HGV Fleet Insurance

What Is HGV Fleet Insurance?

HGV fleet insurance, also known as truck fleet insurance, is a specialist form of cover designed to meet the needs of HGV owners with two or more lorries to insure.   A typical policy gives owners of multiple heavy goods vehicles the cover they need to drive their trucks on the road and affords them a range of helpful options, such as truck breakdown insurance and goods in transit insurance. 

What Types Of Truck Fleet Insurance Are There?

As with car insurance, there are three main types of HGV fleet cover:

• • Third-party – the minimum legal requirement; this will ensure that you are covered should you damage someone else’s vehicle if the accident is your fault
  • Third-party, fire, and theft – this will ensure that you are covered should you damage someone else’s vehicle if the accident is your fault or if a truck is accidentally destroyed by fire or stolen
  • Fully comprehensive – provides the same cover as third-party, fire, and theft but offers the added protection that if an incident is your fault, then repairs to your vehicle will be covered

In addition to the above, the following options are available:

• • Public liability – if one of your drivers accidentally injures a member of the public or damages someone’s property, they can bring legal action against you for compensation.  Public liability insurance of between £1m and £10m can protect you from any financial losses should this happen.   This is a handy policy element for operators who have a lot of vehicles on the road at any one time
  • Goods in transit – goods in transit insurance protects cargo while moving.  So, if it is lost, stolen, or damaged while in your possession, it will be insured.  Coversure can offer goods in transit policies that cover owned goods and goods being moved for payment and can even cover cargo while stored with you
  • European cover – many haulage companies and HGV drivers still do European runs. European cover will insure your trucks whether they’re at home or abroad
  • Loss of licence – if you were to lose your licence for a period, loss of licence cover would compensate you for an agreed period
  • Legal protection – should someone make a compensation claim against you or your company, legal fee cover will provide funds for you to defend your case
  • Breakdown recovery – given that your vehicles are your livelihood and the potentially high cost of recovery in the event of one of them breaking down, this is a wise policy option

How Much Does HGV Fleet Insurance Cost?

The cost of your truck fleet insurance policy will depend on factors such as:

• • The number of vehicles you want to insure
  • The value of your vehicles
  • The turnover of your business
  • The nature of your business and the projects you do – European runs may push your premiums up
  • The type of work you are doing and the value of your loads
  • The size of the clients you work with
  • Your claims history
  • The age and condition of your trucks
  • The age of your drivers
  • Whether you choose a named or any-driver policy – an any-driver policy is convenient but may push your premiums up

HGV Fleet Insurance FAQ

This is one of the more complex motor insurance cover areas, so to help you get the protection you need, here is our truck fleet insurance frequently asked questions.  We hope they will help, but if you’d like some independent advice, please call us on 0115 930 3030, and the team will be happy to help.