HGV (Heavy Goods Vehicle) Insurance

HGV insurance is also known as heavy goods vehicle insurance. Some also call this type of insurance large goods vehicle insurance. No matter what you call it, this type of coverage is meant for vehicles that meet certain criteria. A heavy goods vehicle weighs more than four tons. The primary responsibility of the vehicle will be to move goods, pallets, livestock and other items. It is very important to have HGV insurance if you will be driving this type of vehicle. Not only are these vehicles heavier than others, but the value of their cargo is also very high. This is why the right type of hgv insurance is necessary at all times.

Location Coverage

Just like car insurance, there is a minimum HGV insurance amount required on all large vehicles. The amount is based on location. Companies that use heavy goods vehicles on a regular basis will want to consider a higher level of coverage. Generally speaking, HGV insurance is most popular in the European Union and United Kingdom. In the United States, these vehicles are known more commonly as tractor trailers.

Do I need HGV Insurance?

If you are going to drive a heavy goods vehicle, you needHGV insurance. You will also be required to hold a special type of license. Since driving this type of vehicle can be very difficult, most companies require drivers to maintain a high level of safety. There are strict eligibility requirements in order to get behind the wheel of a large vehicle.

Is it the same as Car Insurance?

In many ways, HGV insurance is similar to  regular car insurance. The owner of the vehicle pays a premium. In turn, they receive coverage based on the agreed upon contract. HGV insurance covers everything from damage caused by others to cargo theft. As with regular insurance, higher levels of insurance come with a larger premium.

Both the driver of the vehicle and the owner are protected with insurance policy. In many parts of the country heavy goods vehicles are targeted by thieves. Roughly 10 to 15 are stolen every day in the United Kingdom. Just as common is theft of the cargo that is being transported by these vehicles. More and more companies are increasing their level of coverage because of theft.

Where to Buy

You can shop for this type of insurance online. The majority of providers make it simple to compare quotes via the internet. Be sure to include your specific location so that you are quoted properly and are comparing the two most accurate quotes available.

Thousands of companies and millions of drivers all over the world rely on HGV insurance to keep them, and their cargo, safe while on the road. The right HGV insurance policy is essential for financial security and risk management.

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