Tips on saving money on HGV insurance

One major expense for HGV fleet operators is the cost of insurance. The bare minimum insurance cover you must have in place for an HGV is third-party insurance. Third-party cover ensures that anyone who is injured or whose property is damaged as a result of the way in which your HGV is driven will be compensated for any losses they have suffered.

So, in these times of rising fuel and excise duty costs, how can you keep your HGV insurance premiums to a minimum, whilst staying on the right side of the law?

Use a specialist insurance broker

A specialist HGV insurance broker will be able to find you an insurance policy for your fleet that best suits the needs of your company. Using a broker can save you much time-consuming legwork too! HGV’s don’t need to be big either to apply for a HGV policy. If you have anything about 3.5 tonne, then you are fine. Most lorries will be covered with a 7.5 tonne lorry insurance.

Choose the right level of cover

Although the bare minimum requirement to remain within the law is third-party cover, this is not necessarily the cheapest option. In fact, it can often work out cheaper to opt for comprehensive insurance cover. This not only saves you money, it also buys you peace of mind that in the event of an accident or damage to your vehicle, your business will not suffer financially.

Also, taking out fleet cover may well work out cheaper than insuring each vehicle separately.


Any insurance policy for HGVs comes with a compulsory excess. The excess is the amount you must pay towards any claim, before receiving a pay-out. Insurers levy an excess in order to discourage minor claims.

You can often save money on your insurance premiums by agreeing to an additional voluntary excess amount.

Operators License

Having an operators license is essential to obtaining a lorry insurance quote. For more information, visit ‘Do I need a HGV operators license in the UK?’

Named drivers

If possible, use a regular team of drivers, rather than occasional staff. If you are able to include “named drivers” on your insurance policy, you may be able to keep the premium down, especially if you have drivers aged under 25 on your books.

However, it’s clearly important that everyone included in the policy has a clean driving license and a blemish-free motoring history, otherwise, the premium may be increased to take this into account!

In conclusion

HGV insurance will form a large part of your business’ outgoings, so it’s well-worth trying to save money where possible. It’s often better to discuss your HGV fleet insurance requirements with a specialist broker than to try to source the best deal yourself.