How to Choose the Right Truck Insurance for Your Business
First, let's consider what is important when you need to insure your commercial vehicle, fleet or haulage business. Of course, price is important for any business in the current climate. With the so-called 'credit crunch' and the threat of recession forever in the headlines, business operating costs can weigh heavily on our minds. It is, however, of equal, if not higher importance that you make sure you get the right insurance policy and level of cover for your business.
It is a legal obligation to have vehicle insurance on British roads however you may also require additional cover for goods in transit and public liability to ensure that you and your business are fully protected in the event of an accident or damage of goods in your care. Prospective customers may enquire about the level of protection that you have in order to inspire confidence that any goods you may be transporting on their behalf are fully protected.
For your truck insurance cover, there are a number of things that may help to reduce your premiums.
No Claims Discount. You can earn anything up to 60% discount if you have had previous claim-free truck insurance. This is taken into consideration when calculating your insurance premium and could result in a significant saving. You may also be entitled to a discount when insuring your own truck if you have experience of driving a company-owned vehicle. Ask for details when speaking with your broker.
Driving Restrictions. If you restrict the number of drivers who use your truck you are more likely to save on your insurance premium. Restricting the cover to insured owner/driver only or insured and named drivers tend to cost less than any driver policies.
Use Limitation. You may receive a discount if you restrict your business use to the UK mainland. Cover is, however, also available for drivers who require use throughout Western Europe.
Voluntary Excess. Generally speaking, the higher the voluntary excess that you are willing to pay, the lower your truck insurance premium will be. There is likely to be a compulsory excess, too, which is usually around £500. You should, however, bear in mind that you will be liable to pay any excesses in the event of a claim.
There are other types of insurance cover that you may need to consider include:
Goods In Transit Insurance. Your truck insurance does not cover the contents of the vehicle. For this, you will need a separate policy for goods in transit which, as it's name suggests, covers the contents being transported against loss or damage. When buying your goods in transit policy, you need to consider the value of the goods that you are likely to carry and ensure that you have the right level of indemnity to cover the cost of any potential loss or damage.
Public Liability Insurance. Whilst your haulage insurance policy covers your vehicle and a goods in transit policy covers the contents of your truck, public liability insurance provides extra cover for any incidents that may occur while loading or unloading your vehicle. This cover may not be compulsory but will give you extra cover and peace of mind.
Related Tags: vehicle, commercial, liability, truck insurance, courier, haulage, lorry, haulier, hgv, lgv, choicequote, goods in transit
Peter is the eCommerce Manager at ChoiceQuote Insurance Services, a specialist UK motor insurance broker providing haulage, goods in transit and public liability insurance cover.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Motor Trade Rundown
It is not just cars that must be insured on British roads, every type of motor vehicle is required b - Claiming Compensation For Defective Products
Compensation claims for injury and damage caused by faulty, defective products normally target eithe - Ideas To Uncover Affordable Rate Auto Coverage
These days, everyone is looking for ways to lower expenses. Certain costs like home and car insuranc - Should It Be Illegal For People To Drive Without Vehicle Insurance?
There are many drivers on the road who drive un-roadworthy vehicles. The worst part is not that they - Do You Need Static Caravan Insurance?
Static caravan insurance is an automobile insurance that deals with vehicles that are used while on - Insurance - Tool For Personal Finance Planning
Financial planning is must for every individual. When we start saving money for our goals, there is - Family Life Insurance Policy For The Families Staying In Dubai
The main motive of insurance policy is to give financial security to the person's family especially - Buying Temporary Health Insurance In Florida
You are the resident of Florida? You are between jobs and therefore are not looking for a long term - Car Insurance Is Of The Utmost Importance In Today's Lifestyle
In today's hectic lifestyle we are always rushing to get from one place to another, whether it be ru - Health Insurance Companies Are Using New Laws As An Excuse To Raise Their Rates
Government officials are cautioning insurance companies to stop utilizing scare tactics to steam up
Most viewed articles in this category:
- International Health Insurance: Insure Yourself While in Go
We all will agree that whether we are living in our home country or abroad, our health needs constan - It's Never Too Early to Buy a Long Term Care Health Insurance!
Most people delay buying a long term care health insurance because they think that it is too early t - Home Owner Insurance Quote: Stay Safe!
Your house will not be fully secured until and unless you have a home owner insurance policy. A home - The Benefits of Health Insurance Are Immense!
Almost everyone in this world has fallen ill sometime or the other. Apart from illness, many people - What Happens When You Make An Insurance Claim?
If you've never filed a loss claim before, you might feel nervous and confused about the whole proce - Pet Health Care Insurance: Show your Pets That you Care!
Having a pet in one's household is a joyful experience. It can provide you with entertainment, compa - Three Ways to Buy Long Term Care Without Paying Premiums Out of your Pocket
Stop 100 people over 65 on the street and ask them if they will ever need to go to a nursing home an - Protect That Bauble: Engagement Ring Insurance
Engagement ring insurance can protect your bauble in case a worst case scenario happens...So you've - Do I Need Diamond Ring Insurance
If you have to ask whether or not you need diamond ring insurance you probably do. There's somethin - Choosing a Benefits TPA
The use of third-party administrators (TPAs) is one of the hottest trends in insurance today. Accor