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 hire and reward van insurance. 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.  

Cost of a 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 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. 

  • Road accidents
  • Personal Injury
  • Damage or loss of goods being delivered.

Why is hire and reward 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 hire and reward van insurance by following these guidelines:

  • Increase the insurance excess : All insurance polices come with an excess amount, the amount that you would be liable for in the event of an accident, If you can increase this amount this taking some risk from the broker, the broker in return should provide cheaper price. 
  • Van Security :  Can you reduce the likelihood of the van be Bing stolen. Adding immobilisers and provide secure parking are  two easy steps that can result in cheaper quotes for hire and reward van insurance.
  • Compare Costs:  Might seem obvious, but you should also compare multiple options when you first insurance and also come renewal time. Some brokers will keep their best deals for new customers. 

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.

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