Taking out insurance for a heavy goods vehicle (HGV) is not such a straightforward and easy task like it is taking out regular car insurance; it is far more of a challenge. With car insurance there are basically just three types; third party, third party fire and theft and comprehensive. By law it is necessary that all vehicles have insurance and the cheapest one that you are allowed is third party. Third party insurance will pay for your car to be repaired if you catch in an accident but it will pay for damages to any third parties, as it will pay for their injuries or compensation in the case of a death. Third party fire and theft is similar but in addition to paying any third party damages or injuries, it will also pay the insured in cases of fire or theft.
Comprehensive insurance on the other hand, although more expensive will not only pay third parties but will also pay or the insured’s car to be repaired also. People with newer cars will often take out comprehensive insurance whilst many of those with cheaper cars may opt to only take out one of the third party policies. HGV insurance can be far more complicated and so many HGV owners use hgv insurance brokers to get their insurance needs for them. Some of the things which have to be considered when taking out HGV insurance are the size and weight of the vehicle. In the UK today there HGV trucks are stolen on average 10 to 15 times a day and their cargoes have similar figures when it comes to theft. Of course to have the insurance cover theft of the HGV or at least the theft of the cargo, it will be more expensive but given today’s statistics, many HGV owners are opting to pay the extra.
The reason why these owners seek the assistance of brokers rather than just an insurance agent is because, although not everybody realizes this, they are two very different people. Although both an insurance agent and an insurance broker will be experts and therefore understand all the small print on insurance policies, an agent is tied to just one company and a broker is not. An insurance agent will therefore look to find you the best policy but only from the different policies their company offers. A broker though can hunt for the best policy offered regardless of which company may be offering it. An insurance agent is employed by and so therefore has loyalties to one specific insurance company and so it is that insurance company’s best interests that the agent will be most concerned with however, a broker has no such loyalties an is in fact, legally required to keep the interests of their clients as their number one concern. This means that hiring a broker can save you a lot of time reading through different policies and yet you can be assured that they will keep your best interests close to their hearts.