Truck Insurance Comparison FAQs

How Much Is Commercial Lorry Insurance For Haulage Use?




How Much Is Commercial Lorry Insurance For Haulage Use?

Commercial lorry insurance for hauliers is a unique package of policies that provides cover for daily business activities. Policy particulars such as cover for goods - spoilage of perishables, tools / equipment - theft and accidental damage.  Underwriters spend an enormous amount of time investigating every motor trade business process to ensure their company can provide low cost exacting cover in every situation right down to the last penny. To ensure that theirs and your risk is covered adequately via those collective monthly premiums. Truck insurance can be a bit of a maze, especially to a new start up motor trader. To learn more and get a greater understanding of how to start haulage company cheaply see our page. Take a few short journeys with multiple stops as a haulier and you are no longer classed as solely working under a haulage policy but possibly in need of cover under a clause known as 'Carriage of goods for hire or reward.' The difference being, as a haulier running HGVs with specialist HGV insurance  it is expected that young drivers and owner driven trucks work the long haul trips. Less stops, less accidents, simple a to b but with its own risks.

On the other hand, when transporting multiple goods to multiple destinations between London and Birmingham for instance on one departure the risk is presumed and calculated as greater. This is more a task of a courier even if you're dropping off heavy palleted goods and visiting multiple warehouse depots. If the goods are not your own and the pick up point and drop off are not your own business premises and the goods are not your company's either, there is even more reason to have the Carriage of goods for hire or reward clause included.

What Does This Mean For The Cost Of Commercial Lorry Insurance For Haulage Use?

It is further complicated if the goods you transport are in fact your own, although less so in regards to some aspects to all HGV or Heavy Goods Vehicles  Should you be in the haulage business and do long haul as well as courier transportation, transport other company's goods as well as your own, then a 'Carriage of own goods' clause needs writing in. On top of these three main coverage inclusions there's 'Goods in Transit' insurance too. This will insure against accidental damage and theft of own company equipment and tools, as well as any perishable fresh produce, electricals or fine art that has been listed for regular cover as valuable assets on the move. While each of these policies can be completely different, commercial lorry insurance for haulage can be tailored to each individual motor trade business. So while you may have read that you need to have either or one of the following principle clauses this is not entirely true. Commercial lorry drivers salaries are changing and going up as well as insurance.   A haulage company can offer both courier services and long haul and in the same document. In fact it usually tends to be cheaper and with discount, to draft one insurance document and offer a singular coverage, rather than split insurance policies across different risk. Unless of course it is one off transportation of very valuable goods such as fine art, jewellery or rare antiques.

The average truck insurance quote for hauliers in the UK is between £1500 to £3000 however each operation and set up can be world's apart from another. Which is why you need a specialist motor trade insurance broker to help you navigate the terms and conditions of  a policy. There is little point paying for a policy clause that is not required and then not paying for one that it is. In this industry such a mistake can cost thousands of pounds. A description of which each goods clause entails follows; you class yourself as a haulier, the dominant terms and conditions will surround the area of long haul haulage operations; Cover for Ireland, UK wide and European mainland, plus Russia, Asia, Africa, the Middle East if required.  Particulars tend to stick to the idea of one thorough journey with one destination. HGV s and trucks are changing and some will not require a diver and will self driveand in theory they should not crash as much so the should be cheaper to run.

Two other clauses may be built inside a policy, Carriage of own goods and Carriage of goods for hire or reward. The former deals with the fact you store your own goods and then transport them. This will encompass an all business worth on your own goods being damaged, stolen or lost. The latter is for couriers and transporters in the motor trade industry who carry other company's stock and cargo. For a better and broader knowledge of this lorry insurance product see our home page about HGV trucks.This may include lateness insurance such as cover against perishable goods going rotten. All of this is classed as Goods in transit but such a mention would then include your own tools and equipment, should your business be involved in such undertakings. You may recover your own vehicles perhaps or your company delivers high end building materials and machinery but also uses these as a third party service. New technology with electric vehicles will alter the insurance prices in the long term.

How Much Is Commercial Lorry Insurance For Haulage Use In Respect Of Haulage Fleet Insurance?

A question often asked is, "How many vehicles do I need to own to have motor trade insurance cover on a fleet?" Haulage fleet insurance is available for commercial lorries and tends to be available for companies that have two or more vehicles. Some policies can start from five. Businesses choose this type of cover not only because it can work out cheaper to have a fleet insurance that covers the policy of haulage and goods in transit but it is easier to manage monthly payments, add and remove trucks,  tipper lorry drivers and generally follow up claims more easily. The cost of commercial lorry insurance for haulage when covering a fleet will be cheaper than individually insuring, however any underwriter will still take into account the combined details of a motor trade business when offering insurance cover.

 

Truck Facts


Truck Fleet Insurance Comparison

Call NOW : 0800 1217401


How do I get cheap HGV insurance?

Running a fleet of HGV vehicles? Do you want to find a lower insurance premium? If you are running a fleet of HGV vehicles then it’s very important to look at all costs across the board. With recent HGV driver shortages, it is likely that you will be looking to get a newly passed HGV driver under 25 to drive for your company. Alternatively, you might take an older driver who would be either over 70 or maybe 80 years old. In these situations, you may also find inexperienced drivers, newly passed drivers or drivers with points on their licence. This can make getting affordable lorry insurance harder. READ MORE

How do I get cheap HGV insurance for older drivers?

In the current haulage insurance market, it has become increasingly difficult to source good quality HGV drivers. A lot of the younger generation are veering away from the haulage industry to more modern careers. There are also significant costs for the individual driver to gain either a class 1 or 2 licence. Therefore, an advantage of employing older, more experienced drivers is that it can reduce your costs and reduce claims saving you money. If you are a new start haulage operator and a member of the Road Haulage Association you will have no doubt be informed of the Brexit changes. This may mean that more containers are moved on heavy goods vehicles, usually articulated tractor units, from the ports to the end destination. READ MORE

What are the different types of insurance for HGVs with young drivers?

Newly passed drivers arriving into the haulage industry will have undergone significant driving to pass and attain their Class 2 or 1 licence. The term HVG or heavy goods vehicle relate to vehicles governed by Vosa from 4.5 tonne to 44 tonnes trucks. Nearly all businesses rely on road haulage in some way or another. The benefits of finding cheap insurance for HGVs means that the small business will be more competitive with lower costs that other haulage operators whether you are running a truck in Manchester, Birmingham, London or elsewhere. Younger drivers with little or no experience present an issue to insurers as they may have a high risk rather than a lower risk. READ MORE

What effects will Brexit have on lorry fleet insurance?

Brexit comes with a great deal of uncertainty within the haulage business having a knock on effect on the price of lorry fleet insurance for HGVs [heavy goods vehicles]. If you are operating within the UK, for example, Manchester, Birmingham or London, although you may still be affected by Brexit, haulage and fleet operators travelling to and from the EU will be the ones most affected by the upcoming changes. There will inevitably be changes in the way haulage providers operate and the costs involved in their operation, such as insurance prices. READ MORE

How do I find the cheapest truck insurance price available?

Research is the key to finding affordable truck insurance. As with purchasing any type of insurance, it is vital to shop around and get multiple quotes from several different brokers. Many truck insurance providers can be found online and it may be possible to get a more competitive quote if you approach several companies. This will ensure you have found the cheapest truck insurance price available. READ MORE

Can I get a driver lorry fleet insurance policy if a driver has convictions?

Fleet insurance is a type of insurance which will cover several vehicles, two or more, all under one policy. This proves beneficial for businesses such as haulage and couriers with many vehicles. This coverage is flexible as to who is covered. Policies range from named drivers for specific vehicles to any driver driving any vehicle. A factor will affect the affordability of your insurance is if the driver has an convictions or endorsements on their license. It is possible to qualify for a driver lorry fleet insurance policy even if a driver has convictions. READ MORE

How will driverless trucks affect HGV Fleet insurance prices?

The government has made large and several investments into the research and development of automated vehicles. This is due to their belief that automated vehicles have the potential to make road transport safer and more efficient for all. Yet, with HGV vehicles, qualified drivers will still need to be present in the vehicle until a method of safe driverless long-haul routes is implemented therefore the human element is still vital in the operation of driverless HGV trucks. READ MORE

Do I have to have a goods in transit policy with my lorry insurance?

New haulage operators will ask questions like: ‘Why have goods in transit insurance?’ ‘Where can I get these policies?’ ‘Who will provide the best GIT quote?’ ‘Does having inexperienced, newly passed drivers or HGV drivers over 75 make a difference?’ ‘If the gross vehicle weight is high, will the price compare to smaller vehicles?’ They might also ask, ‘How can I reduce the cost and find a discount broker who can explain all the advantages and disadvantages of policies for heavy goods vehicles?’ READ MORE