Alyssa Lane
Moving is stressful and expensive, and accidents can happen. U-Haul insurance is a type of commercial auto insurance that covers the rental moving truck, trailer, and other equipment for up to a certain amount in physical damage and liability. It also covers a limited amount of cargo for the duration of the rental period. While U-Haul insurance is not required, it may be worth it for peace of mind and protection in case of any unexpected incidents. However, it's important to weigh the cost of the insurance against the value of your move and explore other insurance options to determine if it's the right choice for your specific situation.
| Characteristics | Values |
|---|---|
| Cost | In most cases, coverage can start as low as $15, but the cost varies depending on the size of the rental truck and the duration of the rental period. |
| Coverage | U-Haul insurance covers the rental moving truck, trailer, and other equipment for up to $25,000 in physical damage and $15,000 in liability. It also covers up to $1,000 in cargo for the duration of the rental period. |
| Necessity | U-Haul insurance is not required, but it is essential if you want to protect your rental truck and its contents. It is also a good idea if you are planning a long-distance move. |
| Alternatives | Personal Property or Liability Insurance can be purchased if the move is short or the truck is rented for a few days. Homeowner or renter insurance policies may also provide some protection, but it is important to check with your insurance company for specifics. |
| Exclusions | U-Haul insurance does not cover the driver of the moving vehicle or its passengers. It also does not cover theft of personal contents in the towed trailer or rented truck. |
| Benefits | U-Haul insurance provides peace of mind and helps protect against unexpected accidents or incidents. It eliminates the guesswork involved in determining coverage through personal insurance policies. |
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What You'll Learn
U-Haul insurance is not always worth it
Secondly, U-Haul insurance may not be worth it for short moves or if you're renting a truck for just a few days. In these cases, you may find that the cost of U-Haul insurance outweighs the benefits. Instead, you could consider purchasing personal property or liability insurance to cover any potential damages.
Additionally, U-Haul insurance does not cover all types of incidents. For example, it does not cover mechanical damage, such as issues with the transmission or drive train. It also does not cover theft of your owned motor vehicle, accessories, or personal contents in the towed trailer or rented truck. Furthermore, U-Haul has a strict policy of denying claims if the rental truck is used for any type of commercial activity, so separate commercial auto insurance would be necessary in those cases.
Lastly, U-Haul insurance may not be worth it if you take certain precautions when renting their equipment. One person shared their experience on Reddit, explaining that U-Haul did not inspect the truck upon its return. They also mentioned that as long as U-Haul cannot prove pre-existing damage, they cannot hold you financially responsible. However, it is important to note that this may not be the case for all U-Haul locations, and it is always a risk to rely on this assumption. Taking pictures of the vehicle before and after the rental period can help in disputing any claims of damage.
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U-Haul insurance alternatives
Safemove® and Safemove Plus®
Safemove® and Safemove Plus® are U-Haul's protection plans for customers. Both include coverage for damage to the rental truck and your personal belongings, as well as medical and life coverage. Safemove Plus® also includes driver liability for approximately twice the premium.
Safestor®
Safestor® is a low-cost storage insurance plan that covers loss or damage to your stored goods. Flood coverage is included in all new US Safestor® policies.
Safehaul®
Safehaul® is a shipping coverage plan that protects your items while they are in transit.
Safetow®
Safetow® is a protection plan that covers damage to the U-Haul rental trailer or towing device, as well as damage to your cargo or vehicle while being transported with a U-Haul rental trailer.
Safetrip®
Safetrip® is supplemental roadside protection for your U-Haul rental equipment. It is available for a flat rate and can be added online prior to your rental or at the counter when you pick up your vehicle.
Supplemental Liability Coverage (SLI)
SLI safeguards your personal insurance policy for the first one million dollars of losses. It has a $0 deductible for any accidental damage claims for the U-Haul truck, meaning no extra out-of-pocket costs.
It is important to note that U-Haul's protection plans are not technically "insurance", but rather waivers that absolve you of financial responsibility for the vehicle if it is damaged. Your existing auto or credit card insurance may already cover rental vehicles, so be sure to check before purchasing additional coverage. Additionally, the coverage you buy may only apply to the vehicle and not the items you're moving, so it's important to carefully review the terms of any protection plan before purchasing.
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Safemove and Safemove Plus® explained
Safemove and Safemove Plus® are two types of damage protection coverage offered by U-Haul, a rental truck and trailer company. While purchasing this coverage is not required to rent a U-Haul truck or trailer, it is often recommended as many personal auto policies and credit cards do not cover rental trucks or trailers.
Safemove®
The standard Safemove® plan offers four main types of protection:
- Medical/Life Coverage: Covers the driver and passengers of the U-Haul rental for up to $1,000 in medical bills in the event of an accident, with additional life coverage of up to $25,000 for the driver and $15,000 for passengers.
- Cargo Coverage: Protects your goods from collision, fire, windstorm, and overturn of the rental truck, with coverage limits of $25,000 for one-way rentals and $15,000 for in-town rentals.
- Damage Waiver: Relieves you of financial responsibility for most accidental damage to the rental truck, including dents, paint chips, and dings. However, it does not cover collisions with overhead objects or damage caused by misuse, abuse, or off-road use.
- Theft Coverage: Covers theft of rented U-Haul equipment, as long as neglect did not play a role in its disappearance.
Safemove Plus®
Safemove Plus® includes all the protections of the standard Safemove® plan, with the additional benefit of Supplemental Liability Insurance. This means that it covers damage to others and their property, providing up to $1,000,000 in coverage for property damage, bodily injury, or lawsuits brought by third parties not involved with the rental.
It's important to note that both Safemove® and Safemove Plus® do not cover theft of personal contents in the towed trailer or rented truck, nor do they cover mechanical damage resulting from attempting to rock the truck back and forth when stuck.
When deciding whether to opt for Safemove or Safemove Plus®, it's recommended to first check with your insurance provider to understand the extent of your existing coverage. Some personal insurance policies may provide additional coverage for rental trucks or trailers, making the purchase of additional protection potentially redundant.
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What U-Haul insurance covers
U-Haul insurance is a type of commercial auto insurance that covers rental moving trucks, trailers, and other equipment. It provides peace of mind if something unexpected happens while you're on the road. Here's what U-Haul insurance covers:
Safemove® and Safemove Plus®:
These are the most commonly purchased protection packages offered by U-Haul. They cover accidental damage to the rental equipment, including overhead and tire damage. They also cover loss or damage to cargo resulting from collisions, fire, windstorms, and overturns of the rental truck. Safemove Plus® provides additional liability coverage in case of bodily injury or property damage claims made against you during the rental period. However, it's important to note that neither of these options covers theft of personal contents in the towed trailer or rented truck.
Safetrip®:
This coverage is offered at a flat rate for unexpected roadside hazards.
Safestor®:
This low-cost insurance covers the loss or damage to your stored items from incidents like natural disasters (e.g. fire, earthquake, floods).
Damage Waiver:
U-Haul also offers a damage waiver that covers up to $25,000 in physical damage to the vehicle and up to $2,000 in cargo damage.
While U-Haul insurance provides coverage for rental equipment and cargo, it's important to note that it does not cover the driver or passengers of the moving vehicle. Additionally, U-Haul has a strict policy of denying claims if the rental truck is used for any type of commercial activity.
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Cost of U-Haul insurance
U-Haul offers various insurance packages to its customers. The company encourages its customers to buy company-provided coverage that absolve them of financial responsibility for the vehicle if it is damaged. U-Haul's insurance packages are:
- SafeMove® Damage Protection: This package includes damage waiver, cargo coverage, and medical-life coverage. It does not include liability coverage. SafeMove covers loss of use of the rental equipment, accidental damage, and medical and life protection in case of an accident. It costs a flat rate for supplemental roadside protection for your U-Haul rental equipment.
- SafeMove Plus® Damage Protection: This package is for moving trucks only and includes damage waiver, cargo coverage, medical-life coverage, and one million dollars in liability coverage.
- SafeTow® Damage Protection: This package covers damage to the U-Haul rental trailer or towing device, as well as damage to your cargo or vehicle while being transported with a U-Haul rental trailer.
- SafeStor® Damage Protection: This is a low-cost storage insurance option that covers loss or damage to your stored goods from major perils, including flood damage. It does not cover valuable items such as money, jewelry, antiques, etc.
- SafeTrip® Damage Protection: This package provides supplemental roadside protection for unexpected roadside hazards. It costs a flat rate and can be added at the counter when you pick up your vehicle or online prior to your rental.
The cost of U-Haul's insurance packages varies depending on the level of coverage chosen and the duration of the rental. According to one source, the difference in insurance cost between U-Haul and its competitors is more pronounced the longer the move. Additionally, SafeMove Plus costs approximately twice as much as SafeMove.
It is worth noting that U-Haul's insurance packages are optional, and customers may choose to rely on their personal auto insurance or credit card insurance to cover any potential damage. However, as highlighted by U-Haul and other rental truck companies, there may be gaps in personal insurance coverage for rental trucks, so it is important for customers to carefully review their policies before deciding whether to purchase additional coverage.
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Frequently asked questions
U-Haul insurance is worth it if you want to be covered for any damage to the vehicle or your belongings.
U-Haul insurance covers the rental moving truck, trailer, and other equipment for up to $25,000 in physical damage and $15,000 in liability. It also covers up to $1,000 in cargo for the duration of the rental period.
The cost of U-Haul insurance varies depending on the coverage you choose and your location. In most cases, coverage can start as low as $15.
Many personal auto insurance policies do not cover rental trucks or trailers. It is important to check with your insurance provider before renting a U-Haul vehicle to see if you are covered.
If your move is short or you are only renting a truck for a few days, you may want to consider Personal Property or Liability Insurance instead of U-Haul insurance.
