HGV Insurance, or heavy goods vehicle as the name suggests, is insurance for a heavy goods vehicle such as a truck or lorry. At the time of an accident or a mishap, the insurance company has to bear the costs of the damages caused to the vehicle and goods, and injuries sustained by the truck driver. But the extent of the coverage depends on the type of HGV Insurance taken up by the Owner of the HGV.
Heavy goods vehicles are basically involved in the transportation of commodities on a commercial basis. HGVs are found in abundance on the road, with the competition between the companies getting tougher.
The probability of a HGV being involved in a road accident is very high, as a HGV is driven everyday – even on foggy and rainy days – for transportation purposes. When a HGV is involved in a road accident, losses occurred in terms of the goods in transit, as well as for the damages of the vehicle, can be very hard on the business.
One accident may affect the company, both financially as well as commercially. As it may lead to serious implications, HGV insurance is a must for the HGV owner in order to keep it safe for the client and the company. In HGV insurance, the company pays a certain premium for insurance, may it be single vehicle insurance or fleet insurance. The premium is decided on a few factors, such as the age and experience of the driver, type of the goods in transit and the place of transportation.
In a recent survey, it was found that companies are benefited by 25 to 35 percent after purchasing HGV insurance, in comparison to the companies who just registered for third party vehicle insurance.
HGV Insurances may end up being very expensive and confusing, so the owner of the HGV should analyse the extent of coverage required for the vehicle.
As the premium of the policy increases with the above mentioned factors, one should be clear in their mind concerning the features that are offered with the policy, as many times it has been seen that owners take out HGV Insurance with extra features that are actually not required. Initially, the premium of the HGV insurance may look very expensive to the owner, but gradually when the insurance comes into play it relieves the business of many types of financial crises.
Having HGV Insurance really helps the business, as the clients also feel safe when one has insurance for goods in transit as part of their HGV Insurance.
It is always recommended that one should visit a few insurance companies before purchasing the best HGV Insurance, as with the tough competition, every company provides different features with their insurance policy. One should always try to get the HGV insurance policy that best suits the interest of their business, using the expert advice from executives of the insurance companies. One may even obtain a quote for HGV insurance over the internet.
By James Clapton