How much do HGV policies cost?

Like all insurances, the cost of your HGV Insurance can differ greatly depending on several aspects.

Assuming you have a valid operators licence (required to operate any truck for any commercial use) you can then move on to working out how much you lorry insurance may cost.

Breakdown your Insurance Requirements

Before contacting us, have a think about breaking down your policy and what you need to insure both vehicle and use wise.

What is the value of your Truck?

A relatively obvious one but work out the value of your truck. In the event your HGV is written off, how much would it be worth if selling. Remember not to under value your truck as in the event of a write off, the insurance company won’t pay out it’s true value and could potentially leave you short changed in your ability to buy a new one. If your HGV is worth £30,000, then make sure you declare £30,000 and not £25,000.

Age of your Vehicle

The age of your vehicle will have a bearing on the cost of your insurance. A newer truck will cost less than an older one. By investing in a HGV of a much younger age, costs associated with breaking down and repairing and retrieval are considerably reduce. A breakdown whilst in Europe can be extremely expensive.

What will you carry using your HGV?

Understanding the goods you carry is crucial to operating safely and protecting your clients cargo. If you carry bulk materials such as gravel, this will be relatively cheaper to insure the carrying of in comparison to something like high value goods or oil for instance. Work out exactly what it is you are likely to transport day to day.

Where will you be transporting goods?

Take time to think about where you are likely to travel. If you are only going to be carrying bulk materials, it is likely you will only be transporting within the UK. If you are transporting food, it is very likely that you will be travelling across Europe as well. UK only or UK and Europe will cost different amounts due to the risk associated with the locations.

Once you have collected and thought about all this, give us a call or apply online and we will be happy to help!