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Truck Rental Insurance: Everything You Need to Know

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Truck Rental Insurance

There are a few things which you might want to consider when you plan to move. You will need to choose between hiring professional movers and making a DIY move. More than likely, you will decide to rent a moving truck and manage the move all by yourself.

A DIY move is cheaper, so there is a high chance that people will choose to hire a moving truck and transport their items by themselves to their new house. This will allow you to save money. Even if you hire a professional moving company, some stress would still be there because you need to be there to guide your movers and help them with any questions they have.

If you are making a DIY move, you might need to consider a range of factors from packing to loading boxes into the moving truck and ensuring it's safe to arrive at your new location.

In case of an accident, there are possibilities that both your moving truck and belongings might get damaged during the transit. You can also sustain injuries and some other vehicles might get damaged because of the accident. But, if you have the right truck rental insurance it will cover the required medical expenses, replacements, and repairs.

What is moving truck rental insurance?

Many customers aren’t aware that their auto insurance policy doesn’t cover their rental truck until they have had an accident.

Moving truck insurance is an add-on that you might want to purchase before you hire a truck rental service. This type of insurance has been built to safeguard both you and your belongings at the time of a DIY move.

Moving truck insurance will cover any accidental damage to your vehicle excluding any type of mechanical damage to your vehicle. For example, if you overload the truck and damage the drivetrain of the vehicle, move the wrong gear, or hit a bridge, it will not be covered with your truck rental insurance.

3 other types of moving truck insurance

  1. Supplementary Liability Insurance- If other people make damage claims against you, this insurance policy will protect both you and your belongings. The maximum coverage offered by the supplementary liability insurance is $100,000. Before you accept this, we recommend you carefully read the policy as there might be various exclusions in its terms and conditions.
  2. Damage Waivers- If you opt for this type of insurance, you will be relieved of specific financial insurance due to loss or theft of items to the towing trailer or the truck rental. There are two types of damage waivers policy, one is Personal Damage Waiver (PDW), and the other is Limited Damage Waiver (LDW). If you opt for PDW you will have no responsibility and if you opt for LDW you will be accountable for the initial $500 of damage or loss. Don’t make the mistake of considering damage waivers as insurance as it’s only an add-on to increase your protection.
  3. Auto Tow Protection- You can choose this option if you want to protect your car on the trailer or car dolly while you are moving it to another location. This policy will cover damage like that from fire, hail, flood, windstorm, landside, collision or even vehicle overturn. Generally, there is a deductible included, so you should be aware of your liability for a damage-causing event.

How to buy auto insurance for a moving truck?

  • You can buy truck rental insurance from the same company you have planned to rent a truck.
  • Speak to the company’s representatives about the damage that would be covered by the insurance policy they would be offering if you rented a moving truck from them.
  • There are various insurance policies available that offer different coverage amounts based on the distance you might need to travel.

Don’t forget to check your homeowner’s insurance policy and find out if it covers truck rental services or not. In a few cases, such a policy may cover your moving truck, so it seems a good idea to check it out. Apart from this if you are using a credit card, you can check out specific policies it has if you rent a moving truck. You need to check if you are eligible for a discount or if the company includes coverage for moving equipment as well as moving transport on rent.

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 accidents include ambulance expenses ($250), medical expenses ($1,000), and loss of life ($15,000-$50,000)
  • Auto tow protection: It protects the vehicle being towed by your rental truck against damage resulting from fire, flood, collision, landslide, or overturn of the vehicle. Under this plan, the renter gets coverage for up to $15,000 on a 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, etc.

Penske truck rental insurance

Penske Truck Rental offers the following kinds of coverage:

  • Limited damage waiver: It covers any damage to 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.
  • 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 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.

Staff Writer  Posted by Staff Writer on April 4, 2022

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