Hire and Reward Van Insurance

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  • Insurance for point-to-point or multi-drop
  • Commercial, Company and Private Vans all Sizes
  • Spread your payments across the year to ease cash flow
  • Spread your payments across the year to ease cash flow
  • Add Legal Expenses cover to your policy
  • Monthly hire and reward cover

Hire and reward van insurance is a legal requirement

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

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

What does van insurance with hire and reward 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.

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.

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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.

Hire and reward 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 insurance premiums

Van hire and reward 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

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