What Is Truck Insurance And What Does It Cover?
A Truck or Haulage insurance policy can cover businesses or individuals that use HGVs, LVGs or any other type of truck, providing specialist cover for refrigerated vehicles, goods-in-transit, warehousing and goods in storage, deterioration of stock and hazardous goods too. Whether you have a single vehicle or a whole fleet of them, there’s a policy for you. Cover available for business interruption, yard risk and offices, plus loss of use too.
Truck Insurance Explained
The haulage industry covers a wide range of transportation types, from refrigerated transport, to vehicle transporters, to the transportation of fuel and hazardous chemicals, and with so many different potential uses and associated risks there are a number of elements that make up a truck insurance policy.
Firstly, there’s the number of trucks in your business - are you just insuring your own truck for contracting for example, or will you be insuring a number of trucks within your fleet? What will you be carrying – is the stock valuable, perishable, hazardous or even alive? You then need to consider who will be driving the lorry - you can have an Any Driver policy which is perfect if you have a number of drivers, or you can have a Named Driver policy where only those named on the policy can legally drive it (ideal for a company with a limited number of drivers).
You also need to decide the level of cover you want - there are three levels to choose from which are Third Party Only, Third Party, Fire & Theft and Comprehensive. Third Party only is the most basic form and will only cover damage to third party vehicles or property, however this is the cheapest too. Third Party, Fire & Theft will still cover all third parties but gives you cover against your vehicles being damaged by fire or stolen. Comprehensive is the most expensive of the three but also gives the highest level of cover. It will cover all of the above and will also cover your own vehicle(s) against any damage and personal injury to your drivers.
You can then add various features specific to the area in which you are conducting your business including breakdown cover, business interruption cover, hazardous goods, goods in storage, like-for-like replacement for non-fault incidents, EU cover, continental cover, deterioration of goods and many more!
So as a recap, what cover is available for truck owners?
- Haulage Insurance
- HGV and LGV Insurance
- Trucks, Tippers & Lorries
- Refrigerated Vehicles
- Comp, TPFT & TPO Cover
- Yard Risks & Offices
- Business Interruption
- Hazardous Goods
- Loss Of Use Cover
- Single Vehicles Or Fleets
- Warehousing & Storage
- Deterioration Of Stock