Jeffrey Wade
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 certain amount in cargo for the duration of the rental period. The cost of the insurance varies depending on the size of the rental truck and the duration of the rental period. U-Haul insurance provides peace of mind in case something unexpected happens while you're on the road. However, it may not be worth it for shorter moves or if you're only renting a truck for a few days. In these cases, you may want to consider other types of insurance such as personal property or liability insurance.
| Characteristics | Values |
|---|---|
| Cost of U-Haul insurance | 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. |
| What does U-Haul insurance cover? | Physical damage, liability, and cargo. U-Haul insurance covers up to $25,000 in physical damage, $15,000 in liability, and $1,000 in cargo. |
| What does U-Haul insurance not cover? | The driver of the moving vehicle or its passengers. Theft, damage from improper packing, or shifting of cargo. |
| Is U-Haul insurance worth it? | It depends on the circumstances. If you're planning a long-distance move, it's good to purchase U-Haul insurance to protect your vehicle and its contents and give you peace of mind. However, if your move is short or you're renting a truck for a few days, your personal auto insurance policy or credit card coverage may be sufficient, and the cost of U-Haul insurance may not be worth it. |
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What You'll Learn
U-Haul insurance offers peace of mind
While personal auto insurance policies typically extend to rental cars, they often exclude cargo vehicles, trailers, and vehicles over a certain weight. Credit card coverage usually only applies to passenger vehicles, so it's important to check the fine print. In most cases, auto insurance policies won't cover large cargo vehicles, trailers, or vehicles over a specific weight.
U-Haul offers different insurance options, such as Safemove and Safemove Plus, which provide varying levels of coverage. Safemove Plus, for example, offers liability coverage of up to one million dollars. U-Haul insurance can start as low as $15, and the cost varies depending on the size of the rental truck and the duration of the rental period.
For long-distance moves, U-Haul insurance can provide valuable protection and peace of mind. However, for shorter moves or renting a truck for a few days, the cost may not be worth it, and other options such as personal property or liability insurance can be considered. Ultimately, it's important to weigh the cost of the insurance against the value of your move and choose the coverage that's right for your specific situation.
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Personal auto insurance policies often exclude cargo vehicles
For small businesses, the line between what is considered a personal vehicle and a commercial vehicle can be blurry. Small business owners and employees sometimes use their personal vehicles for business purposes, such as travelling to job sites, transporting equipment, or delivering goods. However, personal auto insurance policies almost always exclude business use, meaning that you're not covered if you get into an accident while driving for work (with the exception of your commute).
In some cases, personal auto insurance might include limited coverage for business use. It's important to check with your insurance company to find out exactly what is and isn't covered. If your business uses a vehicle primarily for business, you may need commercial auto insurance.
If you or your employees use a personal vehicle for work errands, you should consider purchasing hired and non-owned auto insurance (HNOA). This policy provides liability coverage if you get into an accident while driving your own vehicle for work purposes. It also protects you when your business rents or leases a vehicle. However, it's important to note that this type of policy only covers legal bills resulting from an accident, not physical damage.
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U-Haul insurance covers damage to rental and other vehicles
U-Haul insurance is worth considering, especially for long-distance travel, as it can provide peace of mind and protect you from financial liability. U-Haul offers various protection packages, such as SafeMove®, SafeMove Plus®, SafeTow®, SafeStor®, and SafeTrip®. These packages provide different levels of coverage, and it's important to understand what each package includes before making a decision.
SafeMove® provides protection from financial responsibility in the event of accidents, including overhead and tire damage to the rental equipment. It also covers loss of use of the rental equipment and offers medical and life protection for passengers in the cab of a U-Haul rental truck. However, it does not cover damage to your cargo or vehicle while being transported with a U-Haul rental trailer.
SafeMove Plus® offers similar coverage to SafeMove® but with additional benefits. It provides liability coverage, which covers damage to another vehicle in the event of a collision. It also has a $0 deductible for tire and overhead damage, whereas SafeMove® has a $250 deductible for overhead damage.
SafeTow® is specifically designed for towing and covers damage to the U-Haul rental trailer or towing device. It also covers damage to your cargo or vehicle while being transported with a U-Haul rental trailer, providing multiple levels of protection. However, it is important to note that automobiles are not covered by SafeTow in the state of Virginia.
SafeStor® and SafeHaul® are other insurance options offered by U-Haul. SafeStor® provides protection for your items in storage units, while SafeHaul® offers shipping coverage for items in transit. However, it is important to note that SafeStor® and SafeHaul® do not cover valuable items such as jewelry, motorized vehicles, art, or cash.
While U-Haul insurance can provide valuable coverage, it is not the only option. Some personal auto policies may extend coverage to rental vehicles, but it is important to check with your insurance carrier beforehand. Additionally, credit card coverage may provide additional protection, although it typically applies only to cars and other passenger vehicles, excluding trucks and vans.
In conclusion, U-Haul insurance offers protection for damage to rental and other vehicles, and it can be a worthwhile investment, especially for long-distance travel. However, it is important to carefully consider the different packages, understand their limitations, and also explore alternative coverage options before making an informed decision.
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U-Haul insurance doesn't cover driver or passengers
U-Haul insurance is a good idea if you want to avoid financial responsibility for the vehicle if it is damaged. While it is an additional expense, it can save you money in the long run if something unexpected happens during your trip. For example, if you're travelling a long distance, there are more opportunities for things to go wrong on the highway, and if you're not an experienced trailer driver, you're more likely to make mistakes.
U-Haul offers several protection packages, including SafeMove, SafeStor, and SafeTow. These packages are optional and are not liability insurance. SafeMove, for example, includes coverage for damage to the rental truck and your personal belongings, as well as medical and life coverage. SafeMove Plus includes additional liability coverage for bodily injury or property damage claims. It also provides a damage waiver, cargo protection, and medical and life protection.
However, it is important to note that U-Haul insurance does not cover the driver or passengers. While it provides medical and life protection, this is in the case of an accident and is subject to exclusions. Therefore, it is recommended that you check with your insurance carrier prior to your rental to ensure you have adequate coverage.
In addition, U-Haul insurance does not cover damage to your property while stored in a U-Haul storage room. For this, you would need to purchase SafeStor or self-storage insurance. Furthermore, SafeTrip, which is supplemental roadside protection, specifically excludes coverage for any condition resulting from intentional, criminal, or reckless acts, misuse or abuse of the equipment, collision with an overhead object or bridge, off-road use, improper fuel use, overload of the equipment, or failure to comply with the terms and conditions of the agreement.
While U-Haul insurance can provide peace of mind and protect you from financial losses, it is important to understand its limitations, especially regarding coverage for the driver and passengers.
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Other insurance options are available
U-Haul insurance is a type of commercial auto insurance that 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. However, U-Haul insurance does not cover the driver or passengers of the moving vehicle. The cost of the insurance varies depending on the size of the rental truck and the duration of the rental period.
U-Haul offers Safemove Plus coverage, which includes damage to the rental and any damage done to another vehicle. This covers damage or lost items resulting from a collision, fire, windstorm, or overturn of the rental truck. However, if the truck is stolen or if the damage results from improper packing or shifting cargo, it won't be covered. Safemove Plus also includes medical-life coverage and one million dollars in liability coverage.
Additionally, U-Haul offers a damage waiver that covers up to $25,000 in physical damage to the vehicle and up to $2,000 in cargo damage. The cost of the waiver varies depending on the size of the rental truck and the rental duration.
When deciding whether to purchase U-Haul insurance or explore other insurance options, it is important to weigh the cost of the insurance against the value of your move and the potential risks involved.
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Frequently asked questions
Yes, U-Haul insurance is worth it for a small trailer. 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.
U-Haul insurance covers damage to your rental and any damage done to another vehicle. It covers damage or lost items if they are harmed in a collision, fire, windstorm, or overturn of the rental truck.
The cost of U-Haul insurance varies depending on the size of the rental truck and the duration of the rental period. In most cases, coverage can start as low as $15.
