Is It Necessary To Buy Rental Truck Insurance?
Getting ready for a DIY move with a moving truck rental? Remember to look into buying rental truck insurance. While your typical vehicle rental may be covered by your auto insurance policy, we can’t say the same for moving truck rentals.
If you are getting ready to rent a truck, you will need to check the varieties of insurance and protection plans available with the company. After all, if most of your items are in the moving truck and an accident happens, you will likely want to know the protection plan you have in place.
To simplify it for you, we’ve compiled a guide to buying moving truck insurance here.
In this article
What Does Moving Truck Insurance Mean?
Moving truck insurance is an add-on when you rent a relocation truck from a moving truck rental provider like U-Haul. The insurance serves exactly like normal car insurance: it protects against damages to the vehicle together with any property damage you may cause to others.
Moving truck insurance is usually a brilliant idea. You wouldn’t drive your vehicle without insurance. So why would you decide to drive a rental truck (especially if this is your first time) on tight city roads in a large 16-ft truck?
How Do I Determine If I Need Rental Truck Insurance?
The number one thing to do even before you go to the pickup center is to first consult your car insurance agent. Unlike rental cars, which are normally insured under your auto insurance or credit card, it is possible that your car insurance policy particularly doesn’t cover rental trucks or tow-along on a particular weight.
What Are Popular Types Of Coverage For Moving Truck Rental?
Before you rent a moving truck, make sure you read the agreement of the rental provider’s offered policies. Below is a breakdown of the four major types of moving truck rental coverage:
- Collisions/Damage Waivers: A truck rental provider’s damage waiver covers against any damage to the rental truck or theft of the truck. If the rental provider offers a Personal Damage Waiver (PDW) policy, then the renter won’t be financially liable for covering the damage. If the company offers a Limited Damage Waiver (LDW) policy as its type of damage waiver, then the individual renting the truck will be liable for about $500 worth of damage. The rental companies will after that, cover the rest.
- Supplemental Liability Insurance: This policy helps cover repairs of your moving truck if it damages another person’s vehicle or property. The certain coverage amount, which is typically (but not usually) $1 million, covers you from damage claims filed against you.
- Personal Accident and Cargo Insurance: This coverage helps cover for injury-related expenses or accidental death while in the rental moving truck and may stretch to other drivers or family members riding in the rental vehicle. It can also give coverage for items damaged because of specific causes. This insurance does not normally cover caused by shifting shipment, burglary, or theft. For that coverage, check personal effects coverage.
- Auto Tow Protection: If you are towing a trailer, this protection plan can help cover the moving trailer while it is on the road. This coverage normally helps pay for repairs by varieties of situations like windstorms, fires, vehicle overturn, hail, collisions, and landslides. There is generally a deductible here and it is wise to review the details before you sign an agreement.
Moving Truck Rental Insurance Choices by the Providers
- Safe move: U-Haul mentioned that the Safemove plan offers protection for the U-Haul rental truck as well as its contents, including the shipment, drivers, and passengers. Safe move protection offers cargo coverage, damage waivers, and medical and life protection.
- Safe move Plus: Together with the entire benefits offered by the Safemove plan, Safemove Plus adds $1,000,000 in liability coverage for damages caused to third parties and their property, including exclusion-free protection on the damage waiver for unexpected damage to the rental moving truck. This plan essentially provides renters with damage waivers as well as additional liability insurance of about $1,000,000 for property damage, lawsuits, or injury.
- Collision Damage Waiver: This protection plan is the only coverage offered on U-Haul cargo vans and pickup trucks. U-Haul stated that this type of coverage caters for damage after the initial $150.
To read more about U-Haul, check our reviews on U-Haul
2. Budget Truck Rental
- Damage Waivers: Both Physical Damage Waiver (no liability for loss or damage) and a Limited Damage Waiver (coverage after the initial loss or damage worth $500) are offered by Budget Truck Rental. Even though it is not insurance, these damage waivers offer renters a particular level of financial coverage while renting a moving truck.
- Supplemental Liability Insurance: The budget stated that the truck rental provider now offers SLI at selected U.S. locations. This gives coverage for around $1,000,000 in damages.
- Personal and Cargo: This insurance type provides advantages to the driver and passengers if bodily injury or damage to shipment occurs while still in a Budget truck.
- Auto Two Protection: This according to Budget provides customers with protection for damage to their vehicle while it is being towed behind the rental moving truck with the use of a car carrier or tow dolly also gotten from Budget rental.
- Roadside assistance: Budget’s Roadside Assistance provides services to renters, like tire replacement as well as lockout service, for a low, flat amount.
To read more about U-Haul, check our reviews on Budget
3. Penske Truck Rental
- Limited Damage Waiver: Penske stated that their LDW coverage takes you off the hood of financial responsibility if any loss or damage happens to the rental truck or towing equipment except if the truck or equipment is used in any way that breaches the terms of the rental contract.
- Personal Accident Insurance: This insurance offers coverage on accident medial and accidental death for the driver as well as the passengers of the rental truck.
- Supplemental Liability Insurance: The SLI from Penske protects customers from claims made by another individual or organization for bodily or property damage sustained because of an accident while you are using your Penske truck.
- Cargo insurance: Cargo insurance from truck rental according to Penske is restricted to $15,000 and does not protect belongings while loading and unloading. The protection covers only furniture and household goods from loss or damage during the journey.
- Towing Insurance: this coverage option protects against damage to a vehicle as it is being towed by a Penske rental truck.
To read more about U-Haul, check our reviews on Penske
Before you move, consult your existing insurance company. You might have moving truck insurance already. Although moving truck insurance is a brilliant idea, that doesn’t limit you to buying only from the moving truck rental company.
There are cases where your current auto policy will cover rental trucks. However, this is not normally covered under similar areas as rental cars. Your insurance policy might protect rental cars, but that doesn’t mean it covers rental moving trucks.
This is the same for credit cards: a lot of customers are used to rejecting rental car insurance when renting a car since they know it is covered in their credit card. The case is different for moving trucks: your credit card might protect car rental insurance, but not rental moving truck insurance.
Go through your policy and contact your insurance provider to ensure you know what exactly is being covered.
Generally, however, your current auto insurance policy or credit card will most likely not cover your moving truck insurance.
The Insurance Coverage is affected by the Size of your Rental Truck
You importantly need to understand that even if your auto insurance policy provides coverage on damage to a moving truck, there may be some exclusion depending on its size, as stated by the National Association of Insurance Commissioners. Make sure you find out the size of rental trucks is covered in your auto insurance policy.
There are credit card companies that also offer coverage for a rental vehicle, according to the Insurance Information Institute (III). Call the company’s number indicated at the back of your card to find out whether it provides insurance for the rental moving truck you are going for.
You possibly can Skip Medical Coverage
Finally, the rental truck provider may offer medical coverage to you which will pay for any medical expenses incurred due to an accident. You possibly will not need this coverage, provided your health insurance is still valid. Your health coverage should cover your medical expenses if you sustain an injury during the move.
Can I drive a rental moving truck without auto insurance?
The answer to this depends on the rental truck provider. But whether you are coerced into buying rental insurance or not, you should do. One way to look into this is to know that rental truck coverage itself is not insurance, but a waiver. When you buy coverage, the rental truck company agrees not to pursue you for any financial damage you caused to their moving truck.
Ask yourself if what you want is to risk getting into an expensive legal war with a big company before you consider skipping coverage. Legal battle aside, you will also be risking damaging your precious belongings or causing damage to other persons. It is not worth it to save some money in a short period.
What is covered in my rental truck insurance?
It is based on the plan. But your policy will typically cover any accidental damage caused by you or an authorized driver, including damage that happens to passengers or your items (if you’ve bought that coverage plan).
It is necessary to understand that majority of policies will not cover damage caused by running into an overhead object (such as a bridge or a tree branch), so you have to be familiar with the height of your rental truck and avoid any shorter bridges. Most coverages also exclude mechanical damage caused by wrong shifting gears, as well.
How much Insurance coverage do I need for my rental truck?
In some cases, going with the most extensive coverage option offered seems easy to you. Ensure you check your auto and homeowner or renter’s insurance policies before you purchase extra coverage. For instance, your home insurance might include your belongings that are inside the rental truck, or your auto insurance might protect your liability coverage.
Should you purchase medical coverage?
Rental truck providers in the country will usually offer medical coverage. This policy covers any medical expenses you incur due to an accident. If you have health insurance already, you don’t need this policy. Your current health insurance should cover the entire medical expenses incurred during transit.
Will I be protected when renting a moving truck by a credit card?
Maybe not. If you’ve rented a vehicle from a car rental provider before, you understand that together with vehicle insurance, your credit card company will also cover you for an accident. Sadly, the case is different for accidents that involve a moving than a rental. NerdWallet stated that credit card coverage is often applicable to cars and other passenger vehicles.
The individual finance website also indicates that the rental advantages offered by Visa don’t include trucks and vans that carry more than 8 people. Cargo vans and box trucks are excluded by American Express.
Will a truck rental be covered by my auto insurance policy?
Possibly, no. However, it depends on your actual policy. NerdWallet reveals that while a lot of auto insurance policies cover rental cars, it is popular for them to leave out cargo vehicles, trailers, and vehicles more than a particular weight. That implies that a truck rental is likely not covered under your type of auto insurance policy.
According to U-Haul, on their website, while the buying of truck rental insurance is not a requirement, a lot of personal auto policies don’t protect rental trucks or trailer rentals. However, before you rent a moving truck, make sure you call your vehicle insurance company to get clarity on the specifics of the policy.
Ready to rent a Truck?
There are many moving truck rental companies to pick from when planning your upcoming move. Just ensure you pick the one that mostly suits your most budget and needs. If you are looking for reputable moving truck insurance company, check Moving Feedback’s truck rental directory.