Hire and Reward Insurance

Compare hire and reward  insurance quotes and see if you could save

  • Hire and reward for all vehicle categories including cars and vans.
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Hire and reward insurance for vans and cars.

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?

What factors impact the cost of hire and reward insurance ?

  • Top of the list relates to the type of goods that you are transporting as you might suspect the higher the value of the goods the higher the premium. 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.
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    How often you are on the road?  The more you drive the greater the risk and again this will be reflected in a slightly higher hire and reward insurance premium.

Is it easy to get hire and 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.

A few things that you can do to help save money on your Hire and Reward insurance policy.

  • Normally paying you premium in one annual lump sum payment will be cheaper than choosing to spread the payment over a 12 month term or any term.
  • 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 taxi is less likely to be stolen, by for example safe parking, adding an immobiliser and tracking devices. 
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    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. 

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 

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

Hire and Reward Definitions

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. 

Smaller Vehicles

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