Lorry insurance has become more expensive in recent years. An increased number of road accidents, changing government policy and Brexit uncertainty are all contributing factors. However, there are a number of steps you can take to lower your own premiums.
Making a claim is the quickest way to increase the cost of cover. To avoid this, employ experienced drivers with a good record. Some groups – such as younger drivers – will cost more. If possible, avoid claims for smaller incidents. However, remember you must always be honest with your insurer.
Level of Cover
In many situations, fully comprehensive cover is the only safe option. However, if you have a lorry that’s seldom used, switching to third-party or third-party, fire and theft may be more efficient. Other options include choosing UK-only cover for lorries that do not need to go to Europe or not worrying about breakdown cover for new lorries.
Raising your excess, or the amount of a claim that is paid by you, has not always been the logical choice. However, rising premiums could make it worthwhile. If you have experienced drivers and new lorries, it could reduce your claims and lower your costs.
With a large firm or a high number of casual workers, it may not be possible to have a named driver policy. If you have only a few drivers, it is a good way to save money. Remember to notify your insurer any time you add a new driver.
Use a Broker
An insurance broker will have the expertise and contacts to help you find what you need. It saves you from struggling to understand the world of insurance. You can find HGV insurance from various reputable HGV Insurers. The British Insurance Brokers’ Association (BIBA) can also assist with finding brokers.
The more secure your lorries are, the lower your premiums. Add immobilisers and telematics to your vehicles, and make sure they are locked away between journeys. Conversely, you do need to be honest with your insurers about any risks you may face.
Once you have more than two lorries in your firm, lorry fleet insurance becomes a worthwhile consideration. It could offer you discounts and simplify administration. You can find cover even for difficult drivers and insure a range of different types of vehicle.