Goods in Tansit Insurance for Couriers

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Delivery of goods using Car or Taxi, Lorry, Bike or Van, One easy form multiple quotes

What is Goods in Transit Insurance for Couriers?

Delivery drivers always need to keep one step ahead of the game. When you are continuously transporting goods and cargo from one place to another, the goods that you carry are at risk. Goods in transit insurance for couriers is not a legal requirement, but it will protect against you against liability if the goods being transported are lost or damaged. If you have hire and reward van insurance that covers you to legally provide a hire and reward insurance it does not cover the goods being delivered. 

What’s the average cost of goods in transit insurance? What does it cover? And is this something that I really need as a courier? Let’s take a more in-depth look into these extremely practical insurance policies to see what they’re all about.

Do you need goods in transit insurance

Are you a delivery driver or courier who is on the road most days transporting goods from one place to the next? Well, either way, you’ll need some sort of insurance with public liability and vehicle coverage. Goods in transit insurance were specifically designed to give you protection against these things.

One single emergency stop can cause thousands of pounds of damage to the goods you are delivering. This can happen at a single second’s notice, and it might not even be your fault. In these cases, the goods can fall into each other and break in the back of your vehicle, and you will be liable if you are not covered. 

Another example of why you need this insurance is your vehicle might get broken into while you are travelling between destinations. If all the goods are stolen, you’ll once again be expected to foot the bill.

Do I need goods in transit insurance for couriers? This will depend on your attitude to risk. If you are a food or goods courier, or even a removal's driver, this type of insurance policy will cover you financially against lost or damaged goods

What does goods in transit cover?

Here are the four main things that your goods in transit insurance will cover:

  • Damage or destruction of goods or vehicles.
  • Loss of goods.
  • Any type of theft.
  • Delayed delivery issues.

As long as the goods you are delivering are part of your policy, they should cover the above criteria. But please do ensure what your policy covers before signing on the dotted line.

Items that are usually covered with this policy are food delivery, parcels, packages, letters, and even newspapers. But you can customize your policy to meet your exact needs to covers specific items. If the goods you deliver are expensive and high-end products, you might need to personalize your policy. But, generally speaking, that’s what you covered against with goods in transit insurance. 

Goods in Transit Insurance Average Cost?

How much does this policy cost? How long is a piece of string? From the middle to the end times two! As mentioned above, you’d ideally tailor your goods in transit insurance for couriers to meet your specific needs, which can massively differ depending on the type of products you deliver. 

On average for goods in transit insurance expect to pay around £200 per year, which will also include insurance premium tax. How expensive the goods you deliver will have a direct effect on how much you pay. If the insurance premiums seem a bit costly, you can always opt to pay monthly. 

Are Additional Policies Included in Goods in Transit Insurance?

Goods in transit insurance can also include public liability  and employers liability. The amount of cover for each of these elements can be selected during the online quote process.  Public liability and employers liability cover will normally range from  between 5 and 10 million.

Can I purchase good in transit cover for my courier van fleet? 

Most brokers can provide a one quote  to cover a fleet of vehicle example if you already have a multi van fleet policy you can add speak with your brokers to adding in GIT cover to cover your fleet of vans or even a mic of cars and vans.

How do Goods in Transit protect items being transported?

By having a rider or amendment to a commercial hire and reward van insurance policy, the driver will not be held financially responsible if the item is stolen, damaged or in the case of it being a food item no longer warm. This cover will pay for the replacement or repair of the damaged or stolen item to the owner of it.

Should all couriers add Goods in Transit to their car courier cover?

The correct answer is it depends on what is being transported. When the parcels contain expensive items like jewellery, precious metals and electronic items, then yes. Some on-line retailers make it a requirement that couriers that transport their goods must e have goods in transit insurance.

The couriers with fast food delivery insurance along with Uber Eats drivers and other couriers who deliver prepared food for restaurants, adding the Goods in Transit would not be financially logical. The cost of this rider would not be recovered due to the fact the food items are just not expensive enough to warrant this additional type of cover. In most instances, the restaurant will cover the damaged goods in transit by just replacing the order.

For couriers trying to decide if the Goods in Transit is a good option for them to include on their commercial vehicle insurance, calculate the costs if just one item is damaged or stolen as compared to the additional costs the insurance company will charge for this add-on annually. If the replacement cost of just one lost item is more than the increase in the premium on an annual basis, this add-on should be considered. If 10 or more claims must be made to cover the annual increase of the premium for this add-on, this additional cover is not a financially sound move.

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