A Lorry Insurance policy is a bit of an umbrella title for what is essential a complete taylor made package comprising many different elements. Depending on the type of transport business you run not all elements will apply to you. Most insurance companies are fantastic at helping each individual get the best policy to meet their needs. However there are exceptions to the rule so shopping around or using a third party to hunt out the best quote for you maybe the best solution. At the end of the day you need to understand what you are being quoted for and whether it truly covers the risks of the business.
It is common practise to get more than one quote, allowing you to see if you are getting the best for your money, therefore you need to understand your policy to see whether you are getting a great deal. One quote that comes out substantially lower than others suggests the company have misunderstood your needs or are not offering such a comprehensive cover – so check thoroughly before any commitment is made.
All insurance companies that offer truck insurance are going to be unwritten and regulated, and whether you purchase your insurance directly from one of these companies or through a broker, you still have the standard financial products cooling off period should you feel you have made a bad decision.
The cooling off period gives you 14 days to change you mind. This period allows for things like full documentation not being available there and then. If you receive your policy documents 5 days after you arranged the insurance you still have time to correct any issues – and should the need arise cancel the policy and start again.
Check through the documentation and make sure you have appropriate cover for all elements of the business. Are you convinced you have fully protected the value of the goods you transport. Can you see that part of the cover in the policy details. Never worry about getting back to the broker or the insurance company and getting them to clarify things and tell you where to find the written information.
If premiums seem high there are a couple of tricks to bring them down a little – you can offer a higher policy excess for example. Just make sure you really can afford to pay it, should the worst happen and you need to claim. Have you remembered to include your no claims discount as this too can impact positively on lowering premiums.
If you find that you have ended up with a policy that doesn’t meet your needs, and are not happy with any changes proposed by the insurance company then exercise the right to cancel under the cooling off period. To comply with this you must inform them in writing, By all means inform them by telephone, and provided you can prove that the letter to cancel was posted during the 14 day period they must accept it no matter when they actually receive it.