Why Does a HGV Owner Need to Have HGV Insurance?

By Stanley Headley

Accidents involving HGVs are becoming more and more common. There is no shortage of HGV accidents on the rainy and fogged UK roads. Some slide off the road before turning upside down. Others hit or get hit by other vehicles on the road, causing severe damage. The impact of HGV accidents have got serious financial and business implications as these vehicles are employed to transport heavy goods and other objects to faraway destinations

These factors necessitate HGV insurance. In fact, these factors make insurance a necessity. HGV insurance means "peace of mind" for both the HGV owner and their client. It is an insurance policy where the owner, i.e., the insurer pays a certain amount of money that he usually does not get back. This amount of money is paid to cover for damages caused by certain unforeseen happenings. The nature of these happenings and the nature of the damages covered vary greatly, according to the category of coverage that has been opted for.

Insurance is one of the most important financial umbrellas that help us to sail smoothly through life. A business involving HGVs is no exception. Yet, there are many HGV users and owners who tend to overlook and underestimate the importance of HGV insurance.

HGV insurance can be confusing, expensive and can involve quite a few technicalities. But it is imperative to be adequately educated about the basics, so that you do not find yourself caught in the middle of an unpleasant situation.

Be clear about how much you need

A HGV owner often tends to overlook some factors that are essential. If you have the money to get a particular cover that will protect you against a potential menace, it is better to purchase the protection. The money you spend today could come to your aid tomorrow. Unnecessarily underinsuring your HGV would mean abnormally high expenses in future, in the event of some severe unforeseen incidents. Generally a HGV needs more insurance than what its owner thinks, both in terms of coverage levels and nature of insurance.

What insurance does your HGV need?

The type of insurance and the amount of insurance your HGV needs will depend on the nature of the HGV's operations, the types of goods the HGV hauls and the nature of your business.

Is HGV insurance worth it?

HGV owners often think that insurance is a waste of time and money, as they would never make a claim. Never claiming on your insurance is an excellent achievement. But can you really guarantee it?

How do you know what is going to happen to your HGV the very next moment?

You must have a reliable HGV insurance policy, as it will protect the business tool that you value the most. Moreover, it can protect the goods that your client has entrusted you to transport. If any incident should happen to the HGV or to the goods being hauled, adequate compensation will be provided to cover all damages.

You can understand the real worth of and the need for HGV insurance only when an unwanted situation arrives.

Staveley Head are a fast growing independently owned insurance broker based in the UK and offers HGV Insurance with huge savings being passed onto the customer.