Are you hearing the term for the first time? But not the insurance term right! The term hgv insurance stands for heavy goods vehicle insurance. Just the way it sounds to you, ahgv insurance policy is provided for every heavy vehicle that you own or run. Before you start running your vehicle, you must get insurance for the same. Nobody should land with their vehicles on the road without getting them covered with Wholesaler Distributor Insurance.
What all vehicles come under heavy goods vehicle insurance?
The vehicles that are more than four tons in their weight and are used to carry large amounts of goods or livestock come under the hgv insurance policy. So, in simple words, this insurance plan covers all the heavy or very heavy vehicles and expensive vehicles at the same time that are used for the carriage of heavy loads of goods from one place to another. For a better understanding of this, you can consider lorry insurance.
The first step to insure your car is to find out what type of coverage you need. If you are looking for liability coverage, then you should compare different liability policies offered by different companies.
What are the basic policies of this insurance?
The hgv insurance covers various kinds of damages. Here’s a list of what all it covers:
- Any harm that is done by vehicles to others.
- Covers any damage to the truck or its aspects.
- The policies also consider the same of the contents if there are any.
- In case the vehicle is stolen, the insurance will help out.
- The goods that are in transit.
The goods in transit when considered under the policy assure the company that the goods they are transiting are protected.
Other policies that come under the insurance
This insurance also protects
- Vehicle owners, who have economically invested in the vehicle.
- Vehicle drivers, who drive the vehicle and know that the vehicle would be saved.
Let’s take an example
For example, if a driver is driving a lorry. He knows that his vehicle would be saved under certain circumstances. The factors like vehicle owners and drivers are considered into policies as accidents are irresistible. They can take place even if someone is very cautious while driving as not every time that driver of the lorry is to be blamed. So the lorry insurance covers the damages, as well as the driver, would be protected in a very sudden accident.
What is lorry insurance?
As we have started talking about lorry insurance, it’s also important to know what it is. It is a kind of policy that is designed specifically for vehicles that weigh around 7.5 tonnes or more. This covers the carriage, the trailer, the goods delivered and anything else you would like to be protected in your lorry components.
What does all lorry insurance cover?
In any lorry insurance that you opt for, you are eligible to be saved from any claims from other people using the roads for any personal injury or damages that occur. So, this is the most basic insurance you must take for your lorry when you want to take it on the road. This is a good money-saving option for you. Other than accidents or thefts, if your lorry is damaged by fire, the insurance will cover the expenses for the same.
Types of coverages in lorry insurance
There are two types of coverages in this insurance for your lorry. Here are its types:
- Third-Party, Fire and Theft cover.
- Comprehensive cover.
The Third Party, Fire and Theft is collectively known as TPFT insurance. This is the bare minimum insurance that is required for your lorry. Comprehensive policies on the other hand consider the damages to your lorry as well as the driver. And the best part is you can opt for comprehensive policies even when it’s your driver’s fault. Now let’s learn about both of them individually and in detail.
Know about the TPFT insurance coverage
As we now know the types of your insurance, let’s talk about them in detail.
Coverage of situations that TPFT insurance policy gives you:
- In the case where any other vehicle is damaged in an accident where you are to be blamed to some extent.
- In a circumstance where any kind of property has faced damages.
- Where someone else is united, excluding the driver. TPFT also covers some personal injuries claimed by the person who’s injured.
- If your lorry has been harmed by fire.
- In cases where your lorry has been looted or stolen.
Let’s talk about coverage of Comprehensive Insurance
Now, if we talk about comprehensive policies, this covers all the damages to your lorry. Not just your lorry, but the damage to the driver as well. Even if your driver is at fault, comprehensive insurance policies stand with you. In short, even if the fault was yours, this insurance will still cover all the expenses of the damage caused to the driver and your vehicle.
What if you have only one insurance policy?
In case, you have only one insurance policy I.e. TPFT, you are still eligible for a claim against others. This is a situation where an accident wasn’t your fault, but your vehicle has faced damages to some extent.
Additional policies that you can add up
There’s also a list of extras that you can add up to your lorry insurance if you want to. This includes:
- The capacity of choosing which repairer to use in case of any damage to your lorry.
- Contribution to the removal of debris after an accident.
- Policies covering the tugging cost of a broken down lorry or a lorry that can’t be driven after an accident i.e. undrivable.
- Replacing the locks of the lorry and the keys as well.
- Getting your truck back to you after it had been stolen.
Things to remember:
Not every vehicle insurance will provide you with the same extras in your policies. You must read the terms and conditions before selecting your insurance provider.
Secondly, in case you add up extras in your policy you will be required to pay more for that. Make sure that if you maintain a budget, all the insurance payments must come under the same.