Should you buy truck rental insurance for a DIY move? Well, the answer is certainly yes but you still need to know about your coverage options and other factors that may affect the cost.
Renting a moving truck can be quite challenging as it involves maneuvering a heavy vehicle loaded with your personal belongings, often for hundreds of miles. When driving a moving truck, it's imperative that you and your belongings are properly protected.
Here is all the information you need to know about truck rental insurance plans, coverage, and rates.
Types of truck rental insurance
Truck rental companies typically offer the following types of coverage:
- Damage waiver : This typically covers accidental damage to the rental truck and equipment due to accidents, vandalism, and sometimes, theft. Under the Personal Damage Waiver (PDW) policy, the entire damage is covered by the company while under the Limited Damage Waiver (LDW) policy, the person renting the truck will be liable to pay for damage costing up to $500 and the rest will be covered by the company.
- Personal accident (medical) : This kind of truck rental insurance offers medical coverage to the driver (and often passengers) for the accident-related medical costs. It also provides loss of life coverage.
- Cargo coverage : This insurance plan offers protection of your goods from loss or damage due to collision or natural disasters.
- Supplemental liability : This insurance plan protects you from claims made by third parties for bodily harm or damage to personal property caused by a collision with your rental truck. Make sure that you read about all the exclusions and exceptions before renting the moving truck. Typically, the maximum amount of coverage under supplemental liability is up to $1,000,000.
- Towing insurance : This insurance covers damage to any vehicle that is being towed by your rental truck as well as the towing equipment. It includes coverage for damage caused by fire, flood, collision, storms, etc.
Budget truck rental insurance
Budget truck rental offers the following types of coverage:
- Damage waiver : It offers both Personal Damage Waiver and Limited Damage Waiver coverage as mentioned above. These policies are aimed at providing financial protection to the renters.
- Supplemental liability insurance : It offers protection against claims made by third parties for damages up to $1,000,000. The plan is only applicable in participating US locations.
- Personal accident & cargo insurance : It protects the passenger against injury and cargo against any damage. The benefits under personal accident include ambulance expenses ($250), medical expenses ($1,000), and loss of life ($15,000-$50,000)
- Auto tow protection : It provides protection to the vehicle being towed by your rental truck against damages resulting from fire, flood, collision, landslide, or overturn of the vehicle. Under this plan, the renter gets a coverage for up to $15,000 on cash value basis.
- Roadside assistance : It offers 24/7 assistance to customers in case of events like a flat tire, lost key, towing, glass damage, jumpstart, and others.
Penske truck rental insurance
Penske Truck Rental offers the following kinds of coverage:
- Limited damage waiver : It covers any damage against the truck or towing equipment given that there is no violation as mentioned in the rental agreement.
- Personal accident insurance : It covers accidental death and medical expenses for the driver and the passenger.
- Supplemental liability insurance : It protects the renter and other listed authorized drivers against claims made by a third party for up to $1,000,000. However, one must be at least 21 years of age to buy the plan.
- Cargo insurance : It provides coverage against damage of the belongings during transit for up to $15,000. It doesn't include the damage that takes place during loading and unloading.
- Towing insurance : It protects a vehicle that is being towed by a Penske truck and loaded/unloaded by a Penske dolly.
U-Haul truck rental insurance
The truck rental insurance options offered by U-Haul are listed below:
- Safemove : This includes damage waivers as well as cargo medical, and loss of life coverage thereby protecting the U-Haul truck, cargo, driver, and passenger in case of a mishap.
- Safemove plus : It includes both damage waivers and supplemental liability insurance coverage for claims made against the renter and driver by a third party for up to $1,000,000.
- Collision damage waiver : Under this plan, the renter has to pay the first $150 for any damage caused by the collision of U-Haul cargo van or pickup truck; the rest is covered by the company.
Factors affecting truck rental insurance
Before buying a truck rental insurance plan, keep in mind the following factors which can affect the coverage and rates.
- Additional driver(s) : If you plan on taking turns driving the truck with a friend or family member, be sure to inquire about insurance guidelines. There will usually be an extra fee for each additional driver covered under the protection plan.
- Auto insurance : If you think your personal auto insurance policy will cover you, think again. Most car insurance policies will not cover vehicles exceeding 9,000 pounds, including moving trucks. While your credit card insurance will usually cover a rental car, they tend to draw the line on exotic cars and moving vehicles.
- Truck rental insurance Cost : So how much does truck rental insurance cost? The added expense can range from about $15 to $30 a day but will ultimately vary depending on the company you choose and the extent of your protection. Most companies offer different bundles of coverage depending on your needs. Deductibles will apply.
- Exclusions and exceptions : Your protection is not necessarily valid under all circumstances - all insurance agreements have exclusions. Collision with overhead objects and blown or damaged tires are often not covered; unfortunately, these also happen to be the most common types of damage reported by truck rental companies. Other common exclusions include auto theft due to negligence, theft of personal goods, and damage due to improper operation of the vehicle.
- Minimum state law-required liability : This insurance will be included in your rental agreement, but the coverage is very low. Besides, you will be held responsible for all additional costs for repair and the company's loss of profit while the truck is out of service.
Inspect the moving truck for damage
Before you start your drive, make sure that you thoroughly inspect the moving truck. Take photos of all dents, scratches, and other damage to make sure that you have proof as to which damage is old and which is new - and make sure to get any pre-existing damage included in the rental agreement.