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How many vehicles do you need to get fleet insurance for a wagon or haulage business when you are a newly passed truck driver?
It is likely if you are just setting up in haulage then you would just start with one wagon or a truck and a service van. Over time and if you have enough work then you might wish to have a mini fleet with two or more trucks and several other cars and commercial vehicles.to do this you will need to upgrade your operator’s licence and ensure that you have enough capital in place so that you can fund the expansion. Finding the right price can be helpful to maintaining costs. Is well worth comparing all the rates in the market first before setting up. Typically you will do the haulage work and then have to wait 60 days to get your payment through to your bank. If your purchase expensive lorries and pricey lorry insurance then it will be difficult to make a profit and in so doing difficult to re invest in the business.
Initially your truck will be priced for insurance with No Claims Bonus years and the more years that you have then the cheaper it will be. It is hard for young HGV drivers who have newly passed to get on fleet insurance with haulage companies as often enough the insuer will not cover recently passed HGV drivers who are under 25 years old. If the insurer will actually cover the younger driver or newly passed driver on the policy then it will have a larger excess or old be third party and not fully comprehensive. Starting up in the transport business can be challenge and good advice is essential. If you are running a fleet of tippers then there are schemes to cover aggregate and road stone carriers.
This does seem harsh on the newly passed driver who has spent time and effort to do all the required training to become a professional fully qualified HGV driver for the haulage industry and then find that the transport companies will not be able to put them on their fleet policy to give them a chance .However the main concern with the younger driver is that they are more of a risk and more likely to cost the insurer money in the long term even if the operator puts that driver in a cheap truck. If the business is willing to cover the higher excess then it is possible to get tem covered and get them working in the industry.
The numbers of trucks that would be required for a fleet would be three or more but this would be restricted by the availability of good drivers who can make or break a haulage business in today’s market. You may well ask who has the lowest cost policies in the market ? There are several insures that will switch two or three NCB rated trucks on to a fleet policy which is much more flexible for the operator.