UK Hire and Reward Insurance
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What is UK Hire and Reward insurance?
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Hire and reward insurance provides you with insurance required to provide a service using your van in return for a reward. The reward does not have to be money, for example it can be a benefit in kind.
For couriers, having the correct type of hire and reward insurance for your car or van is important so you, your vehicle and your business will have the protection it needs. This classification of insurance is used for those in the courier businesses where they are paid to take a package, food items or a person from one location to its destination.
Multi Quote Time works in partnership with Quote Zone who provide a simple form which once completed is submitted to a specialist panel of brokers. These brokers will be in contact via the telephone to provide you with options and their best quotes.
Hire and reward insurance covers any service that a vehicle is used, resulting in a reward. If you ferry passengers for reward as an Uber driver, you will need Uber insurance, which is a form of private hire insurance. If you are or intend to use your car for such purpose, you will need a hire and reward car insurance policy.
Types of Hire and Reward insurance
Hire and reward insurance will normally fall into one of the following categories:
Is Hire & Reward Insurance a Legal Requirement in the United Kingdom?
Hire and reward insurance is a legal requirement if you are transporting goods or passengers for a reward, normally a payment. The panel of UK brokers can provide hire and reward insurance quotes for a wide range of vehicles and professions. We have listed a few examples of professions and vehicles below.
Who Needs Hire and Reward insurance?
This type of cover is required for those who deliver packages, food items, private hire drivers, public taxi drivers, long haulers, ride-share, furniture removal drivers are just some examples of the business categories that this type of cover is required to operate legally
Why is Hire and Reward Van Insurance Expensive?
Hire and reward van insurance tends to be more expensive than standard car or van insurance. The key reason is that the use poses additional risk to the insurance company. Accidents are more likely given the nature of the job, constantly on the road working to a tight delivery schedule. Consider the following:
All these factors lead to a higher risk profile in terms of insurance, which is reflected in a higher premium. Some brokers will not even offer cover to young and inexperienced drivers. In summary, deliver drivers need a specialist cover that recognises and takes into account that they are in a higher risk category than normal social or business drivers.
What is the Difference between Haulage and Courier Insurance?
If you are using your van to delivery goods, you will need van courier insurance. Haulage insurance is the traditional type of insurance that you would associate with larger trucks that move a shipment of goods from A to B. The destination is not always clear-cut, but the broker can advise based on the information that you provide.
What Level of Cover is Available for Couriers?
For most couriers, this is a class 3 business policy. The levels of protection include the following;
Types of Vehicle Insurance | Comprehensive | Third Party Only | Third Party plus Fire & Theft | |
---|---|---|---|---|
Cover if your vehicle is damaged in an accident | ✔ | No | No | |
Cover for your vehicle if damaged in a fire or stolen | ✔ | No | ✔ | |
Compensation for passengers and others | ✔ | ✔ | ✔ | |
Cover for damage to the property of a third party | ✔ | ✔ | ✔ |
Additional Coverage Options:
The above cover only addresses the road risk insurance element, but not the contents you are transporting. To cover the items or the people you are transporting, a carriage of goods for hire and reward policy is needed. The level of cover required is dependent on what is being transported and its value. For couriers transporting high end and valuable items, the cost of this insurance is higher than food delivery drivers because the replacement cost will be higher.
Public liability is another add-on that is advisable, especially for the private hire courier. This is protection if a third party makes a claim of being injured or their property damaged due to your services. This coverage handles the court fees, legal fees and any settlement in the case.
Does a Vehicle Rental Business Need Hire and Reward insurance?
The growth in the staycation industry has created a new demand for self hire vehicles in campervan sector and car rental sectors. For those that are staring out as a new venture, hiring out any type of vehicle you will need a specific type of cover referred to as self drive hire insurance or pay as you go self drive hire insurance
Take steps to lower the cost of UK Hire & Reward Insurance
Reducing the policy premium is possible if you can reduce the risk that you pose to the broker. We have listed some areas that action can be taken to get a cheaper hire and reward insurance quote.
How much does hire and reward insurance cost?
The cost of hire and reward insurance in the United Kingdom will be based on a number of factors that will vary for each individual or business, as such it is difficult to give an exact figure, but expect to pay more than you would for business use car or van insurance to cover additional risk.
The key factors that go towards calculating the insurance costs include the type of vehicle and insurance bracket. What goods are being couriered in terms of increased risk to the insurance company. The driver’s experience and claims history will also play an important factor in arriving a t a final premium costs. The type of cover will also impact the costs, traditional full comprehensive cover is the most expensive, but third party cover prices have been increasing as insurance companies are finding the number of claims was proportionally higher with this lower level of cover
UK Hire And Reward Insurance FAQ's
Most food delivery drivers will need to take out hire and reward insurance. In some cases, the restaurant or café may provide you with a delivery vehicle that is covered for food delivery. In most cases you will be using your own mode of transport car, van or bike and your standard vehicle insurance policy will not provide cover for food delivery. You can opt for an annual policy or a monthly hire and reward policy. If you only work occasionally, or it is a part-time gig, look at a pay as you go food policy.
If you only work occasionally, or it is a part-time gig, consider a pay as you go food insurance policy.
Quotes are available for all van categories, we have listed these below. If your van has been modified, this may impact the quote, and you must notify the broker during the quote process. Failure to notify the broker of any modifications can invalidate your cover. A good example of a typical van modification is the addition of a lifting ramp.
Uber drivers also come under the title of private hire drivers. Drivers for private hire are different to taxi drivers as they can not be hailed and must be ordered in advance. Uber drivers need a hire and reward policy specific to their needs. Have a look at our detailed guide on private hire insurance for more details.
How much is hire and reward van insurance will depend on a range of factors. Some of the more important factors would be your driving history, value of van, value of cargo that you will be couriering. The van insurance is available at three levels, but you need that additional courier cover if you are using your van for hire and reward.
The demand for hire reward insurance exists over all age groups, from young drivers under 25 and in some cases under 21, plus drivers that are over 50 and above. Comparative insurance quotes are available for all age ranges for cars, vans and motorbikes. Some brokers will set minimum requirements, but it is always possible to get young driver hire and reward van or car insurance.
This situation applies to many, for example, builders, electricians or carpet fitters, and you will require business vehicle insurance plus cover your trade tools and equipment.
Get hire and reward insurance tailored to your UK business requirements
A courier driver insurance policy or any hire for reward policy should be tailored to your specific needs. By completing one simple form provided by Quote Zone you will receive multiple quotes from a panel of UK specialist insurance providers. These quotes can be tailored to fit your exact requirements within your service sector.
Delivery Driver Market Statistics | |
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Top Companies Hiring | Start Your New Career, Just Eat and Yodel / Home Delivery Network |
Average Delivery Driver Salary | £25,266 |
Current vacancies | 26,964 |
Data from Adzuna
Helpful Links
BIB: The British Insurance Brokers' Association is the UK's leading general insurance intermediary organisation