Insuring heavy goods vehicles can be an enormous outlay for any haulier; keeping the cost down while still having sufficient and appropriate insurance cover is in the forefront of all astute business minded people.
There are a number of ways which you can help to lower the cost of your insurance premiums, many of which may also help to reduce overall running costs of your heavy goods vehicle or HGV fleet.
* Pictorial paintwork may make your lorry stand out from the crowd, however, the more elaborate the paint job the more expensive it will be to insure the vehicle. This is due to the extra costs of replicating the paintwork should your lorry be involved in an accident or incident of malicious damage.
* Having tracking devices fitted to your lorry and trailer is looked upon favourably by insurance companies. Although they may not be able to recover a stolen load, being able to locate the vehicle will mean lower payouts for the insurance company. As such they will often offer discounts for vehicles fitted with tracking devices.
* Reducing the number of drivers for the vehicle or vehicles can also help lower the insurance premiums. Having one named driver is the best way to make savings, however this will depend on the past driving history of the driver. The second option is to have a restricted number of named drivers. This affords you the advantage of being able to allocate your vehicle to more than one person to keep the lorry on the road for the maximum amount of time.
* Fitting alarms and immobilisers is also viewed favourably by insurers. Keeping lorries in a secure compound when not in use should also give you reduced premiums. Each insurance company has its own criteria as to the discounts they offer for extra security such as this.
* Drivers who have a proven history of no claims discounts may be offered substantial discounts. The maximum number of years needed to qualify for no claims discounts or bonuses also varies between insurance companies, therefore it is well worth shopping around to find the best deals.
* Fleet insurance is an effective way to lower insurance costs if you have more than three or four heavy goods vehicles. The number of lorries which constitute a fleet varies between insurers; again shop around to see whether your fleet is sufficient to have this type of insurance policy.
* Insurance companies look very favourably on hauliers who have a risk management programme, many insurers are able to offer risk management consultants. They look favourably on those who take a proactive approach to lowering risks by offering discounts.
* The type of goods you carry will also have an impact on your insurance costs. Hauliers who collect or deliver from high risk sites, such as quarries and gas works are considered to be a higher risk- therefore the premiums will be higher.
* Continuous advanced driving schemes can also help lower HGV insurance costs, as insurers consider these drivers to be less of a risk. These driving schemes can also help you to lower your overall running costs, such as making savings of fuel and tyres.
Author Resource:-
Staveley Head are a leading UK insurance broker for hgv insurance
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