Hire and Reward Van Insurance

  • Insurance for point-to-point or multi-drop
  • hire and reward insurance for vans
  • Van insurance for couriers
  • Pay-as-you-go insurance
  • Monthly hire and reward cover
  • Multiple quotes from specialist brokers

Hire and reward van insurance is a legal requirement

Hire and reward van insurance is required by UK law for anyone who uses their van to transport a third party’s property in exchange for payment or reward. This can include the hauling of furniture, food and even paperwork.

Hire and reward van insurance will give you protection if you use your van for delivering goods in return for a reward or a payment. It is perfect for small van couriers that have multiple drop-offs in one day. The goods in transit can be expensive and the driving can be stressful given time constraints. These 2 factors make hire and reward van insurance more expensive than standard van cover. However, we can help you in your journey to find the best quote by providing you with multiple quotes for your van hire and reward service.

Van insurance Hire and Reward

We provide all types of courier insurance, including motorcycle courier insurance and food delivery insurance.

What is hire and reward van insurance?

If you make use of your van to courier goods for payment, you need a special type of cover that is called within the insurance industry as hire and reward van insurance. Hire and reward insurance is necessary for a range of services, including taxi drivers, removal companies and delivery services.

This cover will protect the goods that you are couriering should they get damaged or stolen. The cost of  hire and reward van insurance will be based on many factors, but one key factor will be the value of the goods that you are responsible for. 

What does hire and reward van insurance cover you for?

If you have the correct hire and reward cover you will be financially protected for any legal costs and damage to your van. This will also cover the costs of stock replacement if necessary. Plus any personal injury claims. Hire and reward insurance will normally include the following cover :

  • Theft of your vehicle
  • Road accidents
  • Theft of vehicle contents
  • Personal injury

What level of van hire and reward insurance is best?

In accordance with UK law third  party coverage is the minimal amount necessary to be legal on the road. Unfortunately the goods in transit are not financially protected with this minimal coverage and the courier could lose their business and be sued if the goods are damaged and the owner not immediately reimbursed.

How can I save money on my Van-Courier Insurance

Your van insurance cost will be a reflection of your risk to the broker, the higher the risk the higher premium. If you have a good driving profile, few claims and no convictions this will like car insurance lower your quote. However, take note the vehicle itself will impact on the costs and if possible choose a van that is reliable with low repair costs/replacement costs. Some examples listed below.

  • Ford Transit
  • Citroen Belingo
  • Vauxhall Vivaro
  • Volkswagen Caddy

Is it a legal requirement in the UK to have GIT?

  • Good in Transit Insurance is not a legal requirement in the UK at this time. 
  • Under UK law the courier is financially responsible for third party goods they agree to transport. If the goods are lost, stolen or damaged when in the possession of the courier, they are responsible for reimbursing the client. 
  • Without Goods in Transit cover the reimbursement comes out of the pocket of the courier. Because of that many clients require a courier to have Goods in Transit protection. 
  • Payloads replacement costs vary, but can reach £25,000 or more.

What can affect the cost of your annual or monthly insurance premium?

Hire and reward van insurance is more expensive than a standard van insurance policy. This is natural as you are not only insuring your van, but also the goods that are in transit.

Factors that can affect the cost of hire and reward insurance include:

  • Experience matters: if you are a young driver 21 or below with little driving experience, you will be considered high risk. In contrast, if you are over 25 or 50 with years of driving experience you would be classed as a lower risk. High risk equates to higher monthly premiums
  • The type of cargo will be an important factor. Expensive items will result in a higher premium than less expensive items, stationary for example.
  • Vehicle size : Larger vans will be more expensive than smaller cargo vans. Best to refer to the van insurance category to find a van that meets with your requirements and also falls into a lower insurance category.
  • With the advent of technology it is easier to find an insurance policy that is based on how often you are actually using your van for business. This type of cover also referred to pay as you go can help lower your premiums, if you only work at couriering part-time.

What other types of coverage should I have?

Public Liability 

  • This is protection for any owner of a courier business who has employees. This protection covers the legal and medical costs if an employee is hurt when at work.

Employee Liability

  • Because couriers do not decide on their destination, their clients do, coverage in the European Union is recommended. This makes it possible to deliver the goods to a European address and still be insured.
  • Most policies will cover the van for up to 30 consecutive days for travel in Europe.

Courier-van insurance does include what is standard for a vehicle on the roads in the UK in reference to accidents. Because you are transporting third party property, that too needs financial protection. Without this added protection you could find themselves deeply in debt and out of business even if the damaged or lost property is not their fault.

van courier insurance

Why compare hire and reward van insurance premiums

Hire and reward van insurance can work out expensive. Whilst it may be expensive, you still do not want to overpay. This is where comparative websites can help save you money. By posting your requirements to multiple brokers you will receive selection of quotes by completing one simple online form. Start comparing the costs now  by selecting the quote button