HGV insurance covers heavy vehicles used for transporting oversized cargo, livestock, and pallets. Drivers must have a specialized license and meet certain qualifications. Basic coverage includes damage caused by the vehicle to others, theft insurance, and goods-in-transit insurance. HGV theft is common in the UK, and accidents can be costly.
Heavy Vehicle Insurance (HGV) is insurance specifically designed to address issues relating to heavy vehicles, also known as Large Commercial Vehicles (LGV). Trucks are defined as vehicles weighing more than four tons and are used to transport oversized cargo, livestock and pallets around the world. HGV insurance covers these very heavy and very expensive vehicles which often carry large loads of valuables. Both HGV and LGV are commonly used terms in the UK and the European Union, while in the US, HGVs are generally known as trucks, road trains or tractor trailers. In many areas, minimum HGV insurance is required, and broader coverage is recommended for all businesses and drivers.
To drive a truck, drivers must carry a specialized license and often follow broader restrictions regarding the use of drugs and alcohol while driving, due to the risks involved in operating a vehicle much larger than a conventional car or a small truck. Because driving a truck requires more skill and is more dangerous than driving many other vehicles, most companies that offer truck insurance require drivers to meet a number of qualifications before they can be covered by truck insurance. These qualifications generally include minimum age and driving experience, along with a clean driving record. Many carriers do not offer HGV insurance for vehicles carrying hazardous materials, and it can be difficult to find an underwriting for fleets carrying explosives, chemicals or biohazards.
Truck insurance is in many ways similar to conventional insurance: the owner of the vehicle or fleet pays an annual or semi-annual premium in exchange for a level of coverage agreed between the insurer and the policyholder and outlined in a contract . Basic HGV insurance covers damage caused by the vehicle to others, and the plans extend to cover damage to the truck or contents, theft insurance and goods-in-transit insurance, which insures companies that take out a contract with the transport company that their goods are protected in the event of an accident.
Truck insurance serves to protect both the vehicle owner, who has made a substantial investment, and the driver, who knows his vehicle will be covered in the event of an accident or accident. HGV theft in the UK is very common, considering the size of the vehicles, with an average of around ten stolen every day. Theft of goods from trucks is also common and concerns companies that ship large quantities of products. Finally, accidents happen, and as with conventional auto insurance, it’s comforting to know that drivers are protected in the event of a potentially very costly accident, whether it’s the driver’s fault or not.
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