July 16, 2018

Checking out insurance for lorries

If your business employs a fleet of lorries,then you will have the annual challenge of insuring your vehicles. The complexity of insurance for lorries means that your best bet for finding the best deals probably involves going through a broker.

As with your normal car insurance, there are two basic types of insurance for lorries:

Fully comprehensive: Covers all parties involved in any accident.

Limited liability (3rd party): This only covers the other parties in an accident; i.e. you have to pay for your own repairs. This is why it is normally much cheaper. However, if your vans are on a lease, then you must have fully comprehensive insurance.

So far so easy, but there are many additional extras and depending on what you actually use your fleet for. Here’s where it becomes more difficult and your broker’s contacts and knowledge will come to the fore. Some of the more common and popular extras:

Goods in transit – as the name suggests, it is possible to get insure for the goods that are being transported as part of the quote for the insurance for the vehicles. Obviously you will probably want to have some kind of insurance for this purpose, but whether the best deal is through the vehicle insurance or not depends on many factors, too many to go into here – ask your broker.

Roadside Assistance – another feature that you are probably familiar with from domestic vehicle insurance, but for your business, it can take on a different meaning. When dealing with your own car this is probably provided for peace of mind, especially if you have young children, but in the world of business this may be the difference between a contract being renewed or not. In general, it is much cheaper to get this cover as part of the insurance deal rather than separately.

Umbrella or single lorry insurance – a bit more subtle this one. An umbrella policy will cover your entire fleet, with the total premium taking into account the state of all your vehicles. On the other hand single lorry insurance insures each vehicle individually – therefore you could get fully comprehensive cover for your newer vans then 3rd party for the older ones. Overall though, umbrella insurance will offer a cheaper premium per vehicle for the same level of cover.

Brought to you by Blue Angel – specialist insurance broker

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