Hire & Reward Insurance: Who Needs Cover?

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Written by Michael Foote , founder of Quote Goat, with over 13 years experience working in the finance, insurance and currency sectors.

If you drive a vehicle as part of your job, it’s important to have the correct type of insurance, otherwise you may not be covered in the event of an accident. If that happens, you or the business you work for may end up in trouble, with large fines and even criminal prosecution a very real possibility for those who drive without the correct cover.

If you’re paid to take a package or someone’s belongings, then you’ll need an additional insurance policy on top of your standard motor insurance cover. This is called hire and reward insurance, which is given its name because someone is hiring your services and you’re being rewarded for your work.

Which jobs need this type of cover?

There are a number of roles where the driver requires hire and reward insurance. In many cases, people are unaware they actually need this extra cover, so it’s important to know exactly when you should buy a policy to avoid falling foul of the law. Here’s a list of some of the roles where a driver will need a hire and reward policy:

  • Taxi driver
  • Courier
  • Haulier
  • Food delivery
  • House removals

If you work in any of these jobs, then you require a hire and reward policy – failure to get the correct cover is a criminal offence so to avoid getting into hot water make sure you’re driving legally.

Types of hire and reward policies

As with other types of insurance, there are different levels of cover and these are usually the same as regular motor insurance. The three main types of policies are as follows:

  • Third party only – This is where the other person’s vehicle and/or medical expenses are covered by your policy. This is the lowest level of cover in the UK, and although it was traditionally the cheapest in the past that’s not always the case these days.
  • Third party fire and theft – This is the same as the third party only with the sole difference being your vehicle is covered in the event there’s a fire or your car is stolen.
  • Comprehensive – If you want to be fully covered then this is the policy to go for. This will ensure you’re covered for both you and the third party’s repairs and medical bills. It used to be the most expensive but lately you may actually find that comprehensive policies are the cheapest.

If you require hire and reward insurance, then check out our trusted comparison facility that lets you compare a number of policies in just a few clicks. At Quote Goat, we compare some of the best deals around to help you find the ideal policy for all your driving needs. Not only will you save time as you don’t have to check with each provider individually, but you could also save cash too making it a no-brainer to compare hire and reward insurance with Quote Goat!

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