Running a fleet of big trucks (HGVs) can be expensive, especially when it comes to insurance. But there are ways to lower your costs while still making sure you’re covered. Here are some simple tips to help you save money.
Check Your Policy
Sometimes, insurance policies have extra features that you don’t really need. Look through your policy carefully and remove anything unnecessary. But make sure you don’t remove important cover – you don’t want to be left paying out of pocket if something happens.
Compare Prices
Different insurance companies charge different prices, so don’t settle for the first quote you get. Compare multiple insurance providers or ask a broker to help you find the best deal.
Choose Your Drivers Wisely
- Younger and less experienced drivers cost more to insure.
- Having named drivers is usually cheaper than an “any driver” policy, which allows anyone to drive your trucks.
- Good driving records lower costs. If your drivers are careful and don’t have accidents, you’ll pay less.
Keep a Good No-Claims Record
The longer you go without making an insurance claim, the better. Insurance companies reward safe businesses with lower prices, so try to keep a clean record.
Raise Your Excess
Excess is the amount you pay if you make a claim. If you agree to pay a higher excess, your monthly or yearly insurance costs could go down. Just make sure you can afford the excess if something happens.
Use Telematics (Black Box Technology)
A telematics system tracks how your drivers behave on the road. If your drivers are safe and responsible, insurance companies might lower your premiums because they see you as less risky.
Keep Your Trucks Secure
- Park in a safe, locked location at night.
- Use security devices like alarms, dash cams, and immobilisers.
- Install GPS tracking to help recover stolen vehicles and prove safe driving.
Pay Annually Instead of Monthly
Paying for your insurance once a year instead of in smaller monthly amounts can sometimes save you money. Monthly payments often include extra fees.
How Much Does HGV Fleet Insurance Cost?
There’s no fixed price for HGV Fleet Insurance because costs depend on several things, including:
What Affects Your Insurance Price?
- Number of trucks – More vehicles mean higher costs, but fleet insurance is usually cheaper than insuring each one separately.
- Value of trucks – More expensive trucks cost more to insure.
- Type of business – If you carry risky goods or drive long distances, your insurance may cost more.
- Claims history – Fewer claims mean cheaper insurance.
- Drivers’ age and experience – Older and more experienced drivers cost less to insure.
- Security measures – Extra security features can help lower costs.
Common Questions About HGV Fleet Insurance
Do I Need HGV Fleet Insurance?
If you run a business with two or more heavy trucks, fleet insurance is usually a better and cheaper option than buying separate policies for each truck.
What Are the Different Types of Cover?
- Third-Party Only – Covers damage to others but not your own trucks.
- Third-Party, Fire & Theft – Also covers theft and fire damage.
- Comprehensive – Covers everything, including damage to your own trucks.
Can Young Drivers Be Covered?
Most insurance companies prefer drivers over 25, but you can still find policies for younger drivers. However, they will usually cost more.
Is Goods-in-Transit Insurance Included?
Not always. If you transport valuable goods, you may need extra Goods-in-Transit Insurance to protect the load.
What Other Extras Should I Think About?
- Truck Breakdown Cover – Helps if a vehicle breaks down.
- Public Liability Insurance – Covers claims if someone gets hurt or property is damaged.
- Loss of Licence Cover – Helps if a key driver loses their licence.
- Employers’ Liability Insurance – Required by law if you have employees.
How Can I Lower My Costs Over Time?
- Train your drivers to drive safely and avoid accidents.
- Review your policy regularly to make sure you’re not paying for things you don’t need.
- Keep a clean claims history to maintain lower costs.
- Negotiate with insurers as your business grows.
HGV Fleet Insurance is essential for businesses running multiple trucks, but you don’t have to overpay. By comparing quotes, choosing good drivers, keeping trucks secure, and reviewing your policy, you can get the right cover at the best price.
Need a HGV Fleet Insurance quote? Speak to a broker or compare options online to find the best deal for your fleet.