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How Many Types Of HGV Insurance

Insurance for a Heavy Goods Vehicle or HGV Insurance is similar to a car insurance in terms of the level of coverage. One thing to note is that the auto insurance is for personal use while the HGV insurance is mainly used for business. With this in mind, it is important to get a policy that would protect the interest of the business. Because of the number of insurance provider that offer these policies, it is easy to get lost and the risk of getting the wrong insurance coverage is high. There are several types of HGV insurance and they are suitable for different type of businesses.

How Many Types Of HGV Insurance

Individual Lorry Insurance

This type of insurance is appropriate for business an owner who owns a single truck that he uses to conduct business. Under this category, two types of insurance are available: the third party liability and the comprehensive coverage. The third liability insurance is the least expensive policy available. This is mandatory for truck businesses and it only covers repair to the other party involved in the accident. Any repairs needed for the vehicle will be on the policyholders account.

Comprehensive policies are relatively more expensive, but they do cover accidents, fire damage, theft, cargo damage, third party liability and even medical expenses for the driver. This type of insurance can give the business owner more peace of mind because of the protection it gives against any unfortunate event in the future.

Fleet Insurance Policy

If there are more than 2 vehicles involved in the business, then the fleet insurance is the policy that is recommended. It is similar to the comprehensive insurance for individual lorries, but it covers the entire vehicle of the whole fleet. It is better because there is less paperwork and the premium price is less compared to getting an individual policy for every vehicle. This is recommended for big businesses that operate several vehicles for business.

Before getting any insurance policy, it is important to get the opinion of a specialist to know the most suitable insurance to get. The price may be a factor but an insurance policy with the least coverage may cost more in case of an untoward event in the future. It will be also helpful to look around the internet or inquire from different insurance providers to get the best price. There are even companies that offer discounts when a policy is purchased from their websites.

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