Types of Truck Insurance


Business Tips / Thursday, May 4th, 2017

If you run a business that relies on the use of trucks then you need to take out the right type of insurance to protect yourself. Truck insurance will provide the protection you need and can be tailored to the specific needs of your company.

Finding truck insurance is now easier than ever. There are many insurance comparison sites online that enable you to obtain truck insurance quotes very easily. One such site is Multiquote Truck which can provide quotes for hgv insurance from the market leading insurance providers.

Some common types of trucks that require truck insurance include –

  • HGVs
  • LGVs
  • Refrigerated trucks
  • Recovery trucks
  • Gritter lorries
  • Skip bed lorries
  • Flat bed lorries

Types of cover

  • Road risks – Road risks are the most common type of cover with a truck insurance policy. You can choose from third party cover, third party, fire and theft or fully comprehensive.
  • Goods in transit – Goods in transit cover is extremely important when you’re transporting goods that are of high value or at risk of damage or spoiling. For example trucking firms that transport refrigerated goods must insure for the risk of the refrigeration in the trucks failing and the goods spoiling.
  • Public liability – Liability claims are also something that trucking firms must protect against. It’s possible to have legal expenses included in the policy too in case you needed to fight a liability claim in court.
  • Fleet insurance – If you own a trucking firm and want to insure all your vehicles under one policy then fleet insurance is the perfect choice.
  • Breakdown assistance – Breakdown assitance is always vital for any type of trucking firm and can be included as part of a truck insurance policy.

Saving money

Below are some excellent ways to save money on truck insurance –

  • Pay upfront – If you can afford to pay for your truck insurance policy upfront on annual basis rather than monthly then you’re in an excellent position to negotiate a lower rate with insurance providers. This option isn’t always practical but it is an excellent way to make a saving on the overall cost of the policy.
  • Be selective with drivers – Being selective with your drivers cuts down the chances that you’ll need to make a claim, or at least reduces the amount of claims you’re likely to make in a given year. Therefore it’s an excellent way to save money on truck insurance.