Hire and Reward Insurance 

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Hire and reward insurance broker quotes

Hire and reward insurance is necessary for a wide variety of professions, some of which include taxi drivers, removal companies, livestock haulage and courier services. 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 need multiple quotes for a hire and reward for a van or a car select the get quotes button above.

 Hire and reward insurance for both Cars and Vans

  • The most important can be the type of goods that you are transporting. If these are valuable expect to pay a premium then less expensive goods. So if are transporting luxury sports cars expect to pay a higher premium than a business that just transports standard saloons.  
  • Haulage capacity :  insurance for small vans or cars will be less expensive over a heavy goods vehicles. 
  • Age, this is applicable to all types of insurance related to driving, if you are under 25 expect to pay more than an over 25 driver, this is down to the fact that under 25's pose more risk to insurance broker.
  • If you do not actually cover a long distance in your business keep a track of your miles covered and if your low compared to others then this should reduce your premium. You need to be fairly accurate as if do make a clam and you have exceeded your estimate this may invalidate your cover.

Tips on saving money on Hire and Reward Insurance

Shop around: When renewal time comes around it is time to find out what other brokers have on offer. Most brokers will save discounts for new customers. Existing customers will normally not qualify for these incentives and you may pay the same or slightly more. So do not feel guilty by swapping to a better deal for your pocket come renewal time.

  • Choose experienced drivers with a good history of no claims,  a clean licence. In addition drivers over the age of 25 will be soon as less of a risk to the underwriters and should result in a quote that is lower had you included drivers aged 21 to 25.

  • Increase security so your vehicle is less likely to be stolen, by for example safe parking, adding an immobiliser and tracking devices.

  • Get quotes from a selection of UK brokers.  Comparing the market will enable you to get a feel for what options are available for your particular insurance requirement needs.

  • Safe driving: Like all insurance, making claims will increase your premium. Other signs of driving without care including speeding will not only increase your costs, but could result in the insurance company refusing to cover you.

What is the average price for hire and reward insurance ?

The costs of hire and reward insurance will depend on a number of factors. We have highlighted some of the main main factors below. 

Drivers: The age and history of the driver is a big factor. Underage or drivers under 25 should expect to pay more than over 25 drivers. In addition, if you have a history of claims this will negatively impact your quotes and some brokers may not even offer you a quote.

The cost of extras can have substantially impact on your premium. Consider if you really need these, for example do you need a courtesy car if you already have access to a second car if required ? Breakdown cover, is it cheaper to take this out with nationwide breakdown specialist. If it is a new car it may be already included for free.

What a typical policy includes 

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 policies will include the following. Please note some of these are optional extras and you may choose to remove if not essential.

  • Courtesy vehicle
  • Breakdown cover
  • The personal belongings of the driver
  • Windscreen protection.
  • GIT or goods in transit cover
  • Public liability

Shop around for Hire and Reward Insurance and Compare prices

It always pays to shop around when you are in the market for new insurance or first time insurance. Many companies offer specialist insurance for hire and reward drivers. It is important to get different quotes as some companies will charge different prices for cover that is very similar. Start with us be selecting the Get Quote option below. Don’t stop ate some companies do not appear on comparative web sites. Aviva taxi insurance being a good example.

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 leave yourself under insured. 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.

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.

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