Hire and Reward Van Insurance

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What is hire & reward van insurance?

Hire & reward van insurance is a type of commercial van insurance known as carriage of goods for hire and reward. It is appropriate for delivery drivers & couriers as it typically applies to drivers making multiple stops or those with many customers.

The other two types of commercial van insurance are carriage of own goods (e.g. a builder carrying tools) and haulage(e.g. a home removal service) insurance. No matter which type of commercial van insurance you require, Quote Goat can assist.

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Whether you’re brand new to using your van for work, or you’re an old hand, it’s easy to compare quotes for hire and reward van insurance. There are just three simple steps with Quote Goat:

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What is covered by a hire and reward van insurance policy?

Similar to a standard van or car insurance policy, the cover you receive depends on whether you opt for a comprehensive, third party fire and theft or third party only policy.

Fully Comprehensive: the highest level of cover available, offering protection for you, your vehicle and third parties in the event of an accident where you are deemed to be at fault.

Third Party, Fire & Theft: cover for your vehicle in the event of a fire or theft and for third parties in the event of an accident where you are deemed to be at fault.

Third Party Only: as the name suggests, cover only for third parties in the event of an accident.

At first glance you may assume that third party only will be the cheapest level of cover but this is often not the case with fully comprehensive policies offering you more protection as well as being cheaper in many cases. If you want to find the cheapest option be sure to look at all three levels when comparing quotes.

Optional extras for your policy

Goods in transit cover: You can also include goods in transit cover on your policy to protect items against loss or damage whilst they are transit.

Windscreen Cover: may be included as standard on your policy but will cover the cost of replacing your windscreen replaced or repaired, often with a separate excess to your rest of your policy.

Public & Employer’s Liability: protection for claims made by the public and employees respectively if they are injured as a result of your work.

Legal Expenses: if you are involved in an accident where you are not at fault, legal expenses cover can help you claim against the party at fault as well as help defend a claim made against you.

What factors affect the price of a hire and reward van insurance policy?

Your Van: various aspects of your van will affect the price including the age, size, engine and the insurance group.

Your Driving: previous claims and convictions (both on the road and off) can affect the cost of your insurance as can your level of driving experience. Building up a no claims bonus demonstrates to insurance providers that you are a safer driver.

Usage: where you drive, the type of commercial usage and the amount of driving can also affect the cost of your policy.

Location: where your van is stored overnight and where you live can also affect the cost of your policy.

How to find a hire and reward van insurance policy

Quote Goat offers a quick and easy way to compare tailored quotes from a panel of insurance providers who specialise in hire and reward van insurance. It is free to use the service & is a convenient, efficient way to compare quotes from multiple insurance providers.

FAQs

Is it a legal requirement to have hire and reward insurance for a van?

Yes, it’s a legal requirement for drivers carrying people or goods in return for payment to have hire and reward insurance. You can buy a normal van insurance policy, then ‘top up’ with hire and reward cover, or you can buy a complete policy.

What type of insurance do I need to deliver food?

To deliver food via motorised vehicle in the UK, you must have hire and reward insurance. If you’re delivering food by bicycle, you don’t legally need any form of insurance, but it’s always a good idea!

Will my employer buy my hire and reward insurance van for me?

This comes down entirely to each employer and your contract with them. If you’re freelance or a sole trader, it’s likely you’ll need to sort out your own insurance, however, it’s worth asking your employer before you buy a policy.

Written By Michael Foote, Insurance and Finance Expert

Michael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.