Haulage Insurance Guide
Glossary of Terms
Please note these definitions are for guidance only. For full definitions please refer to your policy document.
Top Tips to reduce your haulage insurance premium
No Claims Bonus – The discounts for no claims bonus earned on a previous haulage insurance policy range from 20% up to 60%, which means significant savings for those with a proven record of claim free driving.
However, drivers who have a proven record of driving company-owned HGV’s over a period of time can be entitled to the equivalent no claims discount in percentage terms against their premium when insuring their own unit – ask for full details.
Limited Use – Is the majority of your business carried out within the UK? Often we can discount premiums for those drivers who are happy to limit their general use within UK mainland, although we do also cater for those risks which require annual foreign use in Western Europe.
Restricted Driving – Many policies offer BIG discounts for restricting the number of drivers per policy – particularly when driving is restricted to just the owner only or named individuals. Whilst ‘Any Driver’ policies are often the most convenient – you pay a premium for this facility!
Voluntary excess – Having extra excess on your policy can save you money off your haulage insurance, but it’s likely to cost you if you make a claim.
Most haulage policies have a compulsory excess of £500, but this can be increased for a saving on your premium.
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What to watch out for
Ask how much excess is on the policy; don’t get a nasty surprise at claim time.
Trailer cover – most haulage vehicle policies cover the trailers you pull, but ensure you check the limit of cover the policy provides for the trailer unit, and furthermore, check that the policy includes or excludes cover for the trailer whilst unattended or detached from your tractor unit.
Goods in transit cover – your Haulage Vehicle insurance policy does not cover the goods you carry – this is covered by a separate insurance policy called goods in transit insurance. You’re likely to need public liability cover too – just ask for details.
Companies who accept ‘Light Haulage’ use as acceptable for ‘Courier’ vehicles. You might save money on your premium, but are you 100% covered in the event of a claim!?
A cheaper policy can equal low cover with lots of policy restriction. Ask what radio cover, glass cover, courtesy vehicle provisions are included.