The key to buying the truck insurance you need is to get the most appropriate cover at the most cost-effective price. So, how do you do that?
- ask a specialist adviser – remember that there are experts working in this field all the time. It is their job to know everything there is to know about insuring trucks. And they maintain close working relationships with insurers throughout the market to help you identify the most competitive offers;
- trade specialists – many tips and suggestions about truck insurance may also be found on the website of the UK’s principal trade association, the Road Haulage Association (RHA);
- a valuable resource for guidance on the type of truck insurance you may need for specific types of haulage business may be found on the official government website about moving goods by road;
- shop around – just as you are likely to do before buying any goods or services or committing to any overhead expense for your business, it typically helps to shop around. In this particular case, that is likely to mean getting several quotes from different insurers – something that has become relatively easy to do either through your own internet searches or through the advice of a specialist provider;
- help your insurer – whatever the age or condition of your truck or trucks, there is a lot you might do to help protect them against loss, theft or damage. Indeed, your insurer typically expects you to play your part as far as vehicle security is concerned – and adjust the premiums you are charged accordingly. It seems only sensible, therefore, to make your truck and its contents as safe and secure as possible;
- help yourself – another way you are able to help keep down the costs of insurance is to choose your drivers carefully. Insurers are taking a risk on the quality of the drivers you employ, after all, and take into account their individual claims histories and driving records. Employing experienced drivers, above a minimum age, and with spotless driving licences may go a long way to reducing your premiums. If you are going to be employing only the same drivers on a regular basis, you may be able to restrict your insurance cover to named drivers only – and, again, make savings on your premiums by doing so;
- how you pay – an insurance contract typically extends for a complete year, but many insurers also offer you the option of paying the premiums in monthly instalments. Although this might seem like a useful cash flow management solution, in some cases it may come at a price. Some insurers will charge interest on the amount if the payments are spread. Look out for those insurers who don’t charge, or, if the cash flow allows, pay for your insurance annually;
- your vehicles – the kind of insurance you buy is likely to depend on the type of vehicle or vehicles you want to insure and the budget you have to pay for it. As a broad rule of thumb, you may want to aim for the most comprehensive level of insurance you are able to afford, since this is likely to serve as one of the best protections of your investment;
- your fleet – if you have more than one truck, or even a mixture of different trucks, lorries and vans you are almost certain to make savings through the purchase of fleet or multiple vehicle insurance, rather than insuring each one on a separate basis. This also gives you the administratively convenient, time saving and therefore money saving benefit of having just a single policy and a single renewal date for the insurance of all your vehicles.
It pays to get the most appropriate level of cover for the type of vehicle or fleet of vehicles your business uses. But there are also a number of ways you may reduce the cost of your insurance without skimping on the cover you need.
Eddie Johnson is an insurance industry veteran and HGV insurance expert who founded Isis Insurance – specialist commercial insurance brokers who are based in Cheshire, providing a bespoke service to growing businesses around the UK. Their insurance portfolio includes a wide range of insurance products, particularly those for businesses that operate heavy goods vehicles, such as HGV Insurance, Multi-Vehicle Insurance, Fleet Insurance, Goods In Transit Insurance and Employers’ and Public Liability Insurance. Follow Eddie on Facebook or Twitter.Eddie Johnson is an insurance industry veteran and HGV insurance expert who founded Isis Insurance – specialist commercial insurance brokers who are based in Cheshire, providing a bespoke service to growing businesses around the UK. Their insurance portfolio includes a wide range of insurance products, particularly those for businesses that operate heavy goods vehicles, such as HGV Insurance, Multi-Vehicle Insurance, Fleet Insurance, Goods In Transit Insurance and Employers’ and Public Liability Insurance. Follow Eddie on Facebook or Twitter.