Typically, your personal auto insurance policy may also cover rental cars, provided they don’t exceed a certain weight. This means that if you rent a heavier vehicle like a moving truck, you will require a moving truck insurance policy. Most truck leasing companies provide different coverage options for moving trucks, some of which you can do without.
For instance, if you have health insurance coverage, adding medical coverage to your moving truck insurance policy may be unnecessary. On the other hand, if you are transporting cargo over a long distance, you should carry adequate liability insurance coverage. Here’s a look at moving truck insurance policies that may—or may not be—worth purchasing.
Coverages You Should Consider Buying
Alarming statistics from the National Highway Traffic Safety Administration (NHTSA) show that traffic accidents occur in the U.S. every minute. You may get into an accident while renting a moving truck to transport your cargo—even if it’s for just a few hours. As such, protect your finances using the following coverages:
- Limited damage waiver – In case your rented moving truck gets damaged from an accident, the damage waiver will cover the resulting costs.
- Supplemental liability insurance – The S. Department of State requires every car owner to carry a certain amount of auto liability coverage. If the truck company only has the minimum liability limit required, it may not provide enough coverage, especially if your accident results in high third-party claims. Supplemental liability insurance provides additional liability coverage to shield the third parties that may be injured or the property that may be damaged by your rented truck.
Coverages That May Be Unnecessary
Although every insurance coverage is important, you may probably do just fine without some of them. Policies that may not be worth it include:
- Medical coverage – Typically, rental truck companies provide medical coverage that pays for medical expenses in case you get injured in the rented truck. While this is a good thing, you may not need it if you have a health insurance policy.
- Cargo protection insurance – This coverage protects the goods you’re transporting in the moving truck, although it depends on the types of goods in transit. For example, cargo protection insurance does not cover goods such as TV sets and jewelry, and this can make it a bad purchase if you’re transporting such items. That said, find out if the cargo you intend to transport will be covered or not before purchasing cargo protection insurance. A homeowners insurance policy may also cover some of the items you intend to move. Carefully evaluate your existing coverages to avoid buying cargo protection insurance when you don’t need it.
- Auto-tow protection – This policy is important if you intend to tow your car behind a moving truck. However, before you buy this plan, you should find out if your auto insurance policy will cover towing damage.
Most truck companies bundle these coverages in different packages rather than offering stand-alone policies. With this in mind, you can ask for a tailor-made package for your moving truck in case none of the existing packages suit your needs.
Depending on your moving needs, certain moving truck rental insurance policies may or may not be worth it. Talk to the team of professionals at Sausman Insurance Agency today so that you have the right policy in place when renting a moving truck.