The purpose of insurance is to return back to the same condition where we were in before. That is a situation before the loss or damage that was incurred. They solve this problem by giving a financial help or indemnity.
Insurance benefits the individual in many ways. This may include
If the goods/property that are involved in HGV is destroyed by fire or any kind of theft this insurance can be helpful. Also any damage/injury is happened to a third party we are the people who are responsible to meet the expenses. In such cases with the help of HGV insurance they are possible to meet the claims. If the HGV gets destroyed by any kind of theft or fire we can claim by this insurance. Before taking Insurance for heavy goods vehicle we should check whether the insurance cover is worth for the premium amount that we paid.
Need of Insurance for heavy goods vehicle
Insurance for heavy goods vehicle is an important thing that needs to be taken especially on the roads of UK and Europe. If we do not have Insurance for heavy goods vehicle we may face certain difficulties as
- Lack of Insurance for heavy goods vehicle will be considered as breaking of law. If we do not have the same it may cause a driving ban or a penalty.
- If any kind of damage is made to a third party this insurance may help to recover the damage and the loss incurred.
In case of comprehensive cover there are different types of cover which are included in it. This includes break down assistance and the other one is replacement vehicle cover. In deciding the level of coverage the market value of HGV plays an important part. Linking the comprehensive cover with the replacement value of the vehicle also can be considered. Risk is possessed while transporting hazardous and dangerous goods in vehicles. We need to ensure that for all the goods that we transfer insurance is available for the same.
Insurance for heavy goods vehicle may cover the insurance to wider areas. While taking transit insurance any kind of loss or damage of the good should be noted. Since the risk is involved during the transfer of goods from one place to another. Coverage against this kind of risk is covered by the goods in transit insurance. The goods in transit should be subject to special rules and regulations if the goods that are transferred are dangerous or hazardous. This may also be covered even if the goods are perishable goods. Also insurance should cover the risk for the third parties during loading and unloading the goods or during any incident happens when the vehicle is on the road. Public liability insurance can be taken to cover such cases.
Another category that is involved in Insurance for heavy goods vehicle is the HGV breakdown insurance.
The premium value may depend on the age, use of the vehicle, mileage that it may incur and the vehicle value.