As with any kind of vehicle insurance, choosing the one most suitable for you is likely to involve lots of considerations about your needs and circumstances. When making your choice of lorry/truck/prime mover insurance, the following may help you select the most appropriate cover.
The valuation
Estimating as accurately as possible the value of the vehicle is important. If you underestimate it the resulting shortfall in the insured cover may leave you with difficulties in replacing it. And if you overestimate the value you may end up paying over the odds in premiums.
The level of cover
Your choice of third party only, third party fire and theft, or comprehensive cover will affect the price you need to pay. Be aware, however, that the lowest price insurance does not always make for the best level of cover or a policy that is appropriate to your needs.
Vehicle use purpose
What you use your truck for and the goods you carry are factors which insurers will take into account, so be as specific as possible when providing this information. Insurers are also likely to consider any additional tests required if you carry hazardous or dangerous goods.
Person behind the wheel
If you employ a regular team of drivers, it may be worth naming each of them on a named driver only basis when arranging your insurance, since this is likely to reduce the cost of your premiums.
Driver history
Insurance providers will consider your driving history and that of any named drivers. This includes previous motoring convictions and your past insurance claims history.
No claims bonuses
As with private car insurance, no claims bonuses on your Heavy Good Vehicle insurance may considerably reduce the cost of premiums, so consider protecting it.
Excesses claimed
Your truck/lorry/prime mover insurance is likely to come with a compulsory excess – the first part of any claim for which you remain financially liable. You can further share the risks with your insurer, by accepting a greater amount of voluntary excess to reduce the cost of premiums. However, it is important to balance any savings against your liability for paying what might be a significant sum in excess in the event of a claim.
