What is HGV Insurance ?
HGV insurance is an important documentation that helps in covering the risk involved in ferrying goods from one place to another along with the damage to the vehicle. Basically, HGV insurance is made for large commercial vehicles that are also known as large goods vehicles (LGV) often used to carry cargos, livestock and other necessary items through out the world.

Incase you are going for a liability insurance, you get fixed amount in lieu of damage claims under which you have to pay other party’s damages. However, this liability insurance is divided into two insurances such as split limit and combined single limit. In the former one, the damages are split into two parts so as to cover the expenses of insured and damaged party. In the combined single limit, the expenses are reimbursed in a single payment. In the collision insurance, the payment is made for the damaged vehicle. In the uninsured coverage, provides the benefit even to the fault party who does not have insurance cover.

Why is HGV Insurance important ?
Auto insurance is a part of risk management policy so as to safeguard against the unrepresented loss due to an accident or theft. Vehicle insurance ensures the coverage of liability in accidents. Given the heavy nature of HGV along with its potential use in carrying useful items, it is mandatory to have HGV insurance for your vehicle to ensure safety from unprecedented situations of accidents and other threatening causes.

What does HGV Insurance cover ?
In terms of insurance, risk management policy of a HGV is similar to that of an ordinary vehicle where one has to pay annual or half yearly premium in order to cover stipulated distance as covered in the insurance contract.

• Losses due to other vehicles: A good HGV contract covers the vehicle as well its owner from losses due to other vehicles. However, some of the popular HGV Insurance includes transit insurance, theft insurance along with the vehicle. Basically, insurance is carried out in three ways, insured vehicle, insured party and third party. In terms of premium and the condition of vehicle, one can choose amongst comprehensive insurance, liability insurance, collision and uninsured coverage.
• Cover from all possible risks: Under HGV insurance, the vehicle is insured for all possible risks such as theft, fire, vandalism and accident.

Who should use HGV Insurance ?
HGV insurance is must for all those service providers who have commercial HGV vehicles that are used in carrying goods across states and nations. Given the risk and damage involved, insurance is a mandatory requisite to ensure the safety of both goods and the vehicle. However, if you are planning to buy a HGV insurance, make sure you have a commercial vehicle as you can claim insurance cover benefit only if you have a commercial vehicle.