Truck Insurance Comparison FAQs

Is It More Expensive To Insure A Lorry For Own Goods Or Hire And Reward?

Is It More Expensive To Insure A Lorry For Own Goods Or Hire And Reward?

HGV Insurance is complicated we agree but you need not worry whether Hire and Reward insurance is more expensive than Carriage of own goods insurance. Firstly, what is hire and reward insurance? It's for businesses that transport other company's goods, equipment and products and are paid to do so. Own goods cover naturally only pertains to your own products, packages and equipment. Basic cover in both will offer; all road risks, accidental damage, break ins, theft and injuries to personnel, bystanders or other drivers. As well as a comprehensive list of how goods might get damaged and what sort of recompense might be proffered. Let's look at each category but remember, you gain the advantages of both sets of cover if you undertake both long haul and acting as a local courier service, no doubt with a discount.

Carriage Of Own Goods:

Goods have a variety of different specifications in this instance. In the future the lorries may drive themselves. What matters is whatever they are, they inherently belong to you. If your employment is as a plumber, this could cover your tools and equipment as well as any supplies needed for those jobs being carried out, such as pipes. If you are a Confectioner or Florist, this might cover flowers and chocolates being delivered in your own van.

Carriage Of Goods For Hire Or Reward

A courier clause is described as one long journey that sees a truck or van make multiple stops frequently over the driving day. You require general Courier insurance if you are receiving payment for transporting another person's or company's goods. The policy generally covers localised deliveries. So called Hire and Reward. This is what most HGVs do.


For lorry drivers this will be the main insurance policy to take. Hauliers tend to transport goods, either belonging to their company or another business, a long distance. With usually one end stop, however you could still run a haulage business that has two or three depot drop offs on a particular route. A broker would know how to mix in a haulage policy with Goods in transit and extra cover for hire and reward. This clause would also provide for travel and cover across Europe and UK wide.

Goods In Transit

This policy generally wraps up all of the above into one tidy set of paragraphs and lists information on what you can and cannot carry and which instances you can claim against.  To fully understand the difference  between these types of cover on HGV s or LGV s then read on .Such as perishable goods not delivered on time. Mostly prohibits hauling expensive valuables such as fine art unless declared and monthly premiums adjusted for the fact temporarily. There is no way of ascertaining which insurance clause is actually cheaper, whether hire or reward or haulage, as it will be based on the value of your commercial lorry, driver histories, condition of vehicle and its history, its make and a variety of other clauses. It is important to get the correct cover at the time. There are a few ways of looking at the expense of insurance particularly for older or younger drivers. In comparison to other insurance brokers and in respect to your own activities. If the driver is under 25 some insurers will refuse cover It is a fact that Hire and Reward insurance costs more than a standard Courier van insurance. Though these are not similar policies.

One instance is for the van, the other is for the goods you are transporting. You then need to compare between Hire and reward and that of Carriage of own goods. It is likely transporting other people's goods will cost more, however it really does come down to the value of the goods in transit and their replacement cost.



Truck Facts

Truck Fleet Insurance Comparison

Call NOW : 01782 660590

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