HGV Fleet Insurance

Heavy goods vehicles play an important role in the UK economy, hauling everything from food and medical supplies to raw materials and consumer goods all over the country. However, operating these vehicles comes with its fair share of risks, including road accidents, mechanical failures and even theft. Whether you're new to HGV fleet management or looking to refine your current policy, this guide is here to help. We’ll walk you through the different HGV fleet insurance options available and show you how to safeguard your business assets effectively.

What is HGV fleet insurance?

HGV fleet insurance, also known as haulage insurance or truck fleet insurance, is a policy specifically designed for businesses that operate multiple heavy goods vehicles. It provides coverage for all the vehicles within the fleet under a single policy, simplifying the management and administration of insurance for business owners.

What type of truck fleet insurance do I need?

The type of insurance you need depends on the risks you face and the level of protection you require. Here are the three types of coverage to consider for a HGV fleet insurance policy:

1. Third party only (TPO): This is the minimum level of insurance coverage. It covers any damage or injury your vehicles might cause to other people, vehicles or property. However, it does not cover damage to your own vehicles.

2. Third party, fire and theft (TPFT): As well as TPO coverage, this policy also covers damage to your own vehicles in case of fire or theft. This is a middle-ground option that adds some protection for your own assets without the full cost of comprehensive coverage.

3. Comprehensive insurance: This is the highest level of coverage and is highly recommended for HGV fleets. It covers damage to yourself, your own vehicles in the event of an accident, fire or theft, as well as damage to third parties.

When choosing your HGV fleet insurance, it's important to think about how your business operates, what kind of vehicles you use, the goods you carry and the overall risks you face. Bluedrop is a specialist insurance broker that can offer tailored advice and competitive quotes based on your requirements.

How do I know if I need HGV fleet insurance?

Heavy goods vehicles are vehicles with a gross weight exceeding 3.5 tonnes. Despite their relatively small size, even 2-axel vehicles can sometimes fall into this category. For information on different types of lorries and their classifications, the UK government has a handy guide to lorry types and weights that you can check out.

How much does HGV fleet insurance cost?

The cost of truck fleet insurance depends on several factors. Here are some key elements that influence the price:

1. Fleet size and vehicle type: The number of vehicles in your fleet and the types of vehicles will affect the premium. Generally, the larger and more diverse the fleet, the higher the insurance cost due to increased risk exposure.

2. Level of coverage: The choice between third party only, third party fire and theft, or comprehensive coverage will impact the cost. Comprehensive coverage, which provides the most protection, is typically the most expensive.

3. Driver information: The ages, experience levels and driving history of your fleet drivers can play a big part in your premiums. Policies with younger or less experienced drivers, or those with poor driving records, tend to cost more.

4. Claims history: If you’ve had a few insurance claims in the past, insurers might see your fleet as higher risk, which could increase your premiums. On the plus side, a clean claims record can qualify your business for discounts.

5. Vehicle usage and mileage: How and where your vehicles are driven, what they’re carrying and how far they go all matter, too. Vehicles used for hazardous materials or high-mileage vehicles generally have higher insurance costs.

6. Security measures: Adding some security features such as GPS tracking, alarm systems and secure parking can help reduce your truck fleet insurance costs by lowering the risk of theft and vandalism.

Keep these factors in mind to understand how your insurance premiums get calculated and what you can do to manage these costs effectively. If you need any advice or an HGV fleet insurance quote, we'll be happy to help.

How many vehicles do you need to get HGV fleet insurance?

The number of vehicles you need depends on the insurance provider. For instance, some insurers want you to have five vehicles to qualify for their fleet policy. However, they also offer truck fleet insurance designed specifically for smaller fleets ranging from 1 to 5 vehicles.

There's also some complexity when it comes to trailer coverage. We’ve provided a clearer breakdown below:

Coverage for trailers:

Specified trailers: If your policy includes specified trailer coverage, each trailer must be declared with details such as its make, model or serial number. These trailers are usually insured based on their individual value, providing coverage whether the trailer is attached to the vehicle or detached.

Unspecified trailers: Unspecified trailer coverage is a bit different. This type of policy is suitable for trailers that you might tow but do not own – like those belonging to a client or those that are rented. Under this arrangement, the trailer is covered while it's being towed and temporarily when detached. However, if the trailer is left unattended, such as parked overnight on the side of a road, it might not be covered.

Always clarify these details with your insurer to ensure your policy matches your needs and provides the right protection for both your vehicles and trailers.

No matter how big or small your fleet is, we're here to help you find the right HGV fleet insurance coverage at competitive rates, so you can focus on running your business. For personalised service, expert advice, and a partner who cares about the security and efficiency of your fleet, get in touch with us today.