How to Choose the Right Truck Insurance for Your Business


by Peter Wilson - Date: 2008-09-16 - Word Count: 506 Share This!

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.

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