Recovery Insurance

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Designed to protect a business that is involved in vehicle recovery activities, recovery insurance is a type of motor trade insurance that can shield your business if something goes wrong unexpectedly. This might include financial loss or claims made against you, including liability claims.

You will probably need to take out recovery insurance if you own a recovery truck or run a business that recovers broken down vehicles. You can either insure a single recovery truck or cover it under a more extensive combined motor trade policy, which covers both the vehicle and your business premises together.

The quotes you receive for recovery truck insurance will largely depend on the risks involved. In some instances, covering your business using a recovery policy can be expensive, but you are guaranteed to find the most competitive deals from trusted insurance firms by comparing quotes using Utility Saving Expert.

What recovery vehicle insurance covers

Usually taking the form of a combined bundle of insurance, recovery truck insurance will be tailored to reflect the specific needs of your business.

Cover that can be included in your recovery insurance bundle:

Insurance cover relating to vehicles

  • Road risk cover: this type of policy covers daily operational activities for businesses that deal with cars and other vehicles, including when you or your employees are responsible for customers' cars. It's a legal requirement for businesses that work with cars and have them in their care, such as garages, car showrooms, and car recovery services.
  • Carriage of vehicle cover: this is probably the most essential element of your insurance if you run a vehicle recovery business. It covers the vehicles that you are in the process of recovering, whilst you are transporting them. This type of insurance cover may be written into your goods in transit insurance. If it is not included as standard, you can add this to your recovery insurance policy.
  • Breakdown cover: this type of cover takes things full circle for recovery businesses. Breakdowns generally happen unexpectedly and they can happen to any type of vehicle, including to recovery trucks that are intended to recover broken down vehicles. Adding breakdown cover to your insurance bundle might be helpful if there is an unforeseen problem that causes your truck to break down.

Insurance cover relating to protecting your business

  • Business premises cover: this provides some peace of mind that you will have some financial support to pay for repairs if an accident like a fire or flood causes damage or destruction to your property, or if an incident like vandalism occurs at your workshop or garage. You can increase business premises cover by adding contents insurance, which would extend the insurance policy to cover office equipment within the premises.
  • Tools and equipment cover: this type of cover will add protection for the tools that you use for your business trade. For example, this policy protects you financially if there is a theft and tools are stolen, whether these are kept within recovery trucks or vans, or outside of those vehicles. Tools and equipment insurance also covers expensive or specialist recovery equipment that is used by you or your employees for work.

Liability cover

  • Employers' liability cover: this type of insurance protects your business financially if there is a compensation claim made against you by an employee, such as in the event of an injury at work or occupational-related illness. It's a legal requirement to take out employee liability cover. Even if you employ staff on a casual basis, you have a responsibility to protect your employees and a duty of care as the employer.
  • Public liability insurance: this covers the cost of compensation if a claim is made against your business, or if you are taken to court, by a member of the public. This might happen after an accident that happened on your business premises. Public liability insurance covers legal fees and any compensation that your business owes if your business is found accountable for an injury or losses suffered by a member of the public.

Choosing the right cover for your recovery insurance

It can be challenged to decide how much insurance your business will need, and how extensively you should add coverage within your recovery insurance bundle.

The extent of insurance you take out will depend on how your business operates. Your policy will need to appropriately and accurately match your business activities.

If you and your employees regularly drive vehicles that belong to your customers, you will need road risk insurance at a minimum. However, you'll need to choose whether to take out third-party only, third party, fire and theft, or fully comprehensive cover.

For businesses that employ staff, it's necessary for you to take out employers' liability insurance to cover you for at least £5 million. This is a legal requirement, whereas taking out public liability insurance is an optional extra.

You'll also need to consider the value of the items you'd like to insure, including your premises and the tools and equipment that are essential to running your business. The sum you are insured for will need to reflect this.

Building an insurance policy for your vehicle recovery trade is personal to you and your business. You don't want to overpay for what you get, so it's important to only choose what you need. On the other hand, you don't want to get caught out by taking too many risks or invalidate your insurance by being inaccurate.

It's best to be transparent and completely honest about how your business runs so that you can create tailored insurance coverage that reflects your business needs.

The cost of vehicle recovery business insurance

Due to the fact that a vehicle recovery business will require a tailored package of insurance coverage, there can be a great deal of variation from business to business. One recovery insurance bundle might look very different from another, depending on what the trader needs.

Because of the range of options that make up recovery truck insurance coverage, it's difficult to provide an average price for this type of motor trade insurance and it would be unhelpful to estimate costs when there is so much variation.

Additionally, a range of risk factors can influence the cost of insurance quotes, similar to other types of car insurance. Insurance firms will take risk factors into account when calculating the quotes and premiums they offer your vehicle recovery business. Some of these will be generalised, others may be unique to your trade.

Factors that insurance providers will consider include:

  • The size of your vehicle recovery business and the extent of your offering, business activities and operations.
  • The number of staff that are employed by the business, including full-time workers, contractors and casual staff.
  • The location of the business premises and the associated crime rates or accident statistics connected with that area.
  • The types of insurance cover that you have added to your recovery insurance policy bundle.

How to lower the cost of recovery truck insurance

Given the nature of the motor trade industry, accidents are more likely to happen. This can increase the premiums that you are offered by insurance providers, which can make them costly.

However, there are some relatively simple ways to push down your insurance quotes and reduce your premiums.

You may be able to lower the cost of insurance by:

  1. Choosing the cover you need: Think carefully and realistically about the types of risks that are most relevant to your business. If your business is very unlikely to encounter a specific risk, consider whether it would be better to save money by not including this cover. An example of this is choosing not to take out European cover if your business operates strictly within the UK and not elsewhere in Europe.
  2. Introducing lower age limits: It's a common occurrence for insurance providers to offer poorer deals for younger drivers, whom they deem to be higher risk. For the motor trade industry, some insurance firms won't cover under 25s, and those who do provide cover for this age group tend to quote very expensive prices. By ensuring that all named drivers covered by your road risk insurance are 25 or older, you position yourself for a better deal.
  3. Keeping licenses clean and with no claims: You can keep the cost of insurance down if all named drivers have clean driving licenses, and if you transfer your personal no claims bonus to your motor trade policy.
  4. Improving the security of your business premises and vehicles: You can reduce your premiums by investing in alarm systems for your business site, installing CCTV and security gates or adding security to vehicles owned by your business.
  5. Opting for annual payments and higher voluntary excess: Balancing your recovery insurance policy with a single annual payment rather than paying on a monthly basis will usually reduce the total amount you pay. On top of this, agreeing to a higher voluntary excess will reduce your quote.

Finally, the best way to guarantee lower quotes is to compare deals online from a number of suppliers. Use Utility Saving Expert's online comparison tool for free now.