Six ways to save on HGV insurance

The insurance on your Heavy Goods Vehicle can be a great expense, especially if you own a large fleet. But even if you just own one, it’s an area where you can still make valuable savings. Read on as we offer six top tips for saving money on the insurance costs for your HGVs.

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1. Raising the excess

Raising the excess reduces the premiums for all insurance costs, not just HGVs. The excess is the first part of a claim, which is paid by you. This is especially wise if your trucks are new or in very good condition and your drivers are experienced.

2. Increasing security

The level of security where your HGVs are stored will have a major impact on the cost of your insurance premiums. HGVs that are locked away, parked where there is CCTV or 24 hours security will enjoy far lower insurance costs than those that are parked in an unlit, unsecured unit which can be easily accessed by thieves.

3. Being transparent

Insurance companies love honesty and transparency and this can go a long way to reducing overall costs. It’s okay to admit that there are certain risks to the vehicle (i.e. fire), but by demonstrating how you are mitigating those risks, the insurance company may be able to offer you favourable terms.

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4. Find a specialist broker

A broker that specializes in insurance for HGVs will always be able to find you better prices on insurance policies than standard high street insurers or brokers. Companies such as are one such suggestion.

5. Recruit wisely and name your drivers

If you can name the person who will be driving your HGVs you can enjoy significantly lower premiums. However, for this to work out well for you it’s important to recruit the right people to begin with. Try to appoint drivers with a good driving history, i.e. no accidents or points on their licences.

6. Fleet policies

If you have more than one HGV, it’s always worth considering a fleet policy. These are typically only available when you take insurance out with specialist providers or through brokers. A fleet policy can cover more than just standard HGVs too. It allows for better flexibility and less paperwork when you sell vans or add more to the fleet.