Hire and Reward Insurance
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What is hire and reward insurance?
Hire and reward insurance is a legal requirement if you transport goods or carry people, or hire out your vehicle, in return for payment. If you do this kind of work without it, your standard vehicle insurance can become invalid.
It matters because without the right cover you could be liable for the cost of replacing a customer's goods if anything happens to them, such as damage or theft. Businesses that typically buy hire and reward insurance include taxis, chauffeurs and private hire drivers, couriers, hauliers and removals firms, among many others.
You can either buy a normal car or van policy and top it up with hire and reward cover, or buy a fully comprehensive hire and reward insurance policy. A specialist broker can talk through your exact requirements and advise on which type of cover you need.
How much does hire and reward insurance cost?
There is no single price: policy costs are calculated from a number of factors including your age, your location, the type of work you do and the type of vehicle you drive. The most accurate way to understand what you would pay is to submit the quote form and receive no-obligation quotes based on your own details.
Cover can be paid for monthly, but monthly payments work out more costly than paying annually, as annual payments do not carry interest charges.
What types of hire and reward cover are there?
The source outlines two main routes to getting covered, plus courier insurance for delivery work.
Top-up hire and reward cover
A standard car or van insurance policy with hire and reward cover added on top, so you are insured while carrying goods or passengers for payment.
Fully comprehensive hire and reward policy
A dedicated policy built around hire and reward use from the outset, rather than an add-on to a standard policy.
Courier insurance
For drivers carrying property for a fee, courier insurance is an alternative form of cover that meets the same legal requirement.
Tips for getting the right hire and reward cover
A few things to think about before you submit the form.
Check whether your employer covers you
Whether an employer provides hire and reward cover depends on the employer and your contract. If you are freelance or a sole trader you will most likely need your own policy, but ask before you buy.
Be clear about your work type
Work type is one of the factors that sets your price, and it affects which cover you need. Describe accurately whether you carry passengers, parcels, goods or household contents.
Weigh up monthly against annual payment
Monthly payments spread the cost but end up more expensive, because annual payments do not include interest charges.
Under 21 or 25? Still ask
Many providers set age limits of 21 or 25, but others can cover drivers under 21, so it is worth getting quotes rather than assuming you will be refused.
What details do I need to get a quote?
Have these to hand before you start.
About you
A few personal details, including your age and where you are based.
Your work
The type of hire and reward work you do, such as taxi, courier, haulage or removals.
Your vehicle
The type of vehicle you use for the work.
Do I need hire and reward insurance to deliver food?
Yes, if you deliver food using a motorised vehicle in the UK you must have hire and reward insurance. If you deliver by bicycle there is no legal requirement for any insurance, although it is still a good idea to have some.
How do I make a claim?
Contact your insurance provider directly if you need to make a claim or have any questions about your policy. Quote Goat provides access to a comparison service and does not handle claims.
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Frequently asked questions
Is it a legal requirement to have hire and reward insurance?
Yes. Drivers carrying people or property for a fee must have hire and reward or courier insurance. You can buy a normal car or van policy and top it up with hire and reward cover, or buy a fully comprehensive hire and reward policy.
What type of insurance do I need to deliver food?
To deliver food by motorised vehicle in the UK you must have hire and reward insurance. If you deliver by bicycle you do not legally need insurance, but it is a good idea.
Will my employer buy my hire and reward insurance for me?
That depends entirely on the employer and your contract. If you are freelance or a sole trader you will probably need to arrange your own cover, but it is worth asking your employer before you buy a policy.
How much does hire and reward insurance cost?
Prices are calculated from many factors including age, location, work type and vehicle type, so the best way to understand the cost is to submit the quote form and receive a no-obligation quote.
Can I pay for hire and reward cover monthly?
Yes, although monthly payments end up more costly than annual payments, which do not include interest charges.
Is there a minimum age for hire and reward insurance?
Many providers set age limits of 21 or 25, but some can provide cover for drivers under 21.
How do I make a claim on my hire and reward policy?
Contact your insurance provider if you need to make a claim or have any questions about your policy.
Written by Michael Foote, Insurance & Finance Expert
Founder of Quote Goat, with over 20 years' experience in finance and insurance. He has appeared on TV and in Forbes, The Telegraph and The Metro.
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