Fri. Mar 29th, 2024
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Do You Need Hire and Reward Insurance?

Do you work in a job where you need to carry other people’s goods or customers from one place to another in return for getting paid? If so, you will massively benefit from having ‘Hire and Reward’ insurance. This type of insurance coverage means you can legally perform these duties without any potential issues.

 

The bottom line is that it is  illegal to provide this type of service e without the correct form of vehicle insurance.  This is according to the expert guide to hire and reward cover found on MultiQuoteTime’s website.

 

Hire and reward insurance is ideally suited to taxi drivers, Amazon flex workers, chauffeurs, couriers, private hire car drivers, or anyone else who delivers other people’s products or people in return for payment. Do you need hire and reward insurance? Let’s take a look!

 What Are Common Hire and Reward Insurance Policies?

Now we’ve already been through the basics, what are the most common hire and reward policies? There are generally three popular policies, which are: 

 

  • Third-Party Only (TPO) – This policy will provide you with compensation if other people are injured in the accident, and damage to other people’s property.

  • Third-Party Fire and Theft (TPFT) – This policy offers more coverage. It covers the same two issues as the TPO policy, but also provides you with cover for repairs if your vehicle is damaged by a fire or is stolen. 

  • Comprehensive Insurance – This policy is exactly how it sounds. It covers everything you find in the TPFT option but also covers repairs if your vehicle is damaged in the accident.

 What Does Hire and Reward Insurance Cover?

These hire and reward policies are mainly for delivery drivers and taxi drivers, so let’s go one step further. We will assume you are using your vehicle for commercial delivery purposes and need to know the common issues. What sort of things are covered in these types of insurance policies? 

 

  • Driving long hours on the road.

  • Distractions when using mobile phone apps.

  • Unfamiliar driving destinations and roads.

  • Wear and tear on your vehicle above average mileage.

  • Pressured into rushing to jobs quickly.

 

If you choose a fully inclusive Hire and Reward Insurance policy, which is sometimes called Commercial Vehicle Insurance, you’ll be covered for all the above issues all of the time. And that’s whether you are working or not. 

 What’s Not Covered by Hire and Reward Insurance?

Knowing what you are covered against is one thing, but what’s not covered by Hire and Reward Insurance? Here is a list of things that your policy generally won’t cover.

 

  • Any damage to the goods you are carrying.

  • Monetary damages or injuries to your passengers.

  • Anything that is stolen from inside your vehicle.

  • Your vehicle being driven by someone who’s not covered to drive it.

 Hire and Reward insurance is essential for delivery or taxi drivers of all kinds including Amazon Flex drivers. The longer you spend on the road; the more chance you’ll get into an accident. And you don’t want to foot a massive bill when the purpose of being on the road in the first place was to make money. Accidents can happen, but if you have the right hire and reward policy, you can at least alleviate some of the hassles of being on the road 24/7. 

By Editor