Alarming rise in HGV Insurance Costs
Parts of the UK are suffering from high increases in vehicle insurance. This is across all sectors including fleet industries. The rise in costs is fairly serious given the struggles companies have right now. Not only do they have to worry about increased insurance costs, but they also have to worry about increases to petrol, diesel, and VAT costs too.
If you are part of “they” as an owner or manager of a fleet company, you might want to conduct a van insurance comparison. With a comparison you can determine if you are spending too much on your insurance because it suddenly rose. You can also save money by looking at other companies to see if they offer better costs than the one you are with.
You may want to lower your premiums by lowering the cover you have for HGV insurance; however, we caution that you do not dramatically lower your insurance cover without doing further studies. You should find out what the average accident will cost in repair and medical. If you have a policy below the average accident cost you might end up suffering in your company. There is even a possibility of losing your company due to issues with enough cover. It is a common issue that needs to be addressed.
There is very little you can do when it comes to all insurance companies raising their rates, but you shouldn’t stay with one company just because you feel some loyalty if there is another offering better prices.
Even though comparison is one way you can reduce your payments and it may not seem like much, there is one other option. Insurance companies offer discounts for vehicle tracking. You might save up to 20 per cent on your premiums each year if you have stolen vehicle recovery tracking. Insurance companies like to see lower claims because it means they make more money. If you can recover a vehicle rather than claim it as stolen on your policy, you will be given a discount.
It also helps because you track driver behaviour and accidents. On board cameras and other recording devices can help you prove that your vehicle was not the one that damaged a car while it was parked on the street. It happens often that a HGV is mistaken as the culprit, but if you can prove it wasn’t you, you can save yourself a claim.