Know If You Should Insure A Rented Moving Van
If you decide to manage your move without help from a moving company, you will most likely have to rent a moving truck. When renting a moving van, for your short or long distance move, you will be asked if you would like to get an insurance cover with the van. Most people decline these offers either because they have a credit card that has rental car insurance or they think that the car insurance policy on their cars will also cover the rental truck. Then there are those chocking under moving bills who feel they cannot afford to pay anymore charges.
Let’s dig deeper and find out if you should be declining these offers.
Types of rental truck insurance
The following are the three types of rental truck insurance:
- Damage waivers: These are not exactly insurance policies, but they can help protect you against any unexpected occurrences like pebbles cracking your windscreen or driving into a flyover bridge. There are two types of damage waivers: the personal damage waiver and the limited damage waiver. The limited damage waiver is cheaper, but it doesn’t kick in until you have spent $500 on repairing the damage.
- Supplemental liability insurance: This cover protects you from claims that are made against you by other people e.g. other drivers. Usually, the maximum coverage is $1,000,000.
- Personal accident and cargo protection: This one covers you and your cargo when in transit. If you are injured, it will pay for your hospital bills and it will also pay for any damaged cargo.
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Which option should you go for?
Damage waivers and supplemental liability covers are very important when renting a moving van. If you have some funds left after that then you can consider a personal accident cover. You should however never compromise on the first two.
Does my car insurance cover rental moving vans?
Most insurance companies will not want to get involved in expensive repairs like those involving moving trucks. However, there are some insurance policies that might still cover you when you are in a rental truck. The best thing to do is to find out first if you are covered then you can decide whether or not to take insurance from your rental truck company.
Will my credit card company’s rental car insurance cover moving trucks?
This is a straight “no”. Rental moving trucks are larger and usually more expensive to repair and credit card companies will not pay for any of those repairs. Usually, the best they can do is a passenger van or pickup truck. So if you don’t want to get professional moving services from a moving company, rental truck insurance is a must have.
In a nutshell, rental moving van insurance is a good idea. If you feel that the extra $100 is straining your budget, ask yourself what an extra thousand or so in repair costs will do to you and if you really can afford that on top of your other moving bills.