There are a large number of qualifying factors that will determine the specific cost of Courier Insurance. Insurers generally believe that there is more risk associated with covering a courier than with typical motor insurance. In this blog, we’ll take a look at some of the factors that impact courier insurance policy prices.
There are several factors that impact the price of courier driver insurance
Couriers will likely be out on the road most of the day and rack up a significantly higher mileage than a standard driver. We’ll also consider the transportation of valuable packages, which must be covered against being lost, stolen or damaged, as well as the perceived risk that, with drivers often adhering to delivery deadlines, making multiple stops and working against the clock can also contribute to a boost in policy premiums. So, with you being out on the road so often, you will benefit from having a comprehensive courier insurance policy to protect you against any eventuality.
Do you need a bespoke goods in transit insurance for couriers policy?
It’s worth considering what you would like to be covered. Do you want to insure the cargo that you are transporting? If so, you will need to consider a policy that includes goods in transit insurance for couriers. If you’re an employer, you may want to consider Employer’s Liability cover. In short, just like the goods you may be carrying, courier insurance may come in a huge range of shapes and sizes.
The main things to consider are Vehicle Insurance, Goods in Transit Insurance and Public Liability Insurance. With vehicle insurance, the type of vehicle cover you’ll need will depend on the type of vehicle you have for your courier service – motorbike, van, car or small lorry.
Good in Transit insurance for couriers (GIT) will cover the cargo you wish to carry in case of loss, theft or damage. Different GIT courier insurance policies will be designed to cover different types of goods, so it’s of paramount importance to speak to your provider to establish what type of GIT courier vehicle insurance policy suits your business needs.
It’s also key to understand the exclusions, with most policies not covering certain cargo, like livestock. Another consideration is partial cover, which a policy may include cover for goods that may be considered attractive to theft.
Ensure that you have the correct level of courier vehicle insurance
Standard vehicle cover isn’t considered sufficient when using one for business purposes. It’s important you take out courier driver insurance that is not just cost-effective but also gives you the coverage you need should something go wrong.
With so many different vehicle types and uses for business, you must communicate with your provider to establish what features you’ll need to include in your courier insurance policy. Things like replacement vehicle cover, for example, would be vital if you were to need a vehicle to continue trading if, for some reason, your current one was out of use. Items such as luxury electronic goods may only be covered to half of their value by insurers. Again, it’s best to speak to a provider comprehensively about the ins and outs of courier insurance policy specifics.
As a business, you’ll be dealing with the public. As such, you may need public liability insurance. This will protect you against unfortunate incidents like accidents or property damage which may occur during the fulfilment of your business operation to a member of the public. It’s worth finding out if this is included as part of a goods in transit insurance for couriers policy plan.
A few other considerations may also apply to your particular business operation. These can include Employer’s Liability Coverage if you have employees and are not a self-employed courier, Light Hauler insurance for a small number of predetermined drop-offs, or Fleet Insurance for companies with two or more vehicles.
Request a courier insurance quote online today
The type of Courier Insurance you will need will depend on all of these variables, and speaking to a provider will help you determine what specifics best suit you or your company.
At Insurance Revolution, we specialise in finding insurance quotes and policies for Couriers, Hauliers and Delivery drivers. We offer competitive courier insurance and provide outstanding customer service, so to compare courier insurance options, complete our online form or call us on 0330 808 1119.