“HGV” is the abbreviated form of Heavy Goods Vehicle. A HGV is also known as Large Goods Vehicle or LGV. It is a vehicle than weighs above four tonnes and is used to carry and deliver pallets, livestock and huge goods throughout the world. An insurance policy formulated to handle matters concerning a HGV is known as HGV insurance.
There are a host of insurance providers in the market who offer this kind of cover. HGV insurance cover can be had for HGV fleets as well as individual HGVs. Like all other categories of vehicles, an HGV needs an insurance cover to be on road. In case of HGV insurance, the nature and the premium of the coverage depend on the weight of the HGV concerned.
Coverage:
The nature of the coverage and the premium one has to pay for that will depend on the level of coverage that one opts for his HGV. Different policies will have different degrees and types of coverage and one must decide on his HGV policy taking all his needs and his budget into consideration.
An HGV insurance cover may include public liability, protection of goods in transit and loss recovery. It may also be inclusive of driving within and outside the boundaries of Europe. HGV insurance may also include container insurance that provides cover to the containers’ contents against damage caused during loading and unloading or against theft.
Additional coverage:
Like all other kinds of insurance covers, the various HGV covers can also have some additional coverage.
These extras are optional and generally comprise of:
a) Breakdown cover: It goes very well with the HGV owners. Different degrees of breakdown cover starting from the basic to the comprehensive are available.
b) Glass cover:This provides the much needed coverage to windscreen and window damages.
c) Legal expenses cover:This will provide cover to the HGV owner for any legal cost incurred on the vehicle. This cover can be opted for only if one had not already earlier included it in his policy.
Extras that can come free of cost:
One can enjoy extras like legal cover, glass cover and breakdown cover free of cost if one opts for a comprehensive coverage. But that entirely depends upon the insurance provider and is not a universal rule. The possibility of getting free extras is much lower if one opts for a lower degree of coverage
How to save money on your HGV insurance:
One can follow a few simple guidelines if one intends to save money on his HGV insurance. These are:
a) Drive cautiously:Cautious and careful driving will ensure that you do not run into an accident, which will enable you to spend a claim free year. You become entitled to a no claims bonus if you do not make a claim throughout the year. This reduces your premium. If you manage to spend a number of consecutive years claim free, you will manage to pile up a significant percentage of no claims bonus and thus will be able to reduce your premium considerably.
b) Extensive online search:An extensive search on the Internet will enable you to find the best suited insurance policy for your HGV at the lowest possible premium.
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