The world of HGV insurance has never exactly been the most exciting, and even though I’m aware that writing an article on what to look out for in haulage insurance is enough to send a good portion of my readers into a narcoleptic coma, I still believe it’s an important—and occasionally perplexing—topic worth covering. I’m hoping that this article will be helpful to those who are drowning in small print and clauses.
You might start by wondering why you require insurance. That is to say, the reason you need specific UK truck insurance is because it is obviously required by law for vehicles to have the most basic forms of coverage before they can legally drive on British roads. In times when some owner operators and haulage companies are struggling to make ends meet, extra coverage—like goods in transit lorry insurance—can seem like a lot of extra work to arrange and an unnecessary expense. However, it’s important to take into account the added security your customers will feel knowing their goods are properly protected. An unproven owner operator just starting out can benefit from an extra air of legitimacy provided by well-publicized UK lorry insurance. Of course, it’s not just about outward appearances; if your goods are damaged in transit and you don’t have insurance, you’ll either have to cover the costs yourself or face a protracted legal dispute with a potential client. Similar to this, some form of protection can make all the difference in bringing about a peaceful resolution if employees of a large haulage company suffer an accident and blame the owners.
So, let’s go over the various UK truck insurance options and the services they offer. You must decide if you can live without some of them; however, I will share my opinions along the way. Some are required, while others are optional…
The majority of people are aware that it is legally required for all vehicles to have insurance, and obviously this also applies to lorries. This is obviously a significant expense for new owner operators, so it actually makes sense to compare prices for various lorries before choosing which model to buy, allowing you to save on your vehicle’s haulage insurance.
Goods in Transit Truck Insurance
It’s worthwhile to spend a little extra money on “Goods in Transit” insurance as well. When loading up fragile valuables into the back of the truck, this will safeguard your cargo against loss and damage, which can truly give you peace of mind. Make sure the haulage insurance you choose will cover you for a high enough amount. If you need to file a claim for damage to items worth pound;20,000 but your goods in transit truck insurance only covers pound;10,000 worth of goods, you will be responsible for paying pound;50 of the damages!
If not, it is very simple to obtain this coverage from specialized UK lorry insurance dealers. Your primary insurance provider may cover this. Since it gives you a more credible appearance and gives people the peace of mind to take a chance on you in all your unproven glory, this is especially important for new owner operators to take into consideration.
Even though it might not be as crucial as the other two, this one is still important to take into account, particularly for inexperienced owner-operators with butter-slick fingers! For example, if you drop their entire shipment of pianos on someone’s foot, this portion of UK lorry insurance will protect you from claims from your clients. In essence, it serves as a better backup and provides you with additional legal support in the event of mishaps.
Continental Lorry Insurance
Do you spend any of your working hours delivering loads to customers on the continent? This question is either crucial or pointless, depending on how you conduct business. If so, you need continental haulage insurance; otherwise, you can save money and stick with a UK truck insurance policy.
These options range from necessary to optional, but each should be carefully considered because, regardless of whether you own a fleet of freight vehicles or are a modest owner operator, it really doesn’t pay to cut corners in order to save money in the short term. HGV insurance can really offer you some essential leeway should things go wrong. It’s important to keep in mind that discounts are frequently offered and can range widely if you’re looking to purchase lorry insurance for your entire fleet. Don’t be afraid to comparison shop!