| Many people are aware that HGV insurance | | | | the lorry driver pass certain requirements in order |
| exists, but not many know what is actually | | | | to be insured. |
| covered in and HGV policy. Heavy goods vehicles | | | | These requirements may include drug tests, |
| are seen all the time on the roads, but how many | | | | alcohol tests, driving experience, minimum age, |
| actually ever think about the kinds of insurance a | | | | and a clean driving record for a specific length of |
| driver or company has when they see a lorry | | | | time. There are some types of cargo that |
| pass by. Lorry insurance can cover more than | | | | insurance companies will not insure. This can be |
| just accidents. Since lorry theft is such a big | | | | things like explosives, bio hazards, or dangerous |
| problem, many truck insurance companies include | | | | chemicals. Insurance companies are in the business |
| the option to insure against theft. One statistic | | | | of making money, they charge people and |
| shows that ten HGV's are stolen in the UK each | | | | companies premiums based upon the perceived |
| day. That is a big problem and fleet owners and | | | | risk to the insurance company. If the risk is high, |
| independent drivers need the right kind of HGV | | | | so is the cost. Sometimes, the risk is so high the |
| insurance, otherwise they could be financially | | | | insurance company doesn't want to take the |
| ruined. | | | | chance and will refuse coverage. |
| Some types of lorry insurance cover the | | | | Of course truck insurance will cover the basic idea |
| contents carried on the truck. This is sometimes | | | | of accidents. This is the type of insurance that |
| required by the companies contracting the HGV | | | | most are familiar with. Accidents do happen, but if |
| fleet or driver. Usually this is done when | | | | the accident involves a large vehicle, like an HGV, |
| companies are shipping a large quantity of high | | | | then the amount of damage can be far greater |
| cost goods and want to ensure that they don't | | | | and the repairs can be more costly. For this |
| lose everything in the case of a dodgy incident. | | | | reason, HGV insurance is typically much more |
| This type of insurance is typically called Goods in | | | | expensive than regular auto insurance. Again, the |
| Transit insurance. | | | | risk to the insurance company is higher and |
| Of course each type of insurance has the costs | | | | therefore the cost is higher to the policy holder. |
| associated with it. The cost of the insurance is | | | | So the next time you see a big lorry pass you |
| paid on a specific periodic basis, like monthly, | | | | by, think about what it might be hauling and how |
| quarterly, semi-annually, or annually. This paid | | | | much the driver of the fleet owner has to pay |
| amount is referred to as the premium payment | | | | each year to insure the truck. That might help |
| for the insurance policy. Depending upon which | | | | explain why the cost of goods at the market is |
| types of coverage are chosen, the costs will | | | | so high and maybe make you appreciate the cost |
| vary. The more options covered the higher the | | | | of your personal auto insurance a bit. |
| cost. Some insurance companies will require that | | | | |