Buying truck insurance
The word ‘Truck’ can cover many types of vehicle; tipper, tanker, car transporter, tow trucks and recovery vehicles among them. All these vehicles may be carrying a variety of cargoes, or, at times, nothing at all. They may also be driven by different drivers, and will definitely experience a wide range of environments from the yard to public spaces, motorways to winding roads. Any truck insurance policy needs to cover all these things and more, without ruining the balance sheet. A truck insurance policy is therefore not as simple as one designed for a car, and will often be made up from different elements unique to your business, although there are some familiar elements.
Just as with cars, it is a legal requirement to have adequate vehicle insurance in place to cover commercial vehicles. The minimum cover required is Third Party Only, but, as with cars, Third Party Fire & Theft and Comprehensive levels can be attained.
There are also choices to be made when covering drivers. ‘Any Driver’ policies may be convenient, but could cost you more. If at all possible it is cheaper to use a ‘Named Driver’ policy, and young drivers or those with endorsements or criminal records will cost more to insure.
If you have a number of trucks to cover, adding them all to one ‘Fleet Insurance’ policy can bring down the premium again, as can offering to share some of the risk with the insurer through a voluntary excess scheme.