Published on April 13th, 2016 | by Ian0
Save Money on Your HGV Insurance
While you might look into taking HGV insurance out on the high street or by comparing online, there may typically be an easier and perhaps cheaper way. This is by taking out a policy through a specialist HGV insurance broker who knows the insurance inside out. There are many benefits to doing so, including getting a tailored policy for your companies HGVs and enjoying insurance with competitive premiums.
Insurance is something that has to be taken out legally. So while there is no getting around the fact that it is an expense that cannot be avoided, there are ways that you may be able to save money on the cost of a policy.
Choosing a policy
There is the basic insurance needed to drive legally on the roads and then there are add-ons that you may wish to consider. At the very least you are going to need third party insurance to drive an HGV legally on the road. Add on insurance may include such as:
- public liability insurance;
- employers’ liability insurance (this is typically a legal obligation);
- goods in transit;
- legal fee insurance;
- European insurance.
More than likely the third party basic insurance isn’t going to provide everything you need as a business owner, so you may want to consider comprehensive insurance. While this is going to be more expensive than third party or third party fire and theft, in the long run it may be worthwhile, as it offers more protection for your HGV.
So how might you be able to keep the cost of HGV insurance down?
There are many ways to save on the cost of insurance, while at the same time ensuring you get cover that your company needs, and these include:
- taking your insurance from a specialist HGV insurance broker. They are typically able to offer a policy tailored to the needs of your company as they have expertise in the area. A broker may lead to you getting a policy that meets the requirements of your specific company, whilst at the same time being competitively priced;
- you may be able to make savings with a broker who offers discounts when you first take out your insurance;
- get a tailored policy with a specialist broker that generally includes all the protection that your company needs. You will not be offered a “one fits all policy” as you may get on the high street, and pay for cover you do not need or get a policy that lacks protection that you do need. This generally means you only pay for cover actually needed;
- you may be able to save money with no claims discounts with a specialist insurance broker;
- if you use regular drivers for your company, with clean driving records, and you name them on the policy you may get a discount;
- depending on how many HGVs you own, you may be able to keep down the costs of insurance if you arrange a fleet policy. This means all of your vehicles are protected under the same insurance policy and you don’t have to take out cover for each one separately;
- there is a certain amount of excess that the insurance company asks you to pay if you make a successful claim. While insurance companies have a minimum compulsory amount of excess you need to pay, you can opt to pay an additional voluntary excess on top. As you are taking on more of the risk associated with the cover, you may typically pay less for your policy. Of course you do have to remember when setting the amount of excess that you do have to find this sum of money if a claim is made;
- you may choose to pay out for your insurance annually and this may help you to save money when compared to paying for it monthly;
- adding on security devices, such as a dashboard camera may help you to reduce premiums.
The above are just some of the many ways that you may be able to make savings on your HGV insurance, whilst at the same time getting a policy that has been tailored for your needs and one that is affordable to you. Bear in mind that while saving money may be important, just as important is having adequate protection.