Hire and Reward Insurance

Hire and Reward Insurance allows you to carry other people’s goods in exchange for a fee. If you are driving other individuals or transporting goods, it is important to have insurance to pay for any damages or replacements in the event of an accident. For a free and no obligation quote, simply call us today.

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We are pleased to provide hire and reward insurance for vehicles that are licensed in the UK by local authorities of the Department of Transport.

This includes all types of professions and vehicles used to carry other goods in return for payment such as:

  • Couriers
  • Haulers
  • Minicabs, Taxi Drivers and Chauffeurs
  • Furniture Movers
  • Towing and Trailers

Insurance cover is essential for anyone in the transportation industry. If you are involved in a road accident or your vehicle is stolen with expensive stock in your van belonging to a client, it could potentially cost thousands of pounds to replace them. But having cover in place means that you can use your insurance to pay for any new stock, a replacement vehicle, personal injuries, legal costs and damages to your vehicle.

Whilst having cover is compulsory for all vehicles on UK roads, it is also a legal requirement to have insurance if you are moving goods for business or commercial purposes.

What Affects The Cost Of Your Premium?

Hire and Reward premiums tend to be more expensive than a standard insurance policy because you are insuring your own vehicle and the belongings. The price of policies will always depend on the insurance provider, taking several factors into consideration including:

  • The size of your vehicle

    Typically the larger the van or truck, the more of a hazard it is on the road and the greater chance of being involved in an accident. Also larger vehicles are able to carry more goods, making them a target for thieves. You also have the option to insure more than one vehicle under the same policy and although this increases the overall cost of the premium, you will typically receive a discount for every extra vehicle that you insure.

  • Type of goods

    The more valuable the goods are that you haul, the more fragile they might be and costly to replace. Expensive items may also be vulnerable to theft and this is reflected in a higher premium.

  • Mileage

    Policyholders will be required to provide their expected annual mileage. This follows the idea that the more miles you do on the road, the greater the potential risk. Insurers will also consider whether you drive on heavily congested roads, in adverse weather conditions and the times of day.

  • Drivers

    Insurers need to determine the risk of the driver that is transporting the goods. If the driver is over 40 years of age, has several years of experience and a small claims history, they will be considered low risk and therefore pay less for cover.

    However, when using a minicab or van for commercial purposes, there are likely to be several drivers on the same vehicle. The more drivers on the policy, the more expensive it will typically be to insure. However, the price might be reduced if they share the driving or the main driver has a lot of experience.

  • Carriage of Own Goods

    You will still require insurance if you are carrying your own goods in your vehicle. This is known as ‘Carriage of Own Goods’ and is ideal for those that carry tools, equipment, material and stock in their vans or trucks. As these belongings might be crucial in order to carry out your work, it is worth having insurance in place in the event that your van is stolen, broken into or damaged. For more information, you can read about tools insurance.

  • Terms of Hire and Reward Insurance

    The policies we feature will allow you to transport up to 44 tonnes of cargo. This won’t be necessary for taxis and vans but may be ideal for trucks.

    You are covered for up to £10 million worth of damages to your vehicle and the goods you carry. Your insurer will allocate cover for up to £2 million worth of costs and expenses. You will also be able to claim for any emergency medical treatment specified in the Road Traffic Act for the driver, other drivers on the road or pedestrians.

    If you want insurance to drive abroad and haul goods, you will automatically be covered for all European countries but will have to take out a separate policy for those countries not part of the EU Directive.

    Not included in this policy is public liability cover, which is recommended to pay damages to any member of the public that is injured as a result of carrying out your business activity. For example, if an item falls out of your van and injures a member of the public, your public liability insurance will pay for any legal fees, medical bills and replacements.

How Call Wiser Can Help

At Call Wiser, we compare quotes from a panel of leading insurers in the UK. By taking down your requirements over the phone, we are able to compare a number of leading deals and offers to find the best policy for you. We think its better to talk, hence our name. We encourage all customers to call us for a quote and our experienced advisers will ask a few simple questions and provide you with a competitive quote.

In addition to comparing several quotes at once, our team will offer good suggestions to help reduce the cost of your cover. This includes using your no claims bonus if you have avoided making a claim for over 5 years.

We can also recommend paying more voluntary excess so your overall premium will be less but you will have to pay slightly more in the event of making a claim.

Finally, we will propose some security features that you can add to your vehicle to reduce the possibility of theft. Adding adequate locks, immobilisers and tracking devices means that any lost items can be tracked down and if you prove to the insurer that you own these features, they will be glad to reduce the price of your policy.

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