Goods in Transit Insurance

This section provides answers to the following questions:-

Why is Good in Transit Insurance Needed?
What Cover does a Goods in Transit Policy Provide?
How much Goods in Transit Cover Will my Business Need?
Compare Goods in Transit Insurance Quotes Now

Why is Goods in Transit Insurance Needed?

Goods in Transit insurance covers goods against loss or damage while in your vehicle or when sent by carrier. The unexpected loss of your goods could cause substantial disruption and financial hardship for your business.

What Cover does a Goods in Transit Policy provide?

A Goods in Transit policy will protect you from:

• theft (while in transit)
• loss (while in transit)
• damage caused by accidents during transit
• damage caused during transit
• the consequences of any untoward delay (in some cases)

As with some other forms of insurance, you will need to work out how much the goods are valued at. If the goods are new then this shouldn't be too difficult. Remember, though, that this type of insurance does not protect you if you find the goods you have ordered or dispatched are inferior, below standard, or damaged through inappropriate packaging.

There are two types of Goods in Transit cover available:

1. New for Old, where items are replaced at their current market value
2. Indemnity cover where the insurance company will take into account general wear and tear and depreciation

You should check which type of cover you are being offered. New for Old cover provides the best level of cover but it will almost certainly be more expensive than Indemnity cover. Also, there may be a limit to the amount you can insure for each vehicle or any one consignment, so you should check the details of the policy.

How much Goods in Transit Cover Will my Business Need?

You should ensure all the goods you regularly transport are covered by your policy. Make sure that you understand the cost of replacing those goods as well as the potential financial impact of losing them when selecting the level of cover that you require.

Compare Goods in Transit Insurance Quotes Now

Good in Transit Insurance Policies will shortly be available here at Coverzones.

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