Cheap Hire and Reward Insurance

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Compare Hire and Reward insurance for vans and cars

Last updated : 09th Dec 2022

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?

Yes, it is a legal requirement to have insurance for moving goods for business or commercial purposes. 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.

What types of professional drivers needs hire and reward insurance?

Hire and reward van insurance is commercial business insurance for professional drivers. The cover is  required for those who deliver packages, food items, private and public taxi drivers, long haulers, ride-share, furniture drivers and car hire and reward couriers. If you are transporting a person or a third party’s property for payment, you need this type of cover as required by UK law.

What type of vehicles can a courier use?

Most couriers use a vehicle under 3.5 tonnes, except long haulers. The vehicles under 3.5 tonnes include vans, minibuses, cars, trucks and black cabs. Hire & reward van insurance is the most popular product, but the panel can provide quotes for all vehicle categories.

Why is hire and reward van insurance so expensive?

Hire and reward van insurance is more expensive than standard car or van insurance because delivery drivers pose a higher risk to the underwriter.  The nature of the job is to make deliveries on time, and this can cause situations that puts a driver at a higher risk of being involved in a road traffic accident.  

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 insurance do I need for a courier?

For most couriers, this is a class 3 business policy. The levels of protection include the following;

Are there any add-ons that should be considered to hire and reward insurance?

The above cover only addresses the road risk, 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.

Why does hire and reward insurance cost more than insurance for social and pleasure type of policies?

By being a professional driver, the level of risk associated with your job is higher than with a driver going to work or on holiday might be. The increase in risk is associated with driving more miles along with being on the road during busy rush hours, mostly in the inner cities where more hazards are present. Many couriers are also under a time restraint. Working against the clock might cause the driver to take more risks while driving to meet the needs of their supervisors. 

If I just carry tools and goods for my trade, do I need to take out hire and reward van insurance?  For example, builders, electricians or carpet fitters. This is different and in this case you require carriage of goods insurance to cover your trade tools.

Hire For Reward Insurance FAQ's