Goods in transit insurance
If you use your van for work, it’s imperative that your equipment, or parcels, are protected if things go wrong. So, here’s everything you need to know about keeping your cargo safe with goods in transit insurance.
What does goods in transit insurance cover?
If you regularly transport tools, equipment, parcels, or materials in your van for work – then goods in transit insurance will cover you in case they’re stolen, lost, or damaged when you’re out and about.
Goods in transit policies are usually bought in addition to van insurance and are usually split into two categories:
• Carriage of own goods – you’d fall into this group if you’re carrying goods or tools that belong to you in relation to your work
• Haulage – this would apply to you if the cargo you’re carrying belongs to other people and you’re simply transporting the goods – if you’re a courier, for example
What should I consider?
As with any form of insurance, it’s important to go for a policy that really meets your needs. If you’re underinsured and need to make a claim, the likelihood is, that you’ll be liable for the difference. Here’s what to consider:
• Be clear about what is being covered – most goods in transit policies will cover you for loss, theft and damage, but check to see if any limits or restrictions apply.
• Helplines – look for helplines available seven days a week, 365 days a year – because accidents can happen at any time.
• Amount of cover – the maximum you can claim will vary according to insurer, so look for one that’ll cover you for what you need.
• Excess – different policies will have different compulsory and voluntary excess amounts so if budget’s a concern, then compare what’s on offer.
• Old for new – not all insurers offer old for new – it means that if your tools (for example) are stolen, you’ll get a new replacement or the equivalent value; opting for this may push up your premium, but if you rely on your tools for work then it could save you money in the long run.
How can mustard.co.uk help me?
When it comes to finding the right insurance policy for your van, our comprehensive van insurance guides can help you – from explaining what the different insurance terms mean, to navigating you through the maze of policies on offer for commercial vans.