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What is HGV insurance?

Do you drive a lorry or own one? Don't you want to protect yourself, your vehicles, and the contents in it with the right insurance policy?

Generally speaking, traders insurance is a kind of insurance that covers all the possible contingencies that happen in the lorry trade. Many companies like Total Insurance offer a wide range of covers to suit the specific needs of an individual or organization that operates a fleet of lorries. You can choose a cover that best fits your needs, but having the right cover is essential to protect you from financial liabilities in the event of any untoward insurance.

One such insurance cover is HGV insurance. Let's see more what this insurance is.

What is an HGV?
First off, let's clarify some aspects with respect to an HGV. A lorry and truck mean the same vehicle and is used interchangeably. A truck is more American whereas a lorry is used in the UK. Both these words mean a heavy vehicle that weighs over 3.5 tons. If you have a vehicle that's less than 3.5 tons, it becomes a Light Goods Vehicle (LGV). SO, that's essentially the difference.

What is HGV insurance?
Heavy Goods Vehicle (HGV) insurance, often called as truck or haulage insurance is a policy that typically covers the cab and trailer of your vehicle and also the goods that your lorry may carry.

There are two broad kinds of cover in most HGV policies, and they are, third-party, fire, and theft cover (TPFT) and comprehensive cover.

TPFT insurance covers the following:

  • When another vehicle is damaged or destroyed due to an accident in which your lorry was also involved.
  • When a property is damaged due to any wrongdoing on the part of your driver.
  • The medical expenses and other claims by any other person other than the driver who was injured in the accident.
  • Fire damage.
  • Theft of the truck.
  • Any damage caused due to theft.

Comprehensive insurance includes the above plus the following:

  • Any damage to the vehicle.
  • Injury, death, or liability claim of the driver and the driver's family.

These are some of the basic coverage you can expect from any policy; Besides these, some policies may also cover the following aspects.

  • You get to choose the repair shop or person to fix your lorry.
  • Removal of debris in case of an accident.
  • Any towing cost that may be involved, especially in an accident.
  • Return of the vehicle after theft.
  • Replacing or changing any locks and keys in the lorry or its contents.

Though these terms vary between insurance policies, it is important you read through the terms and conditions thoroughly and ask the insurance company/broker any questions that you may have in this regard.

You can also get a few extra covers for an additional cost, and this could typically include legal charges, insurance for hazardous goods, and cover for other contingencies and emergencies.

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