HGV Insurance, also called Heavy Goods Vehicle (or Haulage) Insurance, is not a frequently used term and needs proper understanding.
Though the concept sounds simple, it contains a lot of unexplained clauses and hidden policies, and the insured may not realise this at the time of applying.
A person going to buy HGV Insurance must learn what they are required to do and what the benefits of the policy are.
Why does one need a HGV Policy? The prominent reason an insurance policy is required for every vehicle running on the road is per the legal policies of the state.
But there are other important reasons as well: *It provides a sense of security and defence against unforeseen losses on account of damage to the vehicle, as well as the goods that the vehicle is carrying.
Thus even the customer feels secured, and not just the owner of the truck.
*Legal hassles can be much simpler if you have insurance.
How expensive is it? The premium amount of an insurance policy depends on the value of the vehicle and the risks it undertakes, which in a HGV's case are both very high.
The cost of insurance of HGVs tends to be on these accounts and operators feel this poses an extra burden on them.
But there are certain insurers who now sell HGV designed policies.
In such policies, the premium can be paid yearly or even monthly.
A full coverage can be expensive, but a HGV insurance package might be reasonable.
How to find the right policy? A general policy can be no use for a HGV, because a specific issue needs to be addressed when you're talking of a Heavy vehicle.
The purpose changes altogether.
To begin with, the operator should find a HGV Insurance package.
Since the volume of both goods and rounds that the HGVs do is particularly high, insurance is needed which runs 24/7 and covers every trip they make.
Generally, the insurance companies give discount as an introductory package to new customers, which can up to 60% of the original amount.
The owner/operator should try to learn complete knowledge of general trade tariffs and protocol so that he does not ends up paying for an already expensive insurance.
Usually, the premium amount should vary according to the extent of coverage the operator wishes to get.
What is a good policy? A good HGV insurance policy should cover following areas: *Goods in transit coverage *Public liability coverage *Employer's liability coverage *The Insurance provider must be easily reachable and have business contacts widely over the country.
Is cheap HGV insurance good? A HGV insurance policy is inevitable; even though it's cheap, it can work for the operator and the customers.
It provides safety for the contents as well drivers in case of theft, accident or damage.
While a second hand vehicle and an unqualified driver might cut down on costs of running, it will certainly raise the HGV charges and make the effect even.
Though the concept sounds simple, it contains a lot of unexplained clauses and hidden policies, and the insured may not realise this at the time of applying.
A person going to buy HGV Insurance must learn what they are required to do and what the benefits of the policy are.
Why does one need a HGV Policy? The prominent reason an insurance policy is required for every vehicle running on the road is per the legal policies of the state.
But there are other important reasons as well: *It provides a sense of security and defence against unforeseen losses on account of damage to the vehicle, as well as the goods that the vehicle is carrying.
Thus even the customer feels secured, and not just the owner of the truck.
*Legal hassles can be much simpler if you have insurance.
How expensive is it? The premium amount of an insurance policy depends on the value of the vehicle and the risks it undertakes, which in a HGV's case are both very high.
The cost of insurance of HGVs tends to be on these accounts and operators feel this poses an extra burden on them.
But there are certain insurers who now sell HGV designed policies.
In such policies, the premium can be paid yearly or even monthly.
A full coverage can be expensive, but a HGV insurance package might be reasonable.
How to find the right policy? A general policy can be no use for a HGV, because a specific issue needs to be addressed when you're talking of a Heavy vehicle.
The purpose changes altogether.
To begin with, the operator should find a HGV Insurance package.
Since the volume of both goods and rounds that the HGVs do is particularly high, insurance is needed which runs 24/7 and covers every trip they make.
Generally, the insurance companies give discount as an introductory package to new customers, which can up to 60% of the original amount.
The owner/operator should try to learn complete knowledge of general trade tariffs and protocol so that he does not ends up paying for an already expensive insurance.
Usually, the premium amount should vary according to the extent of coverage the operator wishes to get.
What is a good policy? A good HGV insurance policy should cover following areas: *Goods in transit coverage *Public liability coverage *Employer's liability coverage *The Insurance provider must be easily reachable and have business contacts widely over the country.
Is cheap HGV insurance good? A HGV insurance policy is inevitable; even though it's cheap, it can work for the operator and the customers.
It provides safety for the contents as well drivers in case of theft, accident or damage.
While a second hand vehicle and an unqualified driver might cut down on costs of running, it will certainly raise the HGV charges and make the effect even.