inclusive extras. These vary between the insurance companies and can include:
1. Legal expense cover.
2. Emergency breakdown cover
3. Windscreen and glass cover.
HGV insurance companies will also provide quotations for overseas driving as well as offering payment by instalments to help spread the costs and price match guarantees. All of these will be subject to the terms and conditions of the policy.
Author Resource:-
Staveley Head are a leading UK insurance broker for hgv insurance
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