Jane Dotson
If you're planning a move, you may be considering renting a moving truck. But is it worth getting insurance for that truck? Well, it depends. It's important to first check with your auto insurance provider and credit card company about their coverage during the rental period. While your personal auto policy will typically cover you in a standard rental car, most moving trucks exceed the weight limits on a typical car insurance policy. Similar to auto insurance policies, credit cards usually won’t cover a rented moving truck. If you're renting a moving van, which is similar in size to a passenger van, there’s a better chance that a personal auto policy would cover it. However, many auto insurance policies don’t cover large truck rentals. If your insurance doesn't cover a moving truck, you'll need to decide whether to purchase insurance from the rental company.
| Characteristics | Values |
|---|---|
| Damage waiver | Eliminates the risk of a serious repair bill for damage to the truck during the rental period, whether or not it is deemed to be the fault of the renter. |
| Supplemental liability insurance | Raises bodily injury and property damage liability limits above the state's minimum required amount. |
| Cargo protection insurance | Covers injuries to the renter, their passengers, and their belongings during transit. |
| Medical coverage | Covers injuries to the renter and their passengers. |
| Auto-tow protection | Covers damage to a car that is being towed behind the moving truck. |
| Personal auto policy | May not cover large truck rentals, and may not offer financial protection for items in transit. |
| Credit card coverage | May not cover a rented moving truck due to the truck's higher weight class. |
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What You'll Learn
The pros and cons of supplemental liability insurance
Supplemental insurance is a type of insurance that covers expenses that your regular policy does not. It is not a substitute for traditional insurance but can be added to many insurance policies, including disability, health, liability, and auto insurance.
The Pros of Supplemental Liability Insurance
Supplemental liability insurance provides an added layer of protection that can help cover medical and non-medical costs not covered by traditional insurance policies. For example, it can provide excess liability coverage, which will cover attorney's fees if you are sued. It can also cover additional health costs, living expenses, the costs of disability, and other costs not covered by your basic policy.
Supplemental liability insurance can be especially beneficial when renting a moving truck. This is because your personal auto policy and credit card might not cover you in an accident when driving a rental truck. Supplemental liability insurance can provide additional liability insurance above the state's minimum required amount, protecting you if you injure anyone in another vehicle. It can also provide peace of mind, knowing that you and your family will be financially secure in the event of an accident or emergency.
The Cons of Supplemental Liability Insurance
One of the main drawbacks of supplemental liability insurance is the additional cost. While supplemental insurance is typically less expensive than traditional insurance, if you are already paying high premiums, the extra expense can be a burden. The cost of supplemental insurance can vary greatly depending on the type of policy, with some plans costing a few dollars a month and others costing hundreds.
Another disadvantage is that supplemental insurance policies can deny coverage based on your health status or pre-existing conditions. There may also be coverage limits, and you may need to pay out of pocket until your deductible is met on your primary policy before supplemental insurance takes over.
Supplemental liability insurance can be beneficial if you require additional coverage beyond what your regular insurance provides. However, it is important to consider the extra cost and weigh your potential risks to determine if you need the extra protection.
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Damage waivers: what's covered and what isn't
When renting a moving truck, you may be offered a damage waiver, which can be a valuable addition to your rental agreement. A damage waiver is an agreement that the rental company and its insurer will not hold you financially responsible if the vehicle is damaged. This can be particularly useful as damage to trucks can be costly, and rental trucks are often at risk of damage due to their large size. For example, even a small crack in a truck's windshield can cost over $100 to repair.
There are two main types of damage waivers: a Personal Damage Waiver (PDW) and a Limited Damage Waiver (LDW). A PDW means that you, as the renter, will not be financially responsible for any damage to the truck during the rental period, regardless of fault. This can be a valuable option as it eliminates the risk of a serious repair bill and provides peace of mind during your rental. On the other hand, an LDW may hold you responsible for a certain amount of the damage costs, typically up to $500.
It is important to note that damage waivers typically only cover damage to the rental truck itself and may not cover your personal belongings or items being transported in the truck. If you are transporting valuable items, you may need to purchase additional cargo coverage or personal effects insurance to ensure they are protected. Additionally, damage waivers do not cover damage caused by shifting cargo, theft, or burglary.
Before purchasing a damage waiver, it is recommended to review the coverage offered by the rental company and compare it to your personal insurance policies. While damage waivers can provide valuable protection, they may overlap with your existing coverage. Check with your auto insurer and credit card company to see if they extend any coverage to rental trucks, as this can help you avoid paying for duplicate coverage.
In summary, damage waivers can provide valuable financial protection in the event of damage to your rental truck. However, it is important to understand the limitations of what is covered and to carefully consider your existing coverage before purchasing additional waivers or insurance.
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Personal accident and cargo protection
When renting a moving truck, you may want to consider personal accident and cargo protection insurance. This type of insurance can provide financial protection and peace of mind in the event of accidents, damage to your belongings, or personal injuries.
Personal accident insurance, also known as MedPay, covers medical expenses for you and your passengers if you are involved in an accident during your move. It can help cover ambulance fees, hospital bills, emergency room fees, X-rays, rehab costs, and other related expenses. This can be especially important if you are unsure about your current health coverage or if your health plan has high deductibles. However, if you already have comprehensive health insurance, personal accident insurance may be redundant.
Cargo protection insurance covers your belongings inside the truck in case they are damaged due to an accident, fire, or other mishaps during transit. However, it is important to note that cargo protection usually does not cover high-value items such as jewellery, TVs, or other valuables. These items may require additional coverage or a separate insurance plan. Before purchasing cargo protection, check with your homeowners or renters insurance provider, as your belongings may already be covered under your existing policy.
The decision to purchase personal accident and cargo protection insurance depends on various factors. Consider the value of your personal belongings, the distance of your move, and the level of risk you are comfortable with. Review the coverage offered by the rental company and compare it with your existing insurance policies to make an informed decision.
Some rental companies, such as U-Haul, offer packages that include both personal accident and cargo protection. For example, U-Haul's Safemove and Safemove Plus plans provide damage waivers, cargo protection, and medical coverage, with the Plus plan offering additional liability insurance. These packages can be cost-effective, especially for longer trips, but it is important to carefully review the terms and conditions before purchasing.
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$144.99
Auto-tow protection
When considering auto-tow protection, it is important to review the coverage options offered by your rental company. While some companies, like Penske and Budget, offer a menu of coverage options, others, like U-Haul, provide bundled packages. U-Haul's Safemove and Safemove Plus plans, for example, include a damage waiver, cargo protection, and medical coverage, with the Plus plan offering more extensive coverage and supplemental liability insurance.
Supplemental liability insurance is an important aspect to consider when renting a moving truck. It increases your bodily injury and property damage liability limits beyond the state's minimum required amount. This can be crucial if you need additional coverage due to weight limitations in your personal auto policy. Additionally, if you have valuable items, it is essential to estimate their total value and ensure they are covered by your moving truck insurance.
While auto-tow protection can provide peace of mind and shield your vehicle from debris, it is important to note that it may not cover all types of damage. For example, cut, blown, or damaged tires are typically not covered by standard rental policies. Therefore, it is recommended to carefully review the coverage offered by the rental company and consider purchasing additional cargo coverage to ensure your belongings are also insured.
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Insurance coverage for different truck sizes
When it comes to insurance coverage for moving trucks, it's important to consider the size of the vehicle and the level of protection needed. Conventional moving trucks can range in size from 10 to 26 feet, and the gross vehicle weight (GVW) can also impact the level of insurance protection.
For smaller trucks, your personal auto insurance policy may provide sufficient coverage. However, it's important to note that many personal auto insurance plans have weight limits and may not cover rental trucks with GVW ratings above 9,000 pounds or load capacities above 2,000 pounds. Therefore, it's crucial to review your policy details and confirm with your insurance provider if your personal auto insurance is sufficient for the size and weight of the moving truck you plan to rent.
For larger trucks, your personal auto insurance may not be adequate. In such cases, you may need to purchase additional coverage from the rental company or consider a specialised insurance provider. Some rental companies, like U-Haul, offer insurance bundles that include a damage waiver, cargo protection, and medical coverage. These bundles can be cost-effective, especially for longer trips.
When deciding on insurance coverage, it's also important to consider the value of your personal belongings. Basic liability coverage provided by moving companies may not be sufficient to protect your items during transit. Therefore, additional cargo coverage may be necessary to ensure your belongings are adequately insured.
Additionally, consider the potential risks associated with driving a larger truck. Overhead objects, for example, can pose a danger to taller rental trucks. Collision coverage can provide financial protection in case of accidents or damage to the rental truck. A damage waiver can also be a worthwhile investment, as it relieves you of financial responsibility for any damage to the truck during the rental period, regardless of fault.
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Frequently asked questions
A damage waiver is an agreement that states that the rental company and its insurer will not hold you financially responsible if the rental truck is damaged. This waiver is optional but recommended by many professionals as it can save you from a hefty repair bill.
Supplemental liability insurance covers other people’s liability or damage claims if you are in an accident while driving the truck. It raises your bodily injury and property damage liability limits above the state’s minimum required amount.
Cargo protection insurance covers injuries to you, your passengers, and your belongings during transit. However, some sources advise against purchasing this type of insurance as your home or renters insurance may already cover your personal possessions.
Auto-tow protection covers any damage to your car while it is being towed behind the moving truck.
The biggest moving truck rental agency, U-Haul, offers two insurance plans: Safemove and Safemove Plus. Both packages come with a damage waiver, cargo protection, and medical coverage. The Plus plan comes with more coverage, as well as supplemental liability insurance. Safemove starts at about $14 per rental, while Safemove Plus starts at about $28. Other companies like Penske and Budget allow customers to select from a menu of coverage options.
