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7 Ways To Cut The Cost Of Your Truck Insurance

Obtaining specific HGV insurance can be expensive and time consuming, but thankfully, there are a number of ideas that can help to keep costs as reasonable as possible. Here are a few possible ideas you might want to try.

1. Consider fleet cover
If you own multiple trucks, fleet cover can often be more affordable than insuring each truck on an individual basis. While there is no guarantee that fleet cover will be cheaper, it’s always worth requesting a few quotes and comparing the figures just in case.
2. Be particularly cautious when employing drivers
When employing drivers, make sure you opt for individuals with suitable experience and clean records - better drivers make for fewer accidents and fewer claims, which helps to protect your truck’s no-claims bonus.
3. Change who is responsible for excesses
A helpful way to reduce the overall burden of your insurance is to change who is responsible for the insurance excess on your trucks. You can stipulate that employed drivers will be responsible for their own excess, which can help to cut your own costs significantly in the event of an accident.
4. Install truck cameras
By installing truck cameras, you stand a far better chance of determining liability in the event of an accident - which may be vital in case of an insurance claim.
5. Fit security devices
Security advices can help to keep your vehicle safe at all times, while also potentially lowering your insurance cost. When choosing devices, it is especially important to always fit security devices that are appropriate to the nature of the vehicle and the work it performs.
6. Choose the right overnight storage facility
While most truck owners tend to focus on the risks to their vehicles while they are on the road, this is not the only time your trucks are potentially vulnerable. When your trucks are stored overnight, theft and vandalism are a constant risk, so ensure that your overnight storage is secure and protected at all times.
7. Follow standard advice for all forms of motor insurance
When buying personal car insurance, you will likely be accustomed to following certain steps in order to ensure you can find the best deal: using comparison sites and shopping around to get the best deal, reviewing your insurance every year rather than allowing a policy to auto-renew, choosing to pay premiums annually rather than monthly, and so on and so forth. While trucks are very different vehicles from cars, you can still employ the same money-saving techniques to your search for truck insurance. In addition to the methods mentioned above, you can also consider:
  • Trying to build up a no-claims bonus wherever possible
  • Choosing to pay your premium annually rather than monthly
  • Increasing the amount of voluntary excess you would pay in the event of a claim
  • Seeking advanced driver qualifications
  • Avoiding any modifications to your truck that deviate from the manufacturer’s guidelines
  • Checking you are not being charged for unnecessary packaged add-ons
In conclusion
Hopefully, following the above tips will help you to obtain the truck insurance you need, at a price that is suitable for your budget.

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