The major purpose of HGV (Heavy Goods Vehicle) insurance is that it gives protection to the one owns who owns HGV and its driver. It saves you from third person liability i.e. if an accident happens, your insurance company compensates for the loss of the third party. The need of the insurance depends on the work it does. For example, if the purpose of the vehicle is to transfer goods from one place to another, then an HGV insurance policy might be required to compensate for a loss of theft, fire or road accident.
If you have a vehicle and its weight is above the limit of 4 tons, then it is considered an HGV. On the other hand, Lorries which transport goods are also considered as a Heavy Goods Vehicle. The insurance policy can compensate in many ways. It not just provides protection in case of damage, but it also pays to recover any damages done by the vehicle to other vehicles. You can discuss more benefits of the policy with your insurance consultant but remember one thing, the more coverage you get, the more expensive the policy will become.
There are some people who cannot afford the HGV insurance policies. All such people should not worry because if you do a little research and spend some time, you can certainly find a cheap and suitable insurance policy for your vehicle. The key is to get minimum insurance that provides you the necessary protection and it does not break your bank at the same time. You can always take help of the insurance advisers in the departments of the insurance companies. They can help you secure a policy that fits your business well. This will give you a relief as your vehicle will be protected. As soon as your business grows, you can move to a larger coverage.