Do you have a suspicion that you might be overpaying for your haulage vehicle cover? Or, like all of us, do you want the best deal? 

In this guide, we look at how you can avoid overpaying for your Fleet Insurance and get the right cover for your haulage vehicles.

By reading tips on the renewal process – straight from Business Choice Direct (BCD) – you’ll get an understanding of how to get the best cover at the right price. 

#1 Start the process 30 days before renewal date

Start gathering information that your insurance broker will need:

• Relevant policy documents 
• Confirmation of your details: name/address/contact details
• Driving history
• Vehicle details
• Courier experience

Contact your broker approximately one month before renewal. This gives them time to search for quotes.

#2 Update incorrect/missing information

You might have changed the type of goods you carry, or do more miles, or have expanded your fleet.

If you auto-renew without declaring changes to your business operations, however small, you run the risk of failing to disclose relevant information. This is known as your ‘duty of disclosure’. This can lead to a claim being rejected because you are underinsured (i.e. not insured at the correct level).

If you have a road traffic incident for example, and the goods you are transporting become damaged and you’re not insured for higher value goods, you could be left having to pay for the damaged goods yourself.

#3 Check key coverages and make sure you’re fully insured

One of the most important policies is Haulage Vehicle Insurance.

Standard motor insurance won’t be enough if you’re carrying goods for hire and reward.

Specialist courier cover is designed for drivers who spend long hours on the road making multiple deliveries each day. It can help protect your vehicles for accidents, theft, fire, and damage, with insurance payouts helping you get your haulage business back on the road. 

Before renewing your policy, ask your broker to check that the following covers are in place:

Goods in Transit Insurance

If customer parcels, freight, or stock are lost, stolen, or damaged while in your care, you could be held financially responsible. Goods in Transit cover helps protect against these risks and provides reassurance to your customers that their loads are financially protected.

Public Liability Insurance

Deliveries often see you or your drivers visiting customer sites, warehouses, and public locations, where accidents can happen.

If a third-party such as a member of the public suffers injury or property damage because of your business activities, Public Liability cover can help with legal fees and compensation costs that could be brought against you.

Employers’ Liability Insurance

For businesses employing drivers, Employers’ Liability Insurance is a legal requirement in within the UK.

This insurance can cover legal fees, and compensation claims if an employee becomes injured or ill because of their work.

Vehicle damage

If you’re involved in an accident and your vehicle is damaged, you’ll need comprehensive insurance that can pay for repairs and give you the option of a replacement vehicle.

Fleet Insurance (usually for 3+ vehicles)

BCD’s standard Fleet Insurance policy includes:

• Cover for the repair or replacement of your vehicles following accidental damage or total loss
• Motor third-party liability cover to help meet the cost of damage or injury caused to other people or their property
• Windscreen repair and replacement cover for added peace of mind on the road

You can also include in your policy:

• Breakdown cover
• Legal Expenses cover 
• Guaranteed vehicle replacement

#4 Shop around

You might not have heard of “price walking”, but you might have been victim to this dubious practice adopted by some insurance brokers. Price walking is when insurers and brokers rely on you sticking to the tried and tested around your insurance cover rather than taking time to search for the best deal at the time of renewal. 

The brokers or insurers will gradually increase your insurance premium at each renewal despite your risk profile, claims history and circumstances remaining the same. This means you’re at risk of paying too much for your insurance year on year, with prices “walking” upwards on an annual basis. 

Despite prohibitive legislation introduced in 2022 aimed at curtailing price walking, it does still happen. Auto-renewing your Fleet Insurance without getting help from a broker like BCD to search for the best deal, can see you paying too much for your cover. 

#5 Avoid insurance you don’t need

You might be paying for extras on your policy that you don’t need. Check that:

• Your ‘excess’ (the amount you pay before your insurance kicks in) is reasonable and suits your needs.
• Your optional cover e.g. breakdown assistance or legal expenses are needed. 
• European cover or specialised breakdown services you might be paying for aren’t already a part of your insurance policy. You don’t want to be paying for cover if it’s already included. 

#6 Documents and payment

Provide your insurer or broker with your up-to-date documents.

You can send them through via email or BCD has a digital platform with an easy uploading process.

Payments can usually be made by credit/debit card over the phone or through a secure payment link via WhatsApp or email – whichever is easier for you.

On your renewal date, confirm your policy expiry with your broker to avoid a lapse in cover. 

Summary

By taking some time to search the market for your haulage cover, you can potentially save money on your policy.

If time pressures mean you prefer to let a broker do the hard work for you, contact the BCD team today.

Their experts can shop around and find you a policy that could suit you more than your current coverage.

Call: 0239 381 0051
Get a quote: www.businesschoicedirect.co.uk/contact-us/

Business Choice Direct Insurance Services® is a trading name of Specialist Broking Retail Limited who are authorised and regulated by the Financial Conduct Authority. Specialist Broking Retail Limited is registered in England and Wales No. 10301653.  Registered Office: Affinity House, Bindon Road, Taunton, Somerset, TA2 6AA