If you are looking for just two compelling reasons to compare HGV insurance when your cover is next up for renewal these are likely to be:
- ensuring that the cover you arrange is the most suitable for providing the protection your vehicles and your haulage business needs; and
- that the price you are representing represents a competitive market rate – in other words, that you are getting what you consider to be good value for money.
Using a specialist broker
- clear and simple as those two reasons might be, actually doing the research, establishing just what you need and then identifying the insurers able to deliver your particular needs and requirements might be a completely different matter;
- that is where a specialist broker – such as us here at Isis Insurance – may be able to provide just the edge and know-how you need;
- for further discussion about the particular skills and benefits a specialist broker may bring to your insurance comparisons, you might want to visit the website of the British Insurance Brokers’ Association (BIBA);
Valuing your vehicle or vehicles
- whether you choose to go it alone or invite a specialist broker on board to make life easier for you, estimating the current value of your vehicle or vehicles is an important factor in comparing your insurance options and deciding the cover you need;
Level of cover
- the value of the vehicle, for example, might be critical in determining whether you need only third party or third part, fire and theft cover (if it is a relatively low value) or whether the investment in a key piece of your business equipment deserves fully comprehensive cover;
- as with any type of motor insurance you might want to compare the policies on offer after considering what effect there may be in your agreeing to a higher excess in return for a reduction in the price of the premiums – by accepting a higher excess after all you are sharing a greater proportion of the risk;
- different insurers might also have different policies with respect to those who are going to be driving your lorry or lorries – by naming the individuals, you may well find that premiums are considerably cheaper than cover for any driver;
- when comparing various HGV insurance quotations, you might also want to consider the amount – if any – of public liability cover included as a standard feature;
- this element of cover helps protect you and your business against claims by members of the public, including your customers, who may be injured or suffer damage to their property in some way connected with your haulage business;
- such claims may involve considerable sums in compensation – certainly enough to put the very future of your business at risk – so cover typically starts at up to £1 million;
Employers’ liability insurance
- if you employ other people – whether as drivers or as administrative or support staff – you probably have little choice but to hold the legally required minimum of £5 million cover;
- when comparing HGV insurance quotes you may find it unlikely that they employers’ liability indemnity as standard so make sure you do have this compulsory cover;
- last but not least in any comparative exercise of course is the price you pay in premiums;
- it is by no means the case that the cheapest is going to be the most appropriate cover, since individual operator’s needs and requirements may vary quite widely and what you are more likely to be after is simply good value for money.
It may be apparent, therefore, that comparing the insurance options for your lorry or fleet of lorries might involve a wide range of independent variables – variables on which you might benefit from the expert, specialist advice of an insurance broker.