Ever heard of goods in transit insurance? If you’re not in the line of work of delivering, then you might not be that familiar with this. If you’re in a business that transports goods in the UK, this is what goods in transit can do for you. Here’s what you need to know about the cover before your buy a policy.
What is Goods in Transit cover?
Goods in Transit (GIT) is the insurance that you’ll want to have if you’re looking to protect your property or goods while they are being transported from one place to another. It protects the goods if they are lost, damaged, or stolen while they are in transit. For example, if you’re transporting them from a factory to a workshop or business premises.
Goods like this can be carried by you as an individual in your vehicle, or maybe you’re a self-employed driver or contractor, or even a third-party carrier. This insurance can get the job done. If you’re shipping goods by sea, then this will be covered under a separate marine insurance policy.
Who needs it?
We don’t all need it that’s for sure. If you do need it, you’ll probably know about it because your employer will usually let you know. This kind of cover is needed for courier services, removal, and haulage companies.
To have Goods in Transit cover is everything when delivering goods Without it, the goods you're transporting won’t be your own so you can imagine the financial drama if anything were to happen. It pays to be prepared and having this level of cover means you’re prepared to the max.
If you’re moving goods from A to B, then this Goods in Transit cover is essentially protecting the carrier’s business, not yours. A standard insurance cover isn’t designed to handle situations that involve moving goods around.
If you’ve got some form of Goods in Transit in place, you’ll be doing yourself a massive favour, put it that way. If you don’t have this level of cover then you might find yourself not being able to secure work with some companies. You just need to weigh up your options and think about how expensive the products are that you’re carrying. You’ll then know whether this cover would be good for you to have or not.
What does it cover?
In simple terms, the Goods in Transit cover will cover the goods while they are in transit and under your care. Think of it like an even bigger responsibility than you’ve normally got. If you find that you do take out this type of cover, the best thing you can do is to read the conditions within the policy and find out what all the details are.
Generally, what you’ll find is that you’ll normally be covered for things such as:
- Damage caused by accidents during transit
- Damage caused during loading, unloading, or in transit
What counts as damage? Good question because this could cover so many different things when you’re talking about goods. From typical British weather conditions to infestation, or even just accidental damage, who knows what could happen. Either way, these are just some examples of what damage might be covered under your policy.
Will Goods in Transit insurance cover your vehicle?
The answer is no. This cover would cover the goods and not your vehicle, you’ve got your insurance for that.
Some commercial insurance might include some amount of Goods in Transit cover, but not all. This is something that you would be better off checking within your policy details just to be on the safe side.
This is essentially an add-on policy to your underlying insurance cover that you would already have on your vehicle. You might find that you’re able to get this cover as part of a package, but if not, you might have to have this additional specialist policy.
Get a quote that covers what you need
If you’ve decided that Goods in Transit cover is what you need, then the main thing is that you get a policy that suits you. You can shop the market as much as you want, and you’ll need to if you want to sieve out the best deal. You want to find yourself that quote that’s been tailored to suit your needs and is everything that you could need and want. At the end of the day, it’s better to be over-insured than under, or not have the correct insurance at all. It’s all about finding the right policy for you.