Hardly many people know about what actually are covered in Heavy Good Vehicle (HGV) insurance and other related policies. Though it is common to see lorry passing by, less of around us knows what kind of insurance a driver or company get.

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Most of the Lorry insurance covers more than just accidents. As Lorry theft happens to be a huge problem, many HGV insurance companies include the option to insure against theft as well. In a recent study carried out, it has been reported that at least ten HGV’s are stolen in the UK every single day. That is quite a number and a factor every fleet owners as well as drivers cannot ignore less they be financially ruined. It is logical that they require the right kind of HGV Insurance. Such insurance are specifically designed to protect Heavy Goods Vehicle owners or their business, the driver and the contents which often belong to a third party.

Under existing coverage requirements, any vehicle that weighs more than 4 tons is classified as a HGV. HGV generally transports several things and sometimes ‘unusual’ goods for which special HGV insurance policy may be required.

Some of the lorry insurance types even cover the contents that are being transported on the truck. However, these are sometimes needed by the firms contracting the drivers or the HGV fleet. But generally, these are done when companies are shipping huge quantity of high cost goods and want to ensure that they don’t lose everything if some unwarranted accident happens. Such type of insurance is known as the Goods in Transit Insurance.

Naturally the insurances have the costs associated with it. Costs are paid periodically in the form of monthly, annually, bi-annually, quarterly basis. The paid amount is called as the premium payment for the insurance policy. Costs will however vary in accordance with the type of coverage. However, the price of the cost is directly proportional to the options that are covered. That is higher the one higher the other is.

Most of the insurance companies need that lorry drivers meet certain eligibilities in order to be insured. Some of these eligibility requirements consist of passing drug tests, alcohol tests, minimum age, and a clean driving record for certain specific period. There are certain cargos that are not covered by insurance companies. These could be things such as dangerous chemicals, bio hazards or even explosives. When the risks are high, insurance companies generally increase the cost as they are into money making. However, certain risks are such that insurance companies do not want to take the chance and hence refuse coverage.

HGV insurance will no doubt cover the fundamental idea related with accidents. These are familiar to most. As damages are sure to occur in any accidents, especially when it involves a HGV, repairs are bound to be costly. Hence, HGV insurance is more expensive than the regular auto insurance. Besides, the risk to the insurance company is higher and therefore the cost is higher to the policy holder.

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