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All You Need to Know About Rental Truck Insurance
By chiara MONEY RESEARCH COLLECTIVE
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Homeowners planning a move or in need to transport large items often use rental trucks as a common and cost-effective solution. However, accidents can happen, and that’s where moving insurance comes in. Understanding the ins and outs of rental truck insurance can save you from unexpected expenses and headaches and can be an important part of your moving costs. In this article, we’ll go over everything you need to know about rental truck insurance, from what it covers to how to get it.
Table of Contents
- All You Need to Know About Rental Truck Insurance
- Rental Truck Insurance FAQs
- How we Chose the Things You Need to Know About Rental Truck Insurance
- Summary on Rental Truck Insurance
All You Need to Know About Rental Truck Insurance
What is rental truck insurance?
Rental truck insurance is a type of rental car insurance policy that protects you and the rental truck company from financial loss in case of an accident or damage to the rental truck. This type of insurance is not mandatory, but it is highly recommended as it can provide peace of mind and protect you from unexpected expenses. If you want to simplify the moving process, consider using one of the best moving companies in Florida.
Pros and cons of rental truck insurance
- Provides peace of mind: Rental truck insurance can protect you from unexpected expenses and provide peace of mind when you're driving a rental truck.
- Protects you from financial loss: In case of an accident or damage to the rental truck, rental truck insurance can protect you from paying for damages out of pocket.
- Covers more than personal auto policies: Personal auto policies may not cover rental trucks, but rental truck insurance does.
- Additional cost: Rental truck insurance is an additional cost on top of the rental fee.
- Coverage options can be confusing: There are different types of rental truck insurance coverage options, and it can be challenging to determine which one is right for you.
- Exclusions apply: Rental truck insurance policies come with exclusions, meaning that certain types of damages may not be covered.
How does rental truck insurance work?
Rental truck insurance works by providing coverage for damages or losses that occur while you’re driving the rental truck. If you purchase rental truck insurance, you’ll typically pay a daily fee, and in exchange, the rental truck company agrees to waive some or all of the financial responsibility in case of an accident or damage to the truck.
What does rental truck insurance cover?
A moving truck insurance policy covers the following:
- Collision damage: This protection plan covers damages to the rental truck if you’re involved in a collision with accidental damage.
- Liability coverage: Covers damages to other people or their property if you’re at fault in an accident.
- Supplemental liability insurance: This provides additional liability coverage beyond what is included in the rental truck insurance policy.
- Cargo protection: Covers damages to the items you transport in the rental truck.
- Towing: Auto tow protection covers the cost of towing the rental truck if it breaks down.
- Other additional coverage may include a limited damage waiver or medical coverage.
Rental truck insurance credit card coverage
Some credit card companies offer their customers rental truck insurance as a benefit. If you have a credit card that offers rental truck insurance, you may be able to decline the rental truck insurance offered by the rental company and use your credit card’s coverage instead. However, checking the terms and conditions of your credit card’s rental truck insurance coverage is essential, as they may have limitations or exclusions.
What does rental truck insurance not cover?
While rental truck insurance can cover a range of damages and incidents that may occur while driving a rented truck, certain things are typically not covered by rental truck insurance policies. These exclusions can vary depending on the rental company and the insurance policy you select, so it’s important to carefully review the policy details and ask questions to ensure you fully understand what is and is not covered. Here are some of the most common things that rental truck insurance may not cover:
- Personal property damage: Rental truck insurance typically only covers damage to the rental truck itself, not any personal belongings or cargo you’re transporting.
- Damage caused by overhead objects: Many rental truck insurance policies do not cover damage caused by hitting overhead objects, such as low-hanging tree branches or overpasses. If you plan to drive in areas with low clearance, ask the rental company about any restrictions or additional insurance options.
- Intentional damage or negligence: Rental truck insurance policies typically do not cover damage caused intentionally or through negligence, such as driving under the influence of drugs or alcohol or driving recklessly.
- Damage caused by unauthorized drivers: If someone not authorized to drive the rental truck causes an accident or damages the vehicle, rental truck insurance may not cover the costs. Ensure that only authorized drivers are operating the vehicle and are listed on the rental agreement and covered by the insurance policy.
What are the different types of rental truck insurance?
When renting a truck, a few different types of insurance coverage options are typically available. Here are some of the most common types of rental truck insurance:
Damage Waiver
A damage waiver — also commonly known as “collision damage waiver” or “loss damage waiver” — covers the cost of any damage to the rental truck or theft of the truck, up to the policy limit. However, it doesn’t cover any personal injury or liability claims.
Supplemental Liability Insurance
Supplemental liability insurance is a type of insurance that provides additional liability coverage above and beyond the coverage provided by the rental truck company. Rental truck companies often require this type of insurance, which can cover damage or injury caused to other people or property.
Personal Accident Insurance
Personal accident insurance is designed to provide coverage for medical expenses and accidental death or dismemberment in the event of an accident while driving the rental truck. This type of insurance is often optional and can be added to your rental agreement for an additional fee.
Cargo Protection
Cargo insurance or cargo coverage protects any damage to the items you transport in the rental truck. This type of insurance is typically optional and can be added to your rental agreement for an additional fee. Even if you protect your belongings with moving boxes and the right moving supplies, it may be a good option.
Towing Insurance
Towing insurance covers the cost of towing the rental truck in case of a breakdown or other covered event. This type of insurance is often optional and can be added to your rental agreement for an additional fee. If you’re planning a big move, working with a long-distance moving company may be easier, but towing insurance can help if you opt to go it alone. Likewise, an interstate moving company can help you avoid needing towing insurance.
It’s important to carefully review your rental truck insurance options and consider your specific needs when choosing a coverage level. Be sure to read the terms and conditions of your policy carefully and ask your rental company or insurance provider any questions you may have before signing on the dotted line.
What is the average cost of rental truck insurance?
The cost of rental truck insurance can vary depending on several factors, including the type of coverage you choose, the rental truck company you use and the length of your rental period. Here are some rough estimates for the cost of rental truck insurance:
- Damage Waiver: Typically costs between around $30 and $40 per day
- Supplemental Liability Insurance: Typically costs between about $15 and $20 per day
- Personal Accident Insurance: Typically costs between $2 and $10 per day
- Cargo Protection: Typically costs between $10 and $20 per day
- Towing Insurance: Typically costs between $5 and $10 per day
It’s important to note that these are rough estimates, and the actual cost of rental truck insurance may vary depending on your specific situation. Additionally, some rental truck companies may offer bundled insurance packages that can help you save money.
Rental truck insurance deductibles
When purchasing rental truck insurance, you may be required to pay a deductible in the event of an accident or other covered event. A deductible is the amount of money you will be responsible for paying out of pocket before your insurance coverage kicks in.
The amount of your deductible will depend on the type of coverage you choose and the terms of your policy. Generally, the higher your deductible, the lower your monthly premiums. It’s important to carefully consider your budget and the level of risk you are comfortable taking on before choosing a deductible amount.
How to get rental truck insurance?
Getting rental truck insurance can be done in several ways, including through the rental company, your personal auto insurance company or a third-party insurance provider.
One of the most common ways to get rental truck insurance is through the rental company. Most truck rental companies offer their own insurance policies that can be added to your rental agreement. You can typically add insurance coverage when you make your reservation or when you pick up the rental truck. Remember that rental companies may offer different coverage options, so it’s important to carefully review the policy details before deciding.
Another option is to check with your auto insurance company to see if they offer rental truck insurance. Some auto insurance policies may include coverage for rental vehicles, including rental trucks. If your policy doesn’t include this coverage, your insurance agent may be able to add it for an additional fee.
Lastly, you can also look into third-party insurance providers specializing in rental truck insurance. These providers may offer coverage options that are more comprehensive than those offered by the rental company and may be more affordable. Some popular third-party providers include Progressive, Allstate and Geico.
Regardless of which option you choose, carefully review the policy details and coverage limits to ensure adequate protection in case of an accident or other incident.
Rental Truck Insurance FAQs
When do you need rental truck insurance?
Which credit cards offer truck rental insurance?
How do I know how much rental truck insurance coverage I need?
Who files a claim for rental truck insurance?
What documents are required when obtaining rental truck insurance?
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How we chose the things you need to know about rental truck insurance
We considered several factors to determine the most important things you need to know about rental truck insurance. First, we reviewed the most common types of rental truck insurance and the coverage options available. We also looked at the pros and cons of rental truck insurance, as well as the potential risks and liabilities involved in renting a truck.
We also considered the most frequently asked questions about rental truck insurance, including when it’s necessary, what it covers and how to obtain coverage. In addition, we researched the different types of rental truck insurance providers and policies available and compared their costs and benefits.
Summary of Rental Truck Insurance
We considered the experiences of individuals who have rented trucks in the past, and who have had to navigate the rental truck insurance process. By synthesizing all of this information, we identified the most important things you need to know about rental truck insurance so that you can make informed decisions when renting a truck for your next move or project.
Make sure you check our picks for best moving truck rental companies for more help with your moving needs.
