Goods in transit insurance

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What is goods in transit insurance?

Goods in transit is often available as an extra feature on courier or haulage insurance policies, and is an important option to help further protect your business.

It protects any property or ‘goods’ that your are transporting against loss or damage. Goods in transit insurance can be taken out for goods being transported in your own vehicle, or by a third-party courier, and you can use it in the UK and abroad.

A typical goods in transit insurance policy will provide cover for:

  • Theft while in transit
  • Damage caused by accidents during transit
  • Loss during transit
  • Damage caused during transit

Goods in transit insurance is a type of insurance that can provide a high level of cover for the contents of your van.

It is therefore useful for couriers and businesses in the haulage industry, as it can offer peace of mind that your customer’s goods, cargo and materials are covered and you won’t have to cover the cost if they are lost, stolen or damaged while in your care.

So if you or drivers you employ regularly use vans or pick-up trucks to transport goods then a goods in transit policy will offer protection.

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Levels of cover

Van insurance policies can come with varying levels of cover, depending on what goods you carry in your business vehicles and how often you transport it.

Therefore the right policy for your business will depend on your own specific circumstances. If your van is used to transport goods or cargo, you will probably fit into one of these categories:

Own goods – this relates to those who use their van to carry their own work-related goods, tools and equipment, and is usually included in a standard commercial van insurance policy. As always, make sure you compare prices and levels of cover before you sign up.

Haulage – if your work van is used to transport the goods of third party’s, or you get paid to move cargo, then you will need a specific van insurance policy that has ‘haulage’ cover, such as courier insurance or Goods in Transit (GIT) insurance.

Who needs GIT insurance?

Most goods in transit insurance is bought as part of a wider business insurance policy, and sometimes it can be included in a public liability insurance policy.

Standard motor insurance – such as car and van insurance – typically won’t offer cover for any goods or items you are transporting that are not your personal belongings.

GiT insurance is designed to fill that gap and make sure cover is available for businesses who transport other businesses or customers’ goods.

If you do need goods in transit insurance, you should check the policy details of any existing insurance you have to make sure you are not already paying for some form of cover.

How much is goods in transit insurance?

The cost of goods in transit insurance tends to be dependent on what goods you transport and how often you transport them – so a haulage company with lots of national and international customers will likely face higher premiums than a local courier service.

As premiums are generally calculated based on your own individual needs, it is difficult to provide an estimate on how much goods and transit insurance costs. GiT insurance is also often bundled together within other policies such as public liability insurance, so the price can also vary depending on the particular deal your insurance company or broker offers for wider coverage.

Standalone goods in transit policies tend to start around the £100 mark, and can be available on a pay monthly basis or to pay in full for the year.

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