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Goods in transit insurance is quite simply your peace of mind in the unfortunate event of you or your customer’s goods or cargo getting lost, stolen or damaged. It has been created to protect your van and the content it is carrying. This type of insurance is essential if you and your colleagues regularly drive a van to transport goods and/or tools as part of your business or work. It should also cover goods being loaded and unloaded.
A sub-type of goods in transit insurance could include commercial van insurance - this type of policy covers own goods, where you use your own van to transport work-related tools and equipment.
Your goods in transit policy will cover haulage - where you use your van to transport other people’s goods or get paid to move cargo.
What level of cover you require is very specific to you and your business. For example, cover may be comprehensive for all events or it may only cover specific incidents such as crashes, fires, jettison or flooding. The cover may end when the transit is interrupted, such as the current Covid-19 pandemic, so it’s best to keep an eye on this aspect.
Not all companies offer cover for livestock, such as horses, so if this is the industry you are in it’s important to make sure the insurance company knows exactly what you are transporting. Therefore, it is worth shopping around to find the exact policy for your business.
As you have seen so far, there are different levels of cover depending on what types of goods/cargo you are transporting. High end goods such as jewellery and fine art are often excluded from policies, so you’ll need to ensure yours are included in the right policy.
Perhaps one of the key points to remember is that goods in transit insurance does not protect a business if the goods it receives are found to have been despatched as inferior, below standard, or damaged through inappropriate packaging.
Your business will be insured when there is a problem that is of no fault of your own, but not because there is an issue with quality control.
Insurers often offer discounts to well-behaved drivers, which is why it is worthwhile using an insurer who can install a black box for you. The device uses telematics to monitor your driving, so if you’re keeping to the speed limit, your policy price should decrease. They often have tracking technology installed, which is useful in the event of your van or vehicle being stolen
Dashcams can also offer extra protection whichs equals extra savings. If there is an accident the cameras will have footage of who is at fault, and insurers will thank you for this clarity
By comparing insurance policies here, you could save money and earn £35 cashback
Bumping up your vans security will make you less prone to theft and therefore less viable should that incident occur. For this reason, it could also help you get a cheaper premium, so make sure you disclose the security of your vehicle to your chosen insurance provider
Increasing your voluntary excess is an option which should be considered carefully, as you’ll most likely have to pay more upfront should you need to make a claim
Auto-renewing may save time, but sadly it won’t save you money. Most insurers won’t give you a discount for loyalty. Make sure you compare quotes before your policy is up, and let your current insurer know if you’ve found a cheaper price elsewhere
There are some additional covers often included alongside your goods in transit policy, but it’s important to check before committing to a claim. Both employers’ liability insurance and public liability insurance are often included as part of a goods in transit policy. This provides an even better deal and value for money as part of your insurance.
Employers’ liability insurance protects your business against claims from employees who suffer injury to their person or property while working for you. Public liability insurance provides cover against similar injury claims from members of the public while you are working.
Courier van insurance is a legal obligation that protects your vehicle on the road. It is available on a third party, third party fire, and theft or comprehensive basis.
Remember, goods in transit covers the goods while you are on the road, but your vehicle itself will also need to be covered.
Tools cover is also really useful if you are a tradesperson that carries a toolbox as well as any goods/cargo. Any damage or theft of these items could leave you unable to carry out your work successfully, costing you money in lost work and replacing the items needed. Tools cover can provide additional protection against loss or theft of these items.
The sum insured for specific transit insurance policy is calculated taking into account the invoice value, freight cost and the incidental expense.
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When using the Compare service, you must take reasonable care to answer insurers questions fully and accurately and if you volunteer other information, you must take reasonable care to ensure that the information is not misleading. If any information that you have provided changes before you take out your insurance, during the life of the policy or at renewal you must inform the insurer or broker of the change. If you deliberately or carelessly misrepresent any information in relation to this insurance, then your policy may not pay all, or part, of a claim and could in certain circumstances be avoided altogether.
*Quidco ran a prize draw between 22.07.20 and 05.08.20 asking participants to test us by comparing two car insurance quotes: one from Compare and one from any other UK comparison site. Out of 2,392 participants, 82.25% received a lower premium from Compare with their cashback included.