Transit insurance is a term that you may have come across. This term is widely used by e-commerce sites, and if you have bought products online, you know exactly what it signifies. To those who are unaware of the term, transit insurance is a type of insurance that protects your goods/ ordered products from any loss or damage that takes place during transit from the origin to the destination. Likewise, there is another term that is more relevant to those shifting household goods or carbike from one place to another. It is known as transportation insurance.
Why is it important to opt for moving insurance?
Unlike small goods and items, when you are shifting homes you are dealing with your valuables and possessions. And when transporting these goods, you will want to minimise the risk of any untoward incident affecting your goods during transit. But imagine the loss you may have to incur if any sort of damage takes place and your household goods has to bear the brunt. This is where the importance of shifting insurance comes into play.
But won’t my regular insurance cover it?
You may question the requirement for moving insurance for local shifting. Even if you are shifting your household goods in your own vehicle, your vehicle’s motor insurance policy does not cover your possessions. This is a fact people seldom know. This invariably puts your personal belongings at a risk for theft, accident, and damage. So this is another valid reason why you requirement moving insurance while relocating homes to avoid the stress of it all,
Most types of home insurance schemes do not account for the coverage of the loss or damage incurred to your valuables when in transit. There are some insurance companies who extend coverage to include the transit of goods, but may only do so if you hire professional packers and movers.
How does it work?
If you requirement moving insurance when relocating from one city to another, it seems prudent to opt for the same from the top movers and packers.
Packers and movers mainly offer 2 types of relocation insurance:
1. Transit Insurance.
Only covers damage incurred to goods during transit or transportation. The cost of insurance is about 1.5% of the declared value of the goods.
2. All-inclusive moving insurance.
Evident in its name, this insurance covers loss or damages during the complete process, including packing, loading, unloading and in transit transportation. The cost of insurance is about 3% of the declared value of the goods.
Packers and Movers may offer two types of transit liabilities:
1. Full Value Cover.
Under this cover, the relocation service is accountable for the total value of your transportation. This, undoubtedly, comes with an extra cost as the moving company has to make a cash settlement in case any items are lost or damaged.
2. Released Value Cover.
The cover of the liability takes into account the declared value of your valuables. Therefore, in order to avail this type of cover, you requirement to declare the values of all the goods for which you are seeking insurance. The movers packers company will create a packing list and declare the current value of your valuables and on this value, you can avail a cover.
Talk to your relocation service provider about the type of insurance they offer and what all is covered under it.
Whether you are opting for a transit insurance for home relocation or a transit insurance for car transportation, make sure you carefully read and understand the terms and conditions of the insurance cover with your domestic relocation service. Though it may mean a few extra bucks, with moving insurance to fall back on, you can incur a peace of mind as you move.