What is HGV Fleet Insurance?
HGV fleet insurance is a type of insurance designed to cover multiple HGVs (heavy goods vehicles) that are owned or operated by a business. It provides cover for the vehicles and their drivers in the event of accidents, theft or other incidents that could result in financial loss.
HGV fleet policies are typically more cost-effective than insuring each HGV separately as it allows a business to insure all of its lorries under a single policy. This can simplify the insurance process as there is only one policy to manage. It can also provide a range of benefits such as reduced administrative costs and improved risk management.
How our process works
We’ve worked hard to refine our process and keep it as quick, easy and simple as possible for our customers.
What Type Of Vehicles Are Covered By HGV Fleet Insurance?
HGV fleet insurance is designed to cover fleets of heavy goods vehicles (HGVs) that are used for commercial purposes. The specific types of vehicles that can be covered by HGV fleet insurance may vary depending on the insurance provider and the policy in question, but in general, HGV fleet insurance can cover a wide range of vehicles, including:
- Lorries and trucks of different sizes, such as rigid lorries, artic lorries, and tipper trucks
- Trailers that are towed by HGVs, including refrigerated trailers and flatbed trailers
- Vans and other light commercial vehicles that are used for delivery or transport purposes
- Buses and coaches that are used for transporting goods or passengers
- Specialised vehicles, such as tankers, cranes, and construction vehicles
In some cases, HGV fleet insurance policies may also cover any goods or cargo that are being transported. The specific level of cover provided by HGV fleet insurance can vary depending on the needs of the business and the policy in question.
How Many HGVs Do I Need For Fleet Insurance?
The minimum number of HGVs required to qualify for HGV fleet insurance can vary between insurance providers. However, as a general rule, most providers require a minimum of three HGVs to be insured under a single policy in order to qualify for fleet insurance.
That being said, some insurance providers may be willing to provide fleet insurance for a smaller number of HGVs in combination with other insurance packages.
Some insurance providers may also offer specialised fleet insurance policies for businesses that operate combinations of HGVs, vans and other vehicles where the total number of vehicles meets policy requirements.
If you are unsure whether your business qualifies for HGV fleet insurance or if you have any other questions about HGV insurance, it is best to speak to an HGV insurance broker. They can provide you with more information about the specific requirements for fleet insurance and help you find a policy that meets the needs of your business.
How Much Does HGV Fleet Insurance Cost?
In general, the cost of HGV fleet insurance will be a significant expense for a business, as HGVs are large and powerful vehicles that can cause significant damage in the event of an accident. The aim of this insurance is to protect against any potentially devastating costs should an event like this occur.
Vehicle insurance is also a legal requirement on UK roads so fleet cover can sometimes be a more cost-effective option where a business owns and operates multiple vehicles.
By insuring a fleet of HGVs under a single policy, businesses can often benefit from reduced premiums compared to insuring each vehicle separately.
What Factors Affect The Cost Of HGV Fleet Insurance?
The cost of HGV fleet insurance can be influenced by a range of factors, including:
- Age of vehicles: Older HGVs may be more expensive to insure as they’re usually more prone to breakdowns and other issues.
- Type of vehicles: Different types of HGV may have different insurance costs depending on their size and weight.
- Drivers: The experience, age and driving history of the drivers operating the trucks can all impact premiums. Drivers with a history of accidents or driving convictions may be more expensive to insure.
- Cover level: The level of cover required can also impact insurance costs. Greater levels of insurance may be more expensive but can provide more protection in the event of an accident.
- Security measures: The security measures in place to protect HGV‘s and their cargo can also impact insurance costs. Vehicles that are fitted with security features such as immobilisers, GPS tracking and alarms may be cheaper to insure.
- Location: The location of a haulage firm can also impact insurance costs as some areas may be seen as higher-risk for accidents or theft.
- Type of business: The type of business that is operating the lorries can also impact insurance costs. For example, a business that transports hazardous materials may face higher insurance costs than a business that transports non-hazardous goods.
Brokers who specialise in insuring HGV fleets will take all of these factors into account when calculating premiums. They will also identify ways that you can potentially save money as well.
