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Hire and Reward Insurance
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What is Hire and Reward Insurance?
Hire and Reward Insurance is a type of Commercial Insurance cover. It’s made for companies or individual drivers who transport passengers/goods in exchange for payment, such as taxi drivers, couriers, food delivery drivers, and haulage/freight operators.
Looking for Hire and Reward Insurance? We can help. We’re an independent, family-owned insurance broker specialising in Commercial Motor Insurance for people who drive for a living, and we’ve been proudly serving the taxi industry since 1972.
Join thousands of professional drivers who put their trust in us to find the right policy for them. With over 50 years of insurance expertise and award-winning service, you can be confident you’re in safe hands with us.
Hire and Reward Insurance for Taxi Drivers
If you’re a taxi driver, standard car insurance will not provide you with the level of cover you need for work. You’ll need Hire and Reward Insurance.
There are two different types of Hire and Reward Insurance for taxi drivers:
Public Hire Taxi Insurance is for taxis that can be flagged down on the street or picked up at a rank without a booking, like black cabs or Hackney Carriages.
Private Hire Insurance will cover you if your journeys are all pre-booked. This includes local bases and drivers who work with ride-hailing Apps like Uber and Bolt. It’s made for drivers who can’t pick up passengers without a booking.
Levels of Cover for Hire and Reward Insurance
Comprehensive is the highest level of cover for Hire and Reward Insurance. It provides cover for most accident scenarios, including damage to your own vehicle.
Third-Party, Fire and Theft protects your vehicle if it’s stolen or damaged by fire and covers you if you cause damage to someone else’s vehicle or injure a third party. It doesn’t cover any accidental damage to your own vehicle.
Third-Party Only is the minimum level of cover and is required for you to operate legally on the road. It will not protect your own vehicle, but it covers you if you cause damage to someone else’s vehicle or injure a third party.
Getting your Quote from Us
Step 1
Fill out the form
We’ll need some information about you and your vehicle, like its make and year of manufacture, as well as some information about you, including the licensing authority you work for.
Step 2
We’ll give you a call
To collect a few more details from you. We’ll also review the information you’ve already provided to ensure we have everything needed to get you some quotes.
Step 3
Get your quote
Once we have all the information we need, we’ll contact our panel of insurers to find the best quote possible for your Hire and Reward Insurance.
Why use Patons for your Hire and Reward Insurance?
There are many benefits of taking out a policy with Patons Insurance, these include:
- Wide range of taxi insurers to choose from
- Exclusive rates
- Suitable schemes for public and private hire
- Quotes for all public hire, MPV’s and private hire vehicles
- Rates for single, fleets and multi-vehicle policies
- Flexible monthly payments
- Public liability, Excess Protection and taxi breakdown policies available (optional)
- Expert advice and support
- Face-to-face or over the phone communication
- Secure access to insurance documents online
- 24/7 claims assistance.
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Frequently Asked Questions about Hire and Reward Insurance
Do I need Hire and Reward Insurance?
If you drive for a living and carry passengers or goods in exchange for payment, you need Hire and Reward Insurance. Standard car insurance/private insurance will not cover you to carry passengers for hire and reward.
The type of Hire and Reward Insurance you need will depend on what you do for work. For example, if you’re a taxi driver, you will need Taxi Insurance. If you’re a courier driver, you’ll need Courier Insurance.
Drivers who carry passengers or deliver packages spend more time on the road and are considered higher risk by insurers because they cover more miles than average drivers and tend to be in busier areas at peak times, which is why they need specific insurance cover.
Hire and reward insurance can be taken out for most vehicles, whether it is parcels and packages in a van, delivering fast food in a car or by bike, or a car carrying passengers.
How much is Hire and Reward Insurance?
The cost of Hire and Reward Insurance can depend on a variety of things, such as your claims history, the vehicle you drive, and the area you work in.
Depending on the insurer, you can take steps to reduce premiums, such as:
• Paying annually instead of monthly to avoid paying interest.
• Reducing the risk by parking your vehicle on a drive or in a locked garage.
• Having security and anti-theft devices installed.
• Increasing the voluntary excess on your policy if you can afford it – the more you pay in the event of a claim, the lower the premium.
Is Goods in Transit the same as Hire and Reward Insurance?
No, they are not the same.
Hire and Reward Insurance will cover you and your vehicle in the event of an accident while working. If you’re carrying goods for work, they will not be covered under a standard Hire and Reward policy.
Goods in Transit Insurance is a different type of policy which covers any damage done to goods carried at work – this type of cover is commonly taken out by couriers and food delivery workers.
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