Compare hire and reward insurance quotes and see if you could save
This type of insurance termed "Hire and reward insurance" is necessary for a wide variety of professions some of which include taxi drivers, removal companies, livestock haulage, courier services to give a few examples. It is a specific insurance product aimed at any business that moves cargo that belongs to other people for payment (reward). Like car insurance it is a legal requirement to have hire and reward insurance if you are in the haulage or courier business.
Like any other vehicle being legally used on UK roads, if you operate a hire and reward service, you’re going to need motor insurance. It is highly recommended to have, at the very least, Third Party cover in order to deal with any third party costs that may arise in the event of an accident. More information is available in the article section entitled what is hire for reward insurance?
We help you compare the cost of hire and reward insurance in the UK. Getting multiple quotes enables you to see the alternatives that are available from different insurance brokers and this normally leads to you saving money by obtaining a policy that meets with your insurance requirements at an attractive price. Consider what you need and avoid over insuring, but more importantly never under insure. When completing the quote form please ensure that you enter the correct contact details so that broker can email you quote and insurance coverage details. Cars or vans that are used for business are unfortunately seen as a higher risk to the underwriter which be reflected in a higher premium as opposed to normal van or car insurance.
There are a few things that a broker will need to know before they give you a quote for hire and reward insurance, such as how long you have held a full UK drivers licence, how many years of no claims bonus that you have accumulated, and what type of car you plan to use to ferry passengers.
Choose a good broker that knows the business to help you compare hire and reward insurance quotes from multiple providers, explain policy options, and help streamline the whole process and find the right cover at the right price.
A broker that is knowledgeable of hire and reward insurance will have access to insurers that are able to provide cover for not only private and public hire vehicles, such as vans, hackney carriages/black cabs, MPVs, and minibuses, then can also help with options that cater to chauffeurs and wedding car drivers. There are even hire and reward policies available for the carriage of school children.
If your job entails travel to Europe check that it is explicitly included in the policy that you have selected, never assume anything to be included. In most cases insurance polices will include the following
Hire and reward equates to a payment in cash or kind which gives a person the right to be carried regardless of a profit being made by the driver.
Is a vehicle still a PSV even when it is not carrying passengers?
If the vehicle is parked up or moving from depot A to depot B it is still classed as a PSV vehicle. It will only stop being a PSV when it has been permanently discontinued from service for example adopted for driver training.
Large Vehicles and Minibuses
Any vehicle designed to carry nine or more passengers for hire or reward this can also include stretched limos.
Vehicles with 8 seats or fewer that is to be used for carriage of passengers at separate fates may need a PSV operator's licence. Full details please refer here.