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Hire and Reward Van Courier Insurance
Courier van insurance has been transformed over the past decade in response to the changes in the courier business sector. The changes began with the increase in popularity of the on-demand culture that was then exasperated by the COVID-19 pandemic.
What are the new changes to courier van Insurance?
With the increase of demand for same day delivery of items, more couriers began using vans so they can take more parcels and items on their routes. Vans are classified as a commercial vehicle in the UK, but with them being popular in making deliveries for a third party, hire and reward cover became more popular and necessary. Since a van is a commercial vehicle the pay as you go delivery insurance used by car owners is not available for van owners.
Hire for Reward cover allows for the courier-van to be used to deliver items. There is no blanket type of
When taking out a Hire and Reward insurance policy, the owner must know their cover area, the times they will be making the deliveries, how many destinations will be on the route, the types of items being transported and any constraints like time allotments to make the deliveries. The more specific the owner in the description of their duties, the easier it is to get the type of cover needed.
What types of courier van insurance is available?
Three basic types to choose from.
What are the additional types of cover available for courier-van insurance?
Goods in Transit cover is the only policy that will protect the items while they are in transit in the possession of the courier. This is an add-on that many couriers have especially those that transport expensive items like electronics. The coverage is protection if the transported items are lost, stolen or damaged while in transit. This type of add-on is not economically feasible for fast food delivery drivers since the cost of replacement is not much and most restaurants will absorb this cost.
Public Liability cover is recommended for anyone operating a business that deals directly with the public like couriers. This protection can be up to £5 million worth of coverage if any third party files a claim that they have been hurt or their property damaged by you.
Breakdown cover is a convenient add-on to have especially for those that can’t change their own tire. This cover has varying levels of protection that include roadside assistance, towing and the use of a convenient van so you can stay operating your business.
Legal Assistance cover is used when you need to take legal action against a third party to recover a loss. This cover can be up to £100,000 to take care of the legal fees, loss of income, damage to the property in the courier-van or damage.
Employer‘s Liability cover is required for couriers that have one or more employees they pay. This is required by UK law.
What are the requirements to be a courier driver in the UK?
Most brokerage firms require the courier to be between the age of 25 and 75 years old. Some insurance firms do insure couriers as young as 19, but at a higher rate. They must also have a valid UK driving license and be a permanent resident of the UK.
How do I save money on my courier van insurance?
The path to saving money is to reduce the risk you pose to the underwriter. With courier van insurance the smaller the vehicle is physically with a small displacement engine the lower the risk.
Since the courier is operating a business service, they should place an advertisement of their business on the side of the vehicle. This reduces the risk of it being stolen since it is unique and can easily be identified by the police.
The addition of telemetric devices, such as a black box and or dashcam, evidence of how safe the driver operates the vehicle is provided.
The courier-van should also be stored in an off street locked and secure facility like a garage or shed when not in use. This reduces the risk of it being stolen or vandalised.
When taking out a courier van insurance policy, the more specific details you can provide the insurance firm, the better fit the cover will be to your needs. This is the path to getting the best type of insurance coverage you need so you will not be paying for areas of cover you do not need or won’t use.
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