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Lorry Insurance: How Premiums are Determined

Friday 18 May 2018 at 04:47 am.

Lorries as Trucks

Lorry comes from a  word in north England which means a four-wheeled low flatbed horse-drawn vehicle. The term was not officially used until these horse vehicles became obsolete. But

at that time there existed an engine truck which they called wagons. So when the industrial revolution took place, steam wagons were made and there were diesel engines too. A flatbed truck which they called motor-lorry is also in use in Southeast England. However, the term "motor' became so redundant to use, so the word lorry was left as the term. Later, it was also used to refer to two-axle flatbed diesel-powered trucks which are now finally called lorries. www.total-insurance.co.uk offers some in-depth insights on HGV Insurance.

Truck Insurance for Lorries

Truck insurance may refer to the policy that covers not only (heavy goods vehicle) HGV or (light good vehicle) LGV but also for lorries. To differentiate other vehicles from lorries, here are their descriptions in terms of types and weights:

  • LGV - Light goods vehicle has a total vehicle weight of only 3.5 tonnes and these include the passenger, the fuel, and its cargo. they fall into the category of pick-up trucks and vans.
  • HGV - heavy goods vehicle includes lorries which carry a massive load of 7.5 tonnes. Lorries with two axles fall into this category and that also includes the Arctics trucks. A different kind of driving license is required to drive these kinds of vehicles and drivers should be an expert.

There are more classifications of Lorries which determine Lorry insurance premiums. They are basically classified according to their identifier, their gross weights, and their shape. Also, insurance premiums depend on the rate of usage of the vehicle and what it transports.

Options for Insurance Coverage

To be clear there are four options to choose of cover for trucks and that includes lorries. they are:

  • third-party only (TPO),
  • third-party
  • fire and theft (TPFT)
  • fully comprehensive