Factors That Affect the Cost of HGV Insurance

There are many factors that affect how much you will pay for truck insurance. Some of these are in your control, and some are not. Insurance companies use a process that is called underwriting by which they take your information, assess the risk that they believe you present, and then quote you a premium. While all insurance companies do not  use the same exact same criteria in exactly the same way to determine insurance cost, there are indeed some common factors that all  insurance companies use,

Your age

Your age is without a doubt one of the biggest factors that affect how much you pay for your truck insurance. Unfortunately if you happen to be under the age of twenty five then you can expect to pay significantly more. The reason for this is that young drivers are more likely to be involved in collisions, either because they tend to be more reckless or they have less experience behind the wheel.

Your driving experience

Your HGV driving experience is yet another factor that can and does affect what you pay for truck insurance. What’s particularly pertinent is how much experience you have actually had driving a truck. You may have been driving for ten years but have very little experience actually driving a truck. Typically, trucks are large vehicles that are often difficult and potentially dangerous to drive, and insurance companies with no doubt take this into account when coming quoting a price for your policy.

Your criminal record

If you have had any criminal or driving convictions, this will weigh quite heavily on how much you pay for truck insurance. Quite often, folks with criminal convictions will get their insurance through specialist providers since they are not able to find it at an affordable rate elsewhere.

The size of your truck

The size of your truck will definitely impact how much you pay for truck insurance also. Bigger trucks typically cost more to insure since they’re generally more expensive and chances are that they are more likely to be involved in incidents which require a claim.

The level of cover you get

The level of cover that you get will for sure impact how much you pay. If you find yourself on a limited budget then a no-frills third party only policy is your cheapest option. The more cover options that you add, the more that you can expect to pay.

 The type of goods being transported

This is yet another big factor that affects the cost of a truck insurance policy. If you move goods that are particularly delicate or valuable, this will certainly boost the price of your insurance policy. In effect, the greater the chance of these goods being lost, stolen or damaged, the more you can expect to pay.

Named drivers

The named drivers that are on your policy also impact its cost.  Fact is that the younger and the more inexperienced a driver is, the chances that they might be involved in a collision are higher the premium will be also. This is one of the reasons that trucking firms typically hire very experienced drivers who are over the age of twenty five and have a clean driving history and not accumulated any points on their licence.

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