Hire and Reward Van Insurance
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What is Hire and Reward Van Insurance
Commercial or business van insurance does not provide cover for providing a delivery service. A service that provides a reward, usually monetary, for delivering parcels or goods. If you intend to use your van for a delivery service, you will need to have courier van insurance cover. Failing to have van courier insurance is the same as driving without insurance. Driving without insurance is illegal, you should contact your broker any time that you change your vehicle use to check if your cover extends to the new intended use. We have partnered with QuoteZone. QuoteZone have a panel of specialist providers of courier van insurance NI that can provide you or your courier business with a range of quotes for comparison.
What Level of Courier Van Insurance Do I Need?
To answer that question, you need to consider the 3 levels of van insurance for couriers that is available.
What is the Cost of Hire and Reward Van insurance
Cost of a hire and reward insurance policy will depend on a number of factors. Key factors are the insurance category of the van, the amount of cover required. Other factors include the location of your business and the type of cargo that you will be delivering. Some items are more expensive to insure because they pose a greater risk to the insurance broker, for example precious metals or white goods.
What does insurance with hire and reward cover you for?
Hire and reward van insurance will firstly provide cover to the contents of your van, the items being delivered. The cover can be thought of as road risk insurance with additional cover for the items being delivered for reward.
Optional Extras and Add-Ons Available
Most insurance providers can offer you additional cover on top of the courier insurance policy, and these are optional and typically incude:
Goods in Transit Courier Insurance
Also called GIT. This type of cover is to provide finical protection, foremost for the goods being transported. This does not mean you will be covered to car gold bullion, as each policy will have exclusions which will typically include items of high value or dangerous chemicals.
Public Liability Insurance
This type of cover should be considered if you are working with the public. The policy is deigned to provide you with cover against third party claims for injury or property damage or loss. The insurance is inexpensive relative to the level of protection that it can afford as self employed courier.
No Claims Discount Protection
This has grown in popularity, and it is a cover designed to protect your no claim's history, so should you need to make a claim it will not havbe an eagtive impact on your existing policy history.
Legal expenses cover
This to cover your legal costs and fees if a claim is made against you or one of your van drivers in the business, it can also be sued to claim against the party that caused the accident.
Does Van Courier Insurance include Public Liability Cover?
A courier van insurance policy is one that you build as a tailored package, and it will not include public liability insurance, but it can be added. Public liability is a separate type of insurance aimed at protecting you against claims by third parties for injury or property damage as you carry out your work. As van couriers are open to these type of claims, public liability insurance for couriers is often bought alongside standard courier vehicle insurance.
Why is Courier Van Insurance Expensive?
It is true that hire and reward insurance is typically more expensive than standard van business insurance. This is because providing a delivery service involves spending more time in the road and often delivering items to tight time constraints. These factors make the likelihood of an accident higher, and this is then passed on to the delivery driver in the form of higher premiums. However, you can take actions to lower the costs of courier van insurance by following these guidelines:
Does Van Courier Insurance Cover Self Employed Couriers?
Van courier insurance will cover both employed and self employed courier drivers. A large percentage of drivers that seek hire and reward insurance are self employed doing deliveries for the likes of Amazon and Hermes and even Uber Eats. Starting your own courier service can be rewarding, but make sure you have the correct insurance in place by understanding that you need specific insurance to this growing service sector.
Frequently Asked Question by Courier Drivers
Haulage insurance is associated with long haul deliveries, whilst courier insurance is associated with multiple drops within a fixed locality.
An option is available to insure all your vans under one fleet insurance policy.
Whilst we mainly cover a van insurance policy in this article, courier insurance is also available for cars and motorbikes.