If you have several trucks that you need to insure then the best way to do it is by getting a fleet insurance policy.
Below are some of the main types of fleet insurance you can get as well as the factors that affect the price.
Types of truck fleet insurance
- Third party – Third party insurance is the lowest level of cover you can get when looking for HGV insurance. It will protect other road users for accidents that you (or one of your drivers) are liable for and therefore make your vehicles road legal. You can also add fire and theft to a third party policy for extra protection.
- Comprehensive – A comprehensive policy will cover any trucks named on the policy for all types of accidents. This is a good type of cover to get since it provides the most protection.
- Liability claims – Liability claims are certainly a risk for all types of businesses these days. That’s why people who get truck fleet insurance will often get liability claims added to their policy. You can also have legal expenses added.
- Breakdowns – It’s always important to be prepared for breakdowns, particularly when inuring very large vehicles. Most insurance providers will give you the option to add breakdown recovery to a truck fleet insurance policy.
Factors that affect the cost of a policy
- Named drivers – The named drivers on your policy will certainly affect its cost. Because of this, most trucking firms will hire drivers who are over the age of 30 and who have a lot of truck driving experience. People with convictions are considered high risk by insurance providers so many firms also won’t hire people with more serious driving or criminal convictions.
- Level of cover – The level of cover you get will also affect the cost of your insurance. A basic third party only policy would be the cheapest option but also provides the least protection for your own trucks. The more cover options you add, the more you can expect to pay for your policy.
- Security – How secure your trucks and premises are is another big factor that impacts on cost. That’s why it’s a good idea to take any steps you can to make your vehicles and premises as secure as possible.