Lorry fleet insurance – knows it coverage and price influence factors

20 Nov

Lorry fleet insurance – knows it coverage and price influence factors

Running a trucking company is a daunting task as it incurs many risks. Hence a lorry fleet insurance is a vital policy to purchase. Many insurers provide such policy to vehicle companies. The plan is very beneficial for these companies. Therefore, the owners must buy this insurance to safeguard their vehicles and goods. This policy covers the full range of risks to the vehicles. The policy buyers must know few things about the policy like their coverage, price, etc.

Any business similar to the fleet business can have such policy. So, now you might be wondering about the number of vehicles which constitute a fleet. The answers vary as different insurance providers consider a different number of cars in a fleet. Some insurer gives insurance policy to those with less as five vehicles while some provide HGV fleet insurance to more as 20 vehicles. So, the buyers must ask this question to the insurer before purchasing the policy.

What it covers?

The lorry fleet insurance provides liability coverage to all the company’s vehicle. Any employee of the trucking company can drive any vehicle covered under the policy.

Is the lorry fleet insurance expensive?

The price range of the insurance varies according to few factors. Some vehicles in a company are one factor, but there are other costs influencing factors as well.

Age and value- the used vehicle save money on your insurance because they cost less to repair than new vehicles.
Use of vehicles- the service-oriented vehicles like the one which is used by plumbers, locksmiths, etc. cost less. The vehicles used by the retailers for services such as floral delivery vans or pizza delivery cost average money. The automobiles used for good delivery cost more than the rest.

Type of vehicles- trucks has three classes-light, medium and heavy. The insurance policy covers all of them but with the different price.

Remember all the above factors that influence the price of the HGV fleet insurance. These are important to analyze the cost of the policy.